NI Technical Report Mineral Resource Val-d Or East Property Abitibi, Qc, Canada. Adventure Gold Inc.

Transcription

1 NI Technical Report Mineral Resource Val-d Or East Property Abitibi, Qc, Canada Adventure Gold Inc. Respectfully submitted to: Adventure Gold Inc. Report Date: January 4, 2013 Effective Date: November 19, 2012 Prepared By: Yann Camus, Eng. Claude Duplessis, Eng. Minerals Services 10 boul. de la Seigneurie Est, Suite 203, Blainville, Québec Canada, J7C3V5 t (450) f (450) Member of SGS Group (SGS SA)

2 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page ii Table of Contents 1 Summary Introduction General Terms of Reference Currency, Units, Abbreviations and Definitions Disclaimer Reliance on Other Experts Property Description and Location Location Ownership, Royalties and Agreements Ownership Royalties Permits and Environmental Liabilities Accessibility, Climate, Local Resources, Infrastructure and Physiography Physiography Accessibility Climate Local Resources and Infrastructure Surface Rights History Prior Ownership of the Property and Ownership Changes Pascalis Colombière Claim Group (south part) Beaufor North Claim Group (Center Part) Senore Claim Group (North Part) Mineral Exploration Work Historical Mineral Resource or Mineral Reserve Past Production Production Statistics Mining Methods and Characteristics Geotechnical Engineering Metallurgy Geological Setting and Mineralization Regional Geology Property Geology Mineralization Former L.C. Beliveau mine The Resenor Zone The 104 Zone The North Zone (Senore) The Highway Showing... 45

3 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page iii The North zone (Pascalis-Colombiere) Zone The Rencontre Showing Other Gold Occurrences Deposit Types Exploration D Data Integration and Drilling Induced Polarization Test Survey Prospecting and Mechanical Stripping Program Drilling Adventure Gold Drilling Methodology and Planning Geology and Analysis Core Storage Collar Surveying Down-Hole Surveying Recovery Significant Results from Adventure Gold Drilling Beliveau West Area L.C. Beliveau Gold System - North Extension L.C. Beliveau Gold System - South Extension Highway and Loraine Zones Remaining Potential at Depth in the L.C. Beliveau Area Sample Preparation, Analyses and Security Sample Preparation Core Sample Collection Core Sampling Core Sample Quality and Sample Representativeness Analyses Laboratory Certification Analytical Procedure Techni-Lab SGB Abitibi (Actlabs) AGAT Laboratories Adventure Gold Quality Control and Quality Assurance Programs Results of Quality Control and Quality Assurance Monitoring Pascalis-Colombiere Standards Statistics Pascalis-Colombiere Blanks Statistics Pascalis-Colombiere Re-Assays Pulps and Rejects Statistics Conclusion Data Verification Verification Re-Assays Database Verification Site Visit Conclusion Mineral Processing and Metallurgical Testing... 90

4 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page iv 14 Mineral Resource Estimates Introduction Pascalis-Colombiere Drill Hole Database Analytical Data Capping Specific Gravity Topography and Bedrock-Overburden Surfaces Geological Interpretation Interpretation of the Flat Structures Interpretation of the Dyke Structures Voids Modelling Composite Data Spatial Analysis Resource Block Modeling Grade Interpolation Methodology Mineral Resource Classification Base Case Mineral Resource Estimates Mineral Resource Estimates with Whittle Pit Optimization Sensitivity Analysis Adjacent Properties Other Relevant Data and Information Interpretation and Conclusions Recommendations Drilling priority - Phase Drilling priority - Phase General Drilling Recommendations Other Recommendations References Web and Databases References Certificates of Qualified Persons Certificate of Yann Camus Certificate of Claude Duplessis Appendix 1 : 2008 to 2012 Drilling Programs List of Drill Holes Appendix 2 : 2008 to 2012 Drilling Programs Best Intersections

5 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page v List of tables Table 4-1 List of Claims Table 4-2 Royalty Distribution Table 6-1 Significant Historical Exploration Work on the Val-d'Or East property Table 6-2 Production History and Financial Summary L.C. Beliveau Mine ( ) Table Prospecting Program - Grab Samples Yielding Over 1 g/t Au Table Prospecting Program - Grab Samples Yielding Over 1 g/t Au Table Channel Sampling Main Results - Loraine Zone Table 10-1 Summary of Drilling by Adventure Gold Table 10-2 Drilling Distribution by Zone Table 11-1 Sample Distribution by Laboratory and Drilling Period Table 11-2 Summary of the Statistical Analysis for Different Reference Materials Table 14-1 Statistics for Au Assay Data in Mineralization (Pascalis-Colombiere Database) Table 14-2 Summary Statistics for the Uncapped and Capped Au Mineralized Intervals Table 14-3 Summary Statistics for the Uncapped and Capped Au Mineralized Composites Table 14-4 Resource Block Models Parameters for the 3 Deposits Table 14-5 Mineral Resources for the Val-d Or East Property (Base Case) Table 14-6 Tonnage and Grades of the Block Model With no Cut-Off Grade Inside the Voids (Stopes, Shaft, Ramp and Drifts) Table 14-7 Parameters for the Whittle Pit Optimization Runs Table 14-8 Mineral Resources (Undiluted and In-Situ) Inside Whittle Open Pit at Varying COG Table 14-9 Mineral Resources (Undiluted and In-Situ) Below Whittle Open Pit at 1.5 COG Table Mineral Resources (Diluted and Adjusted with Mining Recovery) Inside Whittle Open Pit at 0.69 COG Table Total Estimates (Not Mineral Resources) with no Cut-Off Grade (0 g/t COG) Table Inferred Mineral Resources at 0.5 g/t Cut-Off Grade Table Inferred Mineral Resources at 1.0 g/t Cut-Off Grade Table Inferred Mineral Resources at 1.5 g/t Cut-Off Grade Table 15-1 Selection of the Most Active Projects Nearby the Val-d Or East Property

6 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page vi List of Figures Figure 4-1 Val-d Or East Property Location Map Figure 4-2 Val-d Or East Property Local Location Map Figure 4-3 Val-d Or East Claim Map Showing Claim Groups (Beaufor West and Pascalis Extension are not in the Val-d Or East Property) Figure 4-4 Val-d Or East Claim Map Showing Royalties Figure 6-1 Plan View of the Resenor Underground Developments Figure 6-2 Plan View of the Beliveau Underground Developments Figure 6-3 Illustration of the Mining LCB L.C. Beliveau Mine ( ) Figure 6-4 Mill Chart at the Former L.C. Beliveau mine Figure 7-1 Abitibi Greenstone Belt Figure 7-2 Regional Geology Figure 7-3 Property Geology Figure 7-4 Property Mineralization Figure 7-5 South Details of the Property Mineralization Figure 7-6 The Beaufor Mine Deposit Map View Figure 7-7 The Beaufor Mine Deposit - Cross section looking NW Figure 7-8 Former L.C. Beliveau Mine Site and Gold Mineralization Figure 8-1 Inferred Crustal Levels of Gold Deposition Showing the Different Types of Lode Gold Deposits and the Inferred Deposit Clan (from Dubé et al., 2001; Poulsen et al., 2000) Figure 8-2 Schematic Diagram of the Geometric Relationships Between the Structural Elements of Veins and Shear Zones and the Deposit-Scale Strain Axes (Robert, 1990) Figure 8-3 Schematic 3D Geological Model Looking South-East Figure 8-4 Beliveau West Area Geological Section Looking North New Model Figure 9-1 Schematic Composite Longitudinal Section Looking North with Potential Figure 9-2 Map of All Exploration Surface Work Figure 9-3 Zoom Map of Exploration Surface Work in the South Part of Property Figure 9-4 Induced Polarization Line Test Results Figure 9-5 Map of Channel Sampling Results Figure 10-1 Map of All Drilling on Property Figure 10-2 Zoom Map of Drilling Work in the South Part of Property Figure Two Drilling Programs by Adventure Gold North Part Figure Drilling Program on the Highway Zone Figure 10-5 Beliveau West Area Drill Holes by Adventure Gold Figure 10-6 Photograph of Drill Core from the Flat Zone Figure 10-7 Photograph of Drill Core from the Dyke Zone Figure Drilling Campaign on the North Zone Figure Drilling Campaign on the Zone Figure Main Drilling Results in the Beliveau West Area Figure Drilling Results from 300 to 500 m Depth at Former L.C. Beliveau Mine Area Figure Drilling Results from 600 to 900 m Depth at Former L.C. Beliveau Mine Area Figure More Drilling Results in the Former L.C. Beliveau Mine Area Figure 11-1 Results for Z-Score for 2009 Standards Figure 11-2 Results for Z-Score for 2011 Standards Figure 11-3 Results for Z-Score for 2012 Standards Figure 11-4 Variation of Reported Values with Time for Analytical Standard SF Figure 11-5 Variation of Reported Values with Time for Analytical Standard SH Figure 11-6 Variation of Reported Values with Time for Analytical Standard SG

7 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page vii Figure 11-7 Variation of Reported Values with Time for Analytical Standard SG Figure 11-8 Variation of Reported Values with Time for Analytical Standard SH Figure 11-9 Variation of Reported Values with Time for Analytical Standard SK Figure Variation of Reported Values with Time for Analytical Standard SG Figure Variation of Reported Values with Time for Analytical Standard Oxi Figure Plot of Analytical Results for the 2009 Blanks Figure Plot of Analytical Results for the 2011 Blanks Figure Plot of Analytical Results for the 2012 Blanks Figure Re-assays the 2009 Pulps vs. Original Assays Figure Re-assays the 2009 Rejects vs. Original Assays Figure 12-1 Photos of the Site Visit Figure 14-1 Histogram of the Au Assay Data in Mineralization (Pascalis-Colombiere Database) Figure 14-2 Cumulative Frequency Graph of the Au Assay Data in Mineralization (Pascalis- Colombiere Database) Figure 14-3 New Beliveau Section 1960 me Sectional Interpretation and Mineralized Intervals Colored by Zone (Looking West) Figure 14-4 North Zone Section 1710 me Sectional Interpretation and Mineralized Intervals Colored by Zone (Looking W-N-W) Figure 14-5 Highway Section 1090 me Sectional Interpretation and Mineralized Intervals Colored by Zone (Looking West) Figure 14-6 New Beliveau Meshes (3D Solids) for the Flat Structures in Isometric View Figure 14-7 North Zone Meshes (3D Solids) for the Flat Structures in Isometric View Figure 14-8 Highway Meshes (3D Solids) for the Flat Structures in Isometric View Figure 14-9 New Beliveau - Plan 4920 mz with Level Interpretation and Mineralized Intervals Colour Coded for Each Dyke Zone Figure New Beliveau - Plan 4920 mz Level Interpretation of Dyke Zones and Slices of Flat Zones that Intersect Figure North Zone - Section 1710 me Interpretation and Mineralized Intervals Colour Coded for Each Dyke Zone Figure North Zone - Section 1710 me 3D Solids of Dyke and Flat Zones that Intersect Figure Histogram of the Mineralized Intervals Used for the Resource Estimates Figure Histogram of the Composites Used for the Resource Estimates Figure Correlograms of the 1 m Composite Data for the Flat Mineralized Structures Figure Correlograms of the 1 m Composite Data for the Main Dyke Structure Figure New Beliveau - Section 1960m East with Flat Zones Estimated Block Model Figure New Beliveau Isometric View - Flat Zone Block Model with a 1 g/t Au Cut-off Figure North Zone - Section 1710 m East with Flat Zones Estimated Block Model Figure North Zone Isometric View - Flat Zone Block Model with a 1 g/t Au Cut-off Figure Highway - Section 1090 m East with Flat Zones and Final Block Model Figure Highway Isometric View - Flat Zone and Final Block Model with a 1 g/t Au Cut-off108 Figure New Beliveau - Plan 4920 mz with Block Model for Dyke Zones Figure North Zone - Section 1710 m East with Block Model for Dyke Zones Figure New Beliveau Plan 4920 mz Final Merged Block Model with Flats and Dykes Figure North Zone Section 1710 m East Final Merged Block Model Including Flats and Dykes Figure Isometric View with the Whittle Pits for the 3 Deposits and Resource Block Model Colored by Grade Figure Sections Looking North and West with Whittle Open Pit for New Beliveau Figure Section View Looking East with Whittle Open Pit for North Zone

8 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page viii Figure Section View Looking North with Whittle Open Pit for Highway Figure 15-1 Selection of the Most Active Projects Nearby the Val-d Or East Property

9 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 1 1 Summary The purpose of this technical report is to present NI compliant mineral resources for the Val-d Or East property (the Property) and to satisfy Adventure Gold s (the Company) obligation to file a technical report to be made available to the public as required according to the policies of the TSX Venture Exchange. This report includes the NI compliant resources for the New Beliveau, North Zone and Highway deposits from the Val-d Or East property. This technical report supports the resources previously disclosed in the Company news release dated November 21, These are the first resource estimates on the project for Adventure Gold. This technical report was prepared by Yann Camus, Eng. of - Geostat Group (SGS Geostat) and Claude Duplessis, Eng. consultant for SGS Geostat with much help from Adventure Gold. Both authors are qualified persons under NI standards. Property Description and Ownership The Val-d'Or East property is constitute of 53 mining claims that cover 1,532.4 hectares located in the western portion of the province of Québec, Canada, approximately 26 km east of the city of Vald Or. This property is the result of Adventure Gold's consolidation of the former Pascalis- Colombiere, Beaufor North and Senore properties. There are no known environmental issues or liabilities applicable. Topographic relief is slight and the overburden is relatively thin on the different gold zones (from 0 to 10 m over the resource areas). The Val-d'Or East property can be easily reached by the roads that are well maintained in all seasons. A gravel road of 200 m provides access to the former L.C. Beliveau mine site. The city of Val-d Or, population 35,000, is the closest service community. Several mining operations and gold mills are currently active in the area. All the mining titles are 100% owned and registered to Adventure Gold, and are in good standing. A few royalties are applicable to the resource, a twenty percent (20%) Net Proceeds of Production (NPP) royalty is payable to Tiomin Resources Inc., and a two percent (2%) NSR royalty is payable in favour of Iamgold-Québec Management Inc, of which half (1%) may be purchased at any time for $1M. Exploration, Drilling and Mining Activity Most of the work before Adventure Gold consisted of geological mapping, rock sampling, soil geochemistry, geophysical surveying, trenching, diamond drilling (1,101 holes totaling 125,695 m), the sinking of two shafts (Resenor and L.C. Beliveau) and one underground mining operation (L.C. Beliveau). Commercial production at the former L.C. Beliveau mine began on September 1, 1989 and the mine ceased operations in October 1993, after producing 166,936 ounces of gold (milled). Production statistics averaged 35,296 tonnes per month, i.e. 1,175 tonnes per day, for an average annual production of 43,576 ounces of gold per year. Only one mining method was used, namely largediameter longhole open stoping. This low-cost mining method was successfully used due to the excellent geometry of the mineralized zone and the highly competent rock mass, which resulted in low production costs. The average dilution factor during operations was 7%. The average recovery was 93.1%. The ore was not acid-generating and did not contain minerals that required any particular attention. The mine consists of a three-compartment shaft measuring 1.83 m 1.83 m

10 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 2 and 340 m deep, approximately 1,625 m of drifts on 5 levels, a ramp of 660 m from surface to 90 m deep and ventilation raises that all remain available and usable to eventually extract ore in this area. Adventure Gold keeps exploration and drilling active since 2008 on the claims. From 2008 to 2012, Adventure Gold's exploration efforts have focused primarily on the Resenor area, then the Highway and L.C. Beliveau areas following the completion of data integration and interpretation. The review of historical data led to the development of multiple drill targets. The company's efforts consisted to completed 87 holes totalling 29,397 m, two lines of IP survey (5.5 km) 10 striping areas (14 channels and 124 samples) and 168 grab samples. Geology and Mineralization The Val-d'Or East property is located in the Val-d'Or mining camp within the Southern Volcanic Zone in the southeastern part of the Archean Abitibi Greenstone Belt. The Val-d'Or mining camp is well known for its lode gold deposits with approximately with more than 23.6 million ounces of gold produced. Two deposits are currently in production near the Val-d'Or East property: the Lac Herbin ore deposit (82,000 ounces produced, hosted in the Bourlamaque intrusion) and the Beaufor mine that is located less than 1.5 km from the Val-d'Or East property (1,000,000 ounces produced as of 2010, hosted as veins in the Bourlamaque intrusion). The Property is mainly underlain by tholeiitic mafic volcanic rocks of the Dubuisson Formation in the north and by tholeiitic lavas characterized by the appearance of very thick volcaniclastic deposits of the Jacola Formation in the south. The claims partly include the eastern contact of the synvolcanic Bourlamaque granodiorite Batholith and cover approximately 2.2 km of the batholith. A series of NW-trending subvertical diorite intrusions, centimetre-scale to metre-scale in thickness, crosscut the two (2) formations as well. Regionally, the gold mineralization seems to be associated with a main swarm of diorite dykes namely at the former L.C. Beliveau mine, in zone 2 and the North zone. Several N70 to N80 -trending shear zones, generally 5 to 20 m wide but locally up to 100 m wide, have also been identified and exert some control on the mineralization. These structures controlling the mineralization inside the Bourlamaque Batholith continue to the east inside the volcanic rocks. For the Val-d'Or East property, two geological settings control the gold mineralization. The first gold setting is found in the Bourlamaque Batholith associated with quartz-tourmaline veins hosted in sheared diorite dykes which crosscut the Bourlamaque granodiorite (Ferderber-Belmoral and Beaufor gold deposits). The second geological setting is associated with quartz-tourmaline mesothermal veins inside diorite dykes and ENE shear zones inside the volcanic rocks. The former L.C. Beliveau mine represents the best example of this style of mineralization. Two gold bearing structures have been interpreted for the L.C. Beliveau area (West area, North Zone and former mine). The first bearing structure, a stacking of submetric to metric veins shallowly dipping to the south (30-40 ) is found inside NW subvertical diorite dykes. The second gold bearing gold structure corresponds to a stacking of ENE-trending gold structures, dipping to the south at around 30º to 40º. This second structure of mineralization consists of quartz-tourmaline veins developed within a large sericite-carbonate-albite alteration envelope hosted in volcanoclastic rocks, diorite dykes, and massive andesites. Other mineralized zones on the Property include the Resenor, the 104, the North Zone on Senore, the Highway, the North Zone on Pascalis-Colombiere, the Zone 2 and the Rencontre and numerous other showings were also discovered on the Property.

11 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 3 Resource Estimates and Technical Parameters The base case mineral resources of the Val-d'Or East property are defined using two distinct cut-off grades: one for the open-pit prospect and one for the underground mining perspective. The base case mineral resources are reported using a cut-off grade of 1.0 g/t Au above 350m depth and using a cut-off grade of 1.5 g/t Au below 350m depth. The total inferred resources are 9.13 Mt at 2.63 g/t containing 770,000 gold ounces. SGS Geostat considers that mineral resources defined on the Val-d'Or East property meet the requirement of reasonable prospect of economic extraction. The details are in the table below. Inferred Resource Estimates From surface to 350m depth Effective 19 of November 2012 COG 1.0 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 5,440, ,000 Highway 780, ,000 North Zone 1,110, ,000 TOTAL 7,320, ,000 Below 350m depth COG 1.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 1,800, ,000 TOTAL 1,800, ,000 Total Resource Estimates COG 1.0 g/t Au from surface to 350m depth and 1.5 g/t below 350m depth Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 7,240, ,000 Highway 780, ,000 North Zone 1,110, ,000 TOTAL 9,130, ,000 The mineral resource estimate has been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions Standards for mineral resources in accordance with National Instrument standards of Disclosure for Mineral Projects. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Results are presented undiluted and in situ. Capping of 30 g/t used over 1 m. Tonnages and ounces are rounded to nearest ten thousand. Numbers may not total due to rounding.

12 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 4 In order to verify the open pit potential further for the New Beliveau, North Zone and Highway deposits, a Whittle pit run was completed using a cut-off grade of 0.69 g/t Au based on 1500 $Cad/oz.troy. The total inpit inferred resources are 4.34 Mt at 2.38 g/t Au containing 332,410 ounces of gold. The underground potential below the Whittle Open Pit at 1.5 g/t Au cut-off grade is 3.91 Mt at 3.13 g/t Au containing 393,980 ounces of gold. The details are in table below. Inferred Resource Estimates Inside Whittle Optimized Pit COG 0.7 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 3,743, ,100 Highway 313, ,290 North Zone 284, ,020 TOTAL 4,340, ,410 Below Whittle Optimized Pit (Underground Potential) COG 1.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 3,361, ,650 Highway 236, ,150 North Zone 312, ,180 TOTAL 3,910, ,980 The Whittle pit optimization run is based on an on-site milling scenario of 3,000 tpd. The presented scenario has a 0.69 g/t Au marginal cut-off grade with a gold price of 1500 $Cad/oz.troy, an ore mining price of 4.5 $Cad/t, a mining recovery of 98%, 15% dilution, a processing recovery of 95%, a processing cost including G&A and premium costs of 27.5 $Cad/t. Resources are presented undiluted and in-situ. The database used to produce the mineral resource estimate is derived from a total of 73 recent surface drill holes (by Adventure Gold from 2009 to 2012), 366 historical surface drill holes, and 982 historical underground drill holes. The actual hole count intersecting the resource is 59 recent surface drill holes, 141 historical surface drill holes, and 599 historical underground drill holes. The database cut-off date is November 15, The estimates were done using inverse distance square (ID2) as the interpolation method based on 2 metre analytical composites. Composites calculations are based on original samples value capped based on metal factor at 30 g/t Au for 1 metre. The New Beliveau estimates are based on a parent cell dimension of 3 m East, 5 m North and 2 m height; the North Zone and Highway estimates are based on a parent cell dimension of 5 m East, 3 m North and 2 m height. Four search ellipsoids were used in four estimation steps with the biggest ellipsoid always being of 100 m, 100 m and 33 m of radiuses. The orientation of the ellipsoids was based on the zones geometry. Each mineralized structure (New Beliveau: 5 dikes and 16 shallow dipping structures, North Zone: 3 dikes and 9 shallow dipping structures and Highway: 12 shallow dipping structures) was estimated separately using its respective composites. True thickness of the mineralized structures range from about 3 to 80 m. Historical underground production has been subtracted from the resource estimate. Tonnage estimates are based on rock densities of 2.8 tonnes per cubic metre.

13 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 5 Conclusions and Recommendations SGS reviewed the project data and drill-hole database, visited the project site, and inspected Adventure Gold QAQC program. SGS believes that the data presented by Adventure Gold are generally an accurate and reasonable representation of the Val-d'Or East property. The geological and mineralization model of the 3 resource deposits is well understood. The new geological model with the flats seem to fit well the drilling information and is adequate for the resource estimates. The Val-d'Or East property has favorable structural and geological settings. The Property has supported profitable commercial mining operations in the past. Significant additional exploration drilling is clearly warranted on the property to increase the quality and quantity of gold resources. While some resource was mined on the property, some remains and should be evaluated. Most of the dyke mineralization of the New Beliveau deposit has been mined from surface down to roughly 300 m depth and the extraction between 1988 and 1993 was 1.8 Mt at 3.17 g/t Au with 183,700 gold ounces contained. The deeper extension of the dyke is open at depth and a total of 126 holes are testing the potential below 300 m depth and only 9 holes are testing the potential below 600 m depth (and to a maximum of 900 m). Additional potential to increase the size of the resource remains on the New Beliveau, North Zone and Highway deposits. The drill hole intervals used for the resource estimates have been sampled at 80% only. The gaps were considered having zero grade for the purpose of the resource. While low grades could be in those gaps, some gold may be present and represents an upside to the project. In total, 4% of the gold content present in the Pascalis-Colombiere drill hole database is not used in the resource estimates and also represents an upside. The dyke mineralisation has a good angle for both open pit and underground selectivity and mining. The past operation and bulk samples suggest that the recovery is very good on the dyke of the New Beliveau deposit and on the Highway deposit. The thickness of the flat structures is sufficient for open pit consideration. The geotechnical aspects of the project seem good for both open pit and underground mining at this point. While a lot of drilling is available from the time Cambior mined the L.C. Beliveau deposit, the lack of QAQC and twin holes on this historical data made it safer to keep resources in the inferred category at this stage. Much field remains open on the Property for possible discoveries and all 3 deposits with resources remain open in some directions as detailed below. With the knowledge acquired during this study, and after review from Adventure Gold, SGS has these general recommendations for future drilling: Drilling priority - Phase 1 Resource development drilling should be planned to cover the volume inside the conceptual Whittle pits (including the upper portion of the Highway deposit) in order to increase the ounces in and close to it up to 250 m with a drilling pattern of 25 m x 50 m. In a first phase, the drilling required to cover the volume of the pits in the mineralized structures is estimated to 8,750 m for New Beliveau and 2,250 m for Highway at 125 $/m : 1,375,000 $Cad.

