Challenger Exploration Limited announced the results from its initial 454 meters of rock-saw channel sampling along the main Humedo Adit at Colorado V and three additional drill holes from the Colorado V concession in Ecuador. The main Humedo Adit and the drill holes are located adjacent to a series of regionally significant gold and copper soil anomalies believed to be above intrusive porphyry-style targets. The company's recently acquired airborne magnetic data, which is currently being processed, confirms that these large Au-Cu soil anomalies are coincident with significant underlying magnetic anomalies indicative of porphyry systems. None of the historical drill holes fully tested the Au-Cu soil anomalies as they were collared outside of the soil anomalies and, at best, only tested the outer edges of the anomalies. Similarly, the main Humedo Adit at Colorado V only cuts the western edge of the large Au-Cu soil anomaly Anomaly A). Channel sampling in the Main adit, and new assays from historical drill core samples, returned significant ore grade intersections from surface down to 450 meters. Importantly, the results returned the high grades closest to the center of the main Au-Cu soil Anomaly A. Anomaly A is 1.2 kilometers in length and remains untested with the historical drill holes only cutting the western edge of anomaly. The Humedo Mine adit, while still on the western edge of Anomaly A, represents the nearest sampling to the center of the anomaly. The first 62 meters of the adit, which returned the high grades of 62 meters at 0.8 g/t AuEq (0.6 g/t gold, 2.7 g/t silver, 848 ppm copper, 10.4 ppm molybdenum), is the nearest section of the Adit to the centre of Anomaly A. Management believes the results materially upgrade the main Au-Cu soil anomalies as compelling drill targets with significant scale. The mineralization and grades encountered in the Humedo Mine Adit and the historical drill holes is analogous to the 17 million- ounce Cangrejos Project1 located 5 kilometers away. Additionally, the surface extent of the Anomaly A and Anomaly B is similar to that of the Cangrejos deposit and of sufficient size to host a major gold discovery. Assays from a second phase of 340 meters of channel sampling in Humedo Mine, and the newly discovered Cuenca Mine, located 450 meters south-east of the Humedo Mine, are pending. Several additional historical drill holes have been logged, sampled and submitted for assaying.