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TECHNICAL REPORT

AND

RESOURCE ESTIMATE

ON THE

GABBS GOLD-COPPER PROPERTY

FAIRPLAY MINING DISTRICT

NYE COUNTY, NEVADA

USA

Located at

UTM 4292900N, 416300E

PREPARED FOR:

ST. VINCENT MINERALS INC.

BY

P&E MINING CONSULTANTS INC

P&E Mining Consultants Inc.

Suite 202 - 2 County Court Boulevard

Brampton, Ontario,

L6W 3W8

NI-43-101F1

TECHNICAL REPORT No. 220

Dr. Wayne D. Ewert, P.Geo.

Mr. Fred H. Brown, CPG, Pr.Sci.Nat.

Ms. Tracy Armstrong, P.Geo.

Mr. David Burga, P.Geo.

Effective Date: December 1, 2011

Signing Date: December 21, 2011

TABLE OF CONTENTS

1.0 SUMMARY ......................................................................................................................... i 1.1 PROPERTY DESCRIPTION AND OWNERSHIP ................................................ i 1.2 GEOLOGY & MINERALIZATION ....................................................................... i 1.3 EXPLORATION STATUS .................................................................................... ii 1.4 MINERAL RESOURCES ...................................................................................... ii

1.5 CONCLUSIONS & RECOMMENDATIONS ...................................................... iii 2.0 INTRODUCTION ...............................................................................................................1

2.1 TERMS OF REFERENCE ......................................................................................1 2.2 SOURCES OF INFORMATION ............................................................................1 2.3 UNITS AND CURRENCY .....................................................................................1

2.4 GLOSSARY AND ABBREVIATION OF TERMS ...............................................2 2.5 STANDARD UNITS AND ABBREVIATIONS ....................................................2

3.0 RELIANCE ON OTHER EXPERTS ..................................................................................4 4.0 PROPERTY DESCRIPTION & LOCATION ....................................................................5

4.1 PROJECT LOCATION ...........................................................................................5 4.2 PROPERTY DESCRIPTION AND MINERAL CONCESSION STATUS ...........5

4.3 PERMITS .................................................................................................................8 4.4 ROYALTIES/ENCUMBRANCES .........................................................................8

4.5 OTHER LIABILITIES ............................................................................................9 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE

& PHYSIOGRAPHY.........................................................................................................10

5.1 ACCESSIBILITY ..................................................................................................10 5.2 CLIMATE ..............................................................................................................10

5.3 LOCAL RESOURCES & INFRASTRUCTURE ..................................................10

5.4 PHYSIOGRAPHY .................................................................................................10

6.0 HISTORY ..........................................................................................................................12 6.1 REGIONAL EXPLORATION ..............................................................................12

6.2 HISTORICAL EXPLORATION OF THE GABBS PROPERTY ........................12 6.3 PREVIOUS EXPLORATION ...............................................................................14 6.4 NEWCREST RESOURCES INC., GEOCHEMICAL EXPLORATION .............14

6.5 NEWCREST RESOURCES INC. GEOPHYSICAL EXPLORATION ...............18 6.6 PREVIOUS DRILLING ........................................................................................20

6.6.1 Newcrest Diamond Drilling 2004-2009 .....................................................20 6.6.2 2004 Drill Program ....................................................................................22

6.6.3 2006 Drill Program ....................................................................................22 6.6.4 2006-2007 Drill Program ...........................................................................22 6.6.5 2008 Drill Program ....................................................................................22

6.7 HISTORIC RESOURCE ESTIMATES ................................................................23 6.8 HISTORIC METALLURGY.................................................................................24 6.9 HISTORIC PRODUCTION ..................................................................................26

7.0 GEOLOGICAL SETTING & MINERALIZATION.........................................................27

7.1 GEOLOGICAL SETTING ....................................................................................27 7.1.1 Regional and Local Geology .....................................................................27 7.1.2 Property Geology .......................................................................................27

7.2 STRUCTURE ........................................................................................................31 7.3 ALTERATION ......................................................................................................32 7.4 MINERALIZATION .............................................................................................33

7.4.1 Porphyry Gold-Copper Mineralization ......................................................34

7.4.2 Sullivan, Lucky Strike and Gold Ledge Prospects ....................................34

7.4.3 Sullivan Porphyry Gold-Copper Zone .......................................................36

7.4.4 Lucky Strike Porphyry Gold-Copper Zone................................................37 7.4.5 Gold Ledge Porphyry Gold-Copper Zone .................................................37 7.4.6 Epithermal Gold-Silver Mineralization .....................................................37 7.4.7 Car Body Zone ...........................................................................................38 7.4.8 Alteration Mineralogy ................................................................................39

8.0 DEPOSIT TYPES ..............................................................................................................40 8.1 GOLD-COPPER PORPHYRY DEPOSITS ..........................................................40 8.2 LOW-SULFIDATION EPITHERMAL SYSTEMS .............................................41

9.0 EXPLORATION................................................................................................................44 10.0 DRILLING .........................................................................................................................45

11.0 SAMPLE PREPARATION, ANALYSES, & SECURITY ...............................................48 11.1 CONCLUSIONS....................................................................................................49

12.0 DATA VERIFICATION ...................................................................................................50 12.1 SITE VISIT AND INDEPENDENT SAMPLING ................................................50 12.2 NEWCREST MINING QUALITY ASSURANCE/QUALITY

CONTROL REVIEW ............................................................................................51

12.3 ST. VINCENT QUALITY CONTROL REVIEW ................................................53 12.4 QA/QC SAMPLES ................................................................................................54

12.5 ASSAY METHODS ..............................................................................................55 13.0 MINERAL PROCESSING & METALLURGICAL TESTING .......................................56 14.0 MINERAL RESOURCE ESTIMATES ............................................................................57

14.1 INTRODUCTION .................................................................................................57 14.2 PREVIOUS RESOURCE ESTIMATES ...............................................................57

14.3 DATA SUPPLIED .................................................................................................57

14.4 DATABASE VALIDATION ................................................................................58

14.5 DOMAIN MODELING .........................................................................................58 14.6 COMPOSITING ....................................................................................................59

14.7 COMPOSITE SUMMARY STATISTICS ............................................................60 14.8 TREATMENT OF EXTREME VALUES.............................................................62 14.9 BLOCK MODEL ...................................................................................................62

14.10 ESTIMATION & CLASSIFICATION .................................................................63 14.11 MINERAL RESOURCE ESTIMATE ...................................................................64 14.12 VALIDATION .......................................................................................................65 14.13 MINERAL RESOURCE SENSITIVITY ..............................................................66

15.0 MINERAL RESERVE ESTIMATES................................................................................69 16.0 MINING METHODS ........................................................................................................70 17.0 RECOVERY METHODS ..................................................................................................71

18.0 PROJECT INFRASTRUCTURE ......................................................................................72 19.0 MARKET STUDIES & CONTRACTS ............................................................................73 20.0 ENVIRONMENTAL STUDIES, PERMITTING, & SOCIAL OR

COMMUNITY IMPACT .................................................................................................74

21.0 CAPITAL & OPERATING COSTS .................................................................................75 22.0 ECONOMIC ANALYSIS .................................................................................................76 23.0 ADJACENT PROPERTIES ..............................................................................................77

24.0 OTHER RELEVANT DATA & INFORMATION ...........................................................78 25.0 INTERPRETATION & CONCLUSIONS ........................................................................79

25.1 INTERPRETATION..............................................................................................79

25.2 CONCLUSIONS....................................................................................................79

26.0 RECOMMENDATIONS ...................................................................................................81

26.1 PHASE I EXPLORATION PROGRAM ...............................................................81

26.2 PHASE II EXPLORATION PROGRAM .............................................................82 27.0 REFERENCES ..................................................................................................................83 28.0 CERTIFICATES ................................................................................................................86

LIST OF TABLES

Table 1.1 Summary of In-Pit Inferred Mineral Resources ...................................................... ii

Table 1.2 In-Pit Sensitivity To Resource Estimate ................................................................ iii Table 1.3 Phase I Budget ........................................................................................................ iv Table 1.4 Phase II Budget ...................................................................................................... iv Table 4.1 St Vincent Minerals, Gabbs Property Claims ......................................................... 8 Table 6.1 Summary of Historical Exploration on the Gabbs Property ................................. 12

Table 6.2 Newcrest 2004-2008 Drill Hole Location, Type, Recovery ................................. 23 Table 6.3 Gabbs Project Significant Drill Intercepts ............................................................ 23 Table 6.4 Summary of Previous Resource Estimates ............................................................ 24 Table 6.5 Summary of Metallurgical Studies ........................................................................ 25 Table 10.1 Highlights of Drill Intercepts from 2011 Drill Program ....................................... 45

Table 14.1 Database Summary ................................................................................................ 57 Table 14.2 Domain Composite Summary Statistics for Oxide Au ......................................... 60

Table 14.3 Domain Composite Summary Statistics for Non-Oxide Au ................................. 60 Table 14.4 Domain Composite Summary Statistics for Sulphide Cu ..................................... 60 Table 14.5 Block Model Setup ................................................................................................ 63 Table 14.6 Economic Parameters ............................................................................................ 64

Table 14.7 Summary of In-Pit Inferred Mineral Resources .................................................... 65 Table 14.8 Volume and Tonnage Reconciliation .................................................................... 66

Table 14.9 Domain Validation Statistics ................................................................................. 66 Table 14.10 In-Pit Sensitivity To Mineral Resource Estimate: AuEq Cut-Off ......................... 67 Table 14.11 In-Pit Au Cut-Off Sensitivity To Mineral Resource Estimate .............................. 67

Table 14.12 In-Pit AuEq Cut-Off Sensitivity To Mineral Resource Estimate .......................... 68 Table 26.1 Phase I Budget ....................................................................................................... 81

Table 26.2 Phase II Budget ..................................................................................................... 82

LIST OF FIGURES

Figure 4.1 Gabbs Project Location Map ................................................................................... 6

Figure 4.2 Gabbs Sullivan Prospect Claim Location Map ....................................................... 7 Figure 5.1 Topographic View of Gabbs Property Showing Select Prospects ........................ 11 Figure 6.1 Rock Chip Sample Locations and Gold Values in the Gabbs Claim Block ......... 15 Figure 6.2 Rock Chip Sample Locations and Copper Values in the Gabbs Claim Block ...... 16 Figure 6.3 Soil Sample Locations and Gold Values in the Gabbs Claim Block .................... 17

Figure 6.4 Soil Sample Locations and Copper Values in the Gabbs Claim Block ................ 18 Figure 6.5 Plan Map of the Model Chargeability at 300 Metres and 450 Metres .................. 19 Figure 6.6 Magnetic Image (rtp) for Gabbs Project, Showing Interpreted Structures ........... 20 Figure 6.7 Map of Newcrest Drill Holes 2004-2008; North is to Top of Map ....................... 21 Figure 7.1 Geologic Map of the Gabbs Project ...................................................................... 29

Figure 7.2 Gabbs Project Stratigraphic Column ..................................................................... 30 Figure 7.3 Axial Trace of Folds within Triassic Rocks at Lucky Strike and Car Body ......... 32

Figure 7.4 Porphyry Style Alteration at the Lucky Strike Prospect ....................................... 33 Figure 7.5 Representative Longitudinal Section through the Sullivan Prospect .................... 35 Figure 7.6 SW-NE Cross-Section through Sullivan Showing Interpreted Fault

Truncating Monzonite Sill .................................................................................... 36

Figure 7.7 SW-NE Cross-Section through Lucky Strike........................................................ 37 Figure 8.1 Model of Relationship of Low-Sulfidation and High-Sulfidation to

Co- Genetic Sub-volcanic Intrusions and Associated Porphyry-Style Ores ......... 40 Figure 8.2 Conceptual Model Illustrating Different Styles of Magmatic Arc

Porphyry and Epithermal Cu-Au-Mo-Ag Mineralisation .................................... 41

Figure 8.3 Model Accounting for Varying Hydrothermal Fluids Contributing

to the Development of Banded Low-Sulphidation Epithermal Au-Ag Veins

Containing Many Varied Vein Elements. ............................................................. 42

Figure 10.1 Borehole Locations ............................................................................................... 47

Figure 12.1 Site Visit Sample Results Comparison for Gold ................................................... 51 Figure 12.2 Site Visit Sample Results Comparison for Copper ............................................... 51

Figure 14.1 Isometric Projection of Mineralization Domains .................................................. 59 Figure 14.2 Assay sample lengths for Newcrest and St. Vincent data ..................................... 59 Figure 14.3 Downhole Composite Grade Trends at Sullivan ................................................... 61

Figure 14.4 Decile Analysis Results for Au Composites ......................................................... 62 Figure 14.5 Gabbs Conceptual Pit Shells ................................................................................. 64

P&E Mining Consultants Inc. i

St. Vincent Minerals Inc. Gabbs Au-Cu Property Report No. 220

1.0 SUMMARY

This technical report (―Report‖) was prepared to provide a National Instrument 43-101 (―NI 43-

101‖) compliant Technical Report with respect to the Mineral Resource Estimate of the gold and

copper mineralization contained in the Gabbs gold-copper property located in the Fairplay

Mining District, Nye County, Nevada, USA. The mineralization of interest is contained within

four prospects namely the Sullivan, Lucky Strike, Gold Ledge and Car Body deposits (the

―Gabbs Property‖ of the ―Gabbs Project‖). St. Vincent Minerals US Inc., a subsidiary of St.

Vincent Minerals Inc. (―St. Vincent‖ or the ―Company‖), is the owner of 100% interest in the

Gabbs Property pursuant to a purchase and sale agreement dated October 29, 2010.

This report was prepared by P&E Mining Consultants Inc. (―P&E‖) at the request of Mr. Brian

Gavin, the chief executive officer of St. Vincent, which is a Toronto, Ontario based resource

company.

1.1 PROPERTY DESCRIPTION AND OWNERSHIP

The Gabbs Property is located in the Fairplay Mining District, on the southwest flank of the

Paradise Range, about 9 km (5.6 mi) south-southwest of the town of Gabbs, Nye County

Nevada. It is centred at UTM 4,292,900N, 417,730 E.

Access to the property is via Highway 361, southwest from Gabbs to Pole Line Rd, then 3.5 km

(2.2 mi) south to the centre of the property.

The Property is situated in an area of dry rolling hills bounded on the west by the Gabbs Valley

and on the east by the northeast trending Paradise Range. Surface elevations for the project area

range from 1,395 metres amsl (4,578 feet) on the northwest corner of the claim block, to

1,770 metres amsl (5,800 feet) on the southeast edge of the property. Vegetation is sparse, with

light coverage by various grasses and low shrubs.

The Gabbs Property consists of 355 unpatented lode claims and 1 patented lode claim which

constitute a 28 km2 (10.8 mi

2) contiguous claim block. The Gabbs claims are held as collateral

through security agreements between St. Vincent Minerals US Inc. and Newcrest Resources Inc.

(―Newcrest‖). St. Vincent is the owner of 100% interest in the property pursuant to a purchase

and sale agreement with Newcrest dated October 29, 2010. St. Vincent is required to pay an

annual Maintenance Fee of $140 per unpatented lode claim to Bureau of Land Management and

$10.50 per unpatented lode claim to the Nye County Recorder‘s Office. The aggregate annual fee

for the Gabbs Project is $53,428 due September 1st of each year for the subsequent assessment

year.

1.2 GEOLOGY & MINERALIZATION

The Gabbs Property is underlain by a stratigraphic sequence of intermediate volcanic rocks and

shallow marine sediments that are intruded by a large mafic to ultramafic igneous complex

comprised of dark green massive equigranular gabbro, melagabbro, pyroxenite, and peridotite.

Monzonite bodies intrude the Triassic units and gabbroic complex. These intrusive bodies are

extremely significant as they host porphyry style Au-Cu mineralization found at the Sullivan,

Lucky Strike and Gold Ledge areas. The Car Body prospect by comparison is classified as an

epithermal gold system.

P&E Mining Consultants Inc. ii


Overlying the pre-Tertiary rocks are thick sequences of Tertiary intermediate and felsic volcanic

rocks. (Most often these contacts are unconformable.)

1.3 EXPLORATION STATUS

St. Vincent completed a 2,400 metre (7,875 feet) drilling program consisting of 10 reverse

circulation (RC) holes in March-April of 2011. The goal of this drilling was to expand the area of

known mineralization at the Lucky Strike area (6 holes) and test IP anomalies (4 holes) identified

by previous owner, Newcrest. Gold mineralization was encountered in 7 of 10 holes. Highlights

of the three most interesting holes (SVM-4, SVM-5 and SVM-6) are as follows: SVM-4 and

SVM-5 extended the mineralization 2,000 feet (610 metres) at Lucky Strike and SVM-6

encountered mineralization in at new area identified by an IP anomaly south of the Sullivan

mineralized zone.

