Data Company ,068.5 Ardala No Reasonable Anglo American Ardala Yes Reasonable YAMAS/Rio Tinto JV Goldfields JV 2011

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1 JORC Table 1* Ariana/Eldorado JV Salinbaş-Ardala Project The table below is a description of the assessment reporting criteria used in the Salinbaş-Ardala Project Mineral estimation that reflects those presented in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources Ore Reserves (The JORC Code, 2012)*. The Mineral Resource statement was prepared for the Salinbaş-Ardala Project. Criteria Explanation Sampling Data Sampling Drilling Drill sample recovery Logging Full core was split using a rock saw half-core samples were taken at typically 100cm intervals in mineralised zones 200cm intervals in wall rock. Core recovery was recorded into the database. Diamond coring PQ, HQ NQ diameter. Historic data (pre-2012) drilled with HQ PQ casing where necessary. Recent drilling (2012) drilled with NQ, HQ PQ casing where necessary. The table below provides a summary of the drilling completed on the Ardala Salinbaş prospects, arranged in chronological order. Data reliability is dependent on whether the Company still retains access to the original core based on how reliable the original data source is considered. In the case of the Anglo American drilling data, this is supported well by a PhD study (Rockl, 1998) that was completed contemporaneously with the exploration programme. As a major mining company is the source of the data, Ariana considers the data reliability to be reasonable, despite the lack of access to core original QA/QC information. Year Meters Prospec Core Data Drilled t Availability Reliability* Company ,068.5 Ardala No Reasonable Anglo American Ardala Yes Reasonable YAMAS/Rio Tinto JV 2010 Yes Good Ariana/European 6,078.5 Sal nbaş Goldfields JV 2011 Yes Good Ariana/European 3,952.9 Salinbaş Goldfields JV Ardala Yes Good Ariana/Eldorado JV 1,349.9 Salinbaş Yes Good Ariana/Eldorado JV 15,715. Total 2 Core recoveries were monitored recorded into the sampling database. For the entire Project area, core recovery is >90% for mineralised zones is typically >80%. Core recovery is considered sufficient for the purposes of resource estimation. All diamond core holes were logged lithologically using a coded logging system for rock type, grain size, colour, alteration any other relevant observations, though logging methods vary across the different phases of 1

2 exploration. Mineralised zones were identified from observation of mineralogy, lithological characteristics further assisted by portable XRF analysis. Subsampling sample preparation Quality of assay data laboratory tests Verification of sampling assaying Location of data points Data spacing distribution Orientation of data in relation to geological structure Sample security Samples from diamond drill core, at 100cm intervals, were collected from sawn halves of identified zones of interest. QC procedures for the Joint Venture programme included the insertion of certified reference stards, blank samples, duplicates umpire laboratory check samples to monitor the accuracy precision of laboratory data. The protocol followed included the insertion of one stard, one blank one duplicate; each batch corresponded to the drill hole sampled. QC procedures for the drilling programmes were not available. The overall quality of QA/QC is considered adequate to ensure the validity of the data used for resource estimation purposes. All samples were submitted to the internationally accredited laboratory of ALS Global in Turkey (ISO 9001:2000 accredited). All collar positions were located initially by h-held GPS later surveyed by a professional surveyor using DGPS equipment. Downhole deviation surveys were routinely carried out in all holes, using a digital electromagnetic deviation tool. Due to the steep terrain, drill spacing is largely dependent on accessible sites. At Salinbaş drill-spacing varies from 10-50m on sections that are nominally spaced at 50-50m apart. At Ardala drill fans are collared from a single drill site with no regular grid. Salinbaş The dip of the mineralisation for most of the deposit is -23 o towards an azimuth of 60 o. Local grade continuity follows the dip of the mineralisation for the entire deposit. Nearly all drilling is vertical thus intersecting the mineralisation obliquely. No biases are expected from the drilling direction. Ardala The dip of the mineralisation for the gold domain is sub-vertical with an apparent plunge of -60 o towards the northwest. Drilling intersects local grade continuity at various angles without any apparent grade bias. The measures taken to ensure sample security for samples used for analysis QAQC include the following: 1 Chain of Custody is demonstrated by both Company ALS Global in the delivery receipt of sample materials. 2 Upon receipt of samples, ALS Global delivers by to the Company s designated Quality Control Manager, confirmation that each batch of samples has arrived, with its tamper-proof seal intact, at the allocated sample preparation facility. 3 Any damage to or loss of samples within each batch (e.g., total loss, spillage or obvious contamination), must also be reported to the Company in the form of a list of samples affected detailing the nature of the 2

