FIFTH YEAR ASSESSMENT REPORT PROSPECTING ACTIVITY ON LICENCE 11579M SPRICY POND PROPERTY LICENCE 11582M FLATWATER POND PROPERTY

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3 FIFTH YEAR ASSESSMENT REPORT PROSPECTING ACTIVITY ON LICENCE 11579M SPRICY POND PROPERTY LICENCE 11582M FLATWATER POND PROPERTY NTS MAP SHEET 12H/16 ZONE 21 NAD 27 Work conducted April to Dec Written and complied by: Mervin Quinlan Dec. 2010

4 Table of Contents 1:0 Introduction page 1 2:0 Location and Access page 2 3:0 Previous Work page 3-4 4:0 Exploration page 5 5:0 Geology page 6 Illustrations Fig Location Map Licence 11582M Fig Location Map Licence 11579M Fig Sample Location Map Licence 11582M Fig Sample Location Map Licence 11579M Appendices I Assay Certificate Licence 11582M II Assay Certificate Licence 11579M III Statement of Expenditures Licence 11582M IV Sample Description Licence 11579M V Sample Description Licence 11582M VI Statement of Expenditures Licence 11579M

5 1:0 INTRODUCTION The Baie Verte Peninsula in Newfoundland has an extensive mining history which begin with the discovery of the Tilt Cove sulphide deposit in Since that time a number of other massive sulphide deposits have been mined for their base metals such as the Betts Cove and Rambler Mines deposits. All of these economic ore bodies are hosted by rocks of ophiolitic affinity which have been subject to extensive alteration and structural displacement. New interest was sparked in the Tilt Cove area with the gold discovery made by Bitech Energy Resources in 1988 at Nugget Pond located 8 km southwest of Tilt Cove. Since that time other targets and discoveries have been identified in other areas on the peninsula. Considering the geological environment of the Baie Verte Peninsula and the potential for new economic copper and/or gold deposits, 24 claims were staked in late 2005.These 24 claims consist of 2 licence, m(fig. 1), m(fig. 1) which total 24 claims, each consisting of 12 claims are located within NTS map sheet 12H/16. This report summaries the geochemical exploration carried out within these license in Page 1

6 2:0 LOCATION AND ACCESS Licence #011582m(fig.1) is located in the south-central portion of the Baie Verte Peninsula, within NTS map sheet 12H/16 zone 21 NAD 27.Access to the property is by way of route 410 to the town of Baie Verte. Route 410 meanders hi a south to north direction through the entire property. Flatwater Pond forms the eastern border of the property, this is excellent access at its shoreline as there is a boat launch.5 km away at Flatwater Pond Provincial Park.. Route 411 to the town of Westport passes through the southern end of the property. Licence #011579m (fig.2) is located hi the north-central part of the Baie Verte Peninsula, within NTS map sheet 12H/16. Access is gain by way of route 410(The Dorset Trail)to the town of Baie Verte, the northern part of the property is located 1.5 km from the town. Route 414 to LA Scie bisects the property in half this gives excellent access to the area on both sides of the highway. Topography of the areas covered by these 2 licence is rugged and is characterized by a series of steep hills and ridges which rise to 200 to 300 meters above sea level.the low lying areas are typically occupied by bogs and ponds. Some areas within these licence have been cutover logged. page 2

7 3:0 PREVIOUS WORK The geology of the Baie Verte Peninsula was first documented by Sir Alexander Murray in 1864 who was lured to the peninsula by the Terra Nova Mine. His work of a reconnaissance nature but he returned several times to investigate the geology and settings of the Tilt Cove and Berts Cove mines. Many of his regional observations are still adhered today (Hibbard 1983) Systematic regional geological mapping was not undertaken until at least fifty years later but it was E.R.W. Neale who was the first to map and compile the geology of the peninsula hi the late 1950's. Many other workers have contributed since, included Church and Kennedy, who were to significantly influence the direction of geological thought on the peninsula in the late 1960's..Church and Stevens were the first to recognize the significance of the ophiolites and Williams, hi the late 1970's made an effort to reconcile contracting interpretations of the regional geology of the peninsula, locally revising the stratigraphy (Hibbard, 1983). Numerous other studies were undertaken with a less regional focus, nevertheless contributing to the geological knowledge base.hibbard(1983) conducted a synthesis of all previous work, including his own studies and those of many mining companies who explored the Baie Verte Peninsula. His work serves as a comprehensive overview of the geology of the Baie Verte Peninsula and its excellent reference for explorationists. Numerous mining and exploration companies have contributed to the local geology of the peninsula including Brinex, M.J. Boylen and Associates, John-Manville. Falonbridge, Noranda, Cotana and Consolidated Rambler Mines. Mining and mineral exploration dates back to the 1860's on the Baie Verte Peninsula following the discovery of the Terra Nova, Berts Cove and Tilt Cove mines. The primary focus of explorationists was the discovery of base metals, however, there were economic gold grades reported from some of the Rambler deposits and the Goldenville Mine produced minor amount of gold at the turn of the century. It was not until the early-mid 1980's following a surge hi the price of gold and the discovery of the Hope Brook Gold Mine on Newfoundland's south coast that prospectors became interested hi the precious metal potential of the Baie Verte Peninsula. What ensued was a staking rash and an exploration boom resulting in the discovery of numerous gold showings, prospects and deposits including Deer Cove, Pine Cove Dorset, Stoger Tight and Nugget Pond. Page 3

