Corporate and Exploration Update

Crushing plant and stockpiled 60,000 Tons of +3 grams per ton Au material January 2010

Company

Overview

Unique Opportunity• Completely carried to production with immediate cash flow at its

flagship gold property – Cieneguita

• Production commenced Q4, 2009

• Drilled Resources > 1.2 million ounces eq.

• Exploration upside in 3 projects in the Mexican Gold and Silver Belt

• Current market capitalization < US$24.3 MM

• A classic “mine discovery-production cycle” opportunity

Mexoro Minerals Ltd. has emerged from the financial crisis stronger than ever.

• Gold production has started at the Cieneguita Project.

• Sale of Guazapares property for $3.7 million, combined with a recent financing and cash flow leaves company in a strong financial position.

• Discovery of a new gold zone near Cieneguita gives considerable growth potential.

• Fully funded Feasibility study to increase Cieneguita reserves and expand gold production to +100,000 ounces annually is underway.

• Gold discovery at Sahuayacan opens potential for a carbonaceous volcanic-sedimentary gold deposit.

• Three projects with known economic mineralization and potential for hosting multi-million ounce deposits

• Well-established project pipeline in one of the most promising gold-silver belts

• Highly experienced management and technical teams with great knowledge on how to do business in Mexico

• Aggressive exploration program to update our NI 43-101 compliant reserve estimate at Cieneguita by 4Q 2009

• Cash flow from Cieneguita 4Q 2009 to supplement funding exploration work and acquire new attractive opportunities/projects – Carried to Production

• Strategy to grow by establishing a projects pipeline with the goal of drilling two new projects per year

Strengths

Flagship Project - CieneguitaCieneguita, a new Au and polymetallic

discovery in the Sierra Madre Occidental

• NI 43-101 compliant inferred resource estimation completed: 15.25 million tons with 2.62 g/t Au equivalent –1’268,412 million ounces Au Eq. (considering only 50 out of 100 completed drillholes)

• Hole CI-21 intersected 111.50 meters of 1.23 g/t Au, 99.59 g/t Ag, 0.45% Pb and 0.73% Zn

• Hole CI-30 intersected 94.0 m of 1.21 g/t Au, 79.81 g/t Ag, 0.0.78% Pb and 1.19% Zn

• Fully funded $9 million JV agreement with Minera Rio Tinto (MRT) on track.

• Production commencing Q4, 2009 at no cost to Mexoro

Overall Objective• Create wealth to Mexoro shareholders by generating cash flow without additional dilution, expanding

existing drilled resources and drilling new discoveries

Strategic Operational Focus – Mexico• 750 tonnes per day gold-silver ore production at Cieneguita.

• Systematic exploration of project portfolio – 3 active projects

• Drilling to commence during fourth quarter 2009 – 2 projects

• Complete Infill drilling and reserve estimation complying with NI 43-101 – Cieneguita project

• Complete audit processes and move to the Toronto Stock Exchange (TSX)

• Identify new properties and acquisition opportunities in the most attractive mineralized belts

Joint Ventures – Mexico• Fully funded $9 million JV agreement in place for the future development of:

Cieneguita project in Chihuahua, Mexico - Minera Rio Tinto (MRT)

Our Growth Strategy

Proposed Name Change and New Chairman and Board of Directors Expansion• Board of Directors approve name change to Pan American Goldfields Ltd.• Three new Board members appointed to board of directors.• Mario Ayub, Chairman of the Board - former President of the National Mining Association

of Mexico, Cieneguita is his 8th mine he has put into production.• George Young, Director, President. - Co-founder of Mag Silver Corp., former VP and

Director International Royalty Corp.• John Clair – Director – Private Investment Banker, formerly with Goldman Sachs New York

Other developments

• Completed Sale of Guazapares property to Paramount Gold and Silver Corp for $5.3 million• Completed $2.5 million Private Placement• Restructured balance sheet eliminating significant amounts of outstanding debt and

liabilities• Commence processing, shipping and selling concentrate from Cieneguita project.