14 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 6 Resource development drilling should be planned to possibly extend the resource outside the conceptual Whittle pits of New Beliveau and Highway deposits in order to increase the size of the pit. With a drilling pattern of 50 m x 50 m, 5,000 m for New Beliveau and 1,600 m for Highway should be needed at 125 $/m : 825,000 $Cad. Drilling is recommended to increase the resource to the south of the former L.C. Beliveau mine deposit up to Zone 2 and to understand the ending or shift of the mineralization to the north. The required drilling is approximately 3,000 m at 125 $/m : 375,000 $Cad. Some twin holes should be considered where the most of the high grade resource is in possible open pits. Maybe 6 drill holes would be required on New Beliveau, 2 on North Zone and 2 on Highway. The required drilling is approximately 1,600 m at 125 $/m : 200,000 $Cad. Drilling priority - Phase 2 In function of the drilling - phase 1, a second phase, the drilling required to cover the volume of the pits with a drilling pattern of 25 m x 25 m in the mineralized structures is estimated to 7,000 m for New Beliveau and 1,000 m for Highway at 125 $/m : 1,000,000 $Cad. Drilling is recommended to increase the resource and its details both in geometry and grade for the North Zone with a drilling pattern of 50 m x 50 m in the mineralized structures from 0 m to 300 m. The required drilling is approximately 9,000 m at 125 $/m : 1,125,000 $Cad. Drilling is recommended to increase the inferred resource and its details both in geometry and grade to a drilling pattern of 25 m x 50 m in the mineralized structures from 300 m to 600 m depth for the dyke and flat structures of the New Beliveau deposit. The required drilling is approximately 10,000 m at 130 $/m : 1,300,000 $Cad. Drilling is recommended to increase the potential and the resource details both in geometry and grade to a drilling pattern in the mineralized structures from 600 m to 900 m depth for the dyke and flat structures of the New Beliveau deposit. The required drilling is approximately 5,000 m at 135 $/m : 675,000 $Cad. Some exploration drilling should be done between the estimated New Beliveau, North Zone and Highway to understand the geological relation between them and to possibly discover new deposits. Exploration drilling is recommended on the targets that will be identified by the IP survey recommended below. The required drilling, for 10 targets, would be 3,000 m at 125 $/m : 375,000 $Cad.

15 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 7 General Drilling Recommendations RQD must systematically be logged for all drilling. QAQC should be followed as lab results are available. Repeats of sample batches should be asked to the laboratory if: o A blank QA/QC sample returns more than 0.1 g/t Au o One QA/QC standard failure is noticed o Two QA/QC standard warnings are noticed in a row Other Recommendations Potential bias on the resource due to nuggety gold should be evaluated. The goal should be to evaluate the real gold content on what would arguably constitute the first million tonnes of resource mined for the New Beliveau deposit. A program of direct cyanidation or metallic-sieve is recommended on the most representative sample possible for both the flat and the dyke mineralization. A budget of 200,000 $Cad should be considered. New IP and magnetic surveys by today s standards should be done on the property to find extensions to the deposits, generate new targets and better understand the geology on the property. A budget of 750,000 $Cad should be considered. Stripping and channel sampling is recommended on the New Beliveau and Highway where the overburden is not too thick for the comprehension of the geology. A budget of 35,000 $Cad should be considered. Review the potential on the Property including the Pascalis extension acquisition in the light of the new geological model, the IP and magnetic survey. Especially where mineralized drill holes are outside of the 3 resource deposits and where the present geological knowledge prevents finding the continuity of the mineralization. The next resource update for the Val-d Or East property deposits a budget of 70,000 $Cad is needed and should consider adapting the height of the block models to the bench height in an open pit operation. If some economical studies are run on a resource, we recommend estimating the grade of the rock between mineralized structures. This will better reflect the potential of the project. The total expense for budgeted recommendations is 2,775,000 $Cad for the drilling phase 1, 4,475,000 $Cad for drilling phase 2 and 1,055,000 $Cad for others recommendation. Contingencies could be considered but most likely all goals can be met at this budget. With the new resource estimates available, the decision to go-ahead with more development work or with a preliminary economic assessment (PEA) should be taken. For the PEA, some metallurgical tests should be done separately on the flat structures and on the dyke structures and separately for each deposit to assure the gold recoverability.

16 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 8 2 Introduction 2.1 General The purpose of this technical report is to present NI compliant mineral resources for the Val-d Or East property and to satisfy Adventure Gold s obligation to file a technical report to be made available to the public as required according to the policies of the TSX Venture Exchange. This report includes the NI compliant resources for the New Beliveau, North Zone and Highway deposits from the Val-d Or East property. SGS Geostat was commissioned by Adventure Gold on June 22, 2012 to prepare an independent estimate of the mineral resources of the New Beliveau gold deposit. Adventure Gold supplied electronic format data from which SGS Geostat generated and validated a final updated database. The mandate to prepare an independent estimate of the mineral resources of the North Zone and Highway gold deposits were added at later date. 2.2 Terms of Reference The report was written in compliance with disclosure and reporting requirements set forth in the Canadian Securities Administrators NI , Companion Policy CP, and Form F1. This technical report was prepared by Yann Camus, Eng. of -Geostat (SGS Geostat) and Claude Duplessis, Eng. consultant for SGS Geostat. Mrs Camus and Duplessis are qualified persons under Canadian Securities Administrators NI Mr Yann Camus, Eng. is responsible for sections 1 and 13 to 20 of this report. Mr Claude Duplessis, Eng. is responsible for sections 2 to 12 of this report. SGS Geostat considers the mineral resources reported herein to follow the industry best practices and to be compliant as outlined in the NI There are no mineral reserves in this report. This is the first NI technical report on this property as described in Section 4. The Val-d'Or East property is the result of Adventure Gold's consolidation of the former Pascalis-Colombiere, Beaufor North, and Senore properties. Mr. Claude Duplessis visited the Property on June 21, Details about the visit are available in section 12 of this report. 2.3 Currency, Units, Abbreviations and Definitions Currency, units of measure, and conversion factors used in this report include: Linear Measure 1 inch = 2.54 centimeters = 254 millimeters 1 foot = meter

17 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 9 1 yard = meter 1 mile = 1.6 kilometers Area Measure 1 acre = hectare 1 square mile = 640 acres = 259 hectares Capacity Measure (liquid) 1 US gallon = 4 quarts = liter Weight 1 short ton = 2000 pounds = tonne 1 pound = 16 oz = kg = troy ounces Analytical Values Grams per Troy ounces per Percent metric tonne short ton 1% 1% 10, g/t (or ppm) % oz troy/short ton % ppb % Currency Unless otherwise indicated, all references to dollars ($) in this report refer to currency of Canada. Frequently used acronyms and abbreviations AA atomic absorption spectrometer Au gold SGS Geostat -Geostat Office: Geology & Resource Estimation Company CIM Canadian Institute of Mining, Metallurgical, and Petroleum core diamond drill core ddh diamond drill holes FA-AA fire assay with an atomic absorption finish g grams g/t Au grams of gold per metric tonne ha hectares IP induced polarization geophysical survey m meters Moz million troy ounces MRNQ Ministère des Ressources Naturelles du Québec QA/QC quality control/quality assurance NPI net profits interest NSR net smelter return oz troy ounces RC reverse-circulation drilling t or tonnes metric tonnes ton short ton tpd tonnes per day tr trace

18 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Disclaimer There are no mineral reserves in this report. It should be understood that the mineral resources which are not mineral reserves do not have demonstrated economic viability. The mineral resources presented in this Technical Report are estimates based on available sampling and on assumptions and parameters available to the author. The comments in this Technical Report reflect the author s and Geostat s best judgement in light of the information available. 3 Reliance on Other Experts The authors of this Technical Report are not qualified to comment on issues related to legal agreements, royalties, permitting, and environmental matters. The authors have relied upon the representations and documentations supplied by the Company s management. All parts of this report were either prepared by the authors or by Adventure Gold and reviewed and modified by the authors. No report prepared by other experts was relied upon for the preparation of this report.

19 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 11 4 Property Description and Location 4.1 Location The Val-d'Or East property is located in the western portion of the province of Québec, Canada, approximately 26 km east of the city of Val-d Or (Figures 4 1 and 4 2). The project is located in the northwest portion of Louvicourt Township and the southeast portion of Pascalis Township in NTS map sheets 32C04 and 32C03 (Figure 4 2). The approximate UTM coordinates for the geographic centre of the property are E and N (Zone 18, NAD83). The Val-d'Or East property is the result of Adventure Gold's consolidation of 53 mining claims that cover 1,532.4 hectares (Figure 4 3). This property is the consolidation of the former Pascalis- Colombiere, Beaufor North, and Senore properties. The claim distribution is presented in Table 4-1. The Pascalis Extension property, currently being acquired by the Company, is adjacent to the Vald'Or East property. On September 11, 2012, the Company concluded the signing of two agreements for the acquisition of a 100% interest in the 51 claims totalling 2,097 hectares (Figure 4 3). Figure 4-1 Val-d Or East Property Location Map

20 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 12 Figure 4-2 Val-d Or East Property Local Location Map Figure 4-3 Val-d Or East Claim Map Showing Claim Groups (Beaufor West and Pascalis Extension are not in the Val-d Or East Property)

21 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 13 Table 4-1 List of Claims Claim group NTS TOWNSHIP RANGE LOT CLAIM REGIS. EXPIR. RENEW. EXCESS WORK AREA FEE DATE DATE DATE WORK REQ. REN yy/mm/dd yy/mm/dd yy/mm/dd hectares $ $ $ BEAUFOR NORD 32C04 Pascalis CL /11/24 13/11/23 13/09/ , , BEAUFOR NORD 32C04 Pascalis CL /05/15 13/05/14 13/03/ , , BEAUFOR NORD 32C04 Pascalis CL /05/15 13/05/14 13/03/ , Total BEAUFOR NORD , ,500 PASCALIS COLOMBIÈRE 32C04 Louvicourt 000H 0000 CDC /04/29 14/04/28 14/02/ , PASCALIS COLOMBIÈRE 32C04 Pascalis CL /10/28 13/10/09 13/08/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL /10/28 13/10/09 13/08/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL /10/28 13/10/09 13/08/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL /10/28 13/10/09 13/08/ , PASCALIS COLOMBIÈRE 32C04 Pascalis CL /10/28 13/10/09 13/08/ , PASCALIS COLOMBIÈRE 32C04 Pascalis CL /11/09 13/10/21 13/08/ , PASCALIS COLOMBIÈRE 32C04 Pascalis CL /11/09 13/10/21 13/08/ , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/01 13/04/03 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/01 13/04/03 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/01 13/04/03 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/01 13/04/03 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/01 13/04/03 13/02/ , , PASCALIS COLOMBIÈRE 32C03 Louvicourt CL C /05/01 13/04/03 13/02/ , PASCALIS COLOMBIÈRE 32C03 Louvicourt CL C /05/01 13/04/03 13/02/ , PASCALIS COLOMBIÈRE 32C03 Louvicourt CL C /05/01 13/04/03 13/02/ , PASCALIS COLOMBIÈRE 32C03 Louvicourt CL C /05/01 13/04/03 13/02/ , PASCALIS COLOMBIÈRE 32C03 Louvicourt CL C /05/09 13/04/22 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/09 13/04/22 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/28 13/04/30 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/28 13/04/30 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /05/28 13/04/30 13/02/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /10/14 13/09/21 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /10/14 13/09/21 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /10/14 13/09/23 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /10/14 13/09/23 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /10/14 13/09/23 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /10/14 13/09/23 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /10/14 13/09/23 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /10/14 13/09/21 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Louvicourt CL C /10/14 13/09/21 13/07/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /11/07 13/10/15 13/08/ , , PASCALIS COLOMBIÈRE 32C04 Pascalis CL C /11/07 13/10/15 13/08/ , , Total PASCALIS COLOMBIÈRE , ,800 SENORE 32C04 Pascalis CDC /08/26 14/08/25 14/06/ , , SENORE 32C04 Pascalis CDC /08/26 14/08/25 14/06/ , SENORE 32C04 Pascalis CDC /08/26 14/08/25 14/06/ , SENORE 32C04 Pascalis CDC /08/26 14/08/25 14/06/ , SENORE 32C04 Pascalis CDC /08/26 14/08/25 14/06/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CDC /10/04 14/10/03 14/08/ , SENORE 32C04 Pascalis CL /08/28 13/08/27 13/06/ , , SENORE 32C04 Pascalis CL /08/28 13/08/27 13/06/ , , Total SENORE , ,000 Total VAL D'OR EAST ,683, ,300

22 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Ownership, Royalties and Agreements This section is based on GESTIM data (the Québec government s claim management system), a Mining Title Opinion document prepared by Miller Thomson Pouliot, LLP, in 2008 and the agreements signed by Adventure Gold with Blue Note Mining and Michel and Gaétan Roby. SGS Canada Inc. (Geostat) also held discussions on this subject with Adventure Gold representatives Ownership All the mining titles of the Val-d'Or East property are registered under the name of Adventure Gold, are 100% owned by Adventure Gold, and are in good standing. The property boundaries were located by physical staking and Map staking for Pascalis extension and few claims in the north part of the Val-d Or East property. No liens or charges seem to be registered against any claims of the Val-d'Or East property, and all titles are in good standing according to GESTIM (the Québec government s claim management system) with excess credits of $1,683,197. A detailed list of the mining titles is provided in Table 4-1. Mining titles on the Val-d'Or East property as well as on adjacent properties give Adventure Gold the rights to subsurface only to explore for any mineral substances (except hydrocarbon) Royalties A few royalties are associated with the Val-d'Or East property. Table 4-2 summarizes the various royalties applicable to future production on the property. Figure 4 4 shows the royalty distribution in function of the claim map and the location of the different gold zones. For the Senore claim group, an aggregate three percent (3.0%) Net Smelter Return (NSR) Royalty on mineral claims # and # is payable to Peter Bambic, and an aggregate two percent (2%) NSR royalty on the balance of the Senore claim group is also payable to Peter Bambic. One and a half (1.5%) of the three (3%) percentage points of the NSR on the two claims may be bought back for $2M and one (1%) of the two (2%) percentage points on the balance of the Senore claim group may be bought back for $1M. For the Pascalis-Colombiere claim group, a one percent (1.0%) Gross Sale Royalty is payable to Alain Garneau on five (5) mineral claims, a twenty percent (20%) Net Proceeds of Production (NPP) royalty is payable to Tiomin Resources Inc. on 28 mineral titles, and a two percent (2%) NSR royalty is payable in favour of Iamgold-Québec Management Inc. on 33 mineral titles, of which half (1%) may be purchased at any time for $1M.

23 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 15 Table 4-2 Royalty Distribution Claim Group Adventure Gold Interest # Claims Size (hectares) Royalties Pascalis Colombiere 100% % NSR payable to Iamgold. Half of the NSR (1%) may be purchased for a cash payment of $1.0M. 20% NPP royalty to Tiomin Resources Inc. on 28 claims. 1% Gross Sale Royalty to A. Garneau on 5 claims. Beaufor North Senore 100% 100% No royalty. 3% NSR to Peter Bambic on 2 claims. Half of the NSR (1.5%) may be purchased for a cash payment of $2.0M. 2% NSR to Peter Bambic for the rest of the property. Half of the NSR (1%) may be purchased for a cash payment of $1.0M. Total Figure 4-4 Val-d Or East Claim Map Showing Royalties 4.3 Permits and Environmental Liabilities There are no known environmental issues or liabilities applicable to the Val-d'Or East property. All underground openings at the surface have been cemented and covered by gravel. The tailings pond is in good standing. The environmental compliance of the site was established pursuant to a certificate of release issued on September 30, 2003 by the MRNQ, which confirmed the satisfactory outcome of all rehabilitation work carried out at the former L.C. Beliveau mine site. The usual permits are required to perform exploration work. There are no known factors that could limit exploration work on the Val-d'Or East property.

24 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 16 5 Accessibility, Climate, Local Resources, Infrastructure and Physiography 5.1 Physiography Topographic relief on the Val-d'Or East property is slight, ranging from 315 to 355 m above sea level. The area is characterized by low ridges and hills flanked by generally flat areas of glacial outwash and swamps. Overburden thickness varies from 0 to 35 m, with local concentrations of outcrops in a more or less uniformly flat forested plain. The overburden is relatively thin on the different gold zones, 0 to 3 m for Highway, 0 to 10 for L.C. Beliveau area and 5 to 10 m for the North zone, and consists of sand, gravel and glacial moraine. 5.2 Accessibility The Val-d'Or East property can be easily reached from Val-d Or by travelling approximately 17 km east along Highway 117 and turning north on the Perron road for 6 km, then turning right on the Pascalis road for 2 km (Figure 4-2). All the roads are well maintained in all seasons. A gravel road of 200 m provides access to the former L.C. Beliveau mine site. Several logging roads and trails run through the property, providing easy access to the interior. 5.3 Climate The climate in this part of Québec is characterized by relatively dry, cold winters and hot, damp summers. The mean annual temperature for the area is slightly above the freezing point at 1 C. The average July temperature is 17 C, and the average January temperature is -17 C. The average number of days per year at or below freezing is 209. The record low is C and the record high 36.1 C. Average annual precipitation in the Val-d'Or area is 954 mm. Rainfall is highest in September, averaging 103 mm. Snowfall is registered from late September to early May, with a peak period between November and March when the monthly average reaches 54 cm. The property is always accessible and exploration and mining activities can be performed year-round. 5.4 Local Resources and Infrastructure The city of Val-d Or, population 35,000, is the closest service community. Several mining operations and gold mills are currently active in the area. Experienced and general labour is readily available and well trained. Local professionals, engineers, geologists, and technicians are also readily available. However, it is possible that in the short term, increased mining activity in the area may create a temporary shortage of certain categories of skilled workers. The proximity of the town will help to recruit and to keep a mining workforce. Local regulations require that all personnel working in an underground mine must follow the modular course for miners, specifically modules 1, 2, 3, 5 and 7. Training sessions are held in Val-d Or. The latter also hosts an excellent base of suppliers and manufacturers for the mining industry. The Val-d'Or area is well served by existing infrastructure. It is accessible by a network of roads and is served by an airport with daily commercial flights.

25 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 17 The property is only 8 km from the TransCanada Highway 117, and an industrial gravel road provides access to the former L.C. Beliveau mine site. A CN railway line crosses the southeastern part of the property. The power lines and telecommunication systems can be rapidly accessible. The project includes a a three-compartment shaft measuring 1.83 m 1.83 m 340 m depth (5-tonne bucket), approximately 1,625 m of drifting on 5 levels, ventilation raises, 660 m of ramp down to the 90-m level, all key elements available for rehabilitation and favourable for the economics of a future project. The underground infrastructure could be used to provide quick access to the Beliveau West Area and below the 300-m level. Several mining operations and gold mills are currently active in the area, including: The Lac Herbin mine and Aurbel gold mill, held by QMX Gold Corporation, with a capacity of 1,500 metric tonnes per day (tpd) which can be upgraded to 2,500 tpd, located 6 km (straight line) from the Val-d'Or East property; The Bevcon gold mill with a capacity of 900 tpd (upgradeable), also located 6 km away; The Sigma-Lamaque gold mine and mill, 24 km away, with a capacity of 2,400 tpd which can be upgraded to 5,000 tpd; The Goldex mine and mill operation, 39 km away, with a capacity of 8,000 to 10,000 tpd; The Wesdome mine and mill facility some 45 km away, with a capacity of 2,000 tpd; The Camflo mill at 60 km, with a capacity of 1,200 tpd; The Canadian Malartic mine and mill facility at 70 km, with a daily capacity of 55,000 metric tonnes. 5.5 Surface Rights Adventure Gold has access to the parcels of land subject to said mining claims and may perform exploration work thereon. The holder may also erect and maintain for mining exploration activities on the parcels of land subject to the Val-d'Or East mining claims, a construction of a type defined by ministerial order under the Mining Act. With the Pascalis Extension currently under acquisition, Adventure Gold will have enough space for potential tailings storage areas, waste disposal and a processing plant. A fenced-in site, better known as the site of the former L.C. Beliveau mine, is covered by a lease delivered by the MRNQ and is located in Louvicourt Township, Block H, Lot 1. It is used to store drill core. The surface lease bears the number

26 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 18 6 History 6.1 Prior Ownership of the Property and Ownership Changes The Val-d Or East property subject of this report is the result of the amalgamation of the former Pascalis Colombière, Beaufor North and Senore properties now referred to as claim groups. Prior ownership is separated into Pascalis Colombière, Beaufor North and Senore claim groups Pascalis Colombière Claim Group (south part) The first claims in the area were staked in the fall of 1930 and the spring of In the spring of 1931, the south part of the Val-d'Or East property, specifically the Pascalis-Colombiere claim group, was held by four different owners. In 1933, one of the claimholders, Pascalis Gold Mines Ltd, took over the other three and in 1962, following a reorganization the company became known as New Pascalis Mines Limited (NPML). On August 1, 1981, SOQUEM negotiated two distinct option agreements on NPML's claim group; one option on 3 claims located in the northwest part and another option on the remaining 38 claims. SOQUEM has since transferred its rights on the 3 claims to Louvem Mines and has carried out exploration work on the remaining 38 claims thus earning 60% interest on these claims. Under the option agreement, SOQUEM and NPML jointly incurred exploration and development expenditures according to their respective 60% and 40% interest in the claim group. On August 1, 1986, Cambior replaced SOQUEM in the joint venture concerning the Pascalis-Colombiere claim group and since that time, NPML has not participated in subsequent work. Following work carried out by Cambior, NPML's interest was diluted to 20%, which was then converted to 20% net proceeds of production (NPP) royalty in The Pascalis- Colombiere claim group was eventually acquired by Adventure Gold on March 17, 2008, in consideration of 250,000 shares of the Company and a 2% net smelter return (NSR) royalty, 1% of which may be bought back for $1 million, held by Iamgold-Québec Management Inc., which became the titleholder following the acquisition of Cambior by Iamgold in Beaufor North Claim Group (Center Part) Northwest to the Pascalis Colombière claim group, the Beaufor North claim group consisting of 3 claims were acquired by Adventure Gold following the September 2007 initial public offering (IPO) and acquisition agreement for the assets of Q.E.X. Resources Senore Claim Group (North Part) Before the acquisition by Adventure Gold, the north part was held by Senore Gold Mines. These 17 claims at the northern end of the Val-d'Or East property were acquired under an option agreement to earn 100% interest from Peter Bambic, executed on July 8, 2008, in consideration of $400,000 in exploration work, $200,000 in cash payments, and 1 million shares of the Company. The acquisition was completed on July 8, 2011.