1.4 MINERAL RESOURCES

P&E prepared an Inferred Mineral Resource estimate based on 494 drillhole records, consisting

of 397 ―historical‖ drillholes, 87 drillholes completed by Newcrest and ten RC drillholes recently

completed by St. Vincent. The ―historical drillholes‖ do not meet NI 43-101 and CIM guidelines

for the public reporting of a mineral resource. Historical drillholes were therefore used only to

define the extent of the mineralized deposits, and historical assay grades were not incorporated

into the mineral resource estimate. The P&E Mineral Resource estimate for the Gabbs Property

is reported at a cut-off grade of 0.40 g/t Au for the oxide deposits and 0.30 g/t Au for the non-

oxide deposits (Table 1.1). A summary of the mineral resource sensitivity is presented in Table

1.2.

TABLE 1.1

SUMMARY OF IN-PIT INFERRED MINERAL RESOURCES(1-11)

Deposit Au Cut-

off 1000 t

Au

g/t

Au 1000

oz

Cu

ppm

AuEq

g/t

AuEq 1000

oz

Sullivan Oxide 0.40 g/t 9,935 0.80 254.5 2,463 0.80 254.5

Sullivan

Non-Oxide 0.30 g/t

10,782 0.47 161.6 2,185 0.83 288.1

Car Body Oxide 0.40 g/t 836.5 1.44 38.6 ---- 1.44 38.6

Car Body

Non-Oxide 0.30 g/t

44.4 0.78 1.1 ---- 0.78 1.1

Gold Ledge Oxide 0.40 g/t 108.2 0.47 1.6 2,691 0.47 1.6

Gold Ledge Non-

Oxide 0.30 g/t

760.6 0.61 15.0 1,800 0.91 22.3

Lucky Strike Oxide 0.40 g/t 243.5 0.52 4.1 2,479 0.52 4.1

Lucky Strike Non-

Oxide 0.30 g/t

34,489 0.50 552.6 2,427 0.90 1,002

Total --- 57,199 0.56 1,029 2,342 0.88 1,612

(1) Mineral Resources which are not mineral reserves do not have demonstrated economic viability. The

estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,

taxation, socio-political, marketing, or other relevant issues.

(2) The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been

insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral

P&E Mining Consultants Inc. iii


Resource, and it is uncertain if further exploration will result in upgrading them to an Indicated or

Measured Mineral Resource category.

(3) Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum

(“CIM”), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the

CIM Standing Committee on Reserve Definitions and adopted by CIM Council

(4) Mineral Resources are reported within a conceptual pit shell.

(5) Inverse distance weighting of capped composite grades within grade envelopes was used for estimation.

(6) Composite grade capping of 5.00 g/t Au and 9000 ppm Cu was implemented prior to estimation.

(7) A bulk density of 2.70 t/m3 was used for tonnage calculations.

(8) A two year, November 30, 2011 trailing average copper price of US$3.70/lb and a gold price of

$1,350.00/oz were used along with an oxide process cost of $6.50/tonne, a sulphide process cost of

$9.50/tonne and G&A costs of $2.25/tonne.

(9) An oxide Au recover of 50% and a sulphide Au recovery of 90% were used

(10) Resources were estimated within an optimized pit shell utilizing pit slopes of 45 degrees and mining costs of

$1.50/tonne of rock.

(11) The conversion factor for AuEq is: AuEq=Au+Cu*1.67/10,000.

TABLE 1.2

IN-PIT SENSITIVITY TO RESOURCE ESTIMATE

Grade Sensitivity Matrix, Gabbs, Nevada

Cut-off Au g/t

Oxide/Non-

oxide

Tonnage

(1,000 t) Au (g/t) Au (1,000 oz) Cu (ppm)

AuEq

(g/t)

AuEq (1,000

oz)

0.60 / 0.50 20,132 0.82 532 2740 1.17 756

0.50 / 0.40 38,528 0.65 806 2443 0.97 1,208

0.40 / 0.30 57,199 0.56 1,029 2,342 0.88 1,612

0.30 / 0.20 85,014 0.46 1,262 2253 0.77 2,117

0.20 / 0.10 167,942 0.37 1,977 2213 0.74 3,972

1.5 CONCLUSIONS & RECOMMENDATIONS

The Gabbs Project contains at least three separate Au-Cu porphyry prospects (Sullivan, Lucky

Strike and Gold Ledge) and one epithermal gold prospect (Car Body). Their close proximity to

each other suggests that they either share a common source which has possibly been structurally

dismembered from a once continuous system, or that multiple intrusive centers exist.

P&E recommends a two phase, results driven exploration program. Phase I of the exploration

program comprises a metallogenic study, structural analysis and drilling. Phase I has a proposed

budget of $3,621,480 and is expected to be completed between 2012 and 2013 (Table 1.3).

P&E Mining Consultants Inc. iv


TABLE 1.3

PHASE I BUDGET

Administration $110,000

Geophysics $225,000

Geologists Salary/Expenses (2.5) $325,000

DDH drilling 3,415 meters (8

holes) $1,390,000

RC drilling, 6,400 m (15 holes) $755,000

Geochemistry & Sample

Preparation $434,000

Preliminary Economic

Assessment $200,000

Miscellaneous Geologic Supplies $108,000

Metallurgical Testing & Study $75,000

Total Estimate $3,622,000

*RC drilling of geophysical anomalies property wide and suspected

mineralization at Gold Ledge and Lucky Strike.

**DDH at Sullivan and Car Body.

A Phase II Exploration Program is recommended based on favourable results from the Phase I

program. The aim of this program is to test for additional gold-copper porphyry and epithermal

precious metal mineralization on the property and also to verify previous drilling results in the

Sullivan area. Phase II has a proposed budget of $6,466,000 and is expected to be completed

between 2013 and 2014 (Table 1.4).

TABLE 1.4

PHASE II BUDGET


Sullivan Oxide Def. DDH 6,400 m $2,400,000

Sullivan Sulfide Def. DDH 1,936 m $720,000

Exploration Drilling DDH 4,389 m $1,728,000

Geologists Salary/Expenses (3) $650,000

Geochemistry & Sample Preparation $544,000

Miscellaneous Field Supplies $134,000

Miscellaneous Field Services $165,000


*Sullivan Oxide Drilling 100 m center 40 holes

@ 160 m = 6,400 metres

**Sullivan Sulphide Drilling 4 Holes

@ 484m= 1936 metres.

***Exploration Drilling (Lucky Strike, Gold Ledge,

Car Body) 4,389 metres

P&E Mining Consultants Inc. Page 1 of 89


2.0 INTRODUCTION

2.1 TERMS OF REFERENCE

The Report was prepared to provide a NI 43-101 compliant Technical Report incorporating the

Mineral Resource Estimate of the gold-copper mineralization contained within the Gabbs

Property. The Report was prepared by P&E at the request of Mr. Brian Gavin, the chief

executive officer of St. Vincent., a Toronto, Ontario based corporation with its corporate offices

at:

St. Vincent Minerals Inc.

Exchange Tower, 130 King St. West

Suite 2120, PO Box 221,

Toronto, Ontario M5V 2L5

The Report has an effective date of December 1, 2011.

Mr. Fred H. Brown, CPG, Pr.Sci.Nat., a ―Qualified Person‖ as defined in NI 43-101, conducted a

site visit from May 31st to June 2nd

, 2011. An independent verification sampling program, as

elaborated upon in section 12.1, was conducted at this time. The other Qualified Persons, Dr.

Wayne D. Ewert, P.Geo., Ms. Tracy Armstrong, P.Geo. and Mr. David Burga, P.Geo. have not

visited the property.

The Report is prepared in accordance with the requirements of NI 43-101 and Form 43-101F1 of

the Canadian Securities Administrators (―CSA‖). The Mineral Resources in the estimate are

considered compliant with the current CIM Standards on Mineral Resources and Reserves,

Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions as

adopted by council.

2.2 SOURCES OF INFORMATION

The Report is based, in part, on internal company technical reports and maps, published

government reports, company letters and memoranda, and public information as listed in the

"References" section of this report. Several sections from reports authored by other consultants

may have been directly quoted in this Report, and are so indicated in the appropriate sections.

The Qualified Persons responsible for the Report have taken all appropriate steps, in their

professional judgement, to ensure that the work, information, or advice from such others is sound

and the Qualified Persons responsible for the Report do not disclaim any responsibility for the

Report in regard to those sections of the report for which they have assumed responsibility in

their certificates.

P&E has not conducted detailed land status evaluations but has reviewed previous qualified

reports, public documents and statements by St. Vincent regarding Property status and legal title

to the Gabbs Project contained in section 4 of the Report.

2.3 UNITS AND CURRENCY

Units of measurement used in this Report conform to the SI (metric) system. Gold assay values

are reported in grams per tonne (―g/t‖) unless ounces per ton (―oz/t‖) or parts per million



(―ppm‖) are specifically stated. Base metal assay values, including copper, are given in percent

(―%‖) or in parts per million (―ppm‖).

All currency in this Report in US dollars (US$) unless otherwise noted. As of the effective date

of this Report the exchange rate between the US and Canadian Dollars was 1.00 US$ = C$ 1.02.

2.4 GLOSSARY AND ABBREVIATION OF TERMS

In this document, unless the context otherwise requires, the following terms have the meanings

set forth below.

2.5 STANDARD UNITS AND ABBREVIATIONS

°F degree Fahrenheit

°C degree Celsius

A annum

Ag silver

amsl above mean sea level

Au gold

C$ Canadian dollars

cm2 square centimetre

Company St. Vincent Minerals Inc.

Cu copper

ft foot

g gram

g/t gram per tonne

Hg mercury

in inch

IP induced polarization

K potassium

k thousand

kg kilogram

km kilometre

km2 square kilometre

M metre

Mo molybdenum

m3 cubic metre

mi mile

mm millimetre

Newcrest Newcrest Resources Inc.

NN Nearest Neighbour

oz Troy ounces (31.1036g)

oz/t ounce per short ton

P&E P&E Mining Consultants Inc.

Pb lead

pg microgram

ppm part per million

Property Gabbs Property

RC reverse circulation

t metric tonne



tpa metric tonne per year

tpd metric tonne per day

US$ United States dollar

USGS United States Geological Survey

W tungsten

yr year

Zn zinc



3.0 RELIANCE ON OTHER EXPERTS

In connection with Item 4 of this Report, the authors wish to emphasize that they are Qualified

Persons only in respect of the areas in this Report identified in their certificates of Qualified

Persons submitted with this Report. The authors have relied, and believe that they have a

reasonable basis to rely upon, Erwin & Thompson LLP, a Limited Liability Partnership

(Including Professional Corporations), with offices as noted below, for legal title opinions as

outlined in letters dated September 29, 2010 as supplied to P&E by St. Vincent. P&E has also

relied upon tenure data effective as of December 1, 2011 that is publically available from the

United States Bureau of Land Management State Office, Reno, Nevada

(http://www.blm.gov/nv/st/en.html) copies of which were also supplied to P&E by St. Vincent.

Erwin & Thompson LLP

One East Liberty, Suite 424

Post Office Box 40817

Reno, Nevada 89504

Although copies of the licences, permits and work contracts were reviewed, P&E has not verified

the legality of any underlying agreement(s) that may exist concerning the licences or other

agreement(s) between third parties.

A draft copy of the report has been reviewed for factual errors by St. Vincent. Any changes made

as a result of these reviews did not involve any alteration to the conclusions made. Hence, the

statement and opinions expressed in this document are given in good faith and in the belief that

such statements and opinions are not false and misleading at the date of this report.

http://www.blm.gov/nv/st/en.html



4.0 PROPERTY DESCRIPTION & LOCATION

4.1 PROJECT LOCATION

The Gabbs Property is located in the Fairplay Mining District, on the southwest flank of the

Paradise Range, about 9 km (5.6 mi) south-southwest of the town of Gabbs, Nye County,

Nevada, approximately 238 km (148 mi) east-southeast of Reno, NV (Figure 4.1). It is centered

at UTM 4,292,900 N, 416,300 E and lies within Sections 28, 29, 30, 31 T11N, R36E, as shown

on the U.S.G.S. Gabbs 7.5‘ quadrangle map.

4.2 PROPERTY DESCRIPTION AND MINERAL CONCESSION STATUS

The Gabbs Project consists of 355 unpatented lode claims and 1 patented lode claim which

constitute a 28 km2 (10.8 mi

2) contiguous claim block (Figure 4.2 & Table 4.1). St. Vincent

Minerals US Inc. is the owner of 100% interest in the property pursuant to a purchase and sale

agreement dated October 29, 2010. As part of the purchase price for the Gabbs Project, a

Promissory Note dated October 29, 2010 and amended on December 20, 2011 was made by St.

Vincent Minerals US Inc. and St. Vincent, jointly, in favour of Newcrest Resources Inc.

(―Newcrest‖). Under the terms of the note US$850,000 is due to Newcrest on or prior to April

30, 2012. The note bears zero interest. The Gabbs claims are held as collateral through security

agreements between St. Vincent Minerals US Inc. and Newcrest. Under this agreement St.

Vincent Minerals Inc. acquired not only all of the Gabbs Project, but also 100% interest in the

Silverton, Crow Springs, Sand Springs and Ferber properties located in Nevada, including all

drilling core, chips and data.



Figure 4.1 Gabbs Project Location Map

(Source: St. Vincent Minerals Inc.)



Figure 4.2 Gabbs Sullivan Prospect Claim Location Map




St. Vincent is required to pay an annual Maintenance Fee of $140 per unpatented lode claim to

the Bureau of Land Management and $10.50 per unpatented lode claim to the Nye County

Recorder‘s Office. The Gabbs Project consists of 355 claims implying a fee of $53,428 per year

which will be due September 1st of each year for the subsequent assessment year. The claims do

not expire as long as the annual fees are remitted to the respective agencies (Table 4.1).

TABLE 4.1

ST VINCENT MINERALS, GABBS PROPERTY CLAIMS

Claim

Name Claim #

Number of

Claims

Date of

Location Notes

Sullivan

Lode 2156 1 April, 1904

Patent #42614 granted 7 June, 1905. Mis-

located in records

SUL 1-39 39 August, 1969 Originally located by Omega Resources

(Kenneth and Joan Palosky)

BAGGS 1-162 162 November, 2002

Located by Newcrest Resources Inc.

BAGGS 163 1 February, 2004

BAGGS 164-229 66 March, 2007

BAGGS 234-263 30 September, 2007

BAGGS 268-280 13 September, 2007

BAGGS 415-439 25 April, 2008

BAGGS 440-444 5 May, 2008

BAGGS 446-451 6 May, 2008

BAGGS 453-456 4 May, 2008

SVM 1-4 4 March, 2011 Located by St. Vincent Minerals US Inc.

*All claims are current and the 2011-2012 claim maintenance fees have been filed with the Bureau of Land

Management.

4.3 PERMITS

The United States Bureau of Land Management accepted St. Vincent‘s Surface Management

Notice on February 28, 2011 and the subsequent amendment submitted on March 31, 2011. This

accepted notice allowed St. Vincent to conduct its preliminary 2011 Drilling Program on the

Gabbs claims. St. Vincent posted reclamation bonds in the amount of US$15,000. Approval from

the Bureau of Land Management is required before additional exploration work is conducted. It

oversees and approves how much of the surface can be disturbed for exploration purposes (i.e. –

for drill pads or access roads). St. Vincent will be required to amend this notice in the future

before the Phase I and Phase II (2011-2012) Drilling Program begins and may be required to post

additional reclamation bonds.

No further permits are required at this stage of the Property‘s development. As long as the

Company pays the yearly claim fees, there is no work commitment required. The current

approved Notice of Intent is valid until March 31, 2013 unless the Company seeks a future

amendment for Phase I and Phase II drilling.

4.4 ROYALTIES/ENCUMBRANCES

Other than to secure the Company‘s performance under the promissory note described above,

there are no royalties or other encumbrances attached to the Gabbs claims.



4.5 OTHER LIABILITIES

There are no environmental liabilities associated with the Gabbs claims, and there are no other

known risks that would affect access, title, or the right or ability to perform work on the

Property.



5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE &

PHYSIOGRAPHY

5.1 ACCESSIBILITY

The Gabbs Property is accessible from Reno by driving 56 km (34.8 mi) east on Interstate 80 to

Fernley (Exit 48), and 118 km (73.3 mi) east on US Highway 50 to Middlegate, then 50 km

(31 mi) south on Nevada State Highway 361 to Gabbs. From Gabbs, continue driving 7 km

(4.3 mi) southwest on Highway 361 to Pole Line Rd, then 3.5 km (2.2 mi) south to the center of

the Property (See Figure 4.1).