Recent Corporate Developments

Share Structure

Cash On Hand : $ 3.2 Million

Capital Structure:• Trading symbol: OTCBB: MXOM & FRANKFURT: 0YA1

• Issued and Outstanding: 67,378,826 million

• Current share price: $0.45

• Market Capitalization $30 million

• CUSIP#: 593054 10 9

• State of Incorporation: Colorado, USA

• Auditors: Myler & Company LLC

• Transfer Agent: Corporate Stock Transfer

• Legal Counsel DLA Piper (USA).

• Chairman and President ownership ~15%

Status & Next Exploration Stage

Projects, Exploration and New Opportunities

Projects Location

Sierra Madre Occidental Gold-Silver Belt:• Over 40 million ounces of gold and more than 2

billion ounces of silver has been produced• More than 20 million ounces of gold have been

discovered since 1992• The largest epithermal precious metal province in

the world and host a majority of Mexico’s gold and silver deposits

Cieneguita Gold-Silver ProjectKey Project Characteristics:

• Located ~20 km from Gold Corp’s El Sauzal mine (2.1 Moz Au)

• Mineralization extends 900 meters along strike, is up to 300 meters wide and still remains open to the southwest and to depth

• 100 holes completed for a total of 20,215.01 meters of drilling

• Analysis results completed and received for 54 holes (CI-01 to CI-54)

• Broad mineralization intercepts including:

CI-21: 111.5m with 1.2 g/t Au, 99.6 g/t Ag, 0.45% Pb & 0.73% Zn

CI-30: 94m with 1.21 g/t Au, 79.81 g/t Ag, 0.7% Pb & 1.19% Zn

CI-34: 55m with 3.99 g/t Au, 75.36 g/t Ag

CI-35: 31m with 1.72 g/t Au, 67.36 g/t Ag, 0.56% Pb & 0.72% Zn

CI-46: 23m with 8.93 g/t Au & 63.39 g/t Ag

CI-47: 48.8m with 0.86 g/t Au, 166.9 g/t Ag, 0.52% Pb & 1.1% Zn

CI-67*: 24.0m with 1.53 g/t Au and 107.36 g/t Ag

CI-69*: 15.0m with 0.95 g/t Au and 510.2 g/t Ag, including: 4.5m @ 1.41 g/t Au and 1,072 g/t Ag

• Exploration ongoing; infill drilling program has been designed to expand inferred resources

*Drillholes released on 23 March 2009

Cieneguita Gold-Silver Project

Resource and Potential:

• NI 43-101 compliant inferred resource estimate completed: 15.249 million tons with 2.62 g/t Au equivalent (1.28 million ounces of Au Eq.)

• Resources estimation considered 54 out of 100 holes. Excellent potential to increase resources significantly

• Large, outcropping and near-surface open pit gold-silver resource with upside laterally and with depth

• Infill drilling displays excellent continuity of mineralization and overall grades

• Excellent infrastructure: highway and power, located close to a town site in a mining-friendly state

• Excellent potential for additional discoveries: Piedras Blancas

Cieneguita Project – Mexoro & MRT

• Mexoro-MRT JV Agreement•25:75 partnership to mine first 15 meters

•$1’000,000 placement

•$3’000,000 investment to put Cieneguita into Production

•$5’000,000 investment to take Cieneguita through the Feasibility stage

•60:40 Partnership to mine the complete Cieneguita deposit after $5M investment

• Infill drilling to commence 4Q 2009 with further exploration plan for 4Q 2009

• Feasibility study to commence during 4Q 2009

• Projected Cash injection to Mexoro from operation in Cieneguita – US$500,000 per month starting 1Q 2010

Mexoro Minerals Ltd.