27 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Mineral Exploration Work Mining activities in the Val-d Or mining district initially began with the discovery of the Lamaque and Sigma mines in the 1920's. A total of approximately 36 mines have produced 23.6 million ounces of gold from 135 million tonnes milled. The data cannot be compiled in detail because several of the mines operated under different names at different times, and in some cases, two or more mines were incorporated into a single operation. Currently, there are several producing mines and advanced gold projects in the Val-d Or/Malartic area (mines: Beaufor, Kiena, Lac Herbin and Canadian Malartic, and advanced projects: Sigma-Lamaque and Goldex). The Val-d'Or East property is located in an area that has been the object of much previous work due to its strategic location in the heart of the Val-d'Or mining district and the Abitibi Greenstone Belt. The early discovery of the No-1, No-2, and Highway (H) showings and the Resenor (Senore) deposit, and the discovery of the Beaufor, Perron, and Pascalis orebodies increased interest for exploration in this area. Adjacent to the west of the Val-d'Or East property, gold was first discovered in 1931 on the Perron property by prospector J. Matthews and the adjacent Beaufor claim group was claimed by G. Bussière in In 1932, irregular gold-bearing veins were also discovered in the southeast part of the Pascalis-Colombiere claim group. All of these discoveries are characterized by the same type of gold mineralization represented by gold-bearing quartz-tourmaline veins. Most of the previous work consisted of geological mapping, rock sampling, soil geochemistry, geophysical surveying, trenching, diamond drilling, sinking of two shafts (Resenor and L.C. Beliveau) and one mining operation (L.C. Beliveau). Table 6-1 presents a summary of the most significant activities performed on or near the Val-d'Or East property. Before Adventure Gold acquired the Property, a total of 1,101 diamond drill holes totalling 125,695 m, including 661 underground drill holes for 49,500 m, probed the Property, mostly during the 1930's until Many gold occurrences have been identified on the Val-d'Or East property and the most significant ones are described in Section 7. Table 6-1 Significant Historical Exploration Work on the Val-d'Or East property Date Company / Individual Work descriptions Results Reference?? Geological survey Entire project GM 11984? Geotechnical Development Company Ltd Prospectors Airways Co. Ltd Geological survey Ground mag survey Geological survey Geological survey Inspection Report Top east part of Pascalis - (5 claims to 13, & 01), entire beaufor north claim group and half south of Senore claim group. Iso dynamic contour using geological outcrop and magnetic survey. 1 map shows the result. Sigeom locates the survey on the top east portion of the Pascalis claim group. No digital report. Need paper copy. Top north west part of the Pascalis and Beaufor north claim group. Plan of geological mapping. Highway showing discovery. Old claim map in this report. Sigeom locates this survey on the west part of the Pascalis claim group, Pascalis twp. No location map but claim number On old claim map this claim # isn t present. Need old claim map. GM GM GM GM 19431

28 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 20 Date Company / Individual Work descriptions Results Reference 1932 Noranda Mines Ltd. Geological survey/inspection report Sigeom locates this survey half north of the Pascalis claim group. No digital report need paper copy. GM MRN Regional geological, mining development, mining and exploration works, mineral occurrences and reserves evaluation reports. The Majority of these reports covers the entire area of the project. MRN Geological survey Entire project. Discovery of highway/rencontre(s)/algar/garneau showings. The mineralized zone has been opened up by a series of NS trenches (A to H). 8 holes were bored from locations to the south of the mineralized zone. Results not encouraging. Assay results from certain trenches indicate good average values over substantial widths. Geological survey Entire project. 2 narrow veins are exposed in a trench 250 feet to the NE of highway showing. They occur in an easterly strike and contain spectacular visible gold. GM GM GM GM GM GM GM RASM 1932-B B2(A) RASM 1932-B B1(A) Geological survey Entire project RP 258 Geological survey Entire project DP 089 Geological survey Entire Pascalis claim group RG Mining Corporation of Canada ? Pascalis Gold Mines Ltd. Geological survey Geological compilation maps Trenching work Work report on Perron Mine Drilling: 3 holes (24A,25A,26A 983m) UG drilling: 2 holes (1000,1001) 1939? Regional geological survey Geological compilation map with trenches location. Pascalis twp claims 33873/33876 at the boundary of claims 33724/33727 and highway is located on Need paper copy or an old claim map. To be verified Sigeom locates the survey top half north of the Pascalis claim group. No digital report need paper copy. Pascalis twp. R1 lot 10, mid west end of the Pascalis claim group. Highway showing. 33 maps of the perron mine. 1 map shows the Pascalis claim group. This report is mainly about perron. Mid west end of the Pascalis claim group (Highway showing). 3 holes were drilled (24A,25A,26A - 983m). Best intercepts include: 24A: 9.6g/tAu/5.4m, 10.3g/tAu/0.3m, 26.1g/tAu/0.4m & 26A: 1.4g/tAu/0.4m. GM GM 8489-A GM 8489-B GM 8489-C GM GM GM Plans of dril hole sections. No location map?? GM Entire project GM Senore Gold Mines Drilling: 5791m West side of Senore claim group. Heavy overburden made trenching unproductive therefore 5,791 m of diamond drilling was carried out between 1936 and 1939.The discovery vein was reported to extend for a length of over 183 m (600 feet) striking N 55 W and dipping 55 to the SW. This quartz vein forms the core of a 6 m wide shear zone which had been traced for 275 m along strike. The quartz core was reported to average 1.5 m in width with an average grade of 8.36 g/t Au, on the basis of six drill holes, to a depth of 76 m. GM GM Drilling: 1 hole (#27 -?m) Beaufor claim group. No significant result. GM 08462B Drilling: 26 holes (U1 to 20, 1 to 6) SW part of the Senore claim group. In , a 152 m shaft was sunk on the discovery zone, with levels at 66, 115 and 165 m GM 08426A GM 09462C GM 08507

29 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 21 Date Company / Individual Work descriptions Results Reference Reserves evaluation 1945? Regional mineral occurrences compilation Mackwa Mines/Orion Mining/Pasco Maritimes Gold/Pasgil Mines/Perron Gold Mines/Resenor Gold Mines/Senim Gols Mines/Vanacor Gold Mines Drilling: 5 holes (1 to 5-715m) Ground mag+resistivity surveys Geological survey Airborne magnetic survey (originally 200, 350 and 500 feet). A composite plan of the underground works shows that the main development was on a northwest-striking vein dipping at 55 to the SW. It also shows a long crosscut on the 115 m level extending at least 133 m north of the main vein, suggesting that drilling had defined at least one other target to the north of the shaft. This may have been the 104 Zone. At least 26 underground diamond drill holes were drilled at the 66 and 166 m levels. Half south part of Senore claim group. Historical estimate of 181,400 tonnes at 8,6 g/t Au on the Resenor Zone (non compliant NI ). GM Entire Property GM SE part of Senore claim group. 715 m of surface diamond drilling in seven holes, and additional drifting and crosscutting on the 115 m level. Entire project. magnetic and resistivity surveys were carried out. Pasgil Mines Ltd. Ground mag survey north half of the Pascalis and half south of Beaufor North claim group.. No digital report. Need paper copy GM GM GM GM GM Perron Gold Mines Ltd Bevcourt Gold Mines Ltd/Perron Gold Mines Ltd Department of Mines Canada 1959 Claims Hall/Lake Expanse Gold Mines Ltd Bevcon Mines Ltd./Claims Moore Drilling sections: 4 holes (DH 1 to 4) Geological survey Ground mag survey Drilling: 2 holes ( m) Pascalis claim group Drilling: 3 holes ( m) Beaufor Nord claim group Drilling: 1 hole (ddh #7 36m) Senore claim group Geological and drilling compilation map No date for this report. It was submitted in Geological survey Location of proposed drilling Geological survey Drilling Drilling: 2 holes (P.S m) Drilling: 2 holes (S-1 & S-2 154m) no location map but Pasgil showing occurs on the east top part of the Pascalis claim group. 4 holes were drilled (DH 1 to 4). To be verified. East end of Pascalis and Beaufor North claim groups. No digital report need paper copy. mid east end of Pascalis and mid part of Beaufor North claim group. No significant result. GM GM GM SW end of the Senore claim group. GM R1 lots 13 & 14, Pasclais claim grouppascalis twp. Compilation map of mapping and drilling. Pascalis twp R1 Lots 13 & 14 (top east side of the Pascalis claim group. Maps in the report show Perron gold mines development on RII but one map shows proposed ddh on RI within the Property (To be verified). Entire project. Geological map and drill holes location of the area. GM GM GM Mid west part of Senore claim group. GM GM Pascalis Twp R1 Lot 14&15 (top east en of the Pascalis claim group). 2/3 holes were drilled on the claim group (S-1, S-2-154m). Au was assayed but no significant result. S-3 was drilled close to the boundary of L14/L15. GM 13315

30 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 22 Date Company / Individual Work descriptions Results Reference 1965 Naganta Mining and Development Company 1965 Courvan Mining/Falconbridge Nickel Mines/New Pascalis Mines Ltd. Geological survey Drilling: 1 hole (66A- 264m) 1967 MRN Bibliography of all mineral occurrences in the Noranda, Matagami, Vald Or and Chibougamau area 1967 Belra Explorations/Claims Campbell MRN New Pascalis Mines New Pascalis Mines / Falconbridge Nickel Mines New Pascalis Mines/SOQUEM Airborne and Ground EM survey Geological survey Regional Geological, geophysical, geochemistry, MSV/gold deposit and structural compilations Airborne EM+mag+radiometric survey Ground EM+mag Geological survey Evaluation report Technical evaluation report (reserves evaluation) The Naganta property border the south end of Pascalis claim group. In this report some mapping was done on the south half part of the Property and is shown on one of their maps (andesite/diorite). In the area of Lucien Beliveau mine / Pascalis claim group. 1/9 holes was drilled on the Property (66A - 264m). No digital report to verify results. In sigeom this hole hit 2,7g/tAu/0,4m & 1,4g/tAu/0,8m. Entire project. Brief description of Lucien Beliveau and Highway showings. Pascalis Twp R1 Lot 14 (SE corner Pascalis claim group) is covered by this survey. Detail geological mapping was done. One anomaly was detected but not located on the Property. Entire project for the majority of the reports. GM GM ES 002 GM DP 135, DP 040, DP 096 DP 098, DP 308, DP 348 DP 349, DP 367, MB MM 82-04, MB 85-29, MB MB 87-11, MB 87-27, MM MB 90-36, MB 93-60, MB 93-61X MM 91-03, MB 94-03, MB MB 96-33, MB 97-11, MB MB 99-12, MB , MB RP , RP , RP DV-94-01, DPV 519, DP 728 DPV 671, DPV 831, DV DV 87-22, DV 89-02, DV DV 90-11, DP-96-01, DP DP , DP , DP Entire Pascalis claim group. Four anomalous conductive zones were noted. A number of weak, scattered anomalies exist. This survey covered the entire C numbered claim part on the Pascalis claim group. Highly anomalous values have been observed near the norther n claim group boundary which is adjacent to the Property. A second zone of high magnetic intensity occurs at the Highway showing. The anomalous responses have been grouped into 3 categories and potential targets were submitted: A (mag, vlf & CEM), B (VLF,CEM) and C (VLF). SW part of the Pascalis claim group. RX lot 11 to 14 in louvicourt twp. Good report summarizing work done on that part of the claim group. One sample on a dyke returned 13.7g/t Au / 47.2m. Hole hit 6.2g/t Au / 3.44m, g/t au / 5.24m and 5.83 g/t au / 2.8m. hole returned 6.86 g/t au / 81.7m (GM 40064). Louvicourt twp: RANG X, P11 P12 P13 P14 Pascalis twp: RANG I, P4. reserves evaluation of Gisement 1 (lucien beliveau) g/t. GM GM GM GM Sismic survey? Drilling : 10 holes ( to m) Geological survey louvicourt twp lot 14?? Location map in the report not obvious. To be verified. This survey covered the entire C numbered claims part on the Pascalis claim group. 10 holes were drilled on the Property. ( to m). Work report from 1984 to 1985 including prospecting, trenching, ip+mag and sismic surveys and drilling. Works were executed in the lucien beliveau and highway areas. 6 GM GM 42239

31 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 23 Date Company / Individual Work descriptions Results Reference Questor Surveys Ltd El Coco Explorations Ltd. Drilling: 11 holes ( to 14,16 to 19 & to m) Exploration work report IP survey Airborne INPUT+mag survey Regional Airborne INPUT survey Ground magnetic + VLF + EM surveys Basalt till geochemistry Drilling: 8/ 9 holes (EC 1 to 6, 3(79), 6(79) 1006m Senore claim group Drilling: 2 holes (EC-1(79) EC-2(79) 240m) on Beaufor claim group. Technical report Reserve evaluation report. new showings were discovered Isabelle, Janine, Marie-Josee, Julie, Ginette and France. Best results from trenching: Isabelle: 1.1g/tAu/1m, 3.6g/tAu/4.3m; 1.3g/tAu/0.9m; Janine: 16.4g/tAu/1.7m; MJ: 65.2g/tAu/1m, 16.6g/tAu/0.6m, 9.04g/tAu/2.5m. best ddh intecepts: 84-04: 2.17g/tAu/1m, 3.6g/tAu/0.37m; 84-05: 1.13g/tAu/0.5m, 7.2g/tAu/1.75m, 4.29g/tAu/0.3m; 84-06: 6.07g/tAu/1m; 84-09: 10.55g/tAu/0.3m, 1.06g/tAu/1.5m,1.06g/tAu/1m, 1.7g/tAu/0.4m; 84-10:3.1g/tAu/0.4m, 3.6g/tAu/1m, 1.2g/tAu/3.9m. Rencontre showing is located in the northern part of the claim group. hole and returned values varying between 3.7g/tAu and 24.5 g/t Au within 0.7 to 2.0 m. One sample returned 18.9 g/t Au on the S (Rencontre) showing. Mid part of the Pascalis claim group (highway showing area). Exploration works include prospecting, stripping, sampling, drilling and ip survey. 11/15 holes were drilled on the Property ( to 14, 16 to 19 & to m). Prospecting work revealed many diorite dykes oriented 320 to 340degree. One sample hit 0.36g/tau. assays from rencontre showing averaged 3.83 g/t au. hole (secteur 4 showing) hit 6.8g/tAu/0.6m and near highway showing hit 2g/tAu/1.7 m. Entire Pascalis claim group. Surveys done between 1985 and GM GM Entire project DP 042 DP 764 Half south part of Senore claims and NW part of Beaufor North claims. Magnetic and VLF-EM surveys, basalt till geochemistry and diamond drilling of 9 holes totalling 1,253 m were conducted, which resulted in the discovery of the North Zone. The 1974 ground magnetic survey identified the contact between granodiorite and volcanic rocks and the presence of other structures cross cutting the units. A NE anomaly was also detected east of the Beaufor claim group. The 1976 VLF survey identified 4 significant anomalies (I,E,K,L) on the Beaufor claim group. The area was covered by a regional basal till sampling from Pionjartype portable drilling apparatus. The fine fraction of small basal till samples was submitted for gold assay. About 9 samples were taken on Senore with no detectable gold. Sampling in the area of the geophysical anomaly E identified one gold anomaly of 55ppb. The I area I showed a weak Cu anomaly, and K a strong Cu anomaly of 1040 ppm. A resources evaluation was done on the Resenor deposit at 200, opt (not NI compliant). GM GM GM GM GM GM GM GM GM GM GM GM GM 61086

32 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 24 Date Company / Individual Work descriptions Results Reference Claims Ferderber / Gloden Titan Resources Ltd Vlf+em survey IP+ resistivity survey Ground mag survey Drilling: 14/18 holes (83- MS-1 to 8, 83-M4-1, 83- MN-1 to m) on the Senore claim group Drilling: 1 hole (83-MC-3 267m) on the Beaufor North claim group. Ground mag survey Drlling: 2 holes (T85-1 & 2 182m) Drilling: 1 hole (GT m) Half south part of the Senore claim groupand entire Beaufor claim group. A VLF-EM survey on the Range IV part of the Senore claim group and in 1983 further VLF-EM surveys carried out. IP surveys show numerous chargeability anomalies. Those few which coincide with magnetic highs may be caused by magnetite, which may or may not cause an IP effect mag survey was conducted on the SE part of senore claim group and east part of Beaufor claim group. Many north trending anomalies located at the SW contact of the Beaufor claim group and is caused by a basic unit. In 1984, Metalor A Limited Partnership carried out 18- diamond drill holes (3,132 m) on the Senore claim group and 1 hole (267m) on the Beaufor North claim group and a partial IP survey leading to the discovery of the North Zone on the Senore claim group. Half south part of Senore claim group and NW part of Beaufor claim group. The survey suggest the presence of an intrusion to the east. GM GM GM GM GM Mid west end of Senore claim group GM Mid west end of Senore claim group GM Claims Garneau Ground mag+em survey NE part of the Pascalis claim group (CL to 11, ). This report mentioned that many NW trenches were executed and sampled in the south but never declared to MRN. Many targets were detected SOQUEM IP survey This survey covered the entire C numbered claims part on the Pascalis claim group, Pascalis twp. Many weak chargeability anomalies were detected and some of them seems to be associated with low resistivity corresponding to shear zones in the bedrock. 6 holes were recommended. Drilling IP + mag survey Ground mag+emh+tbf+ip surveys Geochemical survey, humus sampling Drilling: 14 holes (82-11 to 20, to ) This survey covered the entire C numbered claims part on the Pascalis claim group, Pascalis twp. This report include drilling done outside west of the Property. However, 1 compilation map of all the work done could be very useful. This survey is located on the mid west end of the Pascalis claim group. Drilling is recommended. One geophysical compilation map is also in this report and includes all the CL on the claim group. Rang X in louvicourt twp. In the middle of the Pascalis claim group in the area of lucien beliveau mine. Of the different surveys IP worked the better. This report covers all the C numbered claims on the Pascalis claim group. A total of 1995 humus samples were taken for this survey. A systematic sampling of 584 samples was done between L20 and L anomalies were detected. Values up to 1000ppb Au were hit on anomalies corresponding to historical showings. This report covers all the C numbered claims on the Pascalis claim group. 14/15 drill holes were drilled on the Property (82-11 to 20 & to m). 13/14 holes hit good intersections. Best intercepts: Hole hit 6.2g/t Au / 3.44m, g/t au / 5.24m and 5.83 g/t au / 2.8m; hole returned 6.86 g/t au / 81.7m; 83-23: 4.5 g/t au/92m;83-21: 4.5 g/t au /163m; GM GM GM GM GM GM GM 40064

33 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 25 Date Company / Individual Work descriptions Results Reference MRN IP survey Drilling: 2 holes ( & 2 311m) Ground em and geological surveys Drilling: 2 holes ( & m) Geological and geochemical (humus sampling surveys Ip survey Regional Airborne Gravimetric survey 83-22: 5.8 g/t au /132m hit 12.6 g/t au / 1.3m & 24.6 g/t au/0.7m (rencontre S showing) ; hit 3.7 g/t au/2m Rang X in louvicourt twp, Pascalis claim group. No new information was detected from the previous survey done in Pascalis twp: R1 lots 10 to 14. Compilation map of the work done in 1983 by SOQUEM are good. 2 holes were drilled on the Property ( & m) returned 1.68 g/t Au / 0.4m. Projet Algar /Pascalis twp: R1 lots 13 and holes were drilled on the Property ( & m). Best intercepts: 84-03: 3.9 g/t Au / 0.5m; 84-04: 4.9 g/t au / 0.6m. Top east part - (5 claims to 13, & 01). 5 showings are located on that part of the Pascalis claim group. Garneau, ddh with 3.9g/tau/0.5, ddh with 4.9 g/t au/0.6m, algar showing with 0.17 g/t au and NW showing. geochemical values vary between 9 to 36 ppb Au and assay samples up to 1.2 g/t au and 2.2% Cu. 113 ppb was obtained on rhyolitic block. all 32c04 part of the Property 1987 MRN Basal till sampling Entire project. The area was covered by a regional basal till sampling from Pionjar-type portable drilling apparatus.the fine fraction of small basal till samples was submitted for gold assay. About 9 samples where taken on the Senore claim groupand immediately downice from it but these samples fails to returned any detectable gold Cambior Inc Drilling: 13 holes (88-01,02,06 to15, m) Pascalis claim group Pascalis twp: R1 lot 4 and louvicourt RX lot 13. Surrounding the highway showing. 13/18 holes were drilled on the Property (88-01,02,06 to 15, m). 11/13 (88-01,02,07,10 to 15,17) were drilled on the highway showing, 1 on algar property part and other new Pascalis showing. On the highway showing many good values were obtained like 7.2g/t/5m hole and 11.7g/t/3m hole hole on Algar showing hit 2.2/1 and 1.1/1.5 and over new pascalis hit 1.7/1m. see annexes at the end for full results. good report for historical work. GM GM GM GM DP ET DP GM Cambior Inc/New Pascalis Mines Ltd. Ground gradiometric+mag+vlf survey Drilling: 7 holes (COL to m) Pascalis claim group IP survey Geological survey Entire Pascalis claim group. The mag survey identified many EW to NE-SW M to UM sub outcropping masses. A NE-SW fault is also present. The EM-VLF survey identified a structural pattern oriented EW. Entire Pascalis claim group. 7/62 holes were drilled on the Property (COL to m). Best intercepts: 89-22: 15.6g/tAu/0.4m; 89-23: 2.7g/tAu/1.3m; 89-24: 1.1g/tAu/0.8m; 89-25: 1g/tAu/0.8m. 2 areas were surveyed on the Pascalis claim group. C009375,C007145, C and C On the SE grid, 2 areas of high resistivity caused by the bedrock. No IP anomaly was detected. In the North part, 2 areas of high resistivity caused by the bedrock. 2 IP anomalies were detected in the bedrock indicating occurrence of mineralization. The survey covered the entire C numbered claims part on the Pascalis claim group. Geological mapping GM GM GM GM 49535

34 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 26 Date Company / Individual Work descriptions Results Reference Cambior Inc/Societe Miniere Louvem Inc. Drilling: 9 holes (COL-91-27,28,31,33,92-36 to m) Pascalis claim group Airborne gradiometric+mag+vlf of the claim group. Whole rock samples were taken no Au analysis. Half south portion of the Pascalis claim group, in louvicourt twp. 9/14 holes were drilled on the Property (COL-91-27,28,31,33,92-36 to m). Part of the drilling was done in the area of lucien beliveau mine. Best results are: COL-91-27: 2.9g/tAu/0.4m; 92-36: 3.27g/tAu/1.5m, 136g/tAu/0.2m; 92-37: 2.6g/tAu/2m; 92-38: 17.65g/tAu/0.6m; 92-39: 3.6g/tAu/1.5m, 3.1g/tAu/4.5m; 92-40: 0.3g/tAu/9m, 2.1g/tAu/1.5m. 36 to 38 and 40 are part of secteur 3 showing. Entire Property. There is a distinct absence of EM conductors in the area of the Property which signify absence of quiescent sedimentary and volcano sedimentary environment. Q.E.X. Inc. Ground EM+VLF survey Entire Beaufor North and west claim groups. Many VLF anomalies were identified. Most interesting one are B & C that coincide with a magnetic high. Amblin Resources Inc. Mag survey IP survey UQAC Ground mag+ip+em surveys on beaufor North claim group. Volcanology of southern Malartic Group report Geological compilation 2000? Université Laval Regional MS potential evaluation report Consorem Fiche de gîte Lucien Béliveau 2001 Globex mining Entreprises Mag survey East part of Beaufor North claim group. The mag survey on beaufor north identified 3 anomalies (M-1 to 3). M-1 and M- 3 correspond to intermediate or mafic rocks and M-2 to UM rocks. VLF surveu identified 2 non metallic conductors corresponding to faulted or fractured zones. West part of Senore claim group.. The IP surveys show numerous chargeability anomalies. Those few which coincide with magnetic highs may be caused by magnetite, which may or may not cause an IP effect. GM GM GM GM GM Internal company report Q.E.X. GM GM South part of the Property, louvicourt twp. GM GM Entire Property. Evaluation of MS potential using aeromagnetic and gravimetric regional data. GM Description of Lucien Beliveau deposit. GM SW part of senore claim group. Magnetic survey over lots 2 Ranges II and III, 2003 Claims Bambic Mag survey SW part of senore claim group. Magnetic survey over lot 3, Range III GM GM Thelon Ventures Ltd. Ground mag+ip surveys Drilling (6 holes SE to m) SW part of senore claim group. A program of line cutting, magnetic (45.3 line-km) and IP (41.0 line-km) surveys over lot 2, Range II and lots 2-6 of range III followed by a 6-hole diamond drill program totalling 753m. Two of these (SE04-01 and 02) were drilled on the Resenor Zone and one (SE-04-03) on the North Zone. Hole SE intersected a 5.32 and a 2.98m m mafic dykes. Best assays returned 552 ppb Au over 0.67 m and 7.75 g/t over 0.17 m. Higher up hole SE , between 120 and 130 m are two separated gold-bearing intersections that appear to be the beginning of a totally separate vein system. The upper of these intersections (14.30 g/t Au over 0.44 m) is within a 3.72 m thick zone of quartz-tourmaline veining with up to 3% pyrite in the altered intrusive and up to 2% pyrite in the veins. SE intersected a 5.69 m thick shear zone from to m probably representing the Resenor Zone.The best gold value was 527 ppb Au over 0.44 m. Their magnetic survey shows three domains. In the east part and northwest corner of the map are areas of moderate magnetic GM GM 61766

35 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 27 Date Company / Individual Work descriptions Results Reference 2008 Aur Resources Inc. 3D Model of the Val-d Or Formation CGC/Mines d Or Virginia/Noranda Exploration Regional Airborne MegaTEM II 2010? GSC Regional compilation of VMS and mesothermal deposits THESIS relief, up to a maximum of 1,000 nt, with a welldefined northwest trend, corresponding to primary layering of the volcanics. In the southwestern part of the grid is an area of low magnetic relief with no coherent pattern, corresponding to quartz-diorite of the Bourlamaque Batholith. In the centre, running northsouth, is a strong magnetic anomaly with maximum amplitude of 3,000 nt, believed to correspond to hornblendite, although this identification is based on a single outcrop. Nevertheless, this prominent northsouth anomaly appears to have been offset by a series of both east-west and northeast-southeast trending structures. Entire Property GM Entire Property DP DP Entire Property. This report was submitted in No date is indicated on the report. Relevant to Pascalis-Colombiere claim group. GM TH 0348 TH 0464 TH 1108 TH 1174 TH 1351 TH 1355 TH 1716 The first claims in the area were staked in the fall of 1930 and the spring of In the southeast part of the property, the first gold occurrences were discovered in In 1931 and 1932, Noranda excavated a series of trenches and drilled five (5) holes on what eventually became known as the No- 1 and No-2 showings, pursuant to an option agreement at the time. In 1936, Pascalis Gold Mines completed several drill holes on the No-1 showing, which is today the site of the former L.C. Beliveau mine (Pascalis deposit). The results from trenches and drill holes completed at the time were not sufficiently interesting to justify further work. In the northwest area, the Resenor (Senore) deposit was discovered in 1932 by Senore Gold Mines. Following this discovery, from 1936 to 1942, exploration work mostly focussed in the northwest part of the property, as this area was also located along the eastward extension of mining operations by Perron Gold and Beaufor Gold Mines. On the Resenor deposit, thick overburden (8 m) made trenching unproductive therefore 5,791 m of diamond drilling were completed between 1936 and 1939 by Senore Gold Mines Ltd (GM 08460, GM 08459, GM 08462A). The discovery vein was reported to extend for a length of over 275 m, striking N55 W and dipping 55 to the SW. This quartz vein forms the core of a six-metre-wide shear zone with quartz veins averaging 1.5 m in width at an average grade of 8.36 g/t Au, on the basis of six drill holes (Norrie, 1939). In , a 152 m shaft was sunk on the discovery zone, with levels at 66, 115 and 150 m (originally 200, 350 and 500 feet) (Figure 6-1). During development activity on the Resenor zone, there were at least 26 underground holes drilled from the 66 and 150 m levels (Ross, 1940 and 1941). A long crosscut on the 115 m level extends at least 133 m north of the main vein, suggesting that drilling had defined at least one other target to the north of the shaft. This may have been the 104 zone (see below under Mineralization ). There appears to have been no work done between 1940 and 1945, at which point the property was reactivated by Resenor Gold Mines Ltd.