8 3:0 PREVIOUS WORK In man days were spend prospecting Spircy Pond Property, licence m,a total of 12 samples were collected. There were 3 samples that returned anomalous values, sample no , a piece of subcrop q-vein in highly sil. altered carbonated rusty ultramafic 6-10%py fine grain in veinlets and pods. This sample returned values of 508 ppm Ni. and 3303ppm Cu. Sample no. 001 from outcrop a highly sil. volcanic, no q-vein 4-5% py with trace cp. returned a value of 25 ppb Au. The most encouraging result came from a piece of angular q float 50cm by 25cm highly carbonated chlorite rich minor sil. ultramafic trace py. this sample returned a value of 10G/T. This property with its close proximity to the Dorset and the Powerline has the potential to develop into a prospect in the future. In man days were spend prospecting the Flatwater Pond Property, licence no m, a total of 16 sample were collected. Results from 5 of these samples ranged from 25 ppb up to a high of 187ppb Au. One soil sample (071 Is) collected in the northeast corner of the property returned values of 58 ppb Au. 89ppm Zn. 88ppm Ni. and 103 ppb Cu. Canaustra Gold Exploration Limited did a detailed bulk sampling and panning of tills in 1988 to 1989 and averaged 6.5g/t Au. with a maximum value of g/t Au. This work resulted in the discovery of numerous gold grains, with counts as high as 100 grains and of local derivation, possibly within a few hundred metres of the source In 2009,Flatwater Pond Property, licence 11582M was prospected for 15 days and 19 samples were collected. Five of the days were spend in the vicinity of the trenches that Canaustra Gold excavated in 1989, tills here averaged 6.5g/tAu. with a maximum of 126g/t. This work resulted in the discovery of numerous gold grains, with counts as high as 100 grains of local derivation. Exploration here in 2009 failed to delineate the source of the gold concentrations in tills. Other areas of the licence was prospected without any significant finds.. In 2009, Spricy Pond Property licence 11579M, was prospected for 12 days and a total of 18 samples were collected. The northern half of the property is only accessible from route 414 this area is covered with heavy forest as a result little outcrop was found. South of route 414 there are a number of streams where accessibility is good, samples were collected here. Both of these properties were prospected with the use of a scintillometer without any significant results. Page 4

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10 4:0 Exploration 2010 License 11579M(Spricy Pond) consist of 12 claims all 12 claims are situated within NTS 12H/16.In 2006 a piece of angluar quartz float returned a value of l0g/t Au. In trying to locate the source of this boulder 11 days were spend prospecting within this license and 21 samples were collected License 11582M(Flatwater Pond) consists of 12 claims all are situated within NTS 12H/16 in days were spend prospecting and 20 samples were collected. However, exploration failed to locate the source of tills, which had a maximum value of 126 g/t Au. discovered by Canaustra Gold Exploration Limited in Page 5