5.2 CLIMATE

The climate is typical for the arid high Great Basin Desert, with temperatures ranging from a

July average daily high of 95°F (33°C), with an average daily low of 56oF (13

oC) and a January

daily high at 45oF (7

oC) with an average daily low of 20°F (-7

oC). The extreme temperatures

reported for the Gabbs Property are 107oF (42

oC) and -37

oF (-27

oC). Annual precipitation is

5.84 in. (14.8 cm); although May is typically the wettest month, precipitation can occur

throughout the year.

The Gabbs Property is suited for exploration and mining for most of the year although temporary

weather delays can occur during the winter months of January through March.

5.3 LOCAL RESOURCES & INFRASTRUCTURE

A well maintained gravel road bisects the Property and a major power transmission line crosses

the project west of the Sullivan mine area. Very limited logistics can be found in the town of

Gabbs, though most service and supplies can be acquired in the town of Fallon, NV (pop. 8,525),

which is 120 km (75 mi) northwest of the site or the town of Hawthorne which is 90 km (55 mi)

west-southwest of the site.

Experienced mining personnel are available from the local communities of Gabbs, Hawthorne

and Fallon.

There is no water source on the property at present but there is sufficient groundwater that could

be accessed upon approval of a water drilling application.

St. Vincent has the legal right, including surface rights, to conduct exploration on its unpatented

claims and the right to operate a mine upon the completion of the permitting application with the

Bureau of Land Management and State of Nevada.

5.4 PHYSIOGRAPHY

The Property is situated in an area of dry rolling hills cut by shallow, dry drainages and is

bounded on the west by the Gabbs Valley, and on the east by the northeast trending Paradise

Range. The surface elevations for the project area range from 1,395 metres amsl (4,578 feet) on

the northwest corner of the claim block to 1,770 metres amsl (5,800 feet) on the southeast edge

of the Property (Figure 5.1).



Vegetation is sparse with approximately 25% coverage by various grasses and low shrubs of

greasewood, sage, shad scale, and rabbit brush. Animals seen during visits to the Property

include various lizards, snakes, rabbits, ground squirrels, insects, and the occasional deer,

antelope and transient wild horse.

Figure 5.1 Topographic View of Gabbs Property Showing Select Prospects



6.0 HISTORY

6.1 REGIONAL EXPLORATION

Regionally the Gabbs Property is situated within the north-western end of the Fairplay Mining

District, an area that has been extensively and intensively explored by several companies and

individuals since the late 1800‘s (Wood, 2003; Fierst 2009).

Economic potential in the area was dominated by the Paradise Peak high sulphidation epithermal

gold-silver-mercury and discovered in 1983 and active until 1993 with a total production of

1.46 million ounces gold, 38.9 million ounces silver and 457 metric tonnes of mercury

(Sillitoe and Lorson, 1994; Plate 1). The Paradise Peak mine is adjacent to the south Property

boundary.

6.2 HISTORICAL EXPLORATION OF THE GABBS PROPERTY

The Gabbs Property, which has been intermittently explored by various operators since the

1970s, has over 500 holes drilled on the Property, half of these at the Sullivan porphyry gold-

copper prospect. A brief summary of the exploration history of the Gabbs Property is given in

Table 6.1.

TABLE 6.1

SUMMARY OF HISTORICAL EXPLORATION ON THE GABBS PROPERTY

Year(s) Ownership Historical Exploration Description

Late 1880's

to early

1900's

John Sullivan

The earliest recorded work in the Gabbs Project area was at

the Sullivan mine area with the location of the Sullivan Lode

Claim, recorded on January 9, 1888 after John Sullivan

discovered a ledge of gold more than 366 metres in length and

from 61 to 122 metres in width. A shaft 30 metres deep with

an accompanying crosscut was dug at Sullivan during this

period. The Sullivan claim was patented as the Sullivan Lode

on June 7, 1905 (Danner, 1992).

1905-1967 N/A Little recorded history on the property was available during

this period

1967-1969 Omega

Resources

In 1969, the property was acquired by Kenneth and Joan

Palosky (Omega Resources)

1970 McIntyre

Mines

In 1970 McIntyre Mines optioned the Sullivan property, and

drilled 16 holes (a mixture of rotary and core), targeting a

porphyry copper style system.

1971 Homestake

Mining

Homestake Mining drilled 16 additional core and rotary holes

at the Sullivan deposit in 1971.

1974-1976 Cominco Between 1974 and 1976, Cominco drilled 11 holes (rotary and

core) in the Sullivan, Gold Ledge and Lucky Strike areas.

1977 Seremex Seremex drilled 4 core holes in the Sullivan area in 1977

1978 UV Industries In 1978, UV Industries drilled 2 diamond holes in the Sullivan

area.

1978-1979 Omega

Resources

From 1978-1979, the Palosky‘s (Omega Resources) drilled 5

RC holes at Sullivan.

1980-1983 Cyprus/Amoco Cyprus/Amoco joint-venture drilled 65 rotary holes between



TABLE 6.1



Dee Gold 1980 and 1983 at Sullivan, and one near Lucky Strike (Fierst,

2009).

Validation drilling was conducted by Dee Gold in 1983 when

4 ―twin‖ holes were drilled to confirm results of previous

drilling.

1984-1986 Placer

American

Between 1984 and 1986, Placer American (Placer Dome)

drilled 4 reverse circulation (―RC‖) holes at Sullivan, 99 RC

holes at Car Body, 13 reverse-circulation holes at Lucky

Strike, 8 reverse-circulation holes at Gold Ledge, and 32

reverse-circulation holes elsewhere on or near the property

(Fierst, 2009).

1987-1989

Glamis

Gold/Cuervo

Gold

Glamis Gold/Cuervo Gold drilled 117 air track holes at

Sullivan and excavated a 30k ton test leach open pit.

1990 Gwalia Gold

Mining

In 1990, Gwalia Gold Mining drilled 14 holes (reverse-

circulation and core) at Sullivan and produced a pre-feasibility

study that stated that the ore body contained 12,680,000 tonnes

at 0.0267opt (0.834 g/t) gold and 0.34 % copper*

1991-1992 FMC Gold

From 1991-1992, FMC Gold drilled 74 reverse-circulation

holes south of Sullivan and east of Paradise Peak mine on the

Gabbs Property (Fierst, 2009).

1995 Arimetco

Arimetco acquired the Property in 1995 and drilled 4 core

holes at Sullivan and produced a Pre-Feasibility Study and

Plan of Operations with expectations to mine the Sullivan

resource (Arimetco International 1995 & 1996).

Arimetco stated that the Sullivan ore body consists of

―copper/gold ore containing approximately 17,162,000 tons of

oxidized ore grading 0.34% copper and 0.0255 ounces gold

per ton. It also hosts an additional 8,549,000 tons of copper

ore grading 0.31% copper‖ (Arimetco, 1995).*

Arimetco filed for bankruptcy on the property due to lack of

funding and low metal prices.

1996-2001 N/A Exploration activities on property ceased until 2002, when

Newcrest staked the property.

2002-2008 Newcrest

Resources

Newcrest staked the property in 2002 (excluding the Sullivan

area), and subsequently bought the Sullivan area in 2005 from

Arimetco in bankruptcy court. They drilled 24,765 metres

(81,250 feet) of reverse-circulation and core in 87 holes

through 2008. Newcrest performed petrographic studies

(Mason, 2008 and Thompson, 2006), extensive rock and soil

geochemical sampling, mapping (Candee, 2004; Chamberlain,

2008; Snyder, 2008) ground magnetics (Magee, 2007 and

Mackey, 2008), and induced polarization (Carlson, 2008)

across the property.



TABLE 6.1



Newcrest also produced a resource estimate for the Sullivan

that took in consideration of historic and current Newcrest

drilling (Maxlow, 2009). The Newcrest resource estimated is

given at 33,102,000 tonnes of ore grading 0.55g/t gold and

0.25% copper at a 0.3 g/t cut-off*. ―This represents a resource

of 585,000 ounces of gold and 82,755 tonnes of copper‖

(Maxlow, 2009)

2009-2010 Newcrest/St.

Vincent

Newcrest decided in 2009 to divest of all remaining properties

in the U.S. St. Vincent acquired the property in October, 2010.

*It should be noted that the resource estimates summarized above in Table 6.1 are historical in

nature and as such are based on prior data and reports prepared by previous operators. St.

Vincent is not treating the historic resource estimates as current. The work necessary to verify

the classification of the Mineral Resource estimates has not been completed and the resource

estimates therefore, cannot be treated as NI 43-101 defined resources verified by a Qualified

Person. The historical estimates should not be relied upon and there can be no assurance that

any of the resources, in whole or in part, will ever become economically viable.

6.3 PREVIOUS EXPLORATION

The most recent generation of exploration conducted on the Gabbs Property was that carried out

by Newcrest, during the period 2002 to 2008. The following is a brief summary of the

geochemical and geophysical surveying performed on behalf of Newcrest.

6.4 NEWCREST RESOURCES INC., GEOCHEMICAL EXPLORATION

Between 2002 and 2008 Newcrest collected about 900 surface rock chip samples from the Gabbs

Property. Sampling was concentrated around zones of known mineralization and, unsurprisingly,

anomalous to potentially economic gold and, to a lesser extent, copper values are concentrated in

these zones (Figure 6.1 and Figure 6.2). Sampling outside the mineralized zones mostly returned

low values and no prospect scale geochemical zoning is apparent. A soil survey was undertaken

on the Gabbs claim block in March and April of 2008. A total of 1,383 soil samples were

collected at 50 metres spacing along lines 200 metres apart. Following an orientation survey of

30 samples that were analyzed for a suite of 30 elements, it was determined that the remainder of

the survey could be done for gold and copper only since no anomalous pathfinder elements

appeared to correlate with gold and copper mineralization. (Fierst, 2008; Figure 6.3 and Figure

6.4). Anomalous copper and, to a lesser extent, gold values are concentrated around the Sullivan,

Gold Ledge and Lucky Strike porphyry gold-copper zones. Samples taken outside these

mineralized zones mostly returned low values and no prospect scale geochemical zoning is

apparent. The Car Body zone was not covered by the soil survey.



Figure 6.1 Rock Chip Sample Locations and Gold Values in the Gabbs Claim Block

Sampling is concentrated around zones of known mineralization and

anomalous to potentially economic gold values are concentrated in these

zones.

(Source: Fierst, 2009)



Figure 6.2 Rock Chip Sample Locations and Copper Values in the Gabbs Claim Block

Sampling is concentrated around zones of known mineralization and

anomalous to potentially economic copper values are concentrated in these

zones.




Figure 6.3 Soil Sample Locations and Gold Values in the Gabbs Claim Block

Anomalous to potentially economic gold values are mostly concentrated

around zones of known mineralization. Anomalous gold values outside these

zones are likely related to isolated mesothermal quartz veins with associated

gold and copper mineralization.




Figure 6.4 Soil Sample Locations and Copper Values in the Gabbs Claim Block

Anomalous to potentially economic copper values are mostly concentrated

around zones of known mineralization. Anomalous copper values outside

these zones are likely related to isolated mesothermal quartz veins with

associated gold and copper mineralization.


6.5 NEWCREST RESOURCES INC. GEOPHYSICAL EXPLORATION

Combined magnetic and induced polarization and resistivity (IP) geophysics can be effective in

identifying and characterising porphyry gold-copper deposits. These deposits commonly have a

gold-copper mineralized, potassic altered, magnetite-rich core centred on a porphyry stock and

characterised by a magnetic high anomaly. This is often surrounded by an annular zone of barren

or weakly gold-copper mineralized, pyrite-rich, phyllic alteration characterised by magnetic

low/conductivity high anomalies.

Ground magnetic surveying was undertaken at the Gabbs Project in 2007 and induced

polarization and resistivity (IP) surveying done in 2008. The geophysical surveys identified

anomalous areas, but no clear bulls-eye anomalies typical of large mineralized porphyries were



detected. The data was recently reviewed by a consulting geophysicist, reprocessed and approved

for interpretation, (Ellis, 2011). A deep source for the mineralized quartz monzonite porphyries

is postulated to exist west of the Sullivan deposit and east of Lucky Strike and Gold Ledge

prospect (Fierst, 2009, Ellis, 2011). This may be indicated by the existence of a broad

chargeability anomaly on the 450 metre depth slice (Figure 6.5).

A broad east-west magnetic low anomaly between Lucky Strike and Gold Ledge separates

individual magnetic highs (Figure 6.6) the latter thought to reflect Jurassic gabbro/pyroxenite

and to some extent Triassic meta-andesite (basement). The magnetic lows may indicate a thrust

fault that controlled intrusion or tectonic emplacement of non-magnetic quartz monzonite

(Ellis, 2011). Alternatively, the magnetic lows may identify magnetite destructive alteration in

basement rocks. Support for the latter interpretation is the east-west elongate magnetic low that

corresponds with the pyrite-mineralized, phyllic-altered, Tertiary volcanics at Car Body

(Ellis, 2011). Two major north-northwest-striking lineaments flank the Gold Ledge zone in the

magnetic image (Figure 6.6) and have been interpreted as the margins of a ―volcanic‖ rift (Fierst,

2009) perhaps related to ―basin and range‖ tectonics.

Figure 6.5 Plan Map of the Model Chargeability at 300 Metres and 450 Metres

Based on the 2008 Gradient Geophysics IP survey; 2D inversion modeling

believed done by Newcrest (Ellis, 2011).



Figure 6.6 Magnetic Image (rtp) for Gabbs Project, Showing Interpreted Structures

Note east-west striking magnetic low from south of Lucky Strike to Gold

Ledge and north-south striking structures flanking Gold ledge and

interpreted to be a “volcanic-filled rift” (Fierst, 2009).

St Vincent Minerals is considering conducting IP survey lines between the Sullivan and Gold

Ledge mineralized zones, over the Car Body epithermal prospect and the South Sullivan area

(south of drill holes SVM-6, SRD-14 and SD-21). Any IP survey is expected to be augmented

with gravity survey data.

6.6 PREVIOUS DRILLING

6.6.1 Newcrest Diamond Drilling 2004-2009

The most recent drilling prior to St. Vincent Minerals US Inc. acquiring the Property was

completed by Newcrest. The drilling was completed between 2004 and 2008 comprising 87 RC

and core holes (24,765 metres- 81,250 feet).



The initial target on the Property was at the Car Body prospect, based on previous drilling by

Placer U.S. Inc. and reconnaissance mapping and sampling by Newcrest. Car Body is a very

nuggety epithermal gold vein target hosted in a variety of Tertiary volcanic rocks. The Car Body

prospect was drill-tested in May of 2004, and again in early 2006 with two rounds of drilling in

31 RC holes (5,694 metres). Although many holes encountered gold mineralization, it was

difficult to locate continuous mineralization and emphasis was shifted from the Car Body area to

Sullivan. During the second round of Car Body drilling in 2006, eight RC holes (1,472 metres)

were drilled in the Gold Ledge area. Low-level gold and copper were encountered in 7 of the 8

holes, and warranted future drilling.

In mid-2006, data from the previous drilling at Sullivan were compiled. It became apparent that a

porphyry gold-copper target was present and that potential existed both at depth and laterally to

expand the existing oxide resource. Diamond drilling commenced in September of 2006, and

continued until September of 2007 for a total of 4,842 metres in 13 core holes. The first two core

holes were drilled in the oxide resource area to determine if the previous grades were reasonable.

A brief description of the various drilling phases is given below. A list of some of the significant

core intercepts is given in Table 6.2. A drill hole location plan map is given in Figure 6.7.

Figure 6.7 Map of Newcrest Drill Holes 2004-2008; North is to Top of Map




6.6.2 2004 Drill Program

―Initial drill testing of the Car Body prospect in May 2004 consisted of 10 RC drill holes (G-1 to

G-10; Figure 6.7). Average depth was 183 metres, and none of the holes were surveyed down-

hole. Among the mineralized intercepts was a 3.05 metre intercept in hole G-2 averaging

22.6 grams/ton. Re-assays of several mineralized intercepts yielded poor reproducibility of gold

assays with widely varying gold values. Drilling was done with a center-return hammer drill,

collecting 100% of the sample‖ (Fierst, 2009, p. 34).


From December 2005 to June 2006, 29 RC holes (G-11 to G-39). were completed in the Car

Body (21 holes) and Gold Ledge areas (8 holes) None of the holes in this program were surveyed

down-hole. The Car Body holes confirmed the existence of coarse ―nuggety‖ gold (Thompson,

2006). Drilling in the Gold Ledge area encountered copper-gold mineralization associated with

felsic intrusive rocks. Drilling was done with a center-return hammer, collecting 100% of the

sample‖ (Fierst, 2009, p. 34-36).