36 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 28 Figure 6-1 Plan View of the Resenor Underground Developments Between 1945 and 1947, geophysical work (magnetic and resistivity surveys) was carried out, with 1,560 m of surface diamond drilling in seven holes, and additional drifting and crosscutting on the 115 m level. Development was abandoned in 1947 for unknown reasons. The Resenor deposit was never brought into production and a historical resource of 200,000 short tonnes at 0.25 opt Au or 181,000 metric tonnes at 8.6 g/t Au was estimated by El Coco Explorations Ltd in 1978 (GM 41895). This estimation is not compliant with NI disclosure standards and has not been reviewed by Adventure Gold's technical team. To the southeast, in 1959, Pascalis Gold Mines reactivated exploration work by mapping the property and the No-1, No-2, and Highway (H) showings, then drilled 990 m on the H showing. From 1963 to 1965, three percussion and diamond drilling campaigns totalling 11,840 m were completed. The northwest sector of the property apparently remained dormant from 1947 until 1973 when it was acquired by El Coco Explorations Ltd. Between 1973 and 1979, El Coco Explorations conducted magnetic and VLF-EM surveys, basal till geochemistry and diamond drilling of 9 holes totalling 1,253 m. An 18-hole drill program totalling 3,132 m was carried out in 1983 (Bergmann, 1983; Boileau, 1983) leading to the discovery of the North zone (Gauthier, 1984). In August 1981, SOQUEM entered into two distinct option agreements in the southeast area, then held by New Pascalis Mines Limited. In the spring of 1982, an exploration campaign was launched and eventually led to the discovery of the Pascalis ore deposit (former L.C. Beliveau mine). An induced polarization (IP) survey, a humus geochemistry survey, and mapping were completed across the entire property. Trenching and stripping were conducted on the Highway and No-1 showings,

37 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 29 and 91 percussion drill holes on the Highway showing delineated a potential of 17,000 short tonnes grading opt Au. Initially, geological mapping indicated the presence of tourmaline on surface in the vicinity of the No-1 showing, and subsequently, a 15,000-m 2 stripping revealed the presence of mineralized dykes (Figure 6-2). In the fall of 1982 and the winter of 1983, 10,339 m of drilling were completed, thus delineating a deposit over 300 m long by 10 m thick. A preliminary reserve calculation indicated 834,000 metric tonnes grading 8.25 g/t Au (uncapped) or 5.38 g/t Au (high grades capped at 34 g/t Au). From 1984 to 1986, additional drilling (24 holes totalling 4,277 m) was carried out to the south and north of the Pascalis deposit and in the Highway showing area. In 1983, following the Pascalis discovery, exploration resumed in the northwest area. Geophysical surveys (Mag and IP) were carried out, followed by drilling (GM 39896, GM 40907). Drill hole 83- MC-3 intersected ultramafic lavas and a barren shear zone. Several gold values were obtained in altered lavas encountered in the first 100 m of the drill hole (3.94 g/t Au over 0.32 m, 3.17 g/t Au over 0.73 m, 2.91 g/t Au over 0.34 m, 1.71 g/t Au over 0.38 m, 1.71 g/t Au over 0.72 m, 1.03 g/t Au over 0.31 m, and 1.37 g/t Au over 1.53 m). In the summer of 1984, SOQUEM launched an underground exploration program by excavating a ramp over 666 m long to access levels at 50 and 95 m below surface (Figure 6-2). Also, 625 m of drifts were developed as well as 160 m of raises. During this time, 2,576 m of drilling were completed from surface and 9,810 m from underground openings. Various surface installations were built, including a 200-metre-long access road, an electric substation, and surface buildings. A bulk sample of 25,160 metric tonnes of ore, at a head grade of 4.15 g/t Au, was extracted and processed at the Manitou mill. From this sample, 2,627 ounces of gold were recovered, for a grade of 3.32 g/t and a recovery of 97.84%, i.e. 20% lower than the head grade. In December 1984, mining operations were suspended and after a feasibility study, it was decided to suspend operations until gold prices returned to higher levels. Figure 6-2 Plan View of the Beliveau Underground Developments

38 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 30 In August 1986, Cambior took the place of SOQUEM and reactivated the project with an underground exploration program starting in July 1987, which continued through October The underground program began with the dewatering of underground openings and continued with the extraction, from the upper levels, of a 23,160-metric tonne bulk sample for metallurgical testing, which yielded a grade of 4.28 g/t Au and a 96% recovery. A 300 m shaft was sunk to access two other levels and a second metallurgical sample weighing 12,133 metric tonnes was extracted from these levels. This sample yielded a grade of 4.04 g/t Au and a 92.3% recovery. The work program included processing of two (2) metallurgical samples at the Yvan Vézina mill to determine ore grades and characteristics. No documentation has been found on this metallurgical testing program. The program required surface infrastructure, namely a headframe, service buildings, a hoist and an extensive diamond drilling program on all 4 levels of the mine, which resulted in the delineation of proven and probable reserves totalling 1,161,068 metric tonnes at 3.24 g/t Au. These reserves were calculated using the following technical parameters: density of 2.8 t/m3, a higher cut-off grade of 17.2 g/t Au, a lower cut-off grade of 2.0 g/t Au, and a dilution factor of 15% at 0 g/t Au. Cambior proceeded with exploration campaigns from 1987 to 1992, in order to define new resources in the southeast part of the property. Detailed mapping and VLF and magnetic surveys were conducted across the entire property. An induced polarization survey covering 6.6 km, geochemistry sampling, and 8,544 m of drilling in 36 holes were also carried out. The drill holes mainly tested the Highway zone, the North zone, and other geophysical anomalies. The most recent work carried out in this area dates back to In 1991, Cambior completed a drilling program on the Highway zone and defined 8,300 metric tonnes of reserves grading 3.4 g/t Au. In the fall of the same year, Cambior extracted, in a small pit, a bulk sample totalling 7,331 metric tonnes grading 3.38 g/t Au, which after processing yielded a grade of 2.82 g/t Au for a total of 596 ounces of gold, generating a profit of $105,000 (at CA$540/oz). Cambior determined this test was conclusive and indicated encouraging potential, that processing of the ore did not pose problems, that it could easily be integrated into the existing circuit, and that the material did not pose any environmental concerns. A recovery of more than 94% was obtained, with 96% recovery recorded in the last day of processing. The company recommended continuing investigations with a definition drilling program at a 10 m spacing to establish reserves. From 1996 to 2004, Q.E.X. Resources Inc., Amblin Resources, Globex Mining Enterprises, and Thelon Ventures Ltd carried out magnetic and VLF surveys followed by an IP survey (Zalnierunas, 1999) in the northwest part of the property. The IP surveys (Boileau, 1983; Zalnieriunas, 1999) revealed numerous chargeability anomalies. In 2004, five drill holes were completed by Thelon Ventures Ltd. Two of these (SE04-01 and 02) were drilled on the Resenor zone and one (SE-04-03) on the North zone. The results of these drill holes are discussed under Section 10: Mineralization. The two remaining drill holes, SE and SE-04-05/06 (05 was abandoned and restarted as 06), were drilled on IP anomalies in the northwestern part of the grid, near the inferred contact of the Bourlamaque Batholith. Both of these intersected diorite and granodiorite (or quartz diorite) with mafic dykes, zones of brecciation, sulphide-bearing zones and quartz veins with pyrite and chalcopyrite but failed to return significant gold values.

39 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Historical Mineral Resource or Mineral Reserve In 1994, upon closing the mine, Cambior estimated possible reserves, described as poorly defined by drilling or inaccessible without the addition of major infrastructure (non compliant with CIMM criteria nor with NI ), totalling 298,400 metric tonnes (undiluted) at a grade of 2.45 g/t Au, for 23,500 ounces of gold, located along the extension of the Main zone below the fifth level of the mine (below 300-m elevation). This estimation is not compliant with NI disclosure standards and has not been reviewed by Adventure Gold's technical team. The method used to estimate reserves was the conventional polygonal method on longitudinal section. Given the geometry of the deposit, the best way to assess the average grade was to drill vertical holes in the centre of the dyke at a 10 m drill spacing along strike. The thickness of the zone was defined by development work and by transverse drilling. The drill core was entirely sampled and analyzed in 1 m intervals, by atomic absorption and fire assay. Variography at the time indicated a lateral range of 37 m. The following technical parameters were used: density of 2.8 t/m 3, a higher cut-off grade of 17.2 g/t Au, a lower cut-off grade of 1 g/t Au and a dilution factor of 7 to 15% at 0 g/t, depending on the stope size. The Resenor deposit was never brought into production and a historical resource of 200,000 short tonnes at 0.25 opt Au or 181,000 metric tonnes at 8.6 g/t Au was estimated by El Coco Explorations Ltd in 1978 (GM 41895). This estimation is not compliant with NI disclosure standards and has not been reviewed by Adventure Gold's technical team. 6.4 Past Production Production Statistics Commercial production at the L.C. Beliveau mine began on September 1, 1989 and the mine ceased operations in October 1993, after producing 166,936 ounces of gold (milled). During the preproduction period, from October 1998 to August 1989, 4,789 ounces of gold were produced, for a total production of 171,725 ounces of gold milled and sold. Table 6 2 shows the production history and the financial summary for this operation, in current dollars and based on an average price of CA$506 per ounce. A total of 1,800,298 tonnes grading 3.17 g/t Au, for 183,698 ounces of gold, were extracted from the mine, which corresponds to an increase of 154% in terms of tonnage and 151% in terms of ounces, compared to the 1988 scoping study. Production statistics averaged 35,296 tonnes per month, i.e. 1,175 tonnes per day, for an average annual production of 43,576 ounces of gold per year. A three-compartment shaft measuring 1.83 m 1.83 m 340 m depth (5-tonne bucket) and approximately 1,625 m of drifting on 5 levels, were excavated and used to extract these resources (Figure 6 3). These underground mine workings remain available and may be used to eventually extract resources in this area.

40 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 32 Figure 6-3 Illustration of the Mining LCB L.C. Beliveau Mine ( ) Table 6-2 Production History and Financial Summary L.C. Beliveau Mine ( ) Exploration Production Production + Current Dollar (CAD) Total Exploration Production Tonnes milled 35,493 87, , , , ,787 1,764,805 1,800,298 Grade (g/t Au) Ounces contained 4,793 10,115 43,556 40,417 37,098 47, , ,698 Recovery ( %) Ounces recovered 4,789 9,207 40,069 37,914 34,762 44, , ,725 Average Gold Price (CAD) Revenues 5,378,176 21,816,802 18,931,804 16,208,437 22,127,983 84,463,202 Production and Milling Cost Mining cost 1,821,437 5,627,613 6,241,326 6,359,295 5,329,404 25,379,075 Milling and transportation cost 1,070,469 3,326,434 2,818,878 2,881,542 3,509,026 13,606,349 Production cost (mine) 2,891,905 8,758,081 9,228,300 9,108,241 8,998,896 38,985,423 Cost per ounce Amortization 1,136,252 4,873,390 4,575,046 4,838,009 8,409,697 23,832,394 Amortization per ounce Total Costs 4,086,920 13,637,026 13,815,703 13,936,397 18,407,447 63,883,493 Cost per ounce (inc. Amort.) Net Earnings 1,288,877 7,759,273 4,923,655 2,226,581 3,465,095 19,663,481 Reference: Cambior Inc, Lucien Beliveau Mine postmortem report November 19, 1996

41 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Mining Methods and Characteristics Only one mining method was used, namely large-diameter longhole open stoping. The mineralized zone was opened full width on each level and haulage drifts with drawpoints were developed on the third and fifth levels in the Main zone, and on the fourth and fifth levels in the South zone, so as to minimize development and operational costs. Drilling of long holes some 16.5 cm in diameter was carried out from one level to the next, and the maximum length of these holes was about 70 m, corresponding to the stope height and the distance between levels. A 3 m 3.5 m drill spacing was used and blasting was carried out in such a way as to control vibrations. Mining of stopes in the Main zone began from the north end of the deposit, gradually moving toward the shaft at the south end. Barren zones were left in place and served as pillars. Openings were made using drop raises and stopes were not backfilled. This low-cost mining method was successfully used due to the excellent geometry of the mineralized zone and the highly competent rock mass, which resulted in low production costs. Figure 6 3 shows the distribution of open stopes and pillars in cross-section. Open stopes extend over more than 300 m vertical by up to 225 m in length by 10 m in width. The average dilution factor during operations was 7% Geotechnical Engineering Given the extremely competent rock mass, the feasibility study indicated that stope dimensions could reach a maximum of 80 m in length with pillars with a minimum length of 8 m. The operation showed even greater flexibility, as discussed and illustrated in Figure 6 3. Various studies were also conducted to determine the competency of the rock mass before starting mining operations. Core samples were taken and tested in Golder Associates laboratory in A CSIR classification scheme rock mass rating of 78 was obtained. This corresponds to a very goodquality rock mass allowing large excavation spans to be developed with minimum support in this orebody. The magnitude of groundwater inflows is consistent with a relatively unfractured rock mass which is intrinsically impermeable apart from major discontinuities. Inflow would be expected to remain at a low level (Golder, 1985) Metallurgy A significant number of metallurgical campaigns were carried out on ore from the former L.C. Beliveau mine, first by SOQUEM in the period from 1983 to 1985, then by Cambior from 1986 to Ore mineralogy studies indicated the ore contained a significant amount of coarse gold, and gold is associated with pyrite. A study by the Centre de recherches minérales (CRM) completed in June 1983 indicated that native free gold corresponds to 56% of the mass, whereas pyrite-associated gold represents 40%, the remaining 4% of the gold being trapped in the gangue. Also, 93% of the gold mass has dimensions greater than 316 µm, or 45 mesh. A detailed study of gold occurrences led to the identification of four types of gold habits, and their respective frequency was measured, revealing that 45% of gold grains occur as globular inclusions in pyrite, 34% occurs in fractures in pyrite, 12% along contacts with pyrite, and 9% in the gangue (Gaumond, 1986).

42 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 34 Metallic minerals represent 2 to 5% of the volume of veins, whereas in wall rocks, they represent 8% on average. Pyrite is the most abundant metallic mineral, with other metallic minerals observed in trace amounts being chalcopyrite, pyrrhotite, chalcocite, digenite, native gold, tellurides, molybdenite, magnetite-ilmenite, native bismuth, and galena (Gaumond, 1986). Tests involving gravity separation, flotation and cyanidation of concentrate were carried out in Lakefield and at the CRM (1983), and demonstrated that this type of processing circuit would yield excellent results. Thus, a concentrate of pyrite and gold was obtained by flotation after coarse milling to 65% passing 200 mesh, for a superior recovery of 97%. Cyanidation of the pyrite concentrate did not pose problems, as recovery ranged from 96% to 98%. An overall recovery rate of 94-96% was obtained for ore grading 5.0 g/t Au. In pilot tests, using 5 tonnes of ore, similar results were obtained and subsequent testing at the Yvan Vézina mill also yielded positive results. Following these positive metallurgical results and to minimize capital costs, processing of ore from the L.C. Beliveau mine was achieved in two parts, first on the minesite where gold was recovered by gravity and a pyrite and gold concentrate was produced, then at the Yvan Vézina mill located in Destor near Rouyn-Noranda, where gold was recovered from the concentrate by cyanidation and carbon-in-pulp processes. The Figure 6 4 summarizes the processing and characteristics of each phase. The average recovery was 93.1%, starting at 91.1% in 1989 and going up to 94.22% in The ore was not acid-generating and did not contain minerals that required any particular attention. Figure 6-4 Mill Chart at the Former L.C. Beliveau mine

43 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 35 7 Geological Setting and Mineralization 7.1 Regional Geology The Val-d'Or East property is located in the southern Superior Province of the Canadian Shield which forms the core of the North American continent (Figure 7-1). The property lies in the Vald'Or mining camp in the Southern Volcanic Zone in the southeastern part of the Archean Abitibi Greenstone Belt (Subprovince) (Figure 7-2). The property is about 45 km west of the Grenville Front. The geology of the Val-d'Or area was previously described by Latulippe (1976), Imreh (1984), and by Rocheleau et al. (1987). The stratigraphic scheme from these authors was subdivided into two principal groups: the Lower Malartic Group (containing the La Motte-Vassan, Jacola, and Dubuisson formations) located in the northern portion, and the Upper Malartic Group (containing the Val-d'Or and Heva formations) located in the southern portion of the region. The Lower and Upper Malartic groups are bordered by two major deformation zones, the Larder Lake-Cadillac Tectonic Zone (LLCTZ) to the south and the Garden Island Tectonic Zone (GITZ) to the north. Volcano-sedimentary units of the Malartic Group are found to the south and those of the Garden Island Formation to the north, associated with the breaks. South of the Malartic Group, the Piché Group forms tectonic slices along the Larder Lake-Cadillac Tectonic Zone. The Piché Group is defined by talc-chlorite and locally carbonate schists, for which the protolith corresponds to magnesian basaltic to komatiitic flows, with local olivine cumulate or spinifex textures and highly altered to tremolite and carbonate. Figure 7-1 Abitibi Greenstone Belt

44 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 36 Figure 7-2 Regional Geology Recent work by the MRN (MB 98-01, MB 98-05, DV 99-03) and a Ph.D. thesis by Russell Scott (2005) have led to an updated subdivision of the local stratigraphy. The Malartic Block is subdivided into two (2) stratigraphic groups based on regional tectonics and volcano-sedimentary stratigraphy, namely the Malartic Group (Lower from historical division) and the Louvicourt Group (Upper from historical division) (Figure 7-2). The Malartic Group, at the base, corresponds to an Archean ocean platform in an extensional regime associated with mantle plume volcanism (Scott, 2005). It consists of komatiitic and tholeiitic lavas, basaltic effusive rocks, sills and dykes. It is divided into three (3) formations, namely La Motte-Vassan, Dubuisson, and Jacola. The overlying Louvicourt Group represents a change in tectonic regime, a shift from a divergent zone to a convergent (subduction) zone, with the formation of an arc complex. This group may reach 7.5 km thick, and units trend east-west with a steep dip. The group is subdivided into two formations, namely the Val-d'Or Formation ( km) and the Heva Formation (1.5-2 km). The Dubuisson Formation, composed of tholeiitic and komatiitic lavas, is represented by a series of sequential suites of flows, mainly basaltic with ultramafic komatiites, magnesian basalts and picritic flows. The Jacola Formation is a deep-water subaqueous plain composed of tholeiitic lavas with komatiites and magnesian basalts. The transition between the Jacola Formation, composed of mafic to ultramafic rocks, and the Val-d'Or Formation, composed of intermediate to felsic rocks, is gradual. The transition zone is characterized by the appearance of very thick volcaniclastic deposits of tholeiitic affinity. The Val-d'Or East property straddles rocks of the Dubuisson Formation to the north and rocks of the Jacola Formation to the south. There is an intimate relationship between the Jacola, Val-d'Or, and Heva formations which illustrates the evolving tectonic regime. The Jacola Formation occurs at the base of the sequence, a

45 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 37 deep marine environment in an extensional regime (mid-ocean ridge) controlled by mantle plume volcanism. There is some overlap between the onset of arc construction (Val-d'Or Formation) and the waning stages of plume volcanism (Jacola Formation). Finally, lavas associated with arc volcanism were buried by abundant lavas produced by tectonic rifting (Heva Formation). The Vald'Or arc is a south-facing monoclinal volcano-sedimentary sequence. Volcanism evolved, initially associated with a mantle plume and eventually shifting to subduction-related volcanism. The Val-d'Or Formation is a subaqueous volcano-sedimentary arc comprising several sequences of intermediate to felsic lavas. The latter are discontinuous and interstratified, and show a progression from tholeiitic to calc-alkaline affinities. Sequences consist of massive, pillowed, brecciated, and occasionally vesicular lava flows. The Heva Formation is characterized by a return to an extensional regime. It is composed of bimodal effusive volcanic rocks with local volcaniclastic deposits. It includes iron-rich tholeiitic basalts and differentiated synmagmatic sills. Mafic units are intercalated with thin intermediate to felsic pyroclastic units and chert horizons as well as bedded volcaniclastic sediments. A distinct marker horizon at the contact between the Val-d'Or and Heva formations, traced over 30 km, consists of dark grey, magnetic, spherulitic felsic lavas of tholeiitic affinity. Above this marker horizon lies a polymict brecciated tuff unit with mafic and felsic clasts. Toward the top of the formation, massive to pillowed mafic lavas occur, with gabbro sills and dykes. Volcanic and sedimentary units of the Cadillac, Trivio, and Piché groups are structurally imbricated with the Heva Formation and occur at the southern end of the Malartic Block. Several large granitoid intrusions have been emplaced into the local stratigraphy. The Bourlamaque Batholith is a synvolcanic granitoid intrusion (2700 ± 1 Ma) interpreted as the source of volcanism for the Val-d'Or Formation. Compositionally described as quartz diorite to granodiorite with a transitional affinity, it lies west of the Val-d'Or East property. The Bourlamaque Batholith hosts several gold deposits including the Beaufor and Lac Herbin mines and several past producers (Ferderber/Belmoral, Dumont, Dorval and Courvan). The Bevcon pluton, similar to the Bourlamaque Batholith but more differentiated with a tonalitic composition and a transitional affinity, was introduced higher up in the stratigraphy. Finally, the alkaline monzonitic East Sullivan stock (Central Post) was emplaced late (2684 ± 1 Ma), post-deformation (Taner, 1996). In the area, numerous alkaline granodioritic to tonalitic intrusives are also present, as well as subconformable to unconformable subvolcanic to post-kinematic sills, and a suite of pre- to late-tectonic quartzfeldspar porphyry dykes. The Upper and Lower Malartic groups or the Malartic and Louvicourt groups have an overall eastwest strike and dip steeply to the north. The sequence becomes younger in age to the south. Recent geological work where interference fold patterns are observed, demonstrates that at least two phases of ductile deformation have affected the supracrustal rocks in the Val-d'Or area. The first episode involved folding about north-south oriented fold axes. The second episode re-folded the sequence about east-west trending fold axes and was the dominant folding event. The main D2 deformation event is characterized by a penetrative east-west schistosity steeply dipping to the north and by anastomosing shear zones (Desrochers and Hubert, 1996). Variably plunging east-west F2 folds are recognized and locally produced reversals of younging directions. A late D3 event is outlined by a set of NNW- and NE-trending brittle faults. The metamorphic grade of the Malartic Group volcanic stratigraphy is middle greenschist facies, as indicated by a chlorite-epidote-carbonate mineral assemblage in mafic rocks. The regional metamorphic grade increases towards the south to upper greenschist facies in the vicinity of the Larder Lake-Cadillac Tectonic Zone, and to amphibolite facies further south.

46 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 38 The Val-d'Or mining camp is well known for its lode gold deposits and copper, zinc, silver and gold volcanogenic (VMS) deposits. The Val-d'Or East property area is no exception. Within the mining camp, a total of approximately 36 mines have produced more than 23.6 million ounces of gold from 135 million tonnes milled. The data cannot be compiled in detail because several of the mines operated under different names at different times, and in some cases, two or more mines were incorporated into a single operation. Also, copper and zinc were produced from 5 base metal mines. 7.2 Property Geology The Val-d'Or East property is mainly underlain by volcanic rocks of the Dubuisson Formation in the north, and in the south by volcanic rocks of the Jacola Formation as described in Section 7.1 (Figure 7-3). The claims partly include the eastern contact of the synvolcanic Bourlamaque granodiorite Batholith and cover approximately 2.2 km of the batholith. The contact of the Bourlamaque intrusion is known to be shallowly dipping to the east, therefore suggesting that this intrusion remains present under a variable thickness (increasing eastward) of volcanic rocks on the Val-d'Or East property (Jebrak et al., 1991). Figure 7-3 Property Geology

47 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 39 The majority of volcanic rocks observed in the northwest part of the property are mafic in composition, with tholeiitic and komatiitic affinities. These form a sequential suite of mainly basaltic flows with a few ultramafic komatiite and magnesian basalt flows exhibiting massive, pillowed, and brecciated facies. These units are intensely carbonatized, leading to a conspicuous lack of epidote and amphibole. There are also two (2) minor lenses of felsic volcanic rocks identified near the edge of the property in the northwest area. A prominent feature is a north-south body of hornblendite (also largely inferred from magnetic data) measuring 1.9 km in length and up to 250 m wide. In the central part of the property occurs the transition zone defined as the Jacola Formation. Composed of tholeiitic lavas including komatiites and magnesian basalts, the transition zone is characterized by the appearance of very thick volcaniclastic deposits of tholeiitic affinity. Further south, the mafic lavas become massive and pillowed, and volcaniclastic rocks are not as abundant. Granodiorite dykes intrude these units and their contacts are sheared. The contact between the formations on the property is not well defined. The general orientation of the units is N270 to N292, with a steep dip to the north. An east-west schistosity parallel to stratigraphy is recognized throughout the property. In the central part, a series of gabbroic and magnetic intrusions crosscut the property following an ENE orientation. Also, a series of NW-trending subvertical diorite intrusions, centimetre-scale to metre-scale in thickness, crosscut the two (2) formations as well. Regionally, the gold mineralization seems to be associated with a main swarm of diorite dykes namely at the former L.C. Beliveau mine, in zone 2 and the North zone. The diorite dykes are homogeneous, massive and fine-grained. Based on the work of Bouaou (1994), there are no petrographic or geochemical criteria which may be used to distinguish auriferous dykes from barren dykes. The fact that the diorite dykes have a calc-alkaline affinity precludes any genetic link with mafic country rocks of tholeiitic affinity assigned to the Malartic Group. Bouaou (1994) and Belkabir et al. (1993) suggested that the diorite dykes are the same composition and same timing as the diorite dykes within the Bourlamaque Batholith, controlling gold mineralization. Several N70 to N80 -trending shear zones, generally 5 to 20 m wide but locally up to 100 m wide, have also been identified and exert some control on the mineralization. These structures controlling the mineralization inside the Bourlamaque Batholith continue to the east inside the volcanic rocks. Diorite dykes oriented ENE were defined inside these shear zones. Numerous syn- to late-tectonic faults are interpreted on the property and crosscut the stratigraphy. These are particularly well documented at the former L.C. Beliveau mine, where they offset diorite dykes with a sinistral movement and metre-scale displacements. 7.3 Mineralization The Val-d'Or East property presents many gold occurrences, including the former L.C. Beliveau mine, the West Beliveau Area (new gold system defined by Adventure Gold), the Resenor deposit, the Highway showing, the North zone, zone 2 and numerous surface gold showings and drilling intersections (Figures 7-4 and 7-5). Lands adjacent to the west of the property include the Beaufor gold mine (including the former Pascalis and Perron mines) and the former Courvan gold mine. A description of the main gold showings is presented in this section. Two geological gold settings are defined on the property, one associated with the Bourlamaque Batholith and a second associated with the volcanic rocks east of the Bourlamaque Batholith. As discussed in Section 7.3, genetic relationships seem to exist between the two settings, particularly associated with diorite dykes and ENE shear zones.