11 5:0 GEOLOGY Geology licence M Spricy Pond, licence 11582M Flatwater Pond Geologically, the Baie Verte Peninsula lies at the northernmost extent of the Appalachian Orogen along the northern coast of Newfoundland Exposed on the Baie Verte Peninsula are rocks of the Humber and Dunnage Zones, two of four tectonstratigraphic zones recognized in Newfoundland The Humber Zone rocks record the evolution and destruction of the ancient continental margin in eastern North America while rocks of the Dunnage Zone represent the early vestiges of an earl Paleozoic lapetus ocean. The Baie Verte Peninsula is a unique area within the Appalachian Orogen in that only here is the contact between the ancient continental margin and the early Paleozoic iapetus ocean exposed. The Humber and Dunnage Zones are separated by a major structural zone, termed the Baie Verte Li.ne (BVL) or Baie Verte-Brompton Line which subdivides the peninsula into two distinct structural and lithic terranes The BVL trends north-northeast but swings sharply to the east near the town of Baie Verte. To the west of the BVL lie rocks assigned to the Fleur de Lys Belt of the Humber Zone which are comprised of poly deformed schists and gneisses They can be further subdivided into three lithic components high grade metamorphic basement rocks (migmatites, banded gneisses metaconglomerate and psammitic and pelitic schists) a metaclastic cover sequence (psammitic semi pelitic and graphitic schist, marble, greenschist and amphibolite) and post-kinematic granitoid intrusions Rocks lying to the east of the BVL are part of the Baie Verte Belt of the Dunnage Zone which can be subdivided into ophiolitic sequences of the Advocate Point Rousse and Belts Cove complexes and the Pacquet Harbour Group, Ordovician volcanic and volcaniclastic cover sequences and Silurian terrestrial volcanic and sedimentary rocks unconformable overlying the Olmer and a variety of intrusives including the Burlington biotite-horneblende granodiorite and the Cape Brule granite porphyry. All pre-carboniferous strata and structures, including the BVL. are folded around a major structure known as the Baie Verte Flexure Structural trends south of Baie Verte have a north-north-easterly orientation while east of Baie Verte structural trends have an easterly orientation. Hibbard : 1983) interpreted this to be a primordial feature that pre-dated all tectonism on the peninsula Page 6

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17 Appendices

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20 Appendex III Statement of Expenditures Licence 11582M Prospecting 8 man days $ Analytical cost transport and shipping $ Transportation truck per day $ ATV 8 per day $ Meals 8 per day $ Day writing report $ Subtotal $ Administration cost 15% $ Total $ Excess expenditures to be applied to consecutive years. Personnel Mervin Quinlan 8 man days Respectfully Mervin Quinlan Dec. 2010,

21 Appendex IV Sample description licence 11579M sample # type description easting nothing Au. ppb 0119 local float quartz with disseminated py and arsenopyrite outcrop feldspar rich quartz, large cubic py local float sil. Quartz vein cubic py outcrop same as outcrop quartz, specular hem. Cubic py,chalco outcrop 15cm quartz vein, milky white, trace py outcrop quartz cavitities filled with py.,biotite local float biotite rich quartz outcrop carb. Quartz trace py. And chalco local float clear quartz with galena local float quartz with biotite and muscovite local float quartz vein hem. Rich local float same as local boulder highly altered quartz,hem. Boitite outcrop quartz with large pods of cubic py outcrop 10%disseminated py. Trace sphal. And arsenopy local float.75 m quartz vein carb. And rusty local float 1x1 m boulder, bornite? Chalco,arsenopyrite local float sil. Quartz fine disseminated py local float quartz 15% py outcrop layered quartz veins, chlorite, galena

22 Appendex v Sample Description licence 11582M sample # type description easting northing Au. ppb 0105 local float quartz breccia minor py outcrop quartz breccia very rusty,highly sil outcrop same as localfloat highly sil. Quartz, carb. Disseminated py local float sil. Quartz carb. Hem localfloat sil. Felsic 15% py outcrop same as outcrop sil. Quartz py. Chalco outcrop.3 m quartz vein cavities filled with py. And chalco local float mafic vol. minor quartz 5% py local float rusty quartz boitite and py outcrop fractured quartz minor carb. Galena? local float carb. Quartz minor chalco local float highly sil. Carb. Quartz 2% py outcrop 1m wide quartz vein very rusty, tourmaline? outcrop carb. Quartz vein, epidote and cubic py outcrop carb. Rusty quartz minor py. And chalco soil rusty brown outcrop rusty carb. Quartz vein disseminated py. Mal staining outcrop same as

23 Appendix VI Statement of Expenditures Licence 11579M Prospecting 11 man days $ Analytical cost transport and shipping $ Transportation truck 8 per day $ ATV 8 $40 per day $ Meals $30 per day x 8 days $ day writing report $ Subtotal $ Administration cost 15% $ Total $ Excess expenditures to be applied to consecutive years. Personnel Eddie Quinlan 3 $ per day Mervin Quinlan 8 $ per day Respectfully, Mervin Quinlan Dec. 2010