6.6.4 2006-2007 Drill Program

―From September 2006 to September 2007, 13 diamond holes were completed at the Sullivan

prospect (SD-1 to SD-13), and 2 diamond ―twins‖ of RC holes were drilled at the Car Body

prospect. All drill holes in this program were surveyed by downhole gyroscope. The first

2 Sullivan holes were confirmatory holes for previously outlined oxide mineralization in the

Sullivan ―sill.‖ SD-3 discovered sulphide mineralization offset from the oxide mineralization to

the southeast across an inferred fault. The remaining drill holes of the program sought to extend

mineralization away from the oxide resource. Although the 2 diamond ―twins‖ in the Car Body

area encountered mineralization in many of the same zones which the initial RC holes

intercepted mineralization, they failed to accurately reproduce the grades encountered in RC

drilling‖ (Fierst, 2009, p. 36).


―From April to August 2008, 7 RC holes, including 1 RC pre-collar (SR-1 to SR-5 and SRD-14

to SRD-15) and 7 diamond holes SD-16 to SD-21 and SRD-15) were drilled at the Sullivan

prospect, and 16 RC holes (G-40 to G-55) and 4 diamond holes (GD-3 to GD-6) were drilled at

the Lucky Strike-Gold Ledge area. All drill holes in this program were surveyed by downhole

gyroscope. At Gold Ledge, a mineralized monzonite ―sill‖ similar to the one at Sullivan, was

encountered in and delineated by RC drilling (G-40 to G-48). Efforts to significantly increase

mineralization at Sullivan were unsuccessful; however, unexpected shallow mineralization

(beginning at 21 m) in monzonite was discovered to the southwest of Sullivan in RC hole SRD-

14, later drilled with core by hole SD-21‖ (Fierst, 2009, p. 36).



TABLE 6.2

NEWCREST 2004-2008 DRILL HOLE LOCATION, TYPE, RECOVERY

Year Drill

Type Location Holes

Avg. Recovery

(%) Comments

2004 RC Car Body G 1-10 78 center-return

hammer

2006 RC Car Body G 11-28, 37-

39 75

center-return

hammer

2006 RC Gold Ledge G 29-36 84 center-return

hammer 2006-

2007 Core Sullivan SD 1-13 92

2006-

2007 Core Car Body GD 1-2 97

2008 RC Lucky Strike, Gold

Ledge G 40-55 52

RC

crossover/interchan

ge

2008 RC Sullivan SR 1-5, SRD

14-15 42

RC

crossover/interchan

ge

2008 Core Sullivan SRD 15, SD

16-21 78

2008 Core Lucky Strike, Gold

Ledge GD 3-6 87

TABLE 6.3

GABBS PROJECT SIGNIFICANT DRILL INTERCEPTS

Zone Hole Intercept

Sullivan SD-1 88 m @ 1.43g/t Au and 0.28% Cu from 56 m.

Sullivan SD-2 89.7 m @ 0.76 g/t Au, 0.29% Cu

Sullivan SD-4 100 m @ 0.40 g/t Au and 0.29 % Cu from 93 m

South Gold Ledge GD-5 154 m @ 0.16 g/t Au and 0.14 % Cu from 12 m

Lucky Strike G-43 54.8 m @ 0.52 g/t Au, 0.26% Cu

Lucky Strike G-44 53 m @ 0.80 g/t Au and 0.34 % Cu from 108 m

Car Body G-4 39.7 m @ 0.80 g/t Au

Car Body G-17 38 m @ 0.49 g/t Au from 96 m

Car Body G-28 41.1 m @ 1.12 g/t Au

6.7 HISTORIC RESOURCE ESTIMATES

The resource estimates summarized below and in Table 6.4 below are historical in nature and as

such are based on prior data and reports prepared by previous operators and are not in

compliance with NI 43-101. A Qualified Person has not done the work necessary to verify the

historical estimates as current estimates under NI 43-101 and the estimates should not be relied

upon. There can be no assurance that any of the resources, in whole or in part, will ever become

economically viable. The Company is not treating the historical estimates as current Mineral

Resources or Mineral Reserves. The Company has completed the necessary work to establish a

current Mineral Resource on the Gabbs Property as set out in section 15 of this Report.



In 1990, Gwalia produced a pre-feasibility study based on 14 holes drilled that stated that the ore

body at Sullivan contained 12,680,000 tonnes at 0.0267 opt (0.834 g/t) gold and 0.34% copper

(Fierst, 2009)

In 1995 Arimetco acquired the property and produced a Pre-Feasibility Study and Plan of

Operations with expectations to mine the Sullivan resource. Arimetco stated that the Sullivan ore

body is a ―copper/gold ore containing approximately 17,162,000 tons of oxidized ore grading

0.34% copper and 0.0255 ounces gold per ton. It also hosts an additional 8,549,000 tons of

copper ore grading 0.31% copper‖ (Arimetco, 1995).

Newcrest began work on the property in 2002 and after extensive drilling through

2008 estimated the resource at Sullivan as 33,102,000 tonnes of ore grading 0.55g/t gold and

0.25% copper at a 0.3 g/t cut-off. ―This represents a resource of 585,000 ounces of gold and

82,755 tonnes of copper‖ (Maxlow, 2009). An oxide resource of 12.7 million tonnes of 0.91 g/t

gold and 0.34% copper was previously estimated (Job and Singh, 2010).

TABLE 6.4

SUMMARY OF PREVIOUS RESOURCE ESTIMATES

Company Year Zone Resource Estimate*

Tonnage

(Tons)

Au

(oz/t)

Au

(g/t)

Cu

(%) Remarks

Gwalia 1990 Sullivan 12,680,000 0.0267 0.834 0.34

Arimetco 1996 Sullivan 17,162,000 0.0255 0.798 0.34

Oxide ore with an

additional 8,549,000

Tons of ore grading

0.31 % Cu

Newcrest 2009 Sullivan 33,102,000 0.0176 0.550 0.25

Utilized a 0.3 g/t Au

cut-off. An oxide

resource of 12.7

million tonnes of 0.91

g/t gold and 0.34%

copper was previously

estimated

*It should be noted that the resource estimates summarized above in Table 6.4 are historical in nature and as such

are based on prior data and reports prepared by previous operators. The work necessary to verify the

classification of the Mineral Resource estimates has not been completed and the resource estimates therefore,

cannot be treated as NI 43-101 defined resources verified by a Qualified Person. The historical estimates should

not be relied upon and there can be no assurance that any of the resources, in whole or in part, will ever become

economically viable. The Company is not treating the historical estimates as current Mineral Resources or

Mineral Reserves.

6.8 HISTORIC METALLURGY

Prior to 2000 numerous metallurgical tests (indicated in the table below) were carried on

primarily oxide and transition mineralization at the Gabbs Gold-Copper Property. Studies

investigating heap leaching, whole ore cyanidation, gravity separation and a dual process of

selective floatation or acid leaching followed by a cyanide leach of the residue for gold were

undertaken with unsatisfactory results given the much lower Au and Cu metal prices that

prevailed during those times. Table 6.5 below shows the past metallurgical studies conducted on

the Gabbs Project by various companies. All of the entries in the table are stored at the SVM

Fallon office/core shed.



TABLE 6.5

SUMMARY OF METALLURGICAL STUDIES

Company Year Lab File Name (.pdf)

Cyprus 1982 Cymet Cyprus Flotation and leach testing

Cyprus 1983 Cyprus Cyprus Project termination report metallurgy

section

Placer U.S., Inc. 1984 Placer Metallurgy section in 1984 report

Placer U.S., Inc. 1985 DB&O Inc. DB&O Gravity concentration test

Placer U.S., Inc. 1985 Kappes, Cassiday & Assoc. Kappes bottle roll tests



Glamis/Cuervo 1988 Cuervo Cuervo Sullivan Executive summary Feasibility

study

Glamis/Cuervo 1988 Cuervo Cuervo Sullivan Plan of Operations 1988

Glamis/Cuervo 1988 Metals Research Corp. (MRC) MRC Flooded column leach tests

Glamis/Cuervo 1988 Cuervo Sullivan Environmental Assessment 1988

Gwalia 1990 GUSA GUSA Bottle roll tests

Gwalia 1990 Pincock, Allen & Holt PAH metallurgy tests

Gwalia 1990 GUSA Review of previous work Cyprus Placer Glamis

Gwalia 1990 GUSA Gwalia Sullivan Pre-feasibility study 1990

Gwalia 1991 Mineral Resource

Development, Inc. (RDI) RDI Heavy liquid, grind, flotation, gravity tests

N.A. Degerstrom 1992 NAD NAD Met tests

N.A. Degerstrom 1992 NAD NAD Sullivan Ore Metallurgical Testwork 1992

N.A. Degerstrom 1994 NAD NAD Met tests 1994

Arimetco 1995 Kappes, Cassiday & Assoc. Kappes outline of test

Arimetco 1995 Arimetco Arimetco Sullivan Pre-Feasibility Study 1995

Arimetco 1996 Kappes, Cassiday & Assoc. Kappes head screen and bottle roll results

Arimetco 1996 Kappes, Cassiday & Assoc. Kappes large acid leach column results

Arimetco 1996 Kappes, Cassiday & Assoc. Kappes met reports correspondence

Arimetco 1996 Kappes, Cassiday & Assoc. Kappes small acid column leach test results

Arimetco 1996 Kappes, Cassiday & Assoc. Kappes small column test results

Arimetco 1996 Mineral Resource

Development, Inc. (RDI) MRDI prelim met testing

Arimetco 1996 Arimetco Arimetco Sullivan Plan of Operations 1996

Arimetco 1996 Arimetco Arimetco Sullivan POO Appendix E and F

Metallurgy

Given the discovery of the much larger amounts of sulphide mineralization (forming the bulk of

this resource estimate) during the last decade the pre-2000 metallurgical studies are of only very

limited applicability. It seems probable that a more conventional approach may be appropriate –

flotation of a copper concentrate (which must be saleable grade) possibly followed by

cyanidation of a cleaner tail (for example) for gold. Metallurgical test work by the GUSA lab

(Gwalia-Sullivan Pre-feasibility Study 1990) with a two stage leach (acid & cyanide) indicated

recoveries of 88% to 90% for Au and 76% to 78% Cu. It has also been suggested that the

cyanidation of a Cu rougher concentrate for Au recovery may also be a potentially viable process

option. A testwork program to pursue these recovery methods would be warranted.



6.9 HISTORIC PRODUCTION

The author is not aware of any production data from the Gabbs Property.



7.0 GEOLOGICAL SETTING & MINERALIZATION

7.1 GEOLOGICAL SETTING

The following geological description of the Gabbs Property draws heavily from material

summarized by Clark (2010) as originally contained in Newcrest reports by Candee, 2004,

Wood, 2005 Maxlow, 2009, and Fierst, 2009.

7.1.1 Regional and Local Geology

The oldest rocks exposed in the district are meta-sedimentary rocks of the Excelsior Formation.

These rocks range in age from Triassic to late Jurassic and consist of sedimentary and volcanic

rocks deposited along an island arc. The island arc formed within the center of an ortho-

geosyncline that developed along the continental margin and traversed central Nevada separating

deep marine rocks to the west from shallow shelf carbonates to the east (Wood, 2005). Local

Triassic and Jurassic rocks consist of subaqueous andesite flows, tuffaceous rocks and associated

andesite and gabbro intrusions, locally interbedded with conglomerate and deltaic deposits of

pelitic and clastic rocks with minor limestone. In the Jurassic the first large intrusions were

emplaced as the ancestral Sierra-Nevada batholith and Walker Lane structural zone formed.

During this time smaller plutons were emplaced throughout central Nevada. Several large

Jurassic thrust faults developed, placing terrestrial rocks of the volcanic highland over the

carbonate shelf rocks to the east. During the Cretaceous much of Nevada was below a shallow

sea and only a few scattered remnants of volcanic and sedimentary rocks are preserved due to

uplift and erosion. Intrusive activity reached its peak during the Nevadan orogeny (90 to 60 Ma)

with the formation of the Sierra-Nevada batholith and numerous smaller equigranular to

porphyritic plutons.

The oldest rocks exposed in the project area are intermediate volcanic and shallow marine

sedimentary rocks which comprise a sequence of dark greenish-grey to black finely porphyritic

andesite flows, and poorly sorted andesitic fragmentals intercalated with finer volcanic

sediments. This unit is thought to be correlative to the intermediate volcanic sequence unit

recognized by the United States Geological Survey (―USGS‖) as the Excelsior Formation, 5 km

southwest of the Gabbs Project. The Excelsior Formation is considered Triassic in age. Figure

7.1 is a geological map of the Gabbs Property while Figure 7.2 displays the local Stratigraphic

Column.

Interbedded calcareous siltstones, sandstones and conglomerate overlie the intermediate volcanic

sequence. These sediments are found throughout the project area, but are particularly abundant in

the Car Body area. Scattered outcrops of sediments also occur between Lucky Strike and Gold

Ledge (see Figure 7.1). USGS mapping suggests the sediments largely belong to the Luning

Formation, and the Gabbs and Sunrise Formations undivided. The sediments are believed to have

been deposited in an off-shore marine subtidal environment as part of an early Mesozoic

volcanic arc terrain development (Kleinhampl & Ziony, 1984).

7.1.2 Property Geology

The intermediate volcanic sequence and shallow marine sediments are intruded by a large mafic

to ultramafic igneous complex comprised of dark green massive equigranular gabbro,

melagabbro, pyroxenite, and peridotite. Gabbroic rock outcroppings are extensive in the Lucky

Strike and Sullivan areas. Elsewhere on the property the gabbroic rocks are covered by talus and



colluvium, which obscures contacts and structural relations. Historic drilling indicates that the

gabbroic complex continues under cover and coincides with large magnetic highs in both the

Sullivan and Lucky Strike areas. The gabbroic complex is interpreted as being a differentiated

mafic to ultramafic intrusion, where the earlier formed liquidus minerals of pyroxene, olivine

and magnetite gravity accumulated and produced ultramafic rocks in the lower part of the

intrusion, and melagabbro and gabbro in the middle to upper parts (Mason, 2008). The contact

between upper mafic and lower ultramafic rocks has not been observed in outcrop. The gabbroic

rocks at the Property have not been dated, but stratigraphic relationships with older and younger

units imply they were emplaced during the Jurassic and Cretaceous (see Figure 7.2).

Many monzonite bodies intrude the Triassic units and gabbroic complex. These intrusive bodies

are extremely significant as they host porphyry style Au-Cu mineralization found at the Sullivan,

Lucky Strike and Gold Ledge areas. The monzonites are variable in composition and texture and

range from fine-grained feldspar monzonite porphyry to fine-medium grained equigranular

quartz monzonite to medium-grained equigranular monzodiorite (Mason, 2008).



Figure 7.1 Geologic Map of the Gabbs Project




Figure 7.2 Gabbs Project Stratigraphic Column


The monzonite bodies have extensive sill-like geometry, variable thickness (~1 m to <100 m)

and diverse orientations. Based on calculations of drilling intercepts, the monzonite sill in the

Lucky Strike area has an average orientation of N46°E/25°SE with distinct and sharp contacts

with adjacent rocks. In the Sullivan area, orientations of the monzonite sill calculated from



drilling show differing orientations for the upper and lower contacts. The upper contact has an

average orientation of S40°E/31°SW, while the lower contact has an average orientation of

S86°E/24°SW (Fierst, 2009). It is yet to be determined if the bodies are sills, rotated dikes or

structurally transported slices. Recent work (Pratt & Ponce, 2011) suggests that the mineralized

bodies are unlikely to be fragments or slices of a dismembered porphyry system stock, but

instead are comprised of a series of widely distributed sills, dikes or plugs. Pratt & Ponce also

indicate ―that there is a strong possibility that Sullivan sill links directly beneath the volcanic

cover with Gold Ledge and from there onto the Kona prospect in the west.‖ Petrographic

descriptions from drill core at Sullivan suggest the different monzonite bodies are genetically

related (Mason, 2008). The monzonite intrusives are considered to be Jurassic-Cretaceous in age

and currently, in some rare occurrences, appear to intrude the overlying Tertiary volcanic rocks,

which may suggest multiple intrusive events continuing into the Tertiary.

Overlying the pre-Tertiary rocks are thick sequences of Tertiary intermediate and felsic volcanic

rocks.

In some areas, a coarse epiclastic or conglomerate unit lies at the base of the Tertiary section.

