Patagonia Virgin is pleased to announce the progress made in July 2011.

Inspections were conducted on-site by our landscape architect Juan Grimm, who, together with the project architects, Alemparte, Barreda, Wedeles and Besançon, has begun work on the area near the lake along Avenida Patagonia and Bahía, Sebastián Elcano and Magallanes streets.

Contracts were awarded to the engineering company and various contractors, and specialty projects and other first-stage construction activities began. Soon, the job will be awarded to one of three chosen construction companies, based on their proposals.

Definitive reservations for the first stage of Sebastián Elcano reached 65%, which more than fulfills our forecast, and with which we will begin construction on the first Town Houses in this sector. In addition, we have begun taking reservations for the sites along the driving range. These sites are 100% developed, with direct access, from 1,500 m2 for houses from 140 m2, in accordance with the strict architecture and construction regulations.

The creation of Patagonia Virgin Expeditions is in the hands of experienced guide Mr. Francisco Sánchez, who will being leading activities next spring, with horseback riding, hiking, excursions and other fun attractions in the resort.

MELI Almatodo now has a café and gift shop, as well as an initial public meeting center in the Village. It is open Monday through Sunday from 9:00 AM to 10:00 PM. Post-sales executive of Patagonia Virgin, Ms. Carolina Fontaine, Tel. (65) 420766, is also serving customers in MELI.