48 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 40 Figure 7-4 Property Mineralization Most of the gold-bearing zones located in the Bourlamaque Batholith are defined as mesothermal lode gold deposits. These generally consist of complex networks of veins composed of quartz, carbonate and tourmaline with coarse pyrite clusters. Auriferous zones are commonly associated with shear zones and extensional fractures. Mineralization is concentrated in veins or in wall rocks that are strongly altered due to hydrothermal fluid circulation.

49 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 41 Figure 7-5 South Details of the Property Mineralization Two (2) ore deposits are currently in production near the Val-d'Or East property and are associated with the Bourlamaque intrusion, namely: 1) The Lac Herbin ore deposit, located near the former Belmoral mine (360,000 ounces produced), is hosted in the Bourlamaque Batholith, along the Ferderber shear zone. This ductile shear zone trending N070 with an average dip at 65 SE extends for more than 2 km along strike, to a depth of 450 m and 1 to 15 m in thickness. Gold-bearing quartz veins at the Belmoral mine were associated with this deformation zone. Proven and probable reserves stand at 138,179 tm grading 6.8 g/t Au

50 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 42 for 30,177 ounces of gold, measured and indicated resources at 184,600 tm grading 8.2 g/t Au for 48,700 ounces of gold and an inferred resources at 283,500 tm grading 7.4 g/t Au for 67,300 ounces of gold (Source QMX Web site). 2) The Beaufor, Pascalis, and Perron mines are located less than 1.5 km from the Val-d'Or East property. These mines are centred on the same ore deposit but were mined by various operators in the past. As 2010, a total of 1,000,000 ounces of gold were recovered from an aggregate 3,655,439 tonnes extracted, at an average recovered grade of 8.60 g/t Au for the entire deposit since As December 31, 2011, proven and probable reserves 308,270 tm grading 7.0 g/t Au for 69,191 ounces of gold, measured and indicated resources at 855,025 tm grading 6.6 g/t Au for 182,334 ounces of gold and inferred resource at 864,709 tm grading 6.6 g/t Au for 182,185 ounces of gold (Source Richmont Mines Web site). The Beaufor mine is a lode gold deposit where mineralization is hosted in mesothermal quartztourmaline-pyrite veins. Mineralization occurs as shear veins, parallel to shear zones hosted in diorite dykes, or tension veins hosted in the Bourlamaque granodiorite. The gold-bearing vein system dips at 45 SW and strikes at N70. It extends for more than 1 km at depth and over a strike length of more than 750 m (Figures 7-6 and 7-7). Diorite dykes generally accompany the mineralized veins. Two (2) sets of structures are recognized and are inferred to be related to the mineralization, namely N110 -trending faults (Perron fault, Beaufor fault), shallowly dipping north, and N070 -trending shear zones (West shear), steeply dipping south. Intersections between the two (2) sets of structures appear to host the majority of ore shoots at the Beaufor mine (Richard, 2005). Figure 7-6 The Beaufor Mine Deposit Map View

51 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 43 Figure 7-7 The Beaufor Mine Deposit - Cross section looking NW Former L.C. Beliveau mine The L.C. Beliveau (New Pascalis - zone 1) past producer is associated with a quartz-tourmaline stockwork hosted in a calc-alkaline microdiorite dyke. The microdiorite dyke is oriented northwest at 340, subvertical and perpendicular to the trend of volcanic formations, 2 km east of the Bourlamaque pluton margin. Directly at the mine, three (3) parallel dykes named West, Main and East constitute the swarm of diorite dykes. The thickness of the dykes varies from 5 to 12 m individually but 30 m combined. Generally, 90% of the veins and gold mineralization are hosted inside the Main dyke. With a thickness of 10 m, the mineralized zone was originally traced to 580 m vertical depth over 300 m strike length. A ductile-brittle fault zone crosscuts the deposit to the north. Its displacement is not known but it does exhibit oblique striations plunging to the west, suggesting a possible sinistral movement with uplift of the south limb relative to the north limb. This suggests that an extension may be found at depth towards the west. Additional parallel dykes are recognized to the west and east, with and without gold mineralization. The explanation for the variable gold mineralization in the different dykes is unknown for now. Brittle fault networks crosscut at variable orientations the dyke swarm, resulting in variable lateral offsets ranging from 3 to 10 m. The ore deposit is divided into two (2) major zones. The Main zone is bounded to the north by a major east-west-trending fault. It extends over 200 m strike length to the south through a series of minor structures that offset the dyke. The South zone is not as well defined and extends over only 60 m length, to a depth of 300 m. This area is affected by the regional schistosity and by numerous minor faults; it accounts for only 20% of the extracted material.

52 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 44 The gold mineralization is associated with quartz-tourmaline-pyrite veins (Figure 7-8). There are three (3) vein sets described in the mine. The first consists of east-west striking tensional veins dipping 15 to 60, with an average at 45 to the south and perpendicular to the dyke direction, which represent 80% of the vein material within the dyke. These veins are 10 cm to 1 m in thickness, with an average of 0.5 m, and are repeated every 2 to 3 m. Subvertical veins trending east-west are generated by infilling of minor shear zones and possibly constitute the main pathways of hydrothermal fluid circulation. They range from 2 to 50 cm in thickness and represent about 15% of the volume of veins in the ore deposit. They also host a fair amount of the gold. Subhorizontal and weakly mineralized veins represent less than 5% of the volume of vein material. These are 1 to 25 cm thick, are early and are crosscut by the other types of veins and by minor shear zones. Gold mineralization occurs in the veins and their immediate wall rocks. The mineral assemblage in these veins is 80% quartz and 20% tourmaline, carbonate and pyrite. The sulphide content is low, but may reach 5 to 10% locally. Generally, gold occurs only where veins are pyritized. The veins themselves host little gold. A visible alteration zone is commonly observed along vein selvages. It consists of a mixture of quartz, tourmaline, dolomite, albite, and euhedral pyrite. The extent of the alteration zone is commonly twice the thickness of the vein itself. Figure 7-8 Former L.C. Beliveau Mine Site and Gold Mineralization

53 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page The Resenor Zone The Resenor gold deposit is hosted in the Bourlamaque Batholith granodiorite near its contact with enclosing mafic rocks. The gold mineralization is associated with a west-northwest shear zone that dips at approximately 50 to the southwest. The character of the zone clearly changes at depth from a shear zone with quartz veins and pyrite to a dyke-hosted zone. The shear itself is reported to be mineralized with pyrite, and hosts numerous quartz and quartz-carbonate veins and stringers carrying 5% or less pyrite, pyrrhotite and chalcopyrite with traces of molybdenite. Tourmaline is also reported. Gold values appear to be erratically distributed, due to its association with scattered coarse pyrite grains. A historical estimate of 181,400 tonnes at 8.6 g/t Au (not compliant with NI and has not been reviewed by Adventure Gold personnel) has been released earlier for the Resenor zone (Germain, 1984; MRNF-Sigeom - GM 41895) The 104 Zone The 104 zone, which lies 225 m north of the Resenor zone, appears to be of similar character. It has a similar west-northwesterly strike and southwesterly dip. The zone appears to be narrower however, and returned lower gold values. Best values g/t Au 0.6 m and 4.46 g/t Au / 0.5 m The zone only appears to have been tested by six holes along a 250 m strike length, and should be further investigated The North Zone (Senore) The North zone, which lies 350 m north of the 104 zone, consists of quartz veins with tourmaline and pyrite within a mafic dyke cutting the Bourlamaque Batholith, and as such, shows similarities with many of the zones in the nearby Beaufor mine. The North zone has only been tested by six drill holes and deserves further attention, especially at the east end of the conductor where it terminates against the contact of the hornblendite body The Highway Showing The Highway showing was the first significant gold occurrence discovered on the property in It is located 1,250 m northwest of the former L.C. Beliveau mine. Gold-bearing zones are hosted in a fine-grained magnetic gabbro. Although the gabbro is relatively homogeneous, it shows transitional variations in grain size and magnetic susceptibility, and exhibits a subvertical schistosity. Gold mineralization occurs in alteration zones with ankérite, albite, silica, dolomite, and pyrite, and in quartz-tourmaline-pyrite veins from 1 to 10 cm in size. Several leached and pyrite-rich zones with grades above 3 g/t Au were intersected and are associated with irregular fracturing. They generally contain 2 to 10% pyrite, ranging from 1 to 5 mm. Alteration in the vein selvages is identical to alteration zones without veins. The interpretation is a system of subparallel zones dipping 40 south and trending east-west, similar to the system at the former L.C. Beliveau mine. Zones extend from west to east over nearly 100 m and were historically traced to 125 m depth The North zone (Pascalis-Colombiere) The North zone shows many similarities with the former L.C. Beliveau mine, due to the presence of three (3) mineralized diorite dykes, although in this case they trend at 330. The same geometry of veins and types of mineralization are observed. Auriferous zones are also noted in the west part, in

54 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 46 volcaniclastic rocks. Historical drilling intersections of 5.0g/t Au over 3.0 m and 3.3 g/t Au over 6.0 m were previously defined Zone 2 Zone 2 is located 450 m from the former L.C. Beliveau mine, along its direct extension to the south. Similar to the mine, gold mineralization is hosted in quartz-tourmaline veins dipping at 40 south and is enclosed in a diorite dyke. Auriferous zones are also noted in the west part, in volcaniclastic rocks. Historical drilling intersections of 3.4 g/t Au over 24.7 m and 5.0 g/t Au over 12.3 m were previously defined The Rencontre Showing The Rencontre showing is located 250 m northwest of the Highway showing, where two (2) sets of faults trending E-W and SW-NE intersect. Quartz-tourmaline veins locally returned grades up to 75.6 g/t Au, whereas a historical drill intersection graded 2.0 g/t Au over 1.7 m. These veins are hosted in diorite dykes trending , and in east-west-trending shear zones that exhibit coarse pyrite-chalcopyrite clusters (semi-massive sulphides) Other Gold Occurrences Numerous showings have been found on the property, such as Isabella, France, Marie-Josée, Ginette, Janine, Julie, but these will not be described in this report. They are generally associated with quartz-tourmaline veins and diorite dykes, except the Isabella showing, hosted in an ENEtrending subvertical shear zone. Other drill intersections were also reported, occasionally associated with shear zones; these were not followed up by explorationists at the time but warrant an adequate assessment. The exploration strategy has always been to search for the dykes and drill-test the latter.

55 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 47 8 Deposit Types The Val-d'Or East property lies within the Val-d'Or mining camp which is well known for its lode gold deposits. This mining camp has produced until now 23.6 million ounces of gold from 36 mines and continues to produce gold today; historic production has been primarily from underground mines. The data cannot be compiled in detail because several of the mines operated under different names at different times, and in some cases, two or more mines were incorporated into a single operation. The major gold deposits are Sigma-Lamaque with 9 M ounces of gold and Beaufor with more than 1 M ounces produced. Currently, the Beaufor mine operated by Richmont Mines and the Lac Herbin mine operated by QMX are in production. Agnico-Eagle is advancing Goldex to restart production in 2014 and the Sigma-Lamaque complex from White Tiger Gold is looking for financing to advance the production stage. Gold mineralization from the Val-d'Or mining camp has been classified as greenstone-hosted quartz-carbonate vein deposits or mesothermal or late-orogenic lode gold deposits associated with shear zones or extensional fractures. The mineralization is associated with regional features, e.g. the Cadillac-Larder Lake Tectonic Zone, regional drag folds, and structural splays, as well as with syn- to late-tectonic intrusive rocks. With the exception of deposits within the large Bourlamaque intrusive, gold mineralization is commonly associated with small intrusives and dykes aged 2694 ± 2 Ma to 2680 ± 4 Ma. The different styles of mineralization range from disseminated sulphide deposits to quartz-tourmaline gold-bearing veins and vein stockwork zones, and the deposits range from early to late tectonic. The next section is taken from a NI report for the Lapaska deposit prepared for Adventure Gold by Richard, Gervais and Pelletier (2010). Generally, lode gold deposits (gold from bedrock sources: Figure 8-1) occur dominantly in terranes with an abundance of volcanic and clastic sedimentary rocks of a low to medium metamorphic grade (Poulsen, 1996). Greenstone-hosted quartz-carbonate vein deposits are a subtype of lode-gold deposits (Poulsen et al., 2000). They correspond to structurally controlled, complex epigenetic deposits hosted in deformed metamorphosed terranes (Dubé and Gosselin, 2007). Greenstone-hosted quartz-carbonate vein deposits consist of simple to complex networks of goldbearing, laminated quartz-carbonate fault-fill veins in moderately to steeply dipping, compressional brittle-ductile shear zones and faults with locally associated shallow-dipping extensional veins and hydrothermal breccias. They are hosted by greenschist to locally amphibolite facies metamorphic rocks of dominantly mafic composition and formed at intermediate depth in the crust (5-10 km). They are distributed along major compressional to transtensional crustal-scale fault zones (Figure 8-2) in deformed greenstone terranes of all ages, but are more abundant and significant, in terms of total gold content, in Archean terranes. Greenstone-hosted quartz-carbonate veins are thought to represent a major component of the greenstone deposit clan (Figure 8-1) (Dubé and Gosselin, 2007). They can coexist regionally with iron formation-hosted vein and disseminated deposits, as well as with turbidite-hosted quartz-carbonate vein deposits.

56 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 48 Figure 8-1 Inferred Crustal Levels of Gold Deposition Showing the Different Types of Lode Gold Deposits and the Inferred Deposit Clan (from Dubé et al., 2001; Poulsen et al., 2000) Figure 8-2 Schematic Diagram of the Geometric Relationships Between the Structural Elements of Veins and Shear Zones and the Deposit-Scale Strain Axes (Robert, 1990)

57 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 49 For the Val-d'Or East property, two geological settings control the gold mineralization. The first gold setting is found in the Bourlamaque Batholith associated with quartz-tourmaline veins hosted in sheared diorite dykes which crosscut the Bourlamaque granodiorite. Most gold deposits within the Bourlamaque Batholith are classified as mesothermal vein-type, the vein type which is believed to have formed at 1 to 3 km depth (Poulsen, 1995). The best examples in the Val-d'Or mining district are the Ferderber (Belmoral) and Beaufor gold deposits (Robert et al., 1994; Vu, 1985; Tremblay, 2001). To date they have produced approximately 11.8 and 25.4 tonnes of gold, respectively. The second geological setting on the Val-d'Or East property is associated with quartz-tourmaline mesothermal veins inside diorite dykes and ENE shear zones inside the volcanic rocks. The former L.C. Beliveau mine represents the best example of this style of mineralization on the Val-d'Or East property. Two gold bearing structures have been interpreted for the L.C. Beliveau area (West area and former mine) and the North zone. The first bearing structure, a stacking of submetric to metric quartz-tourmaline veins shallowly dipping to the south is found inside NW subvertical diorite dykes. The second gold bearing gold structure corresponds to a stacking of ENE-trending gold structures, dipping to the south at around 30º to 40º (Figures 8-3 and 8-4). This second structure of mineralization consists of quartz-tourmaline veins developed within a large sericite-carbonate-albite alteration envelope hosted in volcanoclastic rocks, diorite dykes, and massive andesites. The detail geology has been described in Section 7.3 and the result in Section 10. Other drill intersections were also reported, occasionally associated with shear zones; these were not followed up by explorationists at the time but warrant an adequate assessment. The exploration strategy has always been to search for the dykes and drill-test the latter. With the new model, the exploration strategy consists in defining the mineralized dykes and validating possible extensions of the veining systems laterally inside the host rock. Exploration should focus on evaluating the potential of ENE shear zones, which control and host gold mineralization. The exploration model is to develop gold resources amenable for an open pit mining operation while the depth extensions of high-grade structures are being tested for an eventual underground bulk mining operation.

58 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 50 Figure 8-3 Schematic 3D Geological Model Looking South-East Figure 8-4 Beliveau West Area Geological Section Looking North New Model

59 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 51 9 Exploration 9.1 3D Data Integration and Drilling The geological setting of the property appears very favourable for the identification of new highgrade gold-bearing veins and structures or bulk-style ore shoots. Past exploration work did not entirely test the numerous gold occurrences located in the N-S extensions of the former L.C. Beliveau mine associated with the dyke swarm or in other parallel dykes, or in the extensions of ENE-trending shear zones. Due to the anticipated closure of the mine in October 1993, there was no follow-up on several drill intercepts with economic gold values. No further exploration work was completed on the property between 1993 and mid-2008 when the Company acquired the property. Adventure Gold's exploration efforts have focused primarily on the Resenor area, then the Highway and L.C. Beliveau areas following the completion of data integration. The Company's first efforts on the property consisted in an evaluation of the Bourlamaque pluton in the northwest of the Val-d'Or East property. A review of historical data led to the development of multiple drill targets. Adventure Gold initiated a drill campaign in 2008 and completed 15 holes (see Section 10). During the drilling program, a second compilation and data integration phase was initiated for the Highway zone, which was tested after the program in the Resenor area. During the drilling program in the Highway zone, compilation and data integration started and was completed for the L.C. Beliveau area and drilling started there in the end of During the drilling/data integration process, a drill hole database of over 530 surface and 661 UG drill holes totalling 147,828 m was built, in order to make a 3D geological model. The UG mining infrastructures from the former mine were modeled in 3D. Preliminary results defined many ore shoots open for exploration along the 2.5 km Pascalis Trend (Figure 9-1). Historical drilling was relatively shallow. The best gold intersections from previous drilling in these zones returned: 9.8 g/t Au / 4.7 m and 4.2 g/t Au / 6.1 m (No-1 zone), 9.0 g/t Au / 18.5 m and 17.8 g/t Au / 12.0 m (under former L.C. Beliveau mine), 6.8 g/t Au / 8.0 m and 4.5 g/t Au / 5.0 m (North zone), 9.9 g/t Au / 2.4 m and 5.5 g/t Au / 3.8 m (Highway showing), and 2.0 g/t Au / 263 m including 4.1 g/t Au / 50 m and 3 g/t Au / 46 m (section 4500 E, under the 300 level 4700 elevation). Based on the 3D modeling and integration of historical diamond drill holes, a new geological model was tested and subsequent drilling programs were planned. Additional details on Adventure Gold's drilling programs can be found in Section 10. v In 2009, J.L. Corriveau and Associates Inc. of Val-d'Or surveyed the former L.C. Beliveau mine site to establish a correspondence between the Cambior grid and UTM NAD 83 zone 18 projection. This made it possible to work in both systems and simplified the integration of Cambior data. 9.1 Induced Polarization Test Survey Rémi Belanger of Rouyn-Noranda conducted an orientated induced polarization (IP) survey to test the method designed to detect near-surface gold-bearing zones of disseminated pyrite mineralization. A line established by GPS, trending west-northwest and totalling 3.85 km, passing over the Highway zone and the Beliveau West Area, was tested. A second line of 1.65 km oriented east-northeast passed over the North zone (Figures 9-2 and 9-3). Figure 9-4 shows positive results between the chargeability response and the two gold-bearing zones. For the North zone, the anomaly is not obvious. No significant chargeability build-up is present. Six IP targets were delineated and a drilling proposal should be planned to test the other IP targets.

60 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 52 Figure 9-1 Schematic Composite Longitudinal Section Looking North with Potential Figure 9-2 Map of All Exploration Surface Work

61 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 53 Figure 9-3 Zoom Map of Exploration Surface Work in the South Part of Property Figure 9-4 Induced Polarization Line Test Results

62 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Prospecting and Mechanical Stripping Program A total of 168 grab samples, 10 mechanical stripping areas an 14 channel (124 samples) has been taken from 2008 to The Figures 9-2 and 9-3 show their distribution. In the fall of 2008, Adventure Gold's completed prospecting and mechanical stripping: five (5) stripping were completed in the northwest of the property, covering 273 m 2 and three (3) for 30 m 2 to the south of the former L.C. Beliveau mine. The objective was to evaluate IP anomalies, the margins of the Bourlamaque pluton with the ENE gold structures (new exploration model). This work led the discovery of a new gold showing grading up to 12.4 g/t Au. Located 800 m south of the former L.C. Beliveau mine, the Pascale gold showing is characterized by several separate decimetric quartz-pyrite veins hosted in an ENE-trending 8-metre-thick shear zone in mafic volcanic rocks. At this early stage, the new gold zone was sampled along a NNW direction at 1 m intervals. From the 8 rock samples collected on the Pascale showing, 3 yielded assay results ranging from 1.6 g/t Au to 12.4 g/t Au. This new gold discovery has never been tested by drilling. A historical drill hole collared 75 m north of the new showing intersected 7.4 g/t Au over 1.8 m at a depth of less than 25 m. At the same time, three historical gold showings (Highway, No-2 and Isabella) were prospected and sampled by Adventure Gold and returned values up to 73.5 g/t Au (grab samples). The best results are presented in Table 9-1. Table Prospecting Program - Grab Samples Yielding Over 1 g/t Au Showings UTM East UTM North Au (g/t) Highway km north-west of shaft of L.C. Beliveau No m south-east of the shaft of the former L.C. Beliveau Gold mine Isabella 450 m south-east of the shaft of the former L.C. Beliveau Gold mine and 200 m to the east-north-east of the No-2 showing Pascale 800 m south-east of the shaft of the former L.C. Beliveau Gold mine During the fall of 2011, a second prospecting and mechanical stripping program was carried out north of the Highway gold zone and south of the Pascale showing in order to extend the Pascalis Gold Trend over a strike length of more than 2.5 km. This exploration work led to the discovery of a high-grade gold-copper-silver showing located 1.2 km northwest of the shaft of the former L.C. Beliveau gold mine, 150 m northwest of the Highway zone. Grab samples collected within the new mineralized zone returned up to 4.7 g/t gold, 11.4% copper and 112 g/t silver, which suggests that the gold system remains open to exploration to the northwest. A total of 54 grab samples were

63 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 55 collected in the field, of which 28% returned more than 0.5 g/t Au and 14% more than 1 g/t Au. All samples with assay results over 1 g/t Au are listed in Table 9-2 below. Table Prospecting Program - Grab Samples Yielding Over 1 g/t Au UTM East UTM North Au (g/t) Ag (g/t) Cu (%) (Nad83Z18) (Nad83Z18) Tr Tr Tr Tr Tr Tr Tr Tr The best results came from two areas that were mechanically stripped, covered approximately 542 m 2, respectively located 120 and 150 m northwest of the Highway showing (Figure 9-5). A total of 124 channel samples were collected from 14 channel lines in the two stripping areas and 41% of the channel samples returned more than 0.3 g/t Au. The best channel sample values were obtained on the North stripping, called the Loraine zone, and the main result is presented in the Table 9-3. On the Loraine showing, the mineralization consists of disseminated sulphides and chalcopyritepyrite veins in strongly altered (silicification and albitization) and deformed mafic rocks. The mineralized zone extends over at least 25 m in strike length (east-west) by at least 5 m in thickness (north-south). The second stripping area is characterized by a stockwork of quartz-tourmaline veins and disseminated pyrite in strongly altered (albitization) mafic rocks. The mineralized zone extends over a surface area of at least 15 m by 15 m. No high-grade values were obtained from this zone, but the sampling confirms a strong background of gold over 0.5 g/t Au. The best gold values were 2.0 g/t Au and 1.0 g/t Au. Copper and silver mineralization was not observed in this area. The geological environment shows strong similarities with the Highway showing and the location of this new discovery suggests a northwest extension of the Highway gold system. Historical induced polarization surveys failed to recognize these zones. Table Channel Sampling Main Results - Loraine Zone North stripping Channel line Length (m) Au (g/t) Ag (g/t) Cu (%) A nsv nsv B nsv nsv C Inc D Inc E Inc F Inc EA nsv 0.04

64 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 56 South stripping Channel line Length (m) Au (g/t) Ag (g/t) Cu (%) AA nsv nsv Inc nsv nsv AB nsv nsv Inc nsv nsv AC nsv nsv Inc nsv nsv AD nsv nsv Inc nsv nsv Prospecting work carried out 900 m south of the former L.C. Beliveau mine also succeeded in discovering a new gold-bearing zone associated with a stockwork of quartz-tourmaline veins, typical of the Beliveau Mine gold system. The best grab sample graded 1.0 g/t Au. Additional work will be required to assess the extensions of the gold zone in this area. In this sector overburden is thin and mechanical striping is an obvious choice to follow up mineralization. Figure 9-5 Map of Channel Sampling Results

65 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Drilling A total of 1,191 holes totalling 147,828 m of surface and underground diamond drilling have been completed within the Val-d'Or East property from the early 1930 s to June 2012 (Figures 10-1 and 10-2). Approximately 661 holes totalling 49,500 m from underground and 530 holes totalling 98,328 m from the surface have been drilled including the Adventure Gold drilling programs. The various drilling programs produced at least five (5) different core diameters during the history of the Val-d'Or East property, namely AQ, BQ, LTK, ATW, and NQ. The majority of the drill holes used for the resource estimates were BQ size. Thereafter, for surface drilling, Adventure Gold chose the NQ diameter. Figure 10-1 Map of All Drilling on Property

66 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 58 Figure 10-2 Zoom Map of Drilling Work in the South Part of Property Adventure Gold Drilling As mentioned in Section 9, the exploration programs consisted of 87 holes totalling 29,397 m. A detailed summary of the 2008 to 2012 exploration drilling programs is presented in Appendix 1. Table 10-1 shows all drilling done by Adventure Gold by date and area. All drilling was done under the supervision and management of Adventure Gold personnel. NQ diameter (1 7/8) was selected and the drilling was performed by Forage Benoit in 2008, Forage Val-d Or and Major Drilling in 2009, Forage Val-d Or in 2010 until January 2011, and Orbit-Garant from Val-d Or until 2012.