The Tertiary volcanic rocks comprise an older sequence of dark-brown to grey porphyritic

andesite lavas and tuffs overlain by rhyolite ash flow tuffs and intrusives. The youngest rocks

found on the property are east-west trending rhyolite dikes that cut all pre-Tertiary and Tertiary

rocks. They vary from rhyolite to latite in composition and are generally greater than 20 m wide

with sharp contacts. The dikes share a similar orientation to a large EW trending linear feature

observed in the magnetics (Fierst, 2009). Tertiary volcanic and volcaniclastic rocks host the

epithermal gold mineralization in the Car Body area as well as at the adjacent, Paradise Peak

deposit which abuts the Gabbs claim block to the south. The Paradise Peak Mine hosts a high

sulphidation epithermal system from which FMC produced 1.46 M oz Au, 38.9 M oz Ag, and

457 tonnes Hg in an open pit/heap leach operation from 1985-1993.

7.2 STRUCTURE

A number of interpreted folds exists within the Triassic sequence, particularly at the Car Body,

Gold Ledge, and Lucky Strike mineralized areas (Figure 7.3). These folds are possibly related to

emplacement of the Mesozoic-aged Luning-Fencemaker allochthon. Some folding also appears

to be accompanied by the intrusion of igneous rocks as evidenced by Triassic sediments at Car

Body forming a southeast facing synclinal fold feature that wraps itself around a large

monzodiorite and quartz monzonite body (Fierst, 2009).

Low-angle faults, including thrust faults in the project area, are likely associated with the

Luning-Fencemaker event, as well as possible later events. Low-angle detachment faulting has

been implied at the Paradise Peak Mine and areas to the south of the Gabbs Property (Fierst,

2009). High-angle faulting occurs primarily in two orientations: north-northeast and west-

northwest. Northeast trending faults are assumed to be associated with Basin and Range

extension. Northwest trending faulting is sub-parallel to Walker Lake structures. Many of the

northwest structures appear to be attendant with mineralized quartz veins. Many of the northwest

structures are accompanied with mineralized quartz +/- carbonate veins (Fierst, 2009). A recently

completed detailed study of the structural setting of the mineralization at the Property (Pratt &

Ponce, 2011) indicates that ―the Triassic basement complete with the Cretaceous porphyries was

faulted prior and during the deposition of the Tertiary volcanic rocks. The report goes on to

suggest that the Tertiary volcanics diplay contemporaneous fault control, lateral facies changes



and draping over strong fault-controlled (listric and half-graben) topography‖ (Pratt & Ponce,

2011).

Figure 7.3 Axial Trace of Folds within Triassic Rocks at Lucky Strike and Car Body


7.3 ALTERATION

The Triassic rocks have been described as pervasively metamorphosed to the lower greenschist

facies. The metamorphism and alteration in the project area is mostly localized and largely found

to be contact-related near mafic intrusions. Seritization and local silicification are the alteration

type most commonly found in the local Triassic sequence. The Triassic volcanic sequence also

shows evidence of metasomatism and minor calc-silicate alteration (skarn). This is very apparent

in the Lucky Strike area where a large gabbroic complex is exposed. Calc-silicate alteration in

this area is characterised by massive epidote, magnetite and minor actinolite localized around

intrusive contacts (Fierst, 2008). Elsewhere, the intermediate volcanic sequence is weakly to

moderately recrystallized.

Like the volcanic sequence, metasomatism has also affected the sediments, from simple

recrystallization to several metres of marblization along the intrusive contacts. The sediments

appear to lack sufficient calcium carbonate to form true skarn (Fierst, 2008).

Alteration associated with porphyry-style mineralization includes potassic, phyllic and possibly

sodic-calcic. Mafic-ultramafic intrusive rocks are interpreted to be either sodic-calcic or potassic

alteration (Fierst, 2009). Alteration zonation associated with porphyry mineralization is weakly

defined in the Lucky Strike area (Figure 7.4), and largely absent at Sullivan.



The Tertiary volcanic rocks are sericitized, propylitically, and argillically altered, with lesser

silicification. Intermediate Tertiary volcanic units contain minor primary magnetite (responsible

for a stippled pattern in magnetic images), and commonly have mafic crystals altered to chlorite

(Fierst, 2008).

Figure 7.4 Porphyry Style Alteration at the Lucky Strike Prospect


7.4 MINERALIZATION

Mineralization and hydrothermal alteration at the Gabbs Project occurs in two principal styles:

Porphyry gold-copper-molybdenum with associated potassic, phyllic and

propylitic alteration, and;

Volcanic-hosted gold-mineralized hydrothermal breccias with associated phyllic

and argillic alteration.

There are four separate prospects three of which (Gold Ledge, Lucky Strike and Sullivan) are

classed as a porphyry gold-copper deposits with the remaining Car Body prospect being a

nuggety epithermal gold deposit.



7.4.1 Porphyry Gold-Copper Mineralization

Porphyry copper deposits are among the largest and most valuable mineral-deposit types on earth

and are the most important source of global copper supply. The deposits typically contain

hundreds of millions of tons of mineralized rock and millions of tons of copper, with lesser

amounts of molybdenum, gold, and/or silver (Ludington et al., 2009).

Porphyry copper deposits form in subduction-related magmatic arcs, and northern Nye County

contains parts of at least three such arcs, one of Late Triassic to Jurassic age, one of Cretaceous

to Palaeocene age, and one of Oligocene and Miocene age. Although no large porphyry copper

deposits are known in the northern Nye County region, at least two sites provide specific

analogues to deposits that may exist. Royston is about 40 km northwest of Tonopah, on the Nye-

Esmeralda County line while the Sullivan Prospect occurs on the Gabbs Property. The Lucky

Strike and Gold Ledge prospects on the Gabbs Property are also considered to host porphyry

style mineralization.

7.4.2 Sullivan, Lucky Strike and Gold Ledge Prospects

The Sullivan deposit, also known as Cuervo, is about 4 km northeast of the Paradise Peak

epithermal gold deposit (Ludington et al., 2009) and is exposed beneath at the surface where the

monzonite ―sill‖ daylights. The deposit is a vein stockwork hosted in Late Cretaceous monzonite

porphyry. The veins contain copper and gold. Glamis Gold Ltd. excavated 30k tonnes from a

surface pit for test leaching in the late 1980s (Ludington et al, 2009).

Porphyry gold-copper-molybdenum mineralization occurs in two shallow dipping sill-like

monzonite porphyry bodies at the Sullivan and Lucky Strike zones and a vertically continuous

body, possibly a plug, at Gold Ledge. The ―sills‖ range from 1 m to greater than 100 m thick and

are laterally extensive (Fierst, 2009). Average orientation at Lucky Strike is N46oE dip 25

oSE

and Sullivan varies from N140oE dip 31

oSW (upper contact) to N94

oE dip 24

oSW (lower

contact). The ―sills‖ may be rotated dikes or tectonically emplaced slabs of a porphyry stock. A

longitudinal section through the Sullivan prospect is shown in Figure 7.5 while Figure 7.6

depicts a representative cross section.

Porphyry style mineralization at Gabbs is characterised by stockworks, grain boundary filling

and disseminations of early sulphide +/- biotite veinlets. These are mostly cut by quartz-

chalcopyrite ―A‖ veins and less common ―B‖ veins accompanied by potassic alteration (biotite

and K feldspar). Quartz-sericite-pyrite (phyllic) alteration is common and usually accompanied

by, sometimes thick, quartz-pyrite-chalcopyrite-molybdenite ―D‖ veins. Thick, massive to

coarsely crystalline, sometimes ribbon-textured, pinching and swelling, mesothermal quartz-

chalcopyrite-chalcocite ―D‖ veins occur in monzonite porphyries and in surrounding Triassic

meta-volcanic and sedimentary country rocks. Visible gold was noted in one such vein. Late

veins of pink manganoan calcite cut mineralized monzonite porphyry in places and selenite (after

anhydrite) was noted at Lucky Strike (Jemielita, Richard 2011).

The textures, mineralogies and compositions of the various monzonite porphyry, gabbro and

associated ultramafic lithologies and hydrothermal alteration facies at the Gabbs Property have

been confirmed by thin section petrography (Mason, 2008). Selected diamond drill core

intersections in porphyry gold-copper zones at Gabbs are summarised below:



Figure 7.5 Representative Longitudinal Section through the Sullivan Prospect

(Source: Newcrest Mining Limited Exploration Presentation, September 2006)



Figure 7.6 SW-NE Cross-Section through Sullivan Showing Interpreted Fault

Truncating Monzonite Sill


7.4.3 Sullivan Porphyry Gold-Copper Zone

Hole SD-04; 100 m to 208 m (306-635 feet); Gold ranges up to 1.75 g/t but most values are

between 0.1 and 1 g/t. Other intersections include 0.1 to 0.2 g/t gold at 283 m – 330 m (864-1005

feet) and 364 m – 418 m (1110-1275 feet) in variably sheared and intercalated gabbro and

monzonite. Copper ranges between 0.1 and 0.4% at 100 m – 333 m (306-1015 feet) and 364 m –

418 m (1110-1275 feet) and molybdenum ranges between 1 and 192 ppm at 98 m – 420 m

(300 to 1280 feet).

Hole SD-05; 0-44 metres (0-144 feet); Gold ranges up to 0.05 oz/t but most values are between

0.005 and 0.02 oz/t; between 0 and 111 metres (0-364 feet) copper reaches up to 2.3% but most

values range between 0.1 and 0.4%. Between 9 m and 41 m (27 and 125 feet) there is a 32 m

(98 foot) intersection of 0.02 oz/t gold and 0.40% copper.

Hole SD-20; 14-134 metres (46-440 feet); Gold is up to 0.04oz/t but most values are 0.003 to

0.02 oz/t. Copper reaches up to 0.22% but most values range between 0.02 and 0.01% (Jemielita,

2009).



7.4.4 Lucky Strike Porphyry Gold-Copper Zone

Hole GD-03; gold ranges between 0.1 and 1 g/t (36 to 76 metres (118 to 249 feet)) and between

0.004 and 0.02 oz/t (82 and 94 metres (269 and 308 feet)) in monzonite. Copper ranges between

0.1 and 0.44% from 36 to 158 metres (118 to 518 feet) in monzonite and gabbro.

Figure 7.7 SW-NE Cross-Section through Lucky Strike


7.4.5 Gold Ledge Porphyry Gold-Copper Zone

Hole GD-05; 0-166 metres (0 to 544 feet); gold is up to 1.4 g/t but most values are between 0.1

and 0.5 g/t; Copper values are from 0.002 to 0.76% in phyllic altered monzonite.

Hole GD-06; 6-86 metres (20 to 282 feet); gold is from 0.1 to 0.6 g/t to 86 metres (223 feet)

depth; copper is from 0.1 to 1.4% to 84 metres (276 feet) depth. Mineralization only occurs in

monzonite (Jemielita, 2009).

7.4.6 Epithermal Gold-Silver Mineralization

Epithermal gold-silver deposits are important sources of gold and silver worldwide (Simmons

and others, 2005). They form at less than 1.5 km depth and less than 300°C in mainly subaerial

hydrothermal systems (Henley and Ellis, 1983; Hedenquist and Lowenstern, 1994). These

hydrothermal systems developed in association with calc-alkaline, alkaline, and less frequently,

tholeiitic magmatism, most commonly in volcanic arcs at convergent plate margins, but also in

intra-arc, back-arc, and post-collisional rift settings. In addition, some non-magmatically heated

epithermal deposits that formed by deep circulation of meteoric water along steep extensional

faults are present in northern Nevada. Epithermal gold-silver deposits have highly variable

characteristics, including ore and alteration mineralogy and gold, silver, and base metal (Cu, Pb,

Zn) contents, and formed in diverse geologic environments (Hedenquist and others, 2000;



Sillitoe and Hedenquist, 2003; Simmons et. al., 2005). Two principal types of deposits are low-

sulphidation (also called quartz-adularia or adularia-sericite) and high-sulphidation (also called

quartz-alunite or acid-sulphate).

Epithermal gold-silver deposits have been the largest producing deposits in northern Nye County

since discovery of silver-rich veins in the Tonopah district in 1900. Round Mountain has the

largest total production and is the largest current producer in the region. It has produced more

than 373,000 kg of gold and 311,000 kg of silver since 1907; 14,800 kg of gold and 28,900 kg of

silver were produced in 2008.

In northern Nye County, isotopically dated epithermal gold-silver mineralizing systems range in

age from about 26 to 17 Ma. High-sulphidation deposits generally form in or near

eruptive/intrusive centers and have a larger magmatic component than low-sulphidation deposits.

Their formation is related to degassing of shallow, oxidized magma bodies and the circulation of

acidic hydrothermal fluids released from these magmas.

Paradise Peak, a zone adjacent to the Gabbs Property, is the only significant high-sulphidation

deposit in the Gabbs region but several other large deposits occur nearby in Esmeralda and

Mineral Counties.

Low-sulphidation deposits are common in the western half of northern Nye County and are

widespread throughout much of the northern Great Basin.

On the Gabbs Property the Car Body prospect is an epithermal gold deposit hosted in similar

Tertiary volcanic rocks to the Paradise Peak deposit. Whereas Paradise Peak was a high-

sulfidation epitermal gold deposit, Car Body is of the low-sulfidation type. The Gold Ledge area

also has potential to contain an epithermal gold deposit.

Selected diamond drill core intersections in the epithermal gold Car Body zone at Gabbs are

summarised below.

7.4.7 Car Body Zone

The Car Body zone at the Gabbs Project is characterised by intrusive, magmatic-hydrothermal

breccias best observed in drill core. The breccias are hosted by Miocene upper andesite-dacite

and middle rhyolite volcanic and intrusive lithologies best exposed in the adjacent Paradise Peak

mine (Sillitoe and Lorson, 1994). Breccia textures were recognised previously from petrography

on RC drill hole chips from the Car Body zone (Thompson, 2006). Coarse gold is reported from

RC drill chips from Car Body but gold values are very variable and difficult to reproduce

between RC and core indicating a strong gold ―nugget effect‖ (Fierst, 2009). Results from two

core holes are summarised below:

Hole GD-01; 0-244 metres (0-801 feet); Gold values are mostly at detection limit to weakly

anomalous (<10 ppb). From 37 to 94 metres (121 to 308 feet) gold values are moderately to

strongly anomalous (>10 ppb) up to a maximum 0.4 oz/t gold. The intersection dominated by

phyllic-altered andesite-rhyolite intrusive breccias.

Hole GD-02; Gold ranges up to 5.691 g/t. From 20 to 41 metres (65 to 135 feet) is 21 metres (70

feet) of 0.02 g/t gold including 4.2 metres (13.7 feet) of 0.05 oz/t gold. The intersection is



dominated by quartz-sericite-pyrite- (phyllic-) altered, andesite-rhyolite intrusive breccias

(Jemielita, 2009).

7.4.8 Alteration Mineralogy

According to Fierst (2009) mineralization related alteration in Triassic basement lithologies is

mostly sericitic with local silicification with minor skarnoid (epidote, magnetite and minor

actinolite) and marble formation around gabbro intrusive contacts.

Monzonite porphyries are potassic, phyllic, and sodic-calcic altered. Mineral assemblages

comprise sericite-pyrite (+/- chlorite, tourmaline, calcite, albite, rutile), interpreted as phyllic

and/or sodic-calcic alteration, or albite-K-feldspar-biotite-sericite (+/- calcite, chlorite, epidote,

sphene, rutile), interpreted as potassic alteration. Primary ferromagnesian minerals in monzonites

have been largely replaced by biotite, chlorite and/or sericite. Plagioclase has been largely

altered to albite or sericite. Fine-grained felsic groundmass has been largely replaced by

potassium feldspar and/or sericite (Mason, 2008).

Mafic-ultramafic intrusive rocks are dominated by actinolite/tremolite-biotite-epidote-albite-

calcite-chlorite (+/- talc, serpentine, sphene) alteration interpreted as either sodic-calcic or

potassic alteration. Most pyroxene in the rock has been completely altered to actinolite or

tremolite (and locally biotite) and much of the plagioclase has been altered to albite and/or

epidote. Olivine in peridotite has been altered to serpentine and chlorite. In ultramafic rocks

which have undergone high strain, primary minerals have been entirely altered to talc-calcite-

biotite (Mason, 2008). Mafic intrusive rocks contain both primary and secondary magnetite. No

clear evidence for alteration overprinting has been found.

Mineralization at the project lacks clear zonation of alteration and/or geochemistry that might

vector towards a central source porphyry stock (Lowell and Guilbert, 1970). Apparent alteration

zonation at Lucky Strike is thought to be lithologically controlled (Fierst, 2009).