3 problem(s). Audits reviews of sampling assaying Reviews on sampling assaying results were conducted for all data internally. Estimation reporting of Salinbaş-Ardala Mineral Resources Database integrity Site visits Geological interpretatio n Dimensions The Salinbaş-Ardala resource data is stored in a MS Access database is managed using MS Access Excel software. Data was logged onto field sheets, which were then entered into the data system directly by geologists working on the Project. Data was validated on entry into the database, or on upload from the earlier MS Access databases, by a variety of means including the enforcement of coding stards. Laboratory data has been received in digital format uploaded directly to the database. Original data sheets files have been retained are used to validate the contents of the database against the original logging. Independent consultants Odessa Resources Pty. Ltd. performed a visual validation by reviewing drill-holes on section by subjecting drill-hole data to data auditing processes in Gemcom mining software (e.g. checks for sample overlaps etc.). No site visit has been undertaken by the CP. However, the CP has been involved with the project in an advisory role with respect to geological modelling drillhole planning for longer than 12 months. Due to the earlystage nature of the project the comprehensive database it was not considered necessary to undertake a site visit. Ariana Joint Venture staff have visited the site on numerous occasions in order to observe drilling, sampling other operations in order to introduce appropriate logging, sampling drilling protocols. Salinbaş: shallow-dipping sheet-like mineralised breccia surfaces sub-parallel to contact between footwall limestone overlying volcanic rocks. Mineralisation modelled as semi-conformable stacked lodes. Ardala: steep-plunging mineralised domain contained within a porphyry body that was modelled on the basis of geological plans sections as reported in a PhD study by Rockl (1998) which were based on the contemporaneous original drilling undertaken by Anglo American in the early 1990s. Gold, copper molybdenum domains are modelled in Leapfrog software after applying search-bias as evident from porphyry orientation. Interpretations of geological surfaces derived from 3D modelling of drill-hole lithological data. Salinbaş In plan orientation, the deposit is approximately 1,260 metres long m metres wide. One primary lode with minor footwall lodes in the west minor hanging wall lode in the east. Lodes vary from 2-10m in thickness with main lode averaging 5m thickness. Mineralisation has vertical extents ranging between mrl. 3

4 Ardala In plan orientation, the deposit is approximately 445 metres long 90 metres wide. Gold mineralisation is assumed to be evenly disseminated throughout the domain related broadly to stockwork veins potassicphyllic alteration. Mineralisation has vertical extents ranging between mrl. Drillhole sample data was constrained within: Salinbaş: manually constructed wireframes defined by nominal 0.5g/tAu cut off. Several <0.5g/tAu intervals were included to maintain geological continuity. Ardala: three-dimensional Leapfrog Au, Cu Mo wireframes clipped with manually interpreted porphyry model. Sample data was composited to a 1 metre downhole length using a wireframeintersection compositing method. Residual samples (those composite intervals for which there was less than 50% of the composite length) were not considered biased hence were included in the estimate. An analysis of the grade distribution characteristics of the domain composites for each deposit was undertaken. In each case one of the following was identified: noticeable high-grade inflection points on log-probability graphs /or significant gaps on disintegration plots. The following top cuts were used: Zone (Au g/t) (Ag g/t) (Cu g/t) (Mo g/t) Estimation modelling (Ardala) Search ellipses ranges were defined as follows: Zon e Princip al Azimut h Princip al Dip Intermediat e Azimuth Anisotrop y X Anisotrop y Y Anisotrop y Z