67 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 59 Table 10-1 Summary of Drilling by Adventure Gold Area Property/Zone From to (Date) Hole Metrage Sample Number Count North Apr North / Resenor Oct.-Dec ,572 1,199 North / Resenor Mar South / Highway May ,992 1,491 South / Highway Nov , South / L.C. Beliveau Dec Sept ,989 6,769 South / L.C.Beliveau, Feb. to June ,343 7,237 North, Highway and 2 Total 87 29,397 17,938 Most of the drilling completed on the Val-d'Or East property tested the deep extensions of the former L.C. Beliveau mine, the west extension of the Beliveau gold system(beliveau West or New Beliveau), the Highway/Loraine zones, the North zone, zone 2, the Resenor deposit, and six (6) exploration holes on the property. The objective was to test the perimeter extensions of known resources to 300 m elevation and confirm the new geological model for the Beliveau West Area (BWA) of the former L.C. Beliveau mine described in Section 8. A second objective was to evaluate the potential below 300 m of the former L.C. Beliveau mine to open a blue sky potential. In 2008 and 2009, 13 holes were drilled to evaluate the extensions of the Resenor deposit and to test parallel zones. The exploration drill holes were done to test a few geological, conceptual and geophysical targets. Table 10-2 shows the drilling distribution for the different zones. The main results are presented in Appendix 2. Table 10-2 Drilling Distribution by Zone Area Number of hole Metrage (m) Sample Number Sample Length (m) L.C. Beliveau 46 15,658 11,512 11,055 Highway / Loraine 16 4,561 2,742 2,367 North 4 1,791 1,156 1,040 Zone Resenor 13 5,247 1,609 1,408 Exploration 6 1, Total 87 29,397 17,938 16,722 In , the Company completed two drilling programs in the north part of the Val-d'Or East property: 15 drill holes were completed (Figure 10-3). These programs led to the discovery of significant gold mineralization and the identification of a continuous gold system over more than 600 m laterally and locally up to 350 m depth with two parallel zones associated with the Resenor deposit. The best drill intersections were 8.6 g/t Au / 1.8 m (hole SE-08-11), 11.1 g/t Au / 0.9 m (hole SE-08-12), and 35.8 g/t / 0.5 m and 6.6 g/t / 0.9 m (hole BN-08-01). The two gold-bearing quartz-tourmaline veins named the Upper and Lower Resenor zones are hosted in sheared diorite dykes that crosscut the altered and sheared Bourlamaque granodiorite near the contact with the volcanic rocks. Mineralization observed in the gold-bearing veins of the Upper Resenor zone is comprised of white quartz and tourmaline containing variable amounts of pyrite clusters. The vein in the Lower Resenor zone is comprised of greyish quartz with tourmaline and variable amounts of pyrite, pyrrhotite, and chalcopyrite. The thickness of the quartz veins in this system can reach over 3 m. The veins are continuous within the deformation corridor, which ranges between 2 and 30 m in thickness and is oriented towards the northwest with a 60º dip to the southwest. The geological context is similar to that of the Beaufor mine gold system located approximately 1 km south. Further exploration work is warranted in this area.

68 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 60 Figure Two Drilling Programs by Adventure Gold North Part Adventure Gold started in the end of 2009, a drilling program on the Highway zone, located 1.2 km northwest of the former L.C. Beliveau mine. The drilling identified an important gold system at a depth of 150 m over a thickness of 120 m (Figure 10-4). This system is characterized by alteration zones with silica, albite, and carbonate, which are generally strongly pyritized and associated with quartz-tourmaline vein networks. The mineralized system consists of several gold-bearing zones dipping towards the south with thicknesses of over 20 m. Subsequent to this program, in 2010, the Company completed a 1,394 m drill program in six (6) holes. The drilling confirmed the near-surface lateral extension of the Highway gold system and indicated the presence of new zones to the north where no prior drilling was done. The Highway gold system remains open laterally (E-W), to the north and at depth. The best drill intersections include Hole PC-09-04: 6.1 g/t Au over 2.6 m, included in a cut of 1.7 g/t Au over 15.2 m at 8 m depth, 1.0 g/t Au over 17.2 m at 40 m depth, and 1.0 g/t Au over 20.0 m at 90 m depth; Hole PC-09-05: 9.9 g/t Au over 2.4 m and 5.5 g/t Au over

69 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page m, included in a cut of 3.2 g/t Au over 14.2 m at 125 m depth, and 2.2 g/t Au over 11.5 m at 145 m depth. In the same drilling campaign, holes PC and PC tested the northern and southern extensions of the dyke system which hosts the mineralization at the former L.C. Beliveau mine, close to the contact with recently interpreted ENE shear zones and successfully identified new gold zones. The first gold-bearing zone intersected by hole PC (6.4 g/t Au over 1.0 m, included in a cut of 1.4 g/t Au over 8.0 m at 115 m depth), which is located 800 m south of L.C. Beliveau, is associated with an IP anomaly that can be traced for more than 800 m. This zone consists of quartz, carbonate, fuchsite and pyrite veins hosted in a diorite strongly deformed and altered to sericite. Drill hole PC , located 450 m northwest of L.C. Beliveau, intersected new gold-bearing zones grading 8.3 g/t Au over 1.0 m and 8.8 g/t Au over 0.7 m between 183 and 195 m depth. These gold-bearing zones are associated with quartz-tourmaline veins hosted in wide ENE shear zones. These new goldbearing zones remain open laterally and at depth. Figure Drilling Program on the Highway Zone Exploration of the former L.C. Beliveau mine started in December 2010, after a review of historical data, 3D modeling, and data integration. A new geological model was proposed as described in Section 8 and the two first holes PC and PC successfully intersected significant goldbearing structures near surface, located 150 m west of the former L.C. Beliveau mine, in the newly

70 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 62 named Beliveau West Area (BWA). Adventure Gold used a core orientation system which revealed that most of the veins were cut at a strong angle to the core axis, indicating that gold veins are probably dipping to the south. The core orientation system represents a valuable tool to facilitate the interpretation and correlation of gold-bearing drill intercepts with the mineralized system. The best drill intersections yielded values of: Hole PC-10-13: 9.7 g/t Au over 2.1 m included in a cut of 4.0 g/t Au over 5.3 m at 38.4 m depth; 34.6 g/t Au over 2.9 m, included in a cut of 5.4 g/t Au over 20 m at m depth; Hole PC-10-14: 7.0 g/t Au over 4.8 m included in a cut of 2.0 g/t Au over 24.9 m at m depth. Subsequent to these two holes, 44 holes were drilled to confirm and extend the resources in the BWA and in the extension of the former L.C Beliveau mine (Figure 10-5). Significant drill intercepts were obtained inside wider low-grade halos. As shown in Figures 8-3 and 8-4 and discussed in Section 8, two gold bearing gold structures are interpreted for the L.C. Beliveau area (BWA and former mine). The first system, a stacking of submetric to metric quartz-tourmaline veins shallowly dipping to the south were found inside diorite dykes. In the former L.C. Beliveau mine, five (5) dykes were intersected and the historical production comes from one of these. The dykes, ranging from 8 to 10 m in thickness, are vertically dipping and can be traced over at least 500 m following an orientation of N345º and over 900 m vertically. Figure 10-5 Beliveau West Area Drill Holes by Adventure Gold

71 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 63 In the Beliveau West Area (BWA), the second gold bearing structures have been intersected. Between diorite dykes, a set of ENE-trending gold structures with a spacing around 25 m, dipping to the south at around 30º - 40 º have been tested and confirmed by Adventure Gold drilling. This gold structure consists of a quartz-tourmaline vein system developed within a large sericitecarbonate-albite alteration envelope hosted in volcaniclastic rocks and massive andesites. At least 16 ENE-trending gold structures have been interpreted from the surface to 500 m depth. For now, the gold system can be traced over 150 m east-west by 200 m north-south. Figure 10-6 shows a photograph of drill core from the flat zone. In this area, the staking of gold veins are found also inside a diorite dyke similar to the one at the former L.C. Beliveau mine (Figure 10-7). The dyke, ranging from 5 to 8 m in thickness, is vertically dipping and can be traced over at least 300 m following an orientation of N345. The two types of mineralization are still open at depth and along strike. Extension of the gold system to the north seems limited by a fault. Extensions to the east are limited by the L.C. Beliveau diorite dyke for the ENE structures. The south and west extensions remain unconfined and unknown. Additional drilling must be completed to confirm the full extent of the gold mineralization in the Beliveau West Area (BWA). Figure 10-6 Photograph of Drill Core from the Flat Zone

72 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 64 Figure 10-7 Photograph of Drill Core from the Dyke Zone In the 2012 drilling campaign, four (4) drill holes tested the North zone (Figure 10-8), three (3) holes were drilled in the Highway/Loraine zones, and two (2) drill holes in zone 2 (Figures 10-4 and 10-9). For the Highway zone, only the flat vein system is present. At least 12 zones can be traced down to 400 m depth and over a strike length of 100 m. The average thickness of the zone is around 6 m. The zone is hosted in magnetic gabbro and diorite and the geometry of the gold system is very similar to the Beliveau West Area but associated with strong ankeritisation, albitization and dissemination of pyrite.

73 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 65 Figure Drilling Campaign on the North Zone Figure Drilling Campaign on the Zone 2

74 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 66 For the North zone, the geology and the geometry are very similar to the L.C. Beliveau area located 475 m south, given the presence of three (3) diorite dykes, oriented N325º and dipping vertically as well as a series of 9 flat zones dipping south. The system can be traced for over 150 m north-south for now. Holes PC has intersected significant gold mineralization returning 0.9 g/t Au over m including 5.2 g/t Au over 4.4 m Methodology and Planning The majority of the drill holes are planned on cross-sections and oriented north-south in order to intersect the ENE vein system perpendicularly, close to true thickness. Most of the time, the hole follows the dyke along strike. Few holes were drilled east-west in the third drilling phase. The objective was to localize the diorite dykes and test the main dyke swarm of the former L.C. Beliveau mine below the 300-m elevation. Drill hole PC was drilled from east to west to test the downplunge extension of the main dyke system down to 900 m; this drilling direction made it possible to stay inside the dyke for a long way. The presence of mining infrastructure to the west complicates our ability to test under the extension of the former L.C. Beliveau mine. The spacing and the location of drill holes was based on the density of previous surface and underground drilling. Each hole drilled by Adventure Gold at Val-d'Or East has a unique identification Geology and Analysis A detailed description of the drill core is carried out by or under the supervision of experienced and qualified personnel (graduate geologists) who are members of the OIQ (Ordre des ingénieurs du Québec) or the OGQ (Ordre des géologues du Québec), according to a pre-established standard at the Val-d'Or East property using Geotic Log software prior to sampling. The drill core is described at Adventure Gold's core shack located in Val-d'Or. Various drilling parameters, including downhole surveys, were also compiled into the database. The length and location of samples is controlled by the geology: i.e., geological unit, alteration package or mineralized zone (see Section 11 for details). The sampled intervals of drill core are sawn or split in order to preserve a sample of core-witness at the mine site. Once the sample results are returned from the laboratories, the results are plotted on sections and plans at the appropriate scale Core Storage Drill cores from all exploration holes for the drilling programs are stored in their entirety in the former L.C. Beliveau mine site core library. Each stored core box is identified with an aluminium tag that has the appropriate drill hole information embossed on it (including the hole number, the box number and the core interval stored in the box). Boxes belonging to individual drill holes are stored consecutively in a core rack. An inventory is kept for each core rack and is copied into an electronic database by the geology department.

75 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Collar Surveying Key exploration data contained within the study area include diamond drilling and drill hole survey data. The spatial location of most of these data is usually defined with reference to the Cambior grid system, in which the heading used is geographic true north. This grid system was established by SOQUEM in 1981 for exploration and used afterward during the mining operation and was the main reference grid for all underground data as well as most surface data collected. Procedures for surveying diamond drill hole collars from the surface have varied considerably across programs. The information from most programs is relatively complete and is shown on the front page of the drill logs. The collar locations for holes drilled from 1937 to 1986 were originally determined from measurements with a chain on a cut grid. After 1986, the collars were surveyed by a technical team of Cambior staff, and by J.L. Corriveau and Associates Inc. using a real-time highprecision GPS unit for all holes drilled by Adventure Gold. Drill hole casings were left in place. During the drilling campaign, the hole is spotted by Adventure Gold personnel using a GPS system. Once the drilling campaign is completed, the surveyor returns to the collar location of the hole and directly measures the final coordinates using a real-time high-precision GPS unit. These data are entered into both a handwritten drill hole registry and an electronic databank. The local grid references were converted into UTM coordinates (NAD83, zone 18) to establish the correspondence Down-Hole Surveying Procedures for down-hole surveying have varied over time. Down-hole surveying was conducted mainly with a Tropari, with some acid tests until Down-hole surveying for the Cambior underground drilling was conducted mainly with acid tests. During the surface drilling programs by Adventure Gold, deviation was measured using a multi-shot instrument such as a Flexit SmartTool or Reflex EZ-Shot with readings taken every 30 m down the hole, and azimuth readings referenced to magnetic north during the drilling. After completion of the hole, the driller pulls out the rod and surveys the hole each 3 m with the multishot instrument. This information is downloaded on a USB key and transferred directly in the database. Data are verified for magnetic interference and validated. All north directions in the database are true north. Most of the surface diamond drill holes, used 3-metre-long NQ diameter core barrels with one 18-inch stabilizing shell Recovery The core recovery in mineralized zones is over 98%, which is very good. All the holes were capped and identified.

76 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Significant Results from Adventure Gold Drilling The geological setting of the property appears to be very favourable for the identification of new high-grade gold-bearing veins and structures or bulk-style ore shoots. The Pascalis gold system, traced over 2.5 km, remains a target particularly where it intersects ENE structures Beliveau West Area An important stacked vein system oriented ENE with a shallow south dip was identified during the drilling programs in the area west of the former L.C. Beliveau mine. At least 16 zones are interpreted from the surface to 500 m depth, and this gold system shows a good geological continuity. For now, the gold system can be traced over 150 m east-west by 200 m north-south. The gold vein system remains open to the south, to the west and at depth. Figure shows the main drilling results. The Beliveau West gold system also contains two parallel vertical dykes similar to the former L.C. Beliveau mine dykes in their orientation and their associated gold vein system. Hole PC returned from this dyke, a gold intersection of 4.8 g/t Au over 33.1 m. A historical drill hole with a gold intersection of 5.6 g/t Au over 8.1 m suggests the continuity of the gold vein system associated with one dyke up to 300 m south of the known gold system. Figure Main Drilling Results in the Beliveau West Area

77 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page L.C. Beliveau Gold System - North Extension The L.C. Beliveau gold trend (dyke-related mineralization at the former mine) remains open to the north, north of the ENE fault that cuts the deposit. At 300 m from surface, a historical underground drill hole intersected a mineralized dyke that returned a gold intersection of 6.8 g/t Au over 14.6 m. A vertical movement over 300 m combined with a 50 m west lateral movement along the fault can explain the presence of this intersection. This intersection opens an exploration area to extend the former L.C. Beliveau mine system to the north at depth. On the other hand, hole PC was drilled to intersect the mine dyke on the north side of the fault. It was not clear if this hole crossed the fault plane before hitting the dyke. This hole was inconclusive in finding the mine dyke. Also no real flat zone type was encountered in the first 450 m. After that depth the core started to show more typical alteration and quartz-tourmaline veining with anomalous gold values. Two possibilities remain: 1- the mine package may shift at depth by at least 450 m vertically, or 2- the fault plane dip changes at depth and hole PC did indeed cross the fault. Historical drilling has also defined the North zone with historical values of 4.5 g/t Au over 3.0 m and 5.0 g/t Au over 3.0 m within a gold halo of 0.6 g/t over 43 m. This zone is very similar to the former L.C. Beliveau mine and remains open at depth and to the south. The 2012 drilling program has confirmed the potential of the North zone by an intersection of 0.9 g/t Au over m including 5.2 g/t over 4.4 m and 3.2 g/t over 4.9 m and the presence of the ENE vein system in the vicinity of the dykes (hole PC-12-34) L.C. Beliveau Gold System - South Extension The former L.C. Beliveau mine remains open to the south, the dyke system can be traced for now over 500 m to the south. Historical drilling returned significant gold values near surface with 5.0 g/t Au over 12.7 m and 3.4 g/t Au over 24.7 m associated with zone 2. In the vicinity of this area, the ENE structures were identified with historical values of 2 g/t over 10 m (Isabella showing). The drilling campaign has confirmed the potential of this zone and the presence of the ENE structures with an intersection of 0.5 g/t Au over 82.1 m including 3.0 g/t Au over 2.7 and 4.1 g/t Au over 3.0 m (hole PC-12-61) Highway and Loraine Zones Drilling has been performed to extend the Highway zone and the new Loraine discovery (5.9 g/t Au and 0.4% Cu over 4.4 m), located 150 m north of the Highway showing. Shallow drilling between the Highway and Loraine showings is missing to understand the relationship between the two gold systems. Also, a smaller high-grade vein stacking is still open at depth and to the southeast of the Highway zone. Even if gold values are fading east and west of the Highway zone, the structure is still there and drilling is required. Around Highway and Loraine, subvertical shears with good gold values still warrant further exploration. The best drilling intersections included a cut of 1.7 g/t Au over 15.2 m at 8 m depth including 6.1 g/t Au over 2.6 m, 1.0 g/t Au over 17.2 m at 40 m depth, and 1.0 g/t Au over 20.0 m at 90 m depth (hole). The hole PC has returned 9.9 g/t Au over 2.4 m and 5.5 g/t Au over 3.8 m, included in a cut of 3.2 g/t Au over 14.2 m at 125 m depth, and 2.2 g/t Au over 11.5 m at 145 m depth.

78 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Remaining Potential at Depth in the L.C. Beliveau Area The ENE gold system at the former L.C. Beliveau mine remains open. In the BWA, deep drilling completed in 2011 confirmed the deep extension of the ENE vein system below 300 m to 500 m, as indicated by holes PC and 20 with gold intersections of 4.1 g/t Au over 5.8 m, 4.7 g/t Au over 3.0 m, 4.3 g/t Au over 3.0 m, and 3.1 g/t Au over 6.8 m (Figure 10-11). A strong potential exists to define additional vein systems below the 500 m level. More drilling is required and the chances of finding an extension to the gold system are good. The dyke-related gold system at the former L.C. Beliveau mine remains open laterally and at depth and is now known to continue to 900 m depth as indicated in holes PC and 15A with a gold intersection of 7.1 g/t Au over 4.3 m included in a section grading 1.6 g/t Au over 34.8 m (Figure 10-12). Also, at 500 m depth, two dykes contain gold mineralization as indicated by holes PC and PC with gold intersections of 4.5 g/t Au over 9.3 m included in a section grading 1.9 g/t Au over 23.5 m, and 5.2 g/t Au over 3.7 m included in a section grading 1.8 g/t Au over 14.3 m. These intersections have opened an exploration potential to extend the former L.C. Beliveau gold mine at depth. Figure shows an overview of the Adventure Gold's drilling results and the remaining potential at depth along the extensions of the L.C. Beliveau area. Figure Drilling Results from 300 to 500 m Depth at Former L.C. Beliveau Mine Area Figure Drilling Results from 600 to 900 m Depth at Former L.C. Beliveau Mine Area

79 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 71 Figure More Drilling Results in the Former L.C. Beliveau Mine Area

80 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Sample Preparation, Analyses and Security Sampling of gold mineralization within the study area has included surface diamond drilling, channel sampling and grab samples taken by Adventure Gold between 2008 and The 2012 mineral resource estimate is supported by only surface diamond drill core samples completed by Adventure Gold and historical drilling by Cambior and SOQUEM. Between 2008 and 2012, a total of 17,938 samples were taken from 87 drill holes, 124 channel samples and 168 grab samples. Specific gravity measurements of 135 samples were taken by AGAT Laboratories in 2012 by pycnometer: 87 samples for the flat vein system and 48 samples for the dyke-related mineralization were taken. The samples were shipped at four (4) different and independent commercial assay laboratories. In the programs, samples were sent to Techni-Lab SGB Abitibi (Actlabs), located in Ste- Germaine-Boulé, Abitibi, and to ALS Chemex in Val-d Or. The samples from the programs were sent at AGAT Laboratories, located in Mississauga, Ontario. Table 11-1 shows the sample distribution for drilling campaigns, sample numbers and the laboratories used. Drill core samples total 16,722 m of core, which represents 57% of the total core length. Table 11-1 Sample Distribution by Laboratory and Drilling Period Exploration Programs Years Hole Sample Number % Sampled Laboratory Laboratoire Expert Inc , AlS Chemex Techni Lab SGB Abitibi (Actlabs) , Techni Lab SGB Abitibi (Actlabs) Techni Lab SGB Abitibi (Actlabs) , Techni Lab SGB Abitibi (Actlabs) Agat , Agat Total 87 17, Sample Preparation Core Sample Collection The general method for sampling drill core from 1931 to 2008 shows very little variation over time. Sampling was carried out with samples that typically varied between 0.30 and 1.5 m and that did not necessarily coincide with geological boundaries. Concerning drilling programs before 1948, lengths of sampling characteristically show extreme variations from 0.1 to 1.8 m, and sampling was very spotty. A few unreliable holes from this period were discarded for the resource estimates, especially those from the period.

81 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 73 The revised sampling approach by Adventure Gold was planned to coincide with lithological contacts. Each analysis is linked to a geological description in the log book. All core sampling between 2008 and 2012 was marked and tagged by a geologist using three-part sample tags supplied by the commercial laboratory. The width of most 2008 to 2012 samples was around 1 m. Samples were taken over lengths of 1.5 m maximum and 0.50 m minimum. A few samples with lengths of less than 0.5 m or more than 1.5 m were taken for different special reasons, mainly to understand ore distribution. Samples of ore must always be properly bordered by samples of barren material. Should an anomalous value be returned from an isolated sample, the geologist is required to return to the core interval and take additional bordering samples. Generally, 1.0 m long samples are purposefully taken on the borders of obvious ore zones in order to minimize the effect of sample contamination of wall rock by high-grade ore. Historical procedures for sample preparation varied. Most drill core samples collected before 2009 were split with manual and hydraulic core splitters. Standard lead fire assay techniques with gravimetric and AA finish were used. No metallic screen analyses were carried out before For the exploration programs, Adventure Gold developed a quality control program for sampling and shipping, and monitored QA/QC measures from commercial analytical laboratories. Starting in 2009, a core logging facility and a core storage area were established in Val-d'Or and on the former L.C. Beliveau mine site. Samples were collected and prepared for shipping to the laboratory in a sample room adjacent to the core logging area by a sample technician. When the drill core was sawn, one half was placed into a plastic sample bag along with a sample tag and sealed with a plastic tie wrap. Individual sample bags were sealed with tape. The samples were placed in large rice fibre bags that were sealed with tape and wire and placed on pallets. Samples were picked up at the project site by the commercial laboratory representative Core Sampling Once the drill core samples have been selected, the method for taking core samples is as follows: 1. The core is washed with fresh water using a hose. 2. Once the geology and location of the samples have been described, the geologist carefully marks the start and end of each sample directly on the core with a coloured wax crayon while the core is still intact in the core box. 3. A sample tag, specially made of waterproof paper and indelible ink, is placed at the end of the sample interval. Each sample number is unique. 4. The core is generally sampled over intervals that vary between 30 cm and 150 cm with a mean length of 1 m. 5. Samples are measured to the nearest tenth of a m, but sample intervals have to coincide with major lithological boundaries. 6. The whole core is split in half using a diamond saw. 7. The diamond saw is properly cleaned with a brush prior to cutting every sample. 8. As the core sample is cut in half lengthwise, the samples chosen for assay are collected in individual plastic sample bags. The other identical half-core witness sample is replaced carefully in the box according to its original orientation (the correct end of the core up hole, for example). One of the two sample tags is placed in the plastic bag, which is then securely stapled shut.