8.0 DEPOSIT TYPES

Metalliferous mineral deposits are an important part of the economy in Nevada. Many of these

deposits have a close spatial and temporal association with intrusive centers and several different

types of genetically related deposits can occur in clusters around these centers. Important

resources of Cu, Mo, W, Au, Ag, Pb and Zn may exist in deposits related to intrusive rocks, such

as porphyry deposits, skarn deposits, polymetallic vein and replacement deposits, distal

disseminated Ag-Au deposits, and some types of epithermal Au-Ag deposits.

There are currently four separate mineralized areas found on the Gabbs Project: The Sullivan,

Lucky Strike, and Gold Ledge are considered to be gold-copper porphyry deposits. The Car

Body is considered to be an epithermal gold deposit. Although it was thought that the Car Body

was similar in origin to the Paradise Peak property, which is adjacent to the Gabbs Property to

the south, the Paradise Peak is a high sulphidation epithermal deposit while Car Body is situated

in a low-sulphidation epithermal environment. Figure 8.1 shows a schematic diagram of a

porphyry system and associated mineralization types.

Figure 8.1 Model of Relationship of Low-Sulfidation and High-Sulfidation to Co-

Genetic Sub-volcanic Intrusions and Associated Porphyry-Style Ores

(Source: Saunders, J. and Hames, W., 2006)

8.1 GOLD-COPPER PORPHYRY DEPOSITS

Gold-copper porphyry deposits are emplaced in a variety of subduction-related settings and are

underlain by both oceanic and cratonic crust in either extensional or compressional tectonic

regimes. This style of deposit is associated with composite porphyry stocks of steep, cylindrical

form that commonly intrude coeval volcanic piles. Stocks and associated volcanic rocks range in

composition from low-potassium calc-alkalic through high-potassium calc-alkalic to potassic

alkali (Figure 8.2). Much of the copper and gold was introduced during potassium-silicate

alteration (+/- amphibole and other calcic minerals).



Gold-copper porphyry deposits contain many of the geological features of regular copper

porphyry deposits with gold present in veinlet stockwork and as disseminations within or

immediately contiguous to porphyry stocks. These porphyry stocks are the centre of more

extensive hydrothermal systems and may sometimes host other types of gold deposits, such as

high- and low-sulphidation epithermal veins. The Gabbs Property features low-sulphidation

systems in the vicinity of the Sullivan, Lucky Strike, and Gold Ledge deposits. Paradise Peak, a

high sulphidation system, is located to the south of the Gabbs Property and Car Body is located

south of the other gold-copper porphyry systems on the Gabbs Property.

Figure 8.2 Conceptual Model Illustrating Different Styles of Magmatic Arc Porphyry

and Epithermal Cu-Au-Mo-Ag Mineralisation

(Source: Corbett, 2009)

8.2 LOW-SULFIDATION EPITHERMAL SYSTEMS

Low sulphidation epithermal Au-Ag deposits are distinguished from high sulphidation by the

sulphide mineralogy and their formation at a greater distance from causative magma bodies.

They are formed by geothermal fluids – reduced, diluted, with neutral pH‘s – mixed with ground

water. They originate in dilational, rift-style structural settings. The ore fluids in a low

sulphidation epithermal deposit also generally contain a smaller magmatic component. Pyrite,

sphalerite, galena, and chalcopyrite typically occur within quartz veins with local carbonate and

associated near neutral wall rock alteration (illite clays), deposited from dilute hydrothermal

fluids. Low sulphidation veins are typically well banded with each band representing a separate

episode of hydrothermal mineral deposition. There are three main types of rising hydrothermal

fluids (Figure 8.3) that contribute towards low sulphidation vein formation:



Meteoric dominated water which commonly form shallow circulating cells and

deposit barren quartz, which has not come into contact with buried intrusion

sources for metals and so are commonly barren.

Magmatic-meteoric waters developed where meteoric waters migrate sufficiently

deep to come in contact with magmatic sources for metals and so contain low

grade mineralization within disseminated sulphides.

Magmatic dominant waters derived from intrusion sources for metals at depth.

These types of sulphide veins contain the highest precious metal values associated

with sulphides.

Figure 8.3 Model Accounting for Varying Hydrothermal Fluids Contributing to the

Development of Banded Low-Sulphidation Epithermal Au-Ag Veins

Containing Many Varied Vein Elements.

(Source: Corbett, 2009)

Quality low sulphidation epithermal Au-Ag mineralization is best developed in geological

settings where factors such as lithology, structure, and the mechanisms of Au deposition have a

great influence.

Lithological control occurs mainly as competent or brittle host rocks which develop through

going fractures as vein hosts. The permeability of the host rock is locally important. In

interlayered volcanic sequences epithermal veins may be confined to only the competent rocks

while the intervening less competent sequences host only fault structures.



Structures act as fluid pathways and more dilational portions of the host structures may represent

sites of enhanced fluid flow and promote the development of ore shoots which host most

mineralization in many low sulphidation vein systems. Fault intersections host ore shoots at sites

of fluid mixing.

The various mechanisms of Au deposition can greatly affect the Au grade:

Cooling in the case of many coarse sulphides with low grade Au contents.

Rapid cooling promoted by quenched magmatic fluids producing fine sulphides or

by the mixing of ore fluids with deep circulating meteoric waters.

The mixing of oxygenated ground waters with ore fluids at elevated crustal

settings produces elevated Au grades producing hypogene haematite in the ore

assemblage.

The mixing of low pH waters, created by the condensation of H2S volatiles above

the water table, is responsible for the development of near surface acid sulphate

caps and provides the highest Au grades. This mechanism of Au deposition is

characterized by the presence of hypogene kaolin, including halloysite within the

ore assemblage.

Styles of low sulphidation Au are distinguished according to mineralogy and

relation to intrusion source rocks and influence precious metal grade, Ag:Au ratio,

metallurgy and Au distribution.

The Gabbs Property exhibits Quartz-sulphide Au+/-Cu style mineralization, which is

characterized by quartz and pyrite as its main sulphide. Quenched, very fine pyrite locally

exhibits difficult metallurgy while coarser sulphides are typically associated with near surface

supergene Au enrichment.

Geophysical surveys can help identify certain deposit characteristics. Gravity surveys are

designed to find geological structures and differences in subsurface density. Induced polarization

surveys are designed to find subsurface material, such as ore or alteration zones. The phyllic

alteration present at the North Sullivan area should give high chargeability response in an IP

survey. The geophysical surveys produce anomalous zones which can be tested by drilling.

A geochemical soil survey is proposed for the epithermal Car Body area. The survey involves the

collection of soil samples, identifying anomalous areas with the aim of tracing the anomaly back

to the source.

An outline of the planned work can be found in section 26.0.



9.0 EXPLORATION

Richard Jemielita visited the property and examined drill core, maps and reports between

June 14, 2011 to June 24, 2011 (Jemielita, 2011). The recommendation for detailed field and

drill core examination of structures and lithological contacts was undertaken by Pratt and Ponce

(2011). Other recommendations, such as geophysical surveys and drillings were incorporated by

the Company and are presented in section 26.0.

In August of 2011, Warren Pratt and Miguel Ponce conducted a site visit to the Property. They

spent 7 days logging core from the Sullivan, Gold Ledge, Lucky Strike and Car Body showings.

An additional 7 days were spent mapping at Sullivan, Gold Ledge and Lucky Strike. Miguel

Ponce spent an additional 4 days at Car Body and Lucky Strike.

The objective of the visit was to assess structural controls on porphyry and epithermal gold-

copper mineralization on the Property. Recommendations include geophysical targets as well as

drilling and geochemical surveys which were incorporated by the Company into future

exploration plans and are presented in section 26.0.

For a discussion of exploration prior to St. Vincent‘s acquisition of the property in 2010, see

Section 6, History.



10.0 DRILLING

The Company completed a 7,875 feet (2,400 metres) drilling program consisting of 10 RC holes

in March-April of 2011. The goal of this drilling was to expand the area of known mineralization

at the Lucky Strike area (6 holes) and test IP anomalies (4 holes) identified by previous owner,

Newcrest. Overall the drilling program was a success as 7 of 10 holes encountered at least some

gold mineralization. All of the samples were analyzed at the ALS Chemex laboratories in Reno

and Vancouver after quality assurance/quality control (QA/QC) protocol was followed using

geochemical standards, blank standards, and pulp replicate samples (duplicates), and

randomization of the submittal prior to sample preparation and analysis by a third-party

laboratory. Highlights of the three most interesting holes (SVM-4, SVM-5 and SVM-6) are

below: SVM-4 and SVM-5 extended the mineralization 2,000 feet (610 metres) at Lucky Strike

and SVM-6 encountered mineralization in at new area identified by an IP anomaly south of the

Sullivan mineralized zone. (St. Vincent in-house company correspondence 2011). A summary of

significant intersections from the 2011 drill program are summarized on Table 10.1 and the

borehole locations are presented on Figure 10.1.

P&E is not aware of any drilling, sampling, or recovery factors that could materially impact the

accuracy and reliability of the results.

TABLE 10.1(1)(2)

HIGHLIGHTS OF DRILL INTERCEPTS FROM 2011 DRILL PROGRAM

Borehole

ID

East

UTM

North

UTM Azimuth Dip

From

(ft)

To

(ft)

Interval

(ft)

Au

(ppm)

Cu

(%)

AuEq

(ppm)

SVM-

01LS 415,319 4,294,108 315 -75 640 660 20 0.154 0.23 0.703

SVM-

02LS 414,973 4,294,257 315 -60 230 310 80 0.104 0.08 0.297

including

245 250 5 0.268 0.14 0.610

345 350 5 0.214 0.01 0.236

360 375 15 0.303 0.03 0.362

370 375 5 0.724 0.02 0.760

SVM-

03LS 415,478 4,294,361 315 -60 140 155 15 0.184 0.04 0.288

205 215 10 0.022 0.06 0.167

SVM-

04LS 415,625 4,294,031 0 -90 105 110 5 0.390 0.38 1.283

160 170 10 0.260 0.18 0.685

including

165 170 5 0.504 0.32 1.250

240 245 5 0.045 0.07 0.217

370 625 255 0.354 0.40 1.290

including

390 525 135 0.516 0.49 1.679

and

400 435 35 0.987 0.75 2.766

630 640 10 0.041 0.06 0.174

645 655 10 0.042 0.04 0.148

660 700 40 0.046 0.06 0.192

SVM-

05LS 415,760 4,294,206 0 -90 40 50 10 0.182 0.03 0.247

190 200 10 0.025 0.04 0.126



TABLE 10.1(1)(2)

HIGHLIGHTS OF DRILL INTERCEPTS FROM 2011 DRILL PROGRAM

Borehole

ID

East

UTM

North

UTM Azimuth Dip

From

(ft)

To

(ft)

Interval

(ft)

Au

(ppm)

Cu

(%)

AuEq

(ppm)

275 280 5 0.095 0.07 0.270

330 345 15 0.170 0.01 0.198

380 390 10 0.072 0.05 0.182

390 395 5 0.155 0.02 0.200

430 470 40 0.083 0.11 0.341

including

445 450 5 0.148 0.19 0.598

SVM-

06SUL 417,097 4,292,084 0 -90 125 130 5 0.361 0.00 0.363

240 260 20 0.360 0.01 0.385

265 280 15 0.088 0.03 0.159

300 320 20 0.106 0.01 0.137

365 410 45 0.058 0.06 0.188

including

370 375 5 0.244 0.04 0.339

430 440 10 0.039 0.07 0.202

460 505 45 0.115 0.15 0.479

including

465 470 5 0.395 0.25 0.992

540 545 5 <0.005 0.09 0.217

795 800 5 0.171 0.02 0.223

820 830 10 0.055 0.03 0.133

SVM-

07SUL 417,602 4,291,718 0 -90 No Significant Intersections

SVM-

08SUL 415,212 4,294,482 0 -90 545 555 10 0.223 0.03 0.286

SVM-

09LS 414,982 4,293,416 0 -90 No Significant Intersections

SVM-

10LS 415,581 4,292,329 0 -90 5 15 10 0.122 0.00 0.126


(2) The intervals reported are sample lengths



Figure 10.1 Borehole Locations




11.0 SAMPLE PREPARATION, ANALYSES, & SECURITY

There is no drilling or sampling work being conducted on the Gabbs Property at the present time.

The following section summarizes the previous sample preparation, analyses, and security

undertaken on the Property during the April 2011 conducted by the Company and by Newcrest

as detailed in Maxlow (2009).

Sample procedures followed industry standards. Particular attention was paid to checking and

verifying the recording of sample data as compared to the actual samples on a daily basis to

ensure all numbering sequences and samples were correct. Following the core logging, sample

boxes were marked for sampling and moved to a secured sample room. Following sampling, all

core boxes were stored in consecutive order in secured areas adjacent to the logging and

sampling rooms.

Newcrest core drilling: core was boxed on site by drillers and picked up every 1-2 days by

Newcrest personnel and stored in a secure location until it was logged. Core was cut with a core

saw on 5 foot intervals (1.52 m) for the first phase of drilling (SD-1 through SD-13 and GD-1

and GD-2) and 2 m intervals for the remainder of the core holes (SRD-15, SD-16 through SD-

21; and GD-3 through GD-6). Samples were stored in a secured sample room prior to being

packed in rice bags.

Newcrest RC drilling: samples were bagged on the drill site, sampled on 5 foot (1.52 meter)

intervals, supervised at all times by a Newcrest geologist for sample accuracy (footage

numbering, sample quality, etc.). Samples were picked up from the drill site by the lab

(ALS/Chemex for G-1 through G-39; Inspectorate for G-40 through G-55, SR-1 through SR-5,

and SRD-15 and SRD-15).

St. Vincent RC drilling: samples were bagged on the drill site, sampled on 5 foot (1.52 meter)

intervals, supervised at all times by a St. Vincent representative for sample accuracy. Samples

were moved by St. Vincent personnel at the end of each day to a location on the property for

pickup by a representative of Shea Clark Smith.

The QA/QC procedures for 2011 drill program were set out by Shea Clark Smith who

independently prepared the samples for analysis and inserted standards, blanks and duplicates

into the sampling stream. Approximately 5% of the samples submitted were QA/QC standards.

The samples were submitted to ALS Chemex‘s laboratory in Reno Nevada.

ALS Chemex is an independent, internationally recognized minerals testing laboratory, operating

in 16 countries and the Reno location is individually certified to ISO 9001:2008 standards and

has received accreditation to ISO/IEC 17025:2005 from the Standards Council of Canada for

Fire Assay Au by Atomic Absorption.

The 2004 and 2006 drill program used non-certified gold standards, while the 2006-2007 and

subsequent drill programs used gold and copper certified standards. All Newcrest drill programs

included the insertion of pulp standards and blanks into the sample stream. Blanks made from

decorative landscaping rock (marble or scoria) were inserted into the sampling program to test

for contamination at the laboratory. Coarse nugget gold was suspected by Placer due to poor

reproducibility of gold grades during drilling in the Car Body area. Due to this ‗nugget effect,‘

the 2004 and 2006 RC drill programs used a centre-return hammer that collected 100% of the

drill sample. Samples were collected on 0.76 m intervals and combined at ALS Chemex‘ lab into



1.52 m intervals for analysis. At least 10% of the samples sent for analysis were control samples

(Au standard pulps or blanks). A program of check assays was completed on the original pulps,

including 213 check assays of 185 intervals. 8 samples over 2 g/t Au were metallic screened.

The 2006-2007 drill programs used a minimum of 10% control samples (10% Au-Cu standard

pulps, 2% blanks.) In 2006, Newcrest switched labs from ALS Chemex to Inspectorate America.

Inspectorate Group has locations in over 100 countries, with eight Exploration & Mining Service

(EMS) hub laboratories around the world. In North America the Sparks (Reno) lab is ISO

9001:2008 certified. The lab participates in round robin testing, such as CanMet, and hires BC

Certified Assayers, experienced technicians and chemists to complete all analytical work.

Standard gold or copper values falling outside an 80%-120% accepted value range were flagged

and, in extreme cases, were re-analyzed for all samples falling halfway between inserted control

samples on either side of the unacceptable standard. All 2006-2007 drilling utilised diamond

drilling coring rigs, the drill core, from which was cut with a water-cooled core saw. Half cores

were sampled and the other half was retained. No quarter core re-split or re-assay was

performed; however, re-split and pulp re-assays were performed where standard values fell

outside the accepted range.

The 2008 drill program utilized core and RC drilling. QC procedures for core were similar to

those used for the 2006-2007 drilling, except a minimum 5% control sample rate was used (5%

Au-Cu standard pulps, 2% blanks). Sampling for RC drilling was done utilizing a rotary wet

splitter, collecting an average 10.5 kg sample. Control samples were inserted with a minimum of

5% controls (5% Au-Cu standard pulps, 2% blanks). Rig duplicate samples were collected for

RC drilling on an average of 2% of the drill samples.

