Challenger Exploration Limited announced that it has executed an agreement to farm-in to the El Guayabo 2 tenement in Ecuador. The tenement covers 957 hectares (9.6 sq kms) and is located on the southern margin of CEL's existing El Guaybo Tenement. Under the terms of the farm-in agreement, CEL will fund all exploration up until the completion of a Definitive Feasibility Study (DFS) to earn an 80% interest in the concession. The farm-in will be staged such that CEL earns a 25% interest upon the expenditure of $1 million, a further 25% interest upon the expenditure of an additional $1 million and 30% by the completion of a DFS. CEL also has the option to acquire the final 20% of the concession and can withdraw from the farm-in at any time. The addition of two new exploration Geologists to CEL's team in Ecuador will allow the Company to commence exploration on the El Guayabo 2 tenement immediately. The priorities of this program are to: follow up the mineralisation reported in historical field sampling; and conduct surface reconnaissance on areas high-graded by CEL's recently acquired geophysics which covered the northern parts of the El Guayabo 2 concession.