82 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page The other identical sample tag is stapled to the core box at the end of the marked sample interval. A sample request form is completed prior to dispatch of the samples. The request specifies the name of the laboratory, the person making the request, the date, the sample series, the elements to be assayed (gold, almost exclusively), the units in which the results should be reported (grams per tonne), the analytical method and any special instructions. The result is sent to the president, vicepresident and senior geologist Core Sample Quality and Sample Representativeness At the Val-d'Or East property, samples recovered through diamond drilling are of high quality (the mineralization in the core is intact, with no possibility of loss due to washout). Rarely, the core can be ground over short lengths of less than 0.5 m and a sample not recovered. Overall, drill core samples recovered from the Val-d'Or East property (including historical samples) can be considered to be representative Analyses As mentioned, final sample preparation and assaying was conducted at commercial and independent laboratories: AGAT Laboratories in Mississauga, Techni-Lab SGB Abitibi (Actlabs) in Ste- Germaine-Boulé, and ALS Chemex in Val-d'Or, which was used for 2009 rechecks. Laboratoire Expert was also used for only two (2) holes. Samples were assayed for gold using fire assay (50 g) ("FA") techniques with atomic absorption ("AA") finish. If the assay value was above 3 ppm, then the sample was re-assayed using a gravimetric finish; the results of this method were used for the resource estimation. If the sample contained visible gold, then the sample was re-assayed using metallic screen techniques or called directly for a metallic screen. Metallic screen finish also was used in those cases where there was sufficient discrepancy between the AA and gravimetric values. Rejects and pulps are preserved by the laboratory or stored at the former L.C. Beliveau mine site Laboratory Certification All assays were produced in certified laboratories. AGAT Laboratories Mining Division is accredited ISO/IEC by the Standards Council of Canada. Note that ISO 9001 certification is a generic management standard that can be applied to any business or administration. ISO was written to incorporate all the ISO 9001 requirements that are relevant to the scope of testing and calibration services as well as specifying the technical requirements for technical competence. Techni-Lab S.G.B. Abitibi Inc., a division of Actlabs, is certified ISO ALS Chemex is also certified ISO for fire assay with AA finish and gravimetric finish. Laboratoire Expert does not have ISO certification Analytical Procedure The successive stages of analysis for the drill core are briefly described for each laboratory.

83 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 75 Sample preparation Techni-Lab SGB Abitibi (Actlabs) Sample preparation for the drill core samples included standard industry practice of crushing the drill core sample to 85% + passing 10 mesh (2 mm) sieve and then grinding using rings to 90% + passing 200 mesh (0.075 mm) sieve. Samples were crushed using T.M. Engineering Rhino jaw crushers to obtain the fine material and then passed through a riffle splitter to obtain the subsample. A T.M. Engineering ring pulverizer was used to obtain the pulp, before a 50-g sub-sample was taken. Analytical procedure Samples were assayed for gold using fire assay ("FA") techniques with atomic absorption ("AA") finish. If the assay value was above 3 ppm, then the sample was re-assayed using a gravimetric finish; if the sample contained visible gold, then the sample was re-assayed using metallic screen techniques. Metallic screen finish also was used in those cases where there was sufficient discrepancy between the AA and gravimetric values. Sample preparation AGAT Laboratories The samples picked up by an AGAT representative are inspected and compared to the Chain of Custody (COC) and logged into the AGAT LIMS program. Deviations from the COC are noted in AGAT Laboratories Sample Integrity Report (SIR) and sent immediately to the client via and posted on the client s Web MINING account. Specified samples are dried to 60 C. The samples are crushed to 75% passing 10 mesh (2 mm) and split to 250 g using a Jones riffle splitter or rotary split. The 250-g samples are pulverized to 85% passing 200 mesh (75 µm). A Rocklabs Boyd crusher with RSD Combo or T.M. Terminator crushers and TM-2 pulverizers are routinely used in sample preparation. All equipment is cleaned using quartz and air from a compressed air source. Blanks, sample replicates, duplicates, and internal reference materials (both aqueous and geochemical standards) are routinely used as part of AGAT Laboratories quality assurance program. Sample Analysis The first gold assays were done by Lead Fusion Fire Assay with Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) Finish (50 g). Prepared samples are fused using accepted fire assay techniques, cupelled and parted in nitric acid and hydrochloric acid. PerkinElmer 7300DV and 8300DV ICP-OES instruments are used in the analysis. If the result is over 3 g/t Au, the determination of gold was completed by Lead Fusion Fire Assay with Gravimetric Finish (50 g). Prepared samples are fused using accepted fire assay techniques.

84 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 76 Samples are cupelled, parted in nitric acid and weighed. A Mettler Toledo XP6 microbalance is used in the analysis. For the Metallic Screen Gold Analysis, 500 g of crushed material (75% passing 2 mm) is pulverized using a ring and puck to ensure approximately 80-90% passing 75 μm. Either Mettler- Toledo microbalances or PerkinElmer 7300DV and 8300DV ICP-OES instruments are used in the analysis. The material on top of the screen is referred to as the plus (+) fraction and the material passing through the screen is referred to as the minus (-) fraction. Both the plus fraction and minus fraction weights are recorded. The entire plus fraction is sent for fire assay determination while two (30 g) replicates of the minus fraction are taken for fire assay determination. Either gravimetric gold determination or an ICP-OES analytical finish is used. Gold assay results are reported for both plus and minus fractions, weights of both fractions, and the calculated total gold of the sample. The calculation for total gold is as follows: Total gold (g/t) Au(-) (g/t) Wt(-) Au( ) (g/t) Wt( ) Wt(-) + Wt( ) Blanks, sample replicates, duplicates, and internal reference materials (both aqueous and geochemical standards) are routinely used as part of AGAT Laboratories quality assurance program for any type of analysis. For Specific Gravity measurements, a gas pycnometer was used. Based on ASTM D , prepared samples are placed into a sample holder cup where UHP He is used as a displacing fluid. Density is determined using Boyle s Law based on the displacement of He from each sample. A Quantachrome Pentapyc 5200e instrument is used in the analysis. Sample replicates, duplicates, blanks (determined from an empty sample holder cup) and reference materials (an object with a known volume) are routinely used as part of AGAT Laboratories quality assurance program Adventure Gold Quality Control and Quality Assurance Programs Results of Quality Control and Quality Assurance Monitoring This section presents an overview of the quality assurance and quality control (QA/QC) data collected during the exploration programs for the Val-d'Or East property. Evaluation of QA/QC data addresses the three principal concerns of analytical determination protocols, namely: contamination, accuracy, and precision, as measured by the results obtained from field and analytical blanks and standards, certified reference materials (CRM) and blanks, in addition to the regular samples submitted to the laboratory. QA/QC results internal to the laboratories were evaluated independently from QA/QC results that were initiated externally by Adventure Gold. QA/QC measures for the exploration programs by Adventure Gold consisted in the insertion of blanks and standards for each drill hole, re-assaying pulps for samples that yielded assay results over 3 g/t Au by fire assay with gravimetric finish, and monitoring the results of QA/QC measures from the laboratory. No quartered core duplicates were done and no systematic reassaying by another laboratory was done. Only a few samples (63 samples) in 2009 were sent to ALS

85 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 77 Chemex for verification. All data for the Adventure Gold programs are shown on certified assay certificates from Techni-Lab SGB Abitibi (Actlabs), AGAT Laboratories and ALS Chemex for recheck Pascalis-Colombiere Standards Statistics For the exploration programs, a total of 407 standards were sent to the laboratory. The certified reference materials (CRM) were acquired from Rocklabs and 13 different reference materials were used. Table 11-2 lists the CRM that were submitted to the laboratories. One CRM sample was introduced at each 20 or 25 samples by Adventure Gold staff. Table 11-2 Summary of the Statistical Analysis for Different Reference Materials Period (dd/mm/yy) Expected Au Observed Au Warning Range Failure Range Standard Count From To Mean Std. Dev. Mean Std. Dev. Min Max Count Rate Count Rate SF /06/ /10/ % 5 5% SH /04/ /05/ % 5 8% SG /05/ /08/ % 5 11% SG /05/ /06/ % 2 5% SH /07/ /08/ % 0 0% SK /06/ /09/ % 1 4% SG /04/ /04/ % 4 15% Oxi /09/ /10/ % 5 20% SL /07/ /10/ % 1 5% SI /02/ /07/ % 2 22% SJ /03/ /06/ % 3 38% SI /06/ /06/ % 1 25% SN /07/ /08/ % 0 0% Certified standard SF57 represents 105 samples. The population of values is well centered on the expected value, g/t Au, with a relative difference of the average of 1% lower than the expected value. The standard SF57 presented a 5% failure and 18% warning. Certified standards SH35, SG31, SG56, SK62, SG40, Oxi81, and SL61 have set values ranging g/t to g/t Au and showed observed values with 5% to 20% of QC failures. Reported results for these standards presented averages relatives differences of 1% to 3% compared to the expected value. Figure 11-2 shows the Z-score for 2011 standards and the results presented for the standards Oxi81 and SH35 presented each 5 values respectively over and under three times their standard deviation. Certified standards SI42, SJ53, and SI64 have set values ranging g/t to g/t Au and showed observed values with 22% to 38% of QC failures. Reported results for the standard SI64 presented an average relative difference of 41% higher than the expected value. The standard SI64 represents only 4 samples. Certified standards SH41 and SN38 have set values of g/t and g/t Au respectively. These two standards presented no failures. Reported results for standard SH41 presented an average relative difference of 5% compared to the expected value. Standard SN38 returned an average value lower than the expected value by 1%.

86 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 78 Three action reports from AGAT Laboratories dated April 25, 2012 have given an explanation for three nonconformities (typographical error, incorrect sample order reported and bias). A total of 28 failures have been observed (22 certificates of analysis) and no explanation is available. Figure 11-1 to Figure show a possible underestimation reflecting a conservative side. Abnormal values in certain standards were reported to Adventure Gold. Some unconformities were explained and corrected by AGAT Laboratories but some abnormal values went unexplained and are still considered in this analysis. Z score Results for Z score (2009 Standards) SG31 SG40 SH Std Dev 2 +2 Std Dev 1 0 EV Std Dev 3 3 Std Dev 4 01/04/ /05/ /05/2009 Date (dd/mm/yyyy) Figure 11-1 Results for Z-Score for 2009 Standards

87 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 79 Z score Std Dev +2 Std Dev EV 2 Std Dev 3 Std Dev Results for Z score (2011 Standards) Oxi81 SF57 SG31 SH35 SH41 SI42 SN /02/ /04/ /06/ /08/ /10/2011 Date (dd/mm/yyyy) * One Z score at (01/04/2011,SG31) not shown Figure 11-2 Results for Z-Score for 2011 Standards Results for Z score (2012 Standards) SF57 SG40 SG56 SI64 SJ53 SK62 SL61 Z score Std Dev +2 Std Dev EV 2 Std Dev 3 Std Dev 8 06/03/ /05/ /07/ /08/ /10/2012 Date (dd/mm/yyyy) Figure 11-3 Results for Z-Score for 2012 Standards

88 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 80 1 Results for Standard SF57 Au (g/t) x Std Dev +2x Std Dev EV (0.848) 2x Std Dev 3x Std Dev /06/ /09/ /12/ /03/ /06/ /09/ /12/2012 Date (dd/mm/yyyy) Figure 11-4 Variation of Reported Values with Time for Analytical Standard SF57 Au (g/t) Results for Standard SH35 +3x Std Dev +2x Std Dev EV (1.323) 2x Std Dev 3x Std Dev /04/ /12/ /09/ /05/2011 Date (dd/mm/yyyy) Figure 11-5 Variation of Reported Values with Time for Analytical Standard SH35

89 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Results for Standard SG x Std Dev +2x Std Dev EV (0.996) Au (g/t) 0.9 2x Std Dev 3x Std Dev /05/ /02/ /11/ /08/2011 Date (dd/mm/yyyy) Figure 11-6 Variation of Reported Values with Time for Analytical Standard SG Results for Standard SG56 Au (g/t) x Std Dev +2x Std Dev EV (1.027) 2x Std Dev 3x Std Dev /05/ /05/ /06/ /06/ /06/ /06/2012 Date (dd/mm/yyyy) Figure 11-7 Variation of Reported Values with Time for Analytical Standard SG56

90 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Results for Standard SH x Std Dev +2x Std Dev 1.4 Au (g/t) EV (1.344) x Std Dev 1.2 3x Std Dev 01/07/ /07/ /07/ /08/ /08/2011 Date (dd/mm/yyyy) Figure 11-8 Variation of Reported Values with Time for Analytical Standard SH Results for Standard SK62 Au (g/t) x Std Dev +2x Std Dev EV (4.075) 2x Std Dev 3x Std Dev /06/ /07/ /08/ /09/2012 Date (dd/mm/yyyy) Figure 11-9 Variation of Reported Values with Time for Analytical Standard SK62

91 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 83 Au (g/t) Results for Standard SG40 +3x Std Dev +2x Std Dev EV (0.976) 2x Std Dev 3x Std Dev /04/ /04/ /04/ /04/2012 Date (dd/mm/yyyy) Figure Variation of Reported Values with Time for Analytical Standard SG Results for Standard Oxi81 2 Au (g/t) x Std Dev +2x Std Dev EV (1.807) 2x Std Dev 3x Std Dev /09/ /09/ /09/ /09/ /10/2011 Date (dd/mm/yyyy) Figure Variation of Reported Values with Time for Analytical Standard Oxi81

92 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Pascalis-Colombiere Blanks Statistics For the exploration programs, a total of 407 blanks were sent to the laboratory. The blanks used were commercial white crystalline marble. One blank sample was introduced at each 20 or 25 samples by Adventure Gold staff. From the 407 blanks from the database that range from 2009 to 2012, 98% of them returned less than 0.05 g/t Au, which is 5 times the detection limit of the most analytical method and 99% of the blanks reported values less than 0.1 g/t. From the 407 blanks, 4 values have been discarded and were not used for the blanks statistics. For one of these blanks, the samples from the same certificate have been re-assayed on the rejects, and the high value was explained by probably an inversion of sample numbers by a technician. Another of theses blanks was explained by a contamination following a high grade zone. The samples after the blanks were not contaminated; no re-assay of the samples was performed. Finally, an action report was delivered by AGAT Laboratories for the last two blanks. The non-conformity was explained by an incorrect sample order reported. From the 4 blanks with analytical value greater than 0.1 g/t, only one have analytical values greater than 0.5 g/t Au. The blank not shown on the Figure (0.673 g/t, 22/09/2011) has no explanation; the weight of the sample confirms it is a blank. Unless the sample comes from a low grade area, no following has been carrying out. Figures to show the analytical results for blanks over each year (2009, 2011 and 2012). In 2009 and for the beginning of 2011, the detection limit of Techni-Lab was higher (0.005 g/t) than the detection limit of AGAT Laboratories (0.001 g/t) for the second part of 2011 and It is apparent from the Figure that a significant number of blanks in 2012 returned values above 10 times the detection limit (0.01 g/t) Results for the Blanks (2009) x Detection Limit Au (g/t) x Detection Limit /04/ /04/ /04/ /05/ /05/ /05/2009 Date (dd/mm/yyyy) Figure Plot of Analytical Results for the 2009 Blanks

93 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Results for the Blanks (2011) * One blank at g/t (22/09/2011) not shown 0.04 Au (g/t) x Detection Limit 5x Detection Limit 0 24/02/ /04/ /06/ /07/ /09/2011 Date (dd/mm/yyyy) Figure Plot of Analytical Results for the 2011 Blanks 0.06 Results for the Blanks (2012) Au (g/t) x Detection Limit 5x Detection Limit 0 06/03/ /04/ /06/ /08/ /09/2012 Date (dd/mm/yyyy) Figure Plot of Analytical Results for the 2012 Blanks

94 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Pascalis-Colombiere Re-Assays Pulps and Rejects Statistics In 2009, Adventure Gold had sent 63 rejects and pulps samples from Techni-Lab for re-assaying at ALS Chemex with the same preparation and analytical procedure (Au 30g FA-AA, FA-GRAV). The Figures and show the re-assays of the pulps and rejects compared to the original assays. As expected, the re-assays of the rejects shows a greater variability than the re-assays of the pulps. The sign test on the 26 analysis over 1 g/t from Techni-Lab compared to the re-assays of the rejects performed by ALS Chemex shows a bias with 97% certainty that Techni-Lab has over estimated the values compared to ALS Chemex. Au (g/t) ALS chemex pulps (AA finish) Re assays ALS Chemex (pulps) vs Techni Lab Au (g/t) Techni Lab (AA finish) Figure Re-assays the 2009 Pulps vs. Original Assays

95 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 87 Au (g/t) ALS Chemex rejects (AA finish) Re assays ALS Chemex (rejects) vs Techni Lab Au (g/t) Techni Lab (AA finish) Figure Re-assays the 2009 Rejects vs. Original Assays 11.4 Conclusion Since the start of their exploration work in 2008, Adventure Gold implemented an internal QA/QC protocol consisting of certified analytical standards and composites blanks, sample reject and pulp duplicates in a second analytical laboratory for verification. Reported results for the certified analytical standards since the beginning of Adventure Gold s exploration programs on the Pascalis-Colombiere property show a relatively good correlation with expected mean values. Reported results for the blanks are acceptable. Observed results for the rejects and pulp re-assays show a bias which an overestimation of the analysis from Techni-Lab compared to the re-assays done by ALS Chemex. Adventure Gold is operating according to industry standard QA/QC protocol for the insertion of control samples within the sample stream of the Project. The QA/QC analysis outlined acceptable results for the analytical standards. The results of the certified reference materials show relatively good consistency compared to the expected values and QC ranges. The data is considered of sufficient quality to be used for mineral resource estimation. Sample preparation, analysis, and security procedures used by Adventure Gold are adequate. Although documentation of the procedures employed in the pre-adventure Gold drilling programs is lacking, SGS has no reason to believe the sample preparation, security, and analytical measures used by these companies were inadequate or outside of normal operating procedures that were generally accepted at the time. Some recommendations are stated in Section 18.

96 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Data Verification 12.1 Verification Re-Assays SGS Geostat suggested to Adventure Gold to re-assay some rejects. A total of 110 samples have been sent to to be analysed by FA-AA. These results were included in the database. This sampling cannot be considered as independent since the sample origins could not be controlled by SGS Database Verification The Pascalis-Colombiere database was verified against the laboratory certificates for the highest grades contributing to the resource and about 5% of the entire database. Any inconsistency was corrected in the resource database and communicated to Adventure Gold for remediation. The certificates of analysis of AGAT Laboratories have been almost all verified. Concerning the AGAT certificates verification, 67 errors were found on a total of 7426 assays results (a ratio of 1% of errors). The Techni-Lab certificates of analysis were not available at the time of the verification, unless some verification was done during the statistical analysis of the pulps and rejects re-assays performed by ALS Chemex. Some errors (entry in the wrong column) were noted in the database. About 5 % of the past drilling was checked upon the availability of the old logs. About 82 inconsistencies were found on a total of 1715 assays verified (a ratio of 5% of errors) Site Visit Claude Duplessis, Eng. QP and co-author has visited the site on June 21st. The personal inspection was positive; the work sites were clean and well maintained, organisation and work process was up to international standards and best practices. Adventure Gold used the permanent exploration logging facilities warehouse near the airport of Val-d Or. The project being closed to town no temporary exploration camp was required. At the Val-d Or facilities, the drill core is logged and splitted with rock saw and witness core is stored in core racks (The site is constantly monitored), Afterward witness core is brought back to long term core rack within the fenced area of the LC Beliveau sector. Rejects and pulp are also returned to site within the container in the fenced area. All drill sites are marked by wooden stakes and identified with the drill hole number in addition to steel rod on the casing cap. The author was able to locate the drill holes and verify their location using a hand held GPS. All holes that were visited had a GPS position consistent with that recorded in the database. SGS is satisfied with evidence of exploration on the site and has no reason to doubt the authenticity of boreholes. (Figure 12-1). The glory center of the property is fenced due to the glory hole left by previous owner. The hole is filled with water.

97 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 89 Core storage facility inside fenced area Core on rack Glory hole filled with water Identified hole PC map to GPS match Drilled in action during site visit Figure 12-1 Photos of the Site Visit Fresh core PC-12-67

98 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Conclusion There were no limitations or failures to conduct the verifications needed for the completion of SGS Geostat mandate. Both authors of this report consider the data used for this report adequate to support the resource estimates presented in the report. It should be understood that the mineral resources which are not mineral reserves do not have demonstrated economic viability. The mineral resources presented in this Technical Report are estimates based on available sampling and on assumptions and parameters available to the authors. The comments in this Technical Report reflect the authors and SGS Geostat best judgement in light of the information available. 13 Mineral Processing and Metallurgical Testing No mineral processing and metallurgical testing has been done since the closure of the mine by Cambior in The mining of the New Beliveau dyke mineralization by Cambior in the former L.C. Beliveau mine ( ) returned between 91% and 95% mill recovery and 94% to 96% for the Highway deposit from the 1991 bulk sample. No mineral processing and metallurgical testing is available on the New Beliveau flat mineralization and on the North Zone deposit. Some recommendations are listed in Section 18 of this report.

99 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Mineral Resource Estimates 14.1 Introduction This section reports the results of a mineral resource estimate for the New Beliveau (including west of the former L.C. Beliveau mine and the deep extension of the former L.C. Beliveau dyke system bellow 300 m depth or 4700 elevation), North Zone and Highway deposits located on the Val-d Or East property based on the analytical data from holes drilled as of November 15, The resource has been disclosed in the Company news release dated November 21, This is the first resource estimates on the project for Adventure Gold. All previous mineral resource estimates are historical and some are detailed in Section Pascalis-Colombiere Drill Hole Database SGS Geostat conducted the current mineral resource estimate for the New Beliveau, North Zone and Highway deposits using historical underground drill holes, historical surface drill holes and surface drill hole data. The database used to produce the mineral resource estimate is derived from a total of 73 recent surface drill holes (by Adventure Gold from 2009 to 2012), 366 historical surface drill holes, and 982 historical underground drill holes and contains the collar, survey, lithology, and analytical results information. The actual hole count intersecting the resource is 59 recent surface drill holes, 141 historical surface drill holes, and 599 historical underground drill holes. The database cut-off date is November 15, Important note: During the mineral resource estimation process, different assumptions were made. These assumptions were used in order to calculate modelling cut-off grades and resources cut-off grades following the reasonable prospect for economic extraction stated by the NI regulation Analytical Data While a total of 127,878 m of drill holes are in the database used, only 51,431 m are analysed for gold representing a proportion of 40%. Note that m have assayed intervals with missing gold values 97% of which are in holes PC-11-15, PC-12-58, PC and PC The drill hole intervals defining the modelled mineralized solids have been sampled at 80%. The sampling gaps in the mineralized intervals were considered having zero grade for the purpose of the block model interpolation process. There are a total of 34,035 assays intervals the resource model. The grade distribution of the Au assay data is lognormal. Table 14-1 summarises the statistics of the Au assays reported in the drill hole database. Figure 14-1 shows the histogram of the Uncapped Au assay data. Assays containing -1 and 0 grade values were not considered in this histogram. The presence of spikes in the histogram at 0.2 g/t and 0.3 g/t is due to historical data digitized from sections. No more precision is available. This could put some imprecision in the resource estimates for grades below 0.4 g/t. Since the lowest cut-off grade used in this report is 0.5 g/t, this factor is not an issue.

100 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 92 Table 14-1 Statistics for Au Assay Data in Mineralization (Pascalis-Colombiere Database) Au Assays (g/t) Au Assays Capped at 30 g/t over 1 m Records Mean Median St.Dev. Min Max Mean Median St.Dev. Min Max * Note that the maximum of 100 g/t is due to the method used for capping 29.7% 0.2g/t 0.3g/t Figure 14-1 Histogram of the Au Assay Data in Mineralization (Pascalis-Colombiere Database) Capping In order to reduce the risk of overestimating some resource, it is a standard procedure to verify the necessity of capping the grades of the assays or composites. We used 2 techniques to verify the necessity of capping and to set the capping grade. The cumulative frequency graph presented in Figure 14-2 is built using the assays inside the mineralization (used for the resource estimates). It suggests that a capping would be needed at only 120 g/t. From this graph, the gold seems well disseminated and the gold population seems to be very close to a perfect lognormal on the upper end of the scale. The other method we use at SGS for the determination of the capping is a rule of thumb that 1% of the assays (length wise) should not contribute to more than 10% of the total gold contained. The method also uses the assays inside the mineralization along with their length. The uncapped assays show that 1% of the assays contributes to 28% of the gold content. We capped the assays based on a maximum contribution of over 1 m length. That means that an assay of more than 1 m could be capped at less than the capping grade and an assay of less than 1 m could be capped at more than the capping grade. By capping the assays at 30 g/t over 1 m, 1% of the assays still contributes to 16% of the gold content (losing 14% of the gold content) and capping at 20 g/t over 1 m finds 1%

101 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 93 contributing to 12% of the gold content (losing 21% of the gold content). The method suggests that in order to reduce the risk, the capping should be at less than 20 g/t. For this study, it was decided to go midway between the two methods and cap assay grades at 30 g/t over 1 m. Capping at 30 g/t is also a common but sometimes conservative capping grade in Abitibi Au Resource Original Assays " """" """"" "" " " " " " " " " " " " " " " " Zoom " 0.01 """"""""" " Cumulative Freq [%] Figure 14-2 Cumulative Frequency Graph of the Au Assay Data in Mineralization (Pascalis- Colombiere Database) Specific Gravity The specific gravity (S.G.) determination for the Val-d Or East property deposits for the resource model was determined using 135 density measurements from 2012 drill holes on the New Beliveau deposit. The results of the S.G. measurements conducted on representative mineralized intervals returned an average S.G. value of 2.83 t/m 3 for both the flat and dyke zones mineralization. In 1994, Cambior used a S.G. value of 2.8 t/m 3 for their estimates of the remaining reserves on the New Beliveau deposit. No density data is presently available on the North Zone and Highway deposits. Since they have similar geological settings, we opted to use the same S.G. as for New Beliveau. For the requirements of this study, a value of 2.8 t/m 3 has been used for the calculation of the tonnages from the volumetric estimates of the resource block models.