11.1 CONCLUSIONS

P&E feels that the sample preparation, security, and analytical procedures were adequate for the

intended purposes.



12.0 DATA VERIFICATION

12.1 SITE VISIT AND INDEPENDENT SAMPLING

Mr. Fred Brown, CPG, visited the Gabbs Project from May 31 to June 2, 2011 for the purpose of

a site visit and completing an independent verification sampling program. The core from the

Project was examined and nineteen samples were taken in eleven holes by taking the remaining

half-core in the box. An effort was made to sample a range of grades.

At no time were any employees of St. Vincent advised as to the identification of the samples to

be chosen during the visit.

The samples were selected by Mr. Brown, and placed into sample bags which were sealed with

tape and placed in a rice bag.

The samples were brought by Mr. Brown to ALS Minerals Laboratory, (―ALS‖) in Reno,

Nevada for analysis.

ALS Minerals has developed and implemented at each of its locations a Quality Management

System (―QMS‖) designed to ensure the production of consistently reliable data. The system

covers all laboratory activities and takes into consideration the requirements of ISO standards.

The QMS operates under global and regional Quality Control (―QC‖) teams responsible for the

execution and monitoring of the Quality Assurance (―QA‖) and Quality Control programs in

each department, on a regular basis. Audited both internally and by outside parties, these

programs include, but are not limited to, proficiency testing of a variety of parameters, ensuring

that all key methods have standard operating procedures (―SOPs‖) that are in place and being

followed properly, and ensuring that quality control standards are producing consistent results.

ALS maintains ISO registrations and accreditations. ISO registration and accreditation provides

independent verification that a QMS is in operation at the location in question. Most ALS

Minerals laboratories are registered or are pending registration to ISO 9001:2008, and a number

of analytical facilities have received ISO 17025 accreditations for specific laboratory procedures.

Gold samples were fire assayed and analyzed using ICP finish. Copper was digested using four

acid with an ICP analysis.

A comparison of the results is presented in Figure 12.1 and Figure 12.2.



Figure 12.1 Site Visit Sample Results Comparison for Gold

Figure 12.2 Site Visit Sample Results Comparison for Copper

12.2 NEWCREST MINING QUALITY ASSURANCE/QUALITY CONTROL REVIEW

A report dated March 2009 authored by Roger Jones of the Minerals Division of Newcrest

Mining presented the results of an examination of the Gabbs Project QA/QC data from four

Newcrest drilling programs, one soil sampling program and a drilling program carried out prior

to Newcrest‘s involvement in the project. The Newcrest programs were carried out in 2004,

2006, 2006-2007 and 2008.

Two laboratories were used, ALS-Chemex for the 2004 and 2006 programs and Inspectorate for

the 2006-2007 and 2008 programs. During the first two programs, samples were analysed for

gold only. In the last two programs there were also analyses for copper.

0

0.5

1

1.5

2

2.5

3

3.5

Au (g/t)

Drill Hole

St Vincent MineralsGabbs Project Site Visit Samples for Gold

Au_P&E

Au_Client

0

2000

4000

6000

8000

10000

12000

14000

Cu (ppm)

Drill Hole

St Vincent MineralsGabbs Project Site Visit Samples for Copper

Cu_P&E

Cu_Client



A summary of Mr. Jones‘ conclusions is presented below.

“Several issues have emerged during the study.

Given enough assays, means for gold standards converge on the preferred value but individual

results are unreliable. The CRMs have been shown to be homogeneous (although this may not

apply to the Newcrest control samples) suggesting that there are precision issues at the

laboratories. Inspectorate appears to be worse than ALS-Chemex (28% and 18% out of control

results respectively).

Recommendation (immediate) – because individual results are likely to be unreliable, resource

calculation blocks should be large enough to include sufficient samples to reduce the variance

due to this imprecision. Geostatistical examination is indicated.

Median bias figures for the drilling programs are acceptable at -3.3%, -2.3%, +1.8% and -1.3%

for gold in the 2004, 2006, 2006-2007 and 2008 programs respectively. Copper median bias is

significantly worse at +8.1% and +4.5% for 2006-2007 and 2008 respectively.

Some jobs show a consistent bias over and above the average bias.

Recommendation (future work) – routinely examine data sets for this job-scale bias and take the

issue up with the laboratory at the time should the bias become excessive in either amplitude or

duration. This will require that a control chart be kept up to date.

Copper results for the standards are worse than gold results. Three in four results were outside

the preferred value ± 2 standard deviation limits. In fairness, two of the standards are gold

standards and the copper results have not been proven to be homogeneous to the same extent

and do not have certified copper values. Others (including all the standards used in the

2008 drilling) are copper-gold standards in which the copper concentration has been shown to

be homogeneous and has been certified.

Recommendation (immediate) - These results should be brought to the attention of Inspectorate.

Depending on their response, consideration should be given to changing laboratories if there are

alternatives available.

Results for the highest grade copper standard (certified value 1.55% Cu) are consistently

overestimated by 20-30%. Only three times in 130 assays did Inspectorate report results for this

standard inside the certified value ± 2 standard deviation limits. No other laboratory analysed

standard 54Pa in this project. From these facts it appears that the few samples reporting in

excess of 1% copper (the lowest grade at which this assay method is used) may be 20+% high.

This is a copper-gold standard and has a certified value for copper.

Screen (metallics) fire assays show that there is a coarse gold problem at Car Body. On average

55% of the gold reported in the coarse 6% of the sample. Duplicate fire assays of the passing

fraction also suggested a lack of precision in that fraction. Other prospects also show some

evidence of coarse gold problems.

Recommendation (future work) – Gold particle size distribution studies should be carried out.

Initially this could be a statistical study but mineralogical studies are likely to be necessary in



the near future. Results from existing replicates are not suitable because of the laboratory

imprecision.

Precision is difficult to estimate because there have been very few routine field splits or pulp

splits analysed in the same batch as the original sample. Both pulp and coarse splits done at a

later time show very poor precision, with an underlying precision generally no better than about

±50% at the 95% CL. There are likely to be a number of sources of this poor precision including

coarse gold problems, poor laboratory precision and possibly inadequate sample preparation

(although this has not been established beyond the existence of a nugget problem).

Recommendation (future work) – require size analysis for a minimum of 2% of samples,

including the first sample of every batch. Results must be reported. Until proven to be excessive,

the standard should be 95% passing 75um. If any sample fails the sample is to be re-pulverised

and one in every three samples between the failed sample and the last passing sample is to have

a size analysis carried out as well. In the event of further failures in that group all samples

between a failed sample and the last passing sample are to have a size analysis carried out.

Recommendation (all work) – at least 5% of all samples should be replicated at the earliest

possible stage (i.e. at the first mass reduction stage) and reanalysed in the same batch as the

original.

Recommendation (future work) – a sample preparation orientation study should be carried out

before any further drilling to determine minimum appropriate standards for this project. If

current standards are as rigorous as can be expected then random samples should be retrieved

and sizing analysis carried out to ensure that the laboratory is complying with requirements.”

P&E completed a detailed review of the Newcrest report and the accompanying data and agreed

with the conclusions. There were many issues outlined, particularly with the certified reference

materials and precision at the pulp level and recommendations were made to address the issues.

12.3 ST. VINCENT QUALITY CONTROL REVIEW

St. Vincent completed 10 RC holes (7,875 total feet) in the vicinity of the Sullivan and Lucky

Strike deposits at the Gabbs Project, Nevada in March - April, 2011. Previous work in this

project area by Newcrest Mining encountered quality control/quality assurance (QA/QC)

problems due to nuggety gold at the Car Body deposit, and due to various laboratory prep and

analysis issues. To address these issues, a quality assurance/quality control (QA/QC) protocol

was followed by St. Vincent, involving the use of geochemical standards, blank standards, and

pulp replicate samples (duplicates), and randomization of the submittal prior to sample

preparation and analysis. Additionally, a third-party prep lab (MEG Labs, Carson City, Nevada)

was used to effectively blind QA/QC samples from the assay laboratory. Mr. Shea Clark Smith

of Minerals Exploration & Environmental Geochemistry of Reno, NV was retained by St.

Vincent to outline, implement and monitor the quality control program. A report by Mr. Smith,

dated June 15, 2011 was reviewed by P&E, as well as all raw data in Excel format.

The procedures for the QC program are presented in this section and are a direct extract from

Mr. Smith‘s report.



“Sample Preparation

All samples were prepared at MEG Labs with the following minimum requirements:

Dry weight of each sample to account for variable recovery at the drill rig.

Randomization of the samples that comprise one hole prior to sample

preparation.

Initial crushing of the entire sample to 90% pass 1600um (10 mesh) with gravel

wash between each sample.

Riffle split to 250 grams.

Pulverize 250 grams to 90% pass 75um (200 mesh) with barren sand wash

between each sample.

12.4 QA/QC SAMPLES

QA/QC samples were identified as “QAQC 1, QAQC 2, QAQC 3” … etc. The contents were

blind to the assay lab, including: 1) certified standards of known Au, Ag, Cu, and Mo

concentration; 2) prep-blank standards that went through the sample preparation circuit; and 3)

pulp duplicates that were made from splits in the preparation laboratory. Certified standards are

in the analytical stream to measure the accuracy of the data, while prep duplicates measure the

precision of the data. Prep-blanks test for background contamination and contamination from

previous samples. All of these are vital monitors of the sample preparation and analytical

process.

QA/QC samples were placed in the submittal at irregular intervals, and at a rate of

approximately one for every 20 samples.

Additionally, the down-hole sample order was randomized prior to sample preparation and

analysis. This procedure is proven to be one of the most effective ways of revealing systematic

error, the idea for which was first introduced by A.T. Miesch (CIM Special Volume 11, p. 582-

584, 1982). Systematic error results from repetitive procedures during sample preparation and

analysis. Patterns in plots of the randomized data reveal preparation issues such as (but not

limited to) carry over from contaminated equipment and mis-calibration during assay.

Certified Standards & Blanks

The following standards and blanks were used for this project. The 95% Confidence interval is

indicated for certified elements.

MEG-Prep Blank: about 0.005 ppm Au

MEG-S106011X (MEG-Mo-1) 95% Confidence = 0.195-0.246 Mo

MEG-S108004X 0.544 ppm Au, 0.0215% Cu: 95% Confidence = 0.401-0.688 Au;

0.018 – 0.025 % Cu

MEG-S108005X 0.432 ppm Au, 0.414% Cu: 95% Confidence = 0.366-0.497 Au;

0.35- 0.48 % Cu



12.5 ASSAY METHODS

Analysis and assay work was done at ALS Minerals. Gold assays were done in Reno, while

multi-element methods were done in Vancouver using the following codes:

Gold: Au-AA23 (30g/FA/AAS), Overlimits = Au-GRA21

Copper & Molybdenum: ME-ICP61 (4-acid digestion)”

P&E obtained the raw data in Excel format from the St. Vincent drill program. An examination

of the performance of the two certified reference materials was completed, as well as the blank

material.

There were 17 data points for standard MEG S108004X for gold and copper. P&E used +/- 2

standard deviations from the mean for the warning limits and +/- 3 standard deviations from the

mean for the tolerance limits. All 17 data points fell within the warning limits, indicating

acceptable accuracy.

There were 18 data points for standard MEG S108005X for gold and copper. All but one data

point remained within + 2 standard deviations from the mean for Au, however 100% of the data

points were above the mean indicating bias at the lab. All data points for copper remained within

+/- 2 standard deviations from the mean.

There were ten blank samples analyzed and all returned very low values, indicating no

contamination at the prep level.

P&E declares the data acquired and analyzed by St. Vincent to be of sufficient quality for use in

a resource estimate.



13.0 MINERAL PROCESSING & METALLURGICAL TESTING

St. Vincent has not conducted any mineral processing or metallurgical testing on the Gabbs

Property.

In the 1980s and 90s, Cyprus, Placer, Gwalia and Arimetco conducted limited testing of the

Sullivan ore for direct cyanidation, flotation and two-stage leaching. Results from these tests

were varied and rather inconclusive. P&E has not examined this data in detail, although a brief

summary of the historical metallurgical testing and mineral processing work that was performed

is provided in the history section 6.6 of this Report. Please see Table 6.5, Summary of

Metallurgical Studies, in Section 6.8.

.



14.0 MINERAL RESOURCE ESTIMATES

14.1 INTRODUCTION

The Mineral Resource estimate presented herein is reported in accordance with the Canadian

Securities Administrators‘ NI 43-101 and has been estimated in conformity with generally

accepted CIM ―Estimation of Mineral Resource and Mineral Reserves Best Practices‖

guidelines. Mineral Resources are not mineral reserves and do not have demonstrated economic

viability. There is no guarantee that all or any part of the Mineral Resource will be converted into

mineral reserve. Confidence in the estimate of Inferred Mineral Resources is insufficient to allow

the meaningful application of technical and economic parameters or to enable an evaluation of

economic viability worthy of public disclosure. Mineral Resources may be affected by further

infill and exploration drilling that may result in increases or decreases in subsequent Mineral

Resource estimates

All Mineral Resource estimation work reported herein was carried out under the supervision of

Fred H Brown, CPG, an independent Qualified Person under NI 43-101 regulations, from

information and data supplied by St. Vincent. The effective date of this estimate is December 1,

2011. A draft copy of this report was reviewed by St. Vincent Minerals St. Vincent for factual

errors.

Mineral Resource modeling and estimation were carried out using the commercially available

Gemcom GEMSTM

and Snowden SupervisorTM

software programs.

14.2 PREVIOUS RESOURCE ESTIMATES

To P&E‘s knowledge no previous public Mineral Resource disclosure has been made for the

Gabbs Property.

14.3 DATA SUPPLIED

All drilling and sampling data were supplied by St. Vincent in digital format. The database as

implemented by P&E contains 494 drillhole records, consisting of 397 ―historical‖ drillholes, 87

drillholes completed by Newcrest as part of a well-documented exploration program at the

Gabbs Property, and 10 RC drillholes recently completed by St. Vincent (Table 14.1).

TABLE 14.1

DATABASE SUMMARY

Type Record Count Total Metres

Historical 397 37,219.8

Newcrest 87 24,764.8

St. Vincent 10 2,400.3

Total 494 64,384.9

P&E notes that the historical drillholes do not meet NI 43-101 and CIM guidelines for the public

reporting of a Mineral Resource. Historical drillholes were therefore used only to define the

extent of the mineralized deposits, and historical assay grades were not incorporated into the

Mineral Resource estimate.



14.4 DATABASE VALIDATION

Industry standard validation checks were completed on the supplied databases. P&E typically

validates a Mineral Resource database by checking for inconsistencies in naming conventions or

analytical units, duplicate entries, interval, length or distance values less than or equal to zero,

blank or zero-value assay results, out-of-sequence intervals, intervals or distances greater than

the reported drill hole length, inappropriate collar locations, and missing interval and coordinate

fields. No significant validation errors were noted.

As a further check on the supplied drillhole database, P&E recompiled Newcrest and St. Vincent

assay data from the original assay certificates. P&E believes that the data are suitable for Mineral

Resource estimation.

14.5 DOMAIN MODELING

Four distinct deposits have been identified at the Gabbs Project: the Sullivan, Car Body, Gold

Ledge and Lucky Strike. A mineralization domain was modeled for each individual deposit,

based on reasonably continuous reported drillhole assay grades greater than or equal to 0.20 g/t

Au (Figure 14.1). Using the supplied lithological and mineralogical data, an oxide/non-oxide

surface was then modeled across the property. Based on the modeled oxide surface the defined

mineralization domains were then split into upper oxide and lower non-oxide sub-domains. The

resulting domains were used for rock coding, statistical analysis and compositing limits. For the

Sullivan deposit P&E notes that based on historical drilling results the base of the Mineral

Resource is not well defined.

P&E notes that there is additional mineralization indicated by drilling results that is not

encapsulated by the modeled domains. For example, drillholes G-53 and G-54 suggest an

additional near-surface oxide exploration target not associated with the four deposits. In addition,

drillhole G-13 reported a high-grade Au intersection over twenty metres in length, which was not

duplicated by drillhole GD-1, which twins G-13. These assays grades were not incorporated into

this Mineral Resource estimate.



Figure 14.1 Isometric Projection of Mineralization Domains

14.6 COMPOSITING

Assay sample lengths for the Newcrest and St. Vincent drillholes range from 0.015 m to 3.05 m,

with an average sample length of 1.52 m. A total of 84% of the samples have a sample length of

1.60 m, and an additional 10% of the samples have a sample length of 2.00 m (Figure 14.2). In

order to ensure equal sample support a compositing length of 2.00 m was therefore selected for

use for Mineral Resource estimation.

