South American Iron & Steel Corporation Limited is engaged in mineral exploration for iron sands in South America, with an emphasis on Chile. As of June 30, 2012, the Company had its portfolio of iron sands in Chile and interests of a gold, copper, lead/zinc and antimony concessions in Yunnan Province, China. The Company has four segments: Australia, Chile, Ecuador, and Hong Kong. The Company holds interest in projects: Putu Project, Maullin Project, Aguas Claras Project, and Quince Project. The Aguas Claras Project is located around 100 kilometers east of coastal Chile. As of June 30, 2012, the Company held a 10% interest in the Quince concessions. The Company has a 15% interest in Ample Success Investment Limited (Ample Success). Ample Success owns 75% of the Yunnan Mineral Concession. During the fiscal year ended June 30, 2012, a total of 2,474 metres of drilling was completed to the northeast of the Zhacun Gold mine within the Weishan Concession.