102 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Topography and Bedrock-Overburden Surfaces A topographic surface was available from previous work on the property but it was adapted to fit data adequately and serve its purpose. Therefore in the end, 3 different topographic surfaces were used for each of the 3 deposits. For each deposit, the bedrock-overburden surface was generated by triangulating the lower intercepts of the overburden-coded lithology field of the drill hole database. This surface has been extended further in order to facilitate the cutting of the block model and the pit optimization. In the end, 3 different bedrock-overburden surfaces were used for each of the 3 deposits. Most of the following figures show both the topographic and the bedrock-overburden surfaces in typical sections Geological Interpretation SGS Geostat conducted the interpretation and modelling of the 3D envelopes for the gold mineralization in collaboration with Adventure Gold personnel. The interpretation was first completed in every drill hole on sections to define mineralized prisms using Au assays and based on observed mineralized zones. Adventure Gold geologists suggested to SGS Geostat the sectional interpretations that should be used for the resource estimates based on lithology, structural continuity and grade. No minimum gold grade was used and most drill hole interval lengths are of 4 m and more. The thickness of the mineralized zones varies from about 3 m to 80 m. All 3 deposits have some slanting mineralized tabular orebodies called Flats in this report. The dip direction (perpendicular to the strike) of these structures varies from 175 to 190 and dip from 33 to 43. Two of the deposits (New Beliveau and North Zone) have in addition some intersecting very steep mineralized tabular orebodies called Dykes in this report. The dip direction of these structures varies from 230 to 255 and dip from 86 to 90 (sub-vertical). New Beliveau deposit o The Flat structures (16 count) were modelled on 22 north-south sections and then meshed o The Dyke structures (5 count) were modelled on 111 elevation benches North Zone deposit o The mesh for the Flat structures (9 count) and the Dyke structures (3 count) were provided by Adventure Gold geologists Highway deposit o The mesh for the Flat structures (12 count) were provided by Adventure Gold geologists In total, the 3 deposits contain 45 mineralized orebodies of tabular shape with different orientations and dips. They are all categorized as Flat or Dyke type and each one has identification. Some of them have discontinuities that required having up to 3 different meshes generated to produce the required volume.

103 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Interpretation of the Flat Structures The Figure 14-3 shows the interpretation of the mineralization of the New Beliveau deposit on the section 1960 me along with the mineralized intervals color coded by identification, solids and the mineralized intervals used for the modelling on representative sections and plan levels. Figure 14-3 New Beliveau Section 1960 me Sectional Interpretation and Mineralized Intervals Colored by Zone (Looking West) The Figure 14-4 shows the interpretation of the mineralization of the North Zone deposit on the section 1710 me along with the mineralized intervals color coded by identification. The Figure 14-5 shows the interpretation of the mineralization of the Highway deposit on the section 1710 me along with the mineralized intervals color coded by identification. When all sectional interpretations were completed, some meshes (3D solids) were created. The solids for New Beliveau were generated by SGS Geostat whereas the solids for North Zone and Highway were generated by Adventure Gold. The Figure 14-6, Figure 14-7 and Figure 14-8 show the 3D perspective of the results for the New Beliveau, North Zone and Highway deposits.

104 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 96 Figure 14-4 North Zone Section 1710 me Sectional Interpretation and Mineralized Intervals Colored by Zone (Looking W-N-W) Figure 14-5 Highway Section 1090 me Sectional Interpretation and Mineralized Intervals Colored by Zone (Looking West)

105 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 97 Figure 14-6 New Beliveau Meshes (3D Solids) for the Flat Structures in Isometric View Figure 14-7 North Zone Meshes (3D Solids) for the Flat Structures in Isometric View

106 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 98 Figure 14-8 Highway Meshes (3D Solids) for the Flat Structures in Isometric View Interpretation of the Dyke Structures Some dyke structures are present in the New Beliveau and North Zone deposits. The dykes intersect the flat mineralized structures. For the New Beliveau deposit, some sectional interpretations were done on 111 horizontal benches or sections at every 5 m (the size of the block model bench height). No 3D solid was generated. For the North Zone, the interpretation in 3D solid was provided by Adventure Gold. The Highway deposit does not have similar mineralized dyke structures. The Figure 14-9 shows the interpretation of the dykes with the mineralized intervals color coded by identification completed in every drill hole on the typical elevation plan 4920 mz for the New Beliveau deposit. The 5 dyke names are (from west to east) A, B, West, Main and East. The Figure shows the way the 5 dykes cross the flat mineralized structures for the New Beliveau deposit on the same view. The Figure shows the interpretation of the dykes with the mineralized intervals color coded by identification completed in every drill hole on the typical section view 1710 me for the North Zone deposit. The 3 dyke names are (from west to east) Zn W (west), Zn C (center), and Zn E (east). The Figure shows the way the 3 dykes cross the flat mineralized structures for the North Zone deposit on the same view.

107 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 99 Figure 14-9 New Beliveau - Plan 4920 mz with Level Interpretation and Mineralized Intervals Colour Coded for Each Dyke Zone Figure New Beliveau - Plan 4920 mz Level Interpretation of Dyke Zones and Slices of Flat Zones that Intersect

108 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 100 Figure North Zone - Section 1710 me Interpretation and Mineralized Intervals Colour Coded for Each Dyke Zone Figure North Zone - Section 1710 me 3D Solids of Dyke and Flat Zones that Intersect

109 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Voids Modelling In order to take in account the underground production on the New Beliveau deposit, a void model was used. This void model comes from historical plans of Cambior. These plans were digitized by Adventure Gold and then some proper 3D solids were meshed. The void model is in the form of 6 different 3D solids as shown in Figure 6-3 : 2 stope models with little differences, the ramp, the shaft, the ventilation and the drifts. The void model used to take in account the material extracted by Cambior between 1988 and 1993 is in fact the union of the 6 individual 3D solids. Blocks of the block model with centers inside the void model are considered mined and not to be counted in the resource estimates Composite Data Block model grade interpolation is conducted on composited assay data. A composite length of 2 m has been selected to reasonably reflect typical assay lengths and the block size of 3 x 5 x 2 m defined for the resource block model. Compositing is conducted from the start of each mineralized intercept of drill holes. The last composite kept at the end of the mineralized Intercept has a minimum length of 1 m. Composites are diluted by counting any gap in assays as 0 g/t Au. The Table 14-2 shows the statistics of the 3,052 mineralized intervals controlling the geological interpretation and limiting the composite creation. The Table 14-3 shows the statistics of the 29,978 composites created inside the mineralized intervals. The Figure shows the histogram of the uncapped mineralized intervals. The Figure shows the histogram of the uncapped composites. Table 14-2 Summary Statistics for the Uncapped and Capped Au Mineralized Intervals Deposit New Beliveau North Zone Mineralized Au (g/t) Count Structures Average Median Min Max dykes (5) dykes (3) 1, flats (16) flats (9) 1, Highway flats (12) Total All (45) 3, Deposit New Beliveau North Zone Mineralized Au Capped 30 (g/t) Count Structures Average Median Min Max dykes (5) dykes (3) 1, flats (16) flats (9) 1, Highway flats (12) Total All (45) 3,

110 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 102 Table 14-3 Summary Statistics for the Uncapped and Capped Au Mineralized Composites Deposit New Beliveau North Zone Mineralized Au (g/t) Count Structures Average Median Min Max dykes (5) dykes (3) 14, flats (16) flats (9) 13, Highway flats (12) Total All (45) 29, Deposit New Beliveau North Zone Mineralized Au Capped 30 (g/t) Count Structures Average Median Min Max dykes (5) dykes (3) 14, flats (16) flats (9) 13, Highway flats (12) Total All (45) 29, Figure Histogram of the Mineralized Intervals Used for the Resource Estimates

111 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 103 Figure Histogram of the Composites Used for the Resource Estimates 14.7 Spatial Analysis The spatial continuity of the New Beliveau mineralization composites was assessed by variography. Experimental correlograms, which are the calculated correlation coefficient of grade from composite pairs separated by a given distance for a given direction, have been generated for 1 m composite data. The better results were returned by using all flat mineralized structures as shown in the Figure As for the dyke structures, the better results were returned by using only the composites from the main dyke as shown in Figure The spatial continuity outlined by the variography for the flats is characterised by: 1) a relative nugget effect of 50%, 2) a relatively strong anisotropy with the best continuity along the strike (up to 15 m range), and worst continuity in the across deposit. As for the Main dyke, the spatial continuity outlined by the variography is characterised by: 1) a relative nugget effect of 50%, 2) a relatively strong anisotropy with the best continuity along the strike (mostly up to 10 m range) corresponding to the general orientation of the dyke, and worst continuity in the across deposit. No variography has been done for the North Zone and Highway deposits.

112 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 104 Figure Correlograms of the 1 m Composite Data for the Flat Mineralized Structures Figure Correlograms of the 1 m Composite Data for the Main Dyke Structure

113 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Resource Block Modeling The block size selected for the resource block models is based on drill hole spacing, width and geometry of mineralization, and possible bench height for a mining operation. The settings are indicated in the Table The resource block models which are constrained by the 3D wireframe solids contain a total of 138,124 blocks for North Zone, 60,851 blocks for Highway and 427,875 blocks for New Beliveau once the voids are removed. Table 14-4 Resource Block Models Parameters for the 3 Deposits Deposit Block Model Size Block Model Origin* Block Model End* Number of Blocks X (m) Y (m) Z (m) X (m) Y (m) Z (m) X (m) Y (m) Z (m) X Y Z New Beliveau North Zone Highway *: Center of blocks Grade Interpolation Methodology The grade interpolation for the Project resource block models was completed using inverse squared distance ( ISD ). Anisotropic search ellipsoids were selected for the grade interpolation process based on the analysis of the spatial continuity. Limits are set for the minimum and maximum number of composites to be used for the interpolation and restriction are applied on the number of composites used from each drill hole. The interpolation process for the 45 individual orebodies (New Beliveau: 5 dikes and 16 flats, North Zone: 3 dikes and 9 flats and Highway: 12 flats) was done with their corresponding composites. Estimates were conducted using 4 successive passes with relaxed search conditions from one pass to the next until all blocks are interpolated. The orientations of the ellipsoids were based on the zones geometry. The orientations of the search ellipsoids, is N255 azimuth and negative 86 dip for the New Beliveau dykes, N190 azimuth and negative 33 dip for the New Beliveau flats, N230 azimuth and negative 90 dip for the North Zone dykes, N175 azimuth and negative 38 dip for the North Zone flats and N183 azimuth and negative 43 dip for the Highway flats. Each time, four search ellipsoids were used in four estimation steps with the following sizes: 10 m x 10 m x 3 m, 20 m x 20 m x 6 m, 40 m x 40 m x 13 m, 100 m x 100 m x 33 m of radiuses. For Highway, Adventure Gold geologists asked to remove any blocks to the north of 5355 mn or to the south of 5100 mn. No significant gold resource was intersected in those areas. The Figure clearly shows the blocks that were removed. The Figure to Figure show sections and isometric views of the flat block models. The dykes of New Beliveau and North Zone were estimated in separate runs and the results are shown on Figure and Figure Because the flats and dykes intersect, some blocks are inside both. For these blocks, the average of both estimates was used. The merged block models are shown on Figure and Figure The Highway deposit had only flats therefore no merging was involved.

114 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 106 Figure New Beliveau - Section 1960m East with Flat Zones Estimated Block Model Figure New Beliveau Isometric View - Flat Zone Block Model with a 1 g/t Au Cut-off

115 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 107 Figure North Zone - Section 1710 m East with Flat Zones Estimated Block Model Figure North Zone Isometric View - Flat Zone Block Model with a 1 g/t Au Cut-off

116 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 108 Figure Highway - Section 1090 m East with Flat Zones and Final Block Model Figure Highway Isometric View - Flat Zone and Final Block Model with a 1 g/t Au Cut-off

117 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 109 Figure New Beliveau - Plan 4920 mz with Block Model for Dyke Zones Figure North Zone - Section 1710 m East with Block Model for Dyke Zones

118 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 110 Figure New Beliveau Plan 4920 mz Final Merged Block Model with Flats and Dykes Figure North Zone Section 1710 m East Final Merged Block Model Including Flats and Dykes

119 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Mineral Resource Classification In spite of the big drill hole database and the details sometimes sufficient to classify some resource at least in the indicated category, considering the lack of twin holes to back the Cambior drilling information and the general advancement and details of Adventure Gold drilling, it was agreed to keep all resources in the inferred category at this stage Base Case Mineral Resource Estimates The mineral resources of the Val-d Or East property are defined using two distinct cut-off grades: one for the open-pit prospect and one for the underground mining perspective. For the base case, a fixed elevation was used. In order to verify the open pit potential further, a Whittle pit run was made and the results are also reported further in this report. The base case mineral resources are reported using a cut-off grade of 1.0 g/t Au above 350m depth and using a cut-off grade of 1.5 g/t Au below 350m depth. SGS Geostat considers that mineral resources defined on the Val-d Or East property meet the requirement of reasonable prospect of economic extraction. The results are in the Table A total of 1.84 Mt at 3.26 g/t Au is estimated inside the Voids model. That compares well with the reported production of 1.8 Mt at 3.17 g/t Au. The results are in the Table Table 14-5 Mineral Resources for the Val-d Or East Property (Base Case) Inferred Resource Estimates From surface to 350m depth Effective 19 of November 2012 COG 1.0 g/t Au Zones Tonnage Au Au Au (g/t) * (t) (g/t) (oz) Uncapped New Beliveau 5,440, , Highway 780, , North Zone 1,110, , TOTAL 7,320, , Below 350m depth COG 1.5 g/t Au Zones Tonnage Au Au Au (g/t) * (t) (g/t) (oz) Uncapped New Beliveau 1,800, , TOTAL 1,800, ,

120 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 112 Total Resource Estimates COG 1.0 g/t Au from surface to 350m depth and 1.5 g/t below 350m depth Zones Tonnage Au Au Au (g/t) * (t) (g/t) (oz) Uncapped New Beliveau 7,240, , Highway 780, , North Zone 1,110, , TOTAL 9,130, , * The Uncapped gold is not NI compliant it is provided for indicative purpose only The mineral resource estimate has been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions Standards for mineral resources in accordance with National Instrument standards of Disclosure for Mineral Projects. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Results are presented undiluted and in situ. Capping of 30 g/t used over 1m. Tonnages and ounces are rounded to nearest ten thousand. Numbers may not total due to rounding. Given the good structural understanding of the geological systems, some resource is estimated as far as 100 m from drill holes information in some areas. Disclaimer It should be understood that the mineral resources which are not mineral reserves do not have demonstrated economic viability. The mineral resources presented in this Technical Report are estimates based on available sampling and on assumptions and parameters available to the authors. The comments in this Technical Report reflect the authors and SGS Geostat best judgement in light of the information available. Table 14-6 Tonnage and Grades of the Block Model With no Cut-Off Grade Inside the Voids (Stopes, Shaft, Ramp and Drifts) Estimation of Voids (NOT resources) COG 0.0 g/t Au * Zones Tonnage Au Au (t) (g/t) (oz) DikeAndFlatJunction 653, ,713 Dikes 1,046, ,319 Flats 138, ,939 TOTAL 1,838, ,971

121 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Mineral Resource Estimates with Whittle Pit Optimization In order to verify the open pit potential further to the base case, a Whittle pit run was made and the results are also reported here. The open pit mineral resources are reported using a cut-off grade of 0.69 g/t Au based on 1500 $Cad/oz.troy as the scenario indicates. The scenario is based on 3,000 tonnes per day on site milling. SGS Geostat considers that mineral resources defined on the Val-d Or East property meet the requirement of reasonable prospect of economic extraction. The Whittle open pits for the New Beliveau, North Zone and Highway deposits were optimized using the settings in the Table 14-7 and the corresponding resources inside these 3 pits are in Table 14-9and Table The Table is the only resource table in this report showing diluted resources and adjusted with the mining recovery. This last table is provided to give the reader an idea of the tonnage of the ore, the tonnage of the waste, the stripping ratio and the grades that could be met with the resources of the deposits. The Figure to Figure show the open pits in 3D view and cross sections. The Table 14-9 shows the remaining resources below the pit at a 1.5 g/t Au COG. The total inpit inferred resources for New Beliveau, North Zone and Highway deposits at a 0.7 g/t Au COG is 4.34 Mt at 2.38 g/t Au containing 332,410 ounces of gold. The underground potential at a 1.5 g/t Au COG is 3.91 Mt at 3.13 g/t Au containing 393,980 ounces of gold. Table 14-7 Parameters for the Whittle Pit Optimization Runs Optimization Parameters New Beliveau On site milling North Zone / Highway On site milling OVB slope angle deg Rock slope angle (North et East) deg Rock slope angle (South et West) deg OVB Mining cost Waste Mining Cost Cdn$/tonne Ore Mining Cost Cdn$/tonne Mining Recovery % Mining Dilution % Processing cost Cdn$/t treated G&A cost Cdn$/t treated Transport Cdn$/t treated Ore Premium Cost Cdn$/t treated Total Ore Based Cost Cdn$/t treated Processing Recovery % Metal Price (Au) US$/oz. troy 1,500 1,500 Exchange Rate Cdn$:US$ 1:1 1:1 Resulting Metal Price Cdn$/gram Resulting Marginal Cut off g/t

122 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 114 Highway North Zone New Beliveau Au Legend (g/t) Figure Isometric View with the Whittle Pits for the 3 Deposits and Resource Block Model Colored by Grade Au Legend (g/t) m 100m Figure Sections Looking North and West with Whittle Open Pit for New Beliveau

123 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 115 Au Legend (g/t) m Figure Section View Looking East with Whittle Open Pit for North Zone Au Legend (g/t) m Figure Section View Looking North with Whittle Open Pit for Highway

124 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 116 Table 14-8 Mineral Resources (Undiluted and In-Situ) Inside Whittle Open Pit at Varying COG Inferred Resource Estimates Inside Whittle Optimized Pit Effective 19 of November 2012 COG 0.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 4,474, ,160 Highway 358, ,160 North Zone 399, ,230 TOTAL 5,231, ,560 COG 0.7 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 3,743, ,100 Highway 313, ,290 North Zone 284, ,020 TOTAL 4,340, ,410 COG 1.0 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 2,971, ,250 Highway 227, ,920 North Zone 193, ,570 TOTAL 3,391, ,740 Table 14-9 Mineral Resources (Undiluted and In-Situ) Below Whittle Open Pit at 1.5 COG Below Whittle Optimized Pit (Underground Potential) COG 1.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau 3,361, ,650 Highway 236, ,150 North Zone 312, ,180 TOTAL 3,910, ,980 Table Mineral Resources (Diluted and Adjusted with Mining Recovery) Inside Whittle Open Pit at 0.69 COG Deposit Ore Waste Total Stripping Au Au ounces Tonnes Tonnes Tonnes Ratio g/t (Input) New Beliveau 4,273,000 36,002,000 40,275, ,950 North Zone 328,000 2,390,000 2,718, ,990 Highway 360,000 1,454,000 1,814, ,170 Total 4,961,000 39,846,000 44,807, ,110

125 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Sensitivity Analysis In order to verify the sensitivity of the inferred resource to the cut-off grade, the resource was estimated at cut-off grades of 0.5, 1.0 and 1.5. For information purpose, the total estimates (Not NI compliant) with no cut-off grade were provided. The Table displays the total estimates while Table to Table summarises the resources for Val-d Or East property for cut-off grades of 0.5 g/t Au, 1.0 g/t Au and 1.5 g/t Au. Table Total Estimates (Not Mineral Resources) with no Cut-Off Grade (0 g/t COG) From surface to 350m depth * Effective 19 of November 2012 COG 0.0 g/t Au * Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 10,560, ,190 New Beliveau - Flats Zones 11,440, ,170 Highway 5,010, ,860 North Zone 10,180, ,990 TOTAL 37,200, ,210 *: Not resources - Does not meet the reasonable prospect for economic extraction criteria Below 350m depth * COG 0.0 g/t Au * Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 12,090, ,570 New Beliveau - Flats Zones 1,850, ,370 Highway 100, North Zone 1,430, ,660 TOTAL 15,480, ,420 Total Estimates * COG 0.0 g/t Au * Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 22,650, ,760 New Beliveau - Flats Zones 13,290, ,550 Highway 5,110, ,680 North Zone 11,620, ,650 TOTAL 52,670, ,164,630

126 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 118 Table Inferred Mineral Resources at 0.5 g/t Cut-Off Grade From surface to 350m depth Effective 19 of November 2012 COG 0.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 3,510, ,200 New Beliveau - Flats Zones 5,530, ,130 Highway 1,950, ,270 North Zone 3,410, ,030 TOTAL 14,400, ,630 Below 350m depth COG 0.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 3,640, ,270 New Beliveau - Flats Zones 1,060, ,770 Highway 10, North Zone 70, ,020 TOTAL 4,780, ,290 Total Resource Estimates COG 0.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 7,150, ,470 New Beliveau - Flats Zones 6,590, ,910 Highway 1,960, ,500 North Zone 3,490, ,040 TOTAL 19,180, ,014,920 Table Inferred Mineral Resources at 1.0 g/t Cut-Off Grade From surface to 350m depth Effective 19 of November 2012 COG 1.0 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 2,080, ,040 New Beliveau - Flats Zones 3,360, ,070 Highway 780, ,070 North Zone 1,110, ,170 TOTAL 7,320, ,350

127 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 119 Below 350m depth COG 1.0 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 1,930, ,420 New Beliveau - Flats Zones 690, ,180 Highway North Zone 40, ,450 TOTAL 2,670, ,040 Total Resource Estimates COG 1.0 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 4,010, ,460 New Beliveau - Flats Zones 4,050, ,250 Highway 780, ,080 North Zone 1,150, ,620 TOTAL 9,990, ,400 Table Inferred Mineral Resources at 1.5 g/t Cut-Off Grade From surface to 350m depth Effective 19 of November 2012 COG 1.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 1,420, ,010 New Beliveau - Flats Zones 2,300, ,130 Highway 370, ,460 North Zone 400, ,590 TOTAL 4,480, ,200 Below 350m depth COG 1.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 1,300, ,730 New Beliveau - Flats Zones 500, ,850 Highway North Zone TOTAL 1,800, ,580 Total Resource Estimates COG 1.5 g/t Au Zones Tonnage Au Au (t) (g/t) (oz) New Beliveau Dykes and Junctions 2,720, ,740 New Beliveau - Flats Zones 2,800, ,980 Highway 370, ,460 North Zone 400, ,600 TOTAL 6,290, ,780

128 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page Adjacent Properties The Val-d Or Mining district is a centre of exploration activity. Adventure Gold s Val-d Or East property is surrounded by other exploration properties at different development stages, and held by a multitude of different companies, including the Pascalis Extension currently being acquired by Adventure Gold. For Pascalis Extension, the Company will acquire a 100% interest in 43 claims from a subsidiary of Blue Note Mining Inc. by making cash payments totalling $75,000 in two instalments ($25,000 will be completed before March 11, 2013), issuing 500,000 AGE shares and granting a 2.0% Net Smelter Return (NSR) royalty on the claims. The Company shall have the right to purchase 1.0% of the NSR royalty at any time by paying $1M. The Val-d Or East property is bordered to the west by Richmont mines property including Beaufor Mine and QMX Gold Corporation (QMX), to the south and east sides by QMX claims (Figure 15-1). The Richmont Mines Beaufor Mine property lies west of the Val-d Or East property. The mine has produced over 1 M ounces of gold in the total mine life and over 500,000 ounces since The ore is processed at Richmont 100% owned Camflo Mill approximately 50 km away. QMX (formerly Alexis Minerals) purchased and re-opended the Aurbel Gold Mill located 1 km east of the Lac Herbin Mine. The producing Lac Herbin Mine is approximately six (6) km away from the Adventure gold Property. The mine has been producing since October 2008 to present. Both companies has been active near the west boundary (drilling), but the results are unknown. The Beaufor West property is owned by Adventure Gold (100% interest) and is located 2 km west of the Val-d Or East property, and adjacent to the Beaufor Mine. The property consists of three contiguous mining claims well located covering 78 hectares. A Search of the Metals Economic Group (MEG) database for activity with a radius of 10 km from Adventure Gold s property, we can find a total of 15 projects with 27 different companies involved. Of which, 80% are gold related projects, 20% of the total properties have silver with gold, and about one third of the total properties are Copper and base metal projects, some of which contain gold. The Table 15-1 and Figure 15-1 summarise the situation of the adjacent properties. Table 15-1 Selection of the Most Active Projects Nearby the Val-d Or East Property Project Name Owners / Optionees / Optioners Direction from Vald Or East Property Sleepy Block Alexandria Minerals Corp South East Monique Richmont Mines Inc South East Lapaska Adventure Gold Inc South Pascalis Extension Blue Note Mining Inc / Adventure Gold Inc East Regcourt Galahad Metals Inc East Beaufor Mine Richmont Mines Inc. West Beaufor West Adventure Gold Inc West

129 NI Technical Report - Mineral Resource - Val-d Or East Property - Abitibi, Qc, Canada Page 121 Figure 15-1 Selection of the Most Active Projects Nearby the Val-d Or East Property 16 Other Relevant Data and Information SGS Geostat is unaware of additional information concerning the Val-d Or East property that is pertinent to this technical report.