Figure 14.2 Assay sample lengths for Newcrest and St. Vincent data

Length-weighted composites were calculated within the defined sub-domains for Au and Cu.

The compositing process started at the first point of intersection between the drillhole and the

domain intersected, and halted upon exit from the domain wireframe. The wireframes that

represented the interpreted domains were also used to back-tag a rock code field into the

drillhole workspace. Assays and composites were assigned a domain rock code value based on

the domain wireframe that the interval midpoint fell within. A nominal grade of 0.001 g/t was

used to populate a small number of un-sampled intervals. Composites that were less than 0.50 m

Assay Sample Length

0%

20%

40%

60%

80%

100%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0+

m



in length were discarded so as to not introduce a short sample bias into the estimation process.

The composite data were then exported to extraction files for grade estimation.

14.7 COMPOSITE SUMMARY STATISTICS

P&E generated summary statistics for 2,828 composite samples from the defined mineralization

domains (Table 14.2, Table 14.3 and Table 14.4).

TABLE 14.2

DOMAIN COMPOSITE SUMMARY STATISTICS FOR OXIDE AU

Total Sullivan Car Body Gold Ledge Lucky Strike

Mean (g/t) 0.50 0.62 0.50 0.22 0.18

CV 3.63 3.44 3.61 0.69 1.27

Median (g/t) 0.19 0.32 0.08 0.20 0.07

Standard Deviation 1.81 2.14 1.82 0.15 0.23

Minimum (g/t) 0.001 0.001 0.001 0.01 0.001

Maximum (g/t) 22.67 21.50 22.67 0.66 0.88

Count 484 193 208 36 47

TABLE 14.3

DOMAIN COMPOSITE SUMMARY STATISTICS FOR NON-OXIDE AU

Total Sullivan Car Body Gold

Ledge

Lucky

Strike

Mean (g/t) 0.25 0.30 0.22 0.15 0.38

CV 1.87 0.81 3.07 1.36 0.83

Median (g/t) 0.14 0.23 0.06 0.12 0.29

Standard Deviation 0.47 0.24 0.68 0.21 0.31

Minimum (g/t) 0.001 0.007 0.001 0.001 0.001

Maximum (g/t) 11.61 1.35 11.61 3.23 2.91

Count 1,417 256 529 344 288

TABLE 14.4

DOMAIN COMPOSITE SUMMARY STATISTICS FOR SULPHIDE CU

Total Sullivan Car Body Gold

Ledge

Lucky

Strike

Mean ppm 1831 2306 ---- 981 2424

CV 0.79 1 ---- 1 1

Median (ppm) 1595 1918 ---- 913 2100

Standard Deviation 1455 1600 ---- 826 1425

Minimum (ppm) 0.001 72 ---- 0.001 105

Maximum (ppm) 14965 14965 ---- 4319 8426

Count 888 256 ---- 344 288

Examination of grades trends across the oxide boundary indicate little change in Cu grade,

combined with a reduction in grade for Au (Figure 14.3). In addition, there also appears to be a

moderate degree of correlation between Au and Cu composite grades.



Figure 14.3 Downhole Composite Grade Trends at Sullivan



14.8 TREATMENT OF EXTREME VALUES

The presence of high-grade outliers for the composite data was evaluated by a combination of

decile analysis and review of probability plots. Decile analysis results indicate that at Sullivan

28% of the contained oxide Au is from the last decile, and 56% of the contained Non-Oxide Au

(Figure 14.4). A capping value of 5.00 g/t was applied to Au grades and 9,000 ppm to Cu grades,

capping two Au composites and one Cu composite.

Figure 14.4 Decile Analysis Results for Au Composites

14.9 BLOCK MODEL

An orthogonal block model was established across the property with the block model limits

selected so as to cover the extent of the mineralized domains, and the block size reflecting the

scattered and irregular drillhole spacing (Table 14.5). The block model consists of separate

models for estimated grade, rock code, percent, density and classification attributes. A percent

block model was used to accurately represent the volume and tonnage that was contained within

the constraining grade domains. As a result, the Mineral Resource boundaries were properly

0%

5%

10%

15%

20%

25%

30%

10 20 30 40 50 60 70 80 90 100 91 92 93 94 95 96 97 98 99 100

SULLIVAN AU OXIDES

0%

10%

20%

30%

40%

50%

60%

10 20 30 40 50 60 70 80 90 100 91 92 93 94 95 96 97 98 99 100

SULLIVAN AU NON-OXIDES



represented by the percent model‘s capacity to measure infinitely variable inclusion percentages.

The volume represented by minor historical underground workings was considered to be

insignificant and is not represented in the block model.

TABLE 14.5

BLOCK MODEL SETUP

Dimension Minimum Maximum Number Size (m)

X 414,000 418,500 150 30

Y 4,290,000 4,294,500 150 30

Z 700 1,900 120 10

Rotation 0°

14.10 ESTIMATION & CLASSIFICATION

A bulk specific gravity value of 2.70 t/m3 was used for the country rock and of 2.50 t/m

3 for the

oxides, as no comprehensive density information is available. This value corresponds to the

monzonite density used by Newcrest. The average specific gravity of the nineteen P&E check

samples is 2.68 t/m3.

Block grades for Au were estimated using isotropic inverse distance cubed (ID3) linear

weighting of capped composites, and block grades for Cu were estimated using isotropic inverse

distance squared (ID2) linear weighting of capped composites. Between three and twelve

composites from two or more drillholes were required for block estimation; in addition,

composite values were also restricted to the Newcrest and St. Vincent drillhole data. The

modeled oxide surface was treated as a hard boundary for Au estimation and as a soft boundary

for Cu estimation.

P&E believes that the current level of information available is sufficient to classify the Mineral

Resource as Inferred. Mineral Resources were classified in accordance with guidelines

established by the Canadian Institute of Mining, Metallurgy and Petroleum:

Inferred Mineral Resource: ―An ‗Inferred Mineral Resource‘ is that part of a Mineral Resource

for which quantity and grade or quality can be estimated on the basis of geological evidence and

limited sampling and reasonably assumed, but not verified, geological and grade continuity. The

estimate is based on limited information and sampling gathered through appropriate techniques

from locations such as outcrops, trenches, pits, workings and drillholes.‖

In order to reach an Indicated Mineral Resource level of confidence for the Gabbs Project, P&E

recommends the following:

Diamond drillholes to define the vertical extent of the Sullivan deposit;

Systematic drilling on a grid of approximately 150 ft x 150 ft across the deposits;

Collection of specific gravity data;

Improved definition of the oxide transitional boundary, possibly from diamond

drillhole core;

Survey of all recent and future drillhole collars by a licensed surveyor;

Diamond drillhole core from across the structural fabric to define sub-vertical

high-grade fracture systems.



14.11 MINERAL RESOURCE ESTIMATE

NI 43-101 requires that a Mineral Resource demonstrate economic potential. In order to meet

this criterion, P&E generated conceptual pit shells and calculated separate cut-offs for the oxide

and non-oxide domains, based on the listed economic parameters (Table 14.6). Economic

parameters were derived by P&E from general knowledge of similar projects, and in particular

from Ewert et. al (2011). Commodity prices are based on the two year trailing average as of

November 30, 2011.

TABLE 14.6

ECONOMIC PARAMETERS

Au Cu

Price $1,350/oz $3.70/lb

Oxide Recovery 50% 0%

Sulphide Recovery 90% 80%

Oxide Process Cost $6.50/t

Sulphide Process Cost $9.50/t

G & A $2.25/t

Oxide Cut-off 0.40 g/t Au

Sulphide Cut-off 0.30 g/t Au

The Mineral Resource estimate has been generated within the conceptual pit shells (Figure 14.5),

and assumes a leach recovery process for the oxide deposits and a conventional flotation

followed by a leaching process for the sulphide mineralization.

Figure 14.5 Gabbs Conceptual Pit Shells



The Inferred Mineral Resource estimate for the Gabbs Property is reported at a cut-off grade of

0.40 g/t Au for the oxide deposits and 0.30 g/t Au for the non-oxide deposits (Table 14.7) with

an effective date of December 1, 2011

TABLE 14.7

SUMMARY OF IN-PIT INFERRED MINERAL RESOURCES(1-11)

Deposit Au

Cut-off 1000 t

Au

g/t

Au 1000

oz

Cu

ppm

AuEq

g/t

AuEq 1000

oz

Sullivan Oxide 0.40 g/t 9,935 0.80 254.5 2,463 0.80 254.5

Sullivan Non-Oxide 0.30 g/t 10,782 0.47 161.6 2,185 0.83 288.1

Car Body Oxide 0.40 g/t 836.5 1.44 38.6 ---- 1.44 38.6

Car Body Non-Oxide 0.30 g/t 44.4 0.78 1.1 ---- 0.78 1.1

Gold Ledge Oxide 0.40 g/t 108.2 0.47 1.6 2,691 0.47 1.6

Gold Ledge Non-

Oxide 0.30 g/t 760.6 0.61 15.0 1,800 0.91 22.3

Lucky Strike Oxide 0.40 g/t 243.5 0.52 4.1 2,479 0.52 4.1

Lucky Strike Non-

Oxide 0.30 g/t 34,489 0.50 552.6 2,427 0.90 1,002

Total --- 57,199 0.56 1,029 2,342 0.88 1,612

(1) Mineral Resources which are not mineral reserves do not have demonstrated economic viability. The

estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,

taxation, socio-political, marketing, or other relevant issues.

(2) The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been

insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral

Resource, and it is uncertain if further exploration will result in upgrading them to an Indicated or

Measured Mineral Resource category.

(3) Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum

(CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the

CIM Standing Committee on Reserve Definitions and adopted by CIM Council

(4) Mineral Resources are reported within a conceptual pit shell.

(5) Inverse distance weighting of capped composite grades within grade envelopes was used for estimation.

(6) Composite grade capping of 5.00 g/t Au and 9000 ppm Cu was implemented prior to estimation.

(7) A bulk density of 2.70 t/m3 was used for tonnage calculations.

(8) A two year, November 30, 2011 trailing average copper price of US$3.70/lb and a gold price of

$1,350.00/oz were used along with an oxide process cost of $6.50/tonne, a sulphide process cost of

$9.50/tonne and G&A costs of $2.25/tonne.

(9) An oxide Au recovery of 50% and a sulphide Au recovery of 90% were used. No Cu recovery was assumed

for the oxide.

(10) Resources were estimated within an optimized pit shell utilizing pit slopes of 45 degrees and mining costs of

$1.50/tonne of rock.


14.12 VALIDATION

The block model was validated visually by the inspection of successive section lines in order to

confirm that the model correctly reflects the distribution of high-grade and low-grade samples.

Contained volumes and calculated tonnage for each domain solid were also compared to

estimated tonnage per domain at a zero cut-off (Table 14.8). No discrepancies were noted.



TABLE 14.8

VOLUME AND TONNAGE RECONCILIATION

Domain Volume Estimate t x 1000 Model Estimate t x 1000

Sullivan Oxide 26,861 26,019

Sullivan Non-Oxide 21,824 20,985

Car Body Oxide 7,222 7,050

Car Body Non-Oxide 9,339 9,058

Gold Ledge Oxide 7,590 7,259

Gold Ledge Non-Oxide 24,966 24,610

Lucky Strike Oxide 4,297 4,090

Lucky Strike Non-Oxide 58,798 58,632

Total 160,897 157,704

As a further check on the model, the average model block grade was compared to a Nearest

Neighbour (―NN‖) block average as well as to the average of the composite data. No significant

bias between the block model and the input data was noted (Table 14.9).

TABLE 14.9

DOMAIN VALIDATION STATISTICS

Domain Model Average

Au g/t

NN Average Au

g/t

Composite Average

Au g/t

Sullivan Oxide 0.45 0.42 0.62

Sullivan Non-Oxide 0.33 0.33 0.30

Car Body Oxide 0.31 0.31 0.50

Car Body Non-Oxide 0.19 0.16 0.22

Gold Ledge Oxide 0.18 0.21 0.22

Gold Ledge Non-Oxide 0.18 0.19 0.15

Lucky Strike Oxide 0.12 0.11 0.18

Lucky Strike Non-Oxide 0.38 0.37 0.38

Domain Model Average

Cu ppm

NN Average Cu

ppm

Composite Average

Cu ppm

Sullivan Non-Oxide 2060 2044 2306

Gold Ledge Non-Oxide 1140 1297 981

Lucky Strike Non-Oxide 2328 2502 2424

14.13 MINERAL RESOURCE SENSITIVITY

In order to demonstrate the sensitivity of the Mineral Resource estimate to the cut-off grade,

grade and tonnage distributions were generated for a variety of AuEq cut-off grades for the oxide

and non-oxide deposits (Table 14.10) and for Au in Table 14.11 and for AuEq in Table 14.12.

AuEq values are based on 1 g/t Au: 1.67 % Cu equivalent calculation.



TABLE 14.10

IN-PIT SENSITIVITY TO MINERAL RESOURCE ESTIMATE: AUEQ CUT-OFF

Oxide Deposits

Cut-off AuEq g/t 1000t Au g/t Au 1000ozs Cu ppm AuEq g/t AuEq 1000ozs

0.60 4,963 1.26 201 2710 1.26 201

0.55 5,806 1.16 217 2582 1.16 217

0.50 7,913 0.99 252 2437 0.99 252

0.45 9,334 0.91 274 2350 0.91 274

0.40 11,123 0.84 299 2280 0.84 299

0.35 12,733 0.78 318 2207 0.78 318

0.30 15,364 0.70 346 2106 0.70 346

0.25 17,559 0.65 365 2049 0.65 365

0.20 21,818 0.56 395 1899 0.56 395

0.15 25,992 0.50 419 1789 0.50 419

Non-Oxide Deposits

Cut-off AuEq g/t 1000t Au g/t Au 1000ozs Cu ppm AuEq g/t AuEq 1000ozs

0.60 57,147 0.44 812 2469 0.85 1569

0.55 64,140 0.42 867 2416 0.82 1699

0.50 70,587 0.40 913 2362 0.80 1808

0.45 75,735 0.39 945 2316 0.78 1887

0.40 79,651 0.38 967 2276 0.76 1941

0.35 82,600 0.37 981 2245 0.74 1976

0.30 84,340 0.36 988 2224 0.74 1995

0.25 85,057 0.36 990 2213 0.73 2001

0.20 85,664 0.36 992 2203 0.73 2006

0.15 85,993 0.36 993 2197 0.73 2008

TABLE 14.11

IN-PIT AU CUT-OFF SENSITIVITY TO MINERAL RESOURCE ESTIMATE


Cut-off Au g/t

Oxide/Non-oxide

Tonnage

(1,000t) Au (g/t) Au (1,000oz) Cu (ppm)

AuEq

(g/t) AuEq (1,000oz)

0.60 / 0.50 20,132 0.82 532 2740 1.17 756

0.50 / 0.40 38,528 0.65 806 2443 0.97 1,208

0.40 / 0.30 57,199 0.56 1,029 2,342 0.88 1,612

0.30 / 0.20 85,014 0.46 1,262 2253 0.77 2,117

0.20 / 0.10 167,942 0.37 1,977 2213 0.74 3,972

Note: Sensitivity tables are not to be construed as mineral resource estimates, and are provided solely to

demonstrate the sensitivity of the mineral resource estimate to changes in cut-off grade.



TABLE 14.12

IN-PIT AUEQ CUT-OFF SENSITIVITY TO MINERAL RESOURCE ESTIMATE


Cut-off AuEq g/t

Oxide/Non-oxide

Tonnage

(1,000t) Au (g/t) Au (1,000oz) Cu (ppm)

AuEq

(g/t) AuEq (1,000oz)

0.60 / 0.50 75,550 0.46 1,114 2385 0.83 2,009

0.50 / 0.40 87,564 0.43 1,220 2291 0.78 2,193

0.40 / 0.30 95,463 0.42 1,287 2231 0.75 2,294

0.30 / 0.20 101,028 0.41 1,338 2188 0.72 2,351

0.20 / 0.10 108,151 0.40 1,389 2130 0.69 2,404



15.0 MINERAL RESERVE ESTIMATES

No Mineral Reserve estimate was produced by St. Vincent.



16.0 MINING METHODS

There is no current mining activity on the Gabbs Property.



17.0 RECOVERY METHODS

As there is no current mining activity on the Gabbs Property, this section is not applicable.



18.0 PROJECT INFRASTRUCTURE

A well maintained gravel road bisects the property and a major power transmission line crosses

the project west of the Sullivan Mine