5 A block model was constructed using a 20mE by 20mN by 10mRL parent block size. Estimation was carried out using Inverse Distance Squared (ID2) methodology at the parent block scale. One estimation pass using all available composites was used for all domains. A percentage model was used to report precisely the volume of material within each block. Tonnage reports from the volumetrics reporting function was checked against the analytical volumes of the constraining wireframes. The variance between the two methods was <1%. This is considered to be an acceptable margin of error. Moisture Tonnes have been estimated on a dry basis. Cut-off parameters Mining factors or assumptions Metallurgical factors or assumptions Environment al factors or assumptions Bulk density The Inferred Indicated resources are tabled as an undiluted resource above a zero cut-off (i.e. equivalent to reporting all material within the resource wireframe) as reported from the ID2 block model. The likely economics of this style of mineralisation will largely be determined by depth from surface, which in the case of the stated resources, varies from near-outcrop to an average depth of about 150m. Thus various mining methods, including conventional open-cut decline-underground, may be utilised on the applicable portions of the resource. In these circumstances, different lower cut-off grades maybe applicable. However, at this stage of the project a reporting cut-off of zero is considered applicable for planning purposes. It is likely that in the conversion from resources to reserves, losses will arise from either lower local grades /or minimum mining width criteria not being achieved. No mining factors (i.e. dilution, ore loss, recoverable resources at selective mining block size) have been applied. No metallurgical assumptions have been built into the resources because there is no intent at this point in time to convert the Mineral Resource into a Mineral Reserve. No environmental assumptions have been built into the resources because there is no intent at this point in time to convert the Mineral Resource into a Mineral Reserve. Bulk density data was not available for the Salinbaş-Ardala deposit. An assumed bulk density of 2.6 g/cm 3 has been applied. This bulk density is considered reasonable as an average density of mineralised porphyry the Ardala porphyry comprises the majority of the mineralised volume reported. The mineralisation at Salinbaş is hosted by limestone in some cases volcanic breccia so a bulk density range of g/cm 3 could be considered, though without specific measurements the 5

6 assumed bulk density of 2.6g/cm 3 is also reasonable in this case. Classification criteria Mineral Resources have been classified on the basis of confidence in geological grade continuity using the drilling density, geological model modelled grade continuity. Indicated Mineral Resources have been defined generally in areas of 50x50m drill spacing (Zone 100) with at least 10 holes defining the lode geometry. For all other lodes Inferred Mineral Resources have been defined in areas of >50x50m metre drill spacing where less than 10 holes define the lode geometry. 92% of the gold-silver resource (by tonnage) is classified as inferred At Salinbaş the inferred Zone 500 (29% by tonnage of the total Salinbaş- Ardala resource) is based primarily on two holes that were drilled 400m from the denser grouping of holes that define the topographically higher parts of the resource. The interpretation of Zone 500 is considered justified on the basis of the drilling results in the two holes that demonstrate: 1 continuation of the projected host structure along strike from the western portion of the resource where it is well defined. 2 continuation of the limestone/volcanic contact along strike from the western portion of the resource where it is well defined. 3 continuation of the projected mineralisation along strike from the western portion of the resource where it is well defined. Zone 500 requires significant additional drilling to confirm the presence of continuity of mineralisation in this area though there is currently sufficient geological confidence (as described above) to classify this zone as part of the Inferred resource as opposed to an Exploration Target. The fact that the mineralisation encountered in the two holes drilled in to this area almost exactly matched the predicted location of mineralisation based on the predrilling geological model is confirmation of validity of the model. 6

7 Figure 4 At Ardala where 100% of this specific resource is classified as Inferred there are five drill-holes that define the resource geometry. Given the disseminated character of this porphyry-style of mineralisation the use of Leapfrog isosurfaces is considered to be an appropriate method of defining the grade boundaries for this level of classification. Block Model verification Audits or reviews Discussion of relative accuracy/ confidence For each deposit, the ID2 model was validated against the input drill-hole composites for each domain by visual comparisons carried out against the composited drill-hole samples for each domain against the modelled block grade. The estimated grades were validated against average Au Ag grade statistics for each lode. Odessa Resources Pty. Ltd. place a relative accuracy of +/- 20% ( 90% confidence level) in the Mineral Resource estimate at the global level for the Indicated Resources based on the estimation technique data quality distribution. Inferred Resources have a lower level of confidence outside of this range, based on data density, the historical nature of some drilling data, uncertainties in the geological models established. Ends 7