OTCBB: MXOM FRANKFURT: OYA1www.PanAmericanGoldfields.com

FLOATATION CIRCUITS AT CIENEGUITA

Company

Overview

FLOATATION CIRCUITS AT CIENEGUITA

OTCBB: MXOM FRANKFURT: OYA1www.PanAmericanGoldfields.com

Fresh Water Conditioning Pond

Cieneguita Gold-Silver Project

Exploration and Future PotentialPiedra Blanca Target:• New identified area 500 meters to the south of the

Cieneguita deposit

• It is exhibiting intense alteration characterized by quartz-sericite-pyrite assemblages. Areas with intense fracturing and stockworks where limonites dominated by goethite and hematite are common

• Assay results from surface sampling have returned values ranging from 0.30 to 4.04 g/t Au and 100 to 8900 ppm Cu

• Mineralization extends at least 700 x 300 meters and is located in the intersection of main structures

Next Exploration Stage:• Complete mapping and sampling program at 1:1000

scale

• Define and drill targets by 4Q 2009

Sahuayacan Gold-Siler Project

Key Elements and Achievements:• Mapping and sampling program identified 4 targets: Santo Niño, Santa Teresa, La Cumbre y Cerro Cacho

• Mineralization tends to cluster along Santo Niño and Santa Teresa veins. La Cumbre is a disseminated mineralization

• 13 holes completed for 2,100 meters of drilling. Drilling highlights include:

• SA-01: 7.50 meters with 2.56 g/t Au and 11 meters with 2.24 g/t Au

• SA-12: 7.50 meters with 56.01 g/t Au and 283.22 g/t Ag

• SA-05: 4.5 meters with 1.77 g/t Au (from surface)

Sahuayacan Gold-Silver Project

Next Exploration Stage – 2009:•Mapping-sampling along La Cumbre-

Santa Teresa Trend

•ASTER image analysis to identify additional alteration-mineralization areas along the semi-circular feature passing through La Cumbre and Santa Teresa

• Identify drilling targets on La Cumbre and Santa Teresa

• Identify drilling targets on the Cerro Cacho target which is the northern extension of the Santo Niño mineralized structure

•Commence a 4,000 to 6,000 meters exploration program aimed to define the potential of the project

•Gold discovery at Sahuayacan opens potential for a carbonaceous volcano-sedimentary gold discovery.

Encino Gordo Project

Main Features:• Geology shows porphyries intruding volcanic rocks (dacite and andesite)

• Alteration zones exhibit potassic alteration assemblages grading outward to quartz-sericite and propylitic alteration

• Multiple events of veining including: quarzt+chalcopyrite, quartz+pyrite, quartz+chalcopyrite+pyrite veins

• Coincident copper and gold geochemical anomalies spatially associated to a potassic alteration core

• Geology, mineralization and alteration assemblages suggest the presence of a porphyry-style mineralization system

Encino Gordo Project

Next Exploration Stage (2010):

• Stream sediment sampling covering the entire concessions

• Geological mapping and geochemical sampling on:

Anomaly N (similar environment to Palmarejo)

Elyka Structure (mineralized over 2 km long)

• Geophysical survey

• Identify additional drilling targets and commence drilling

New Targets Generation Program

Generation Program – 2009:• Aggressive new targets generation program

designed to feed pipeline at 2 new drill- or near-to-drill targets per year

• Focus on the Sierra Madre, Mesa Central and Southern Mexico

• 3 projects in the Sierra Madre

• Cash injection from Cieneguita production to advance projects and acquire attractive opportunities/projects

Summary

• Gold production has started at its Cieneguita Project.

• Sale of Guazapares property for $3.7 million, combined with a recent financing and cash flow leaves company in a strong financial position.

• Discovery of a new gold zone at Cieneguita adds to growth potential.

• Feasibility study for a +100,000 oz/year operation AT Cieneguita to commence.

• High grade Gold discovery at Sahuayacan 1 million oz potential

• Executive and management proven mine finders and developers

• Relationship with MRT, an engineering and metallurgical firm gives the company technical advantage.

• Cash flow from Cieneguita production will provide working capital to advance existing projects and make new acquisitions

• Potential for significant new discoveries: Piedra Blanca and Sahuayacan

• Continuous flow of news from exploration and development

• Currently undervalue relative to peer group •

DISCLAIMERThis presentation contains projections and forward looking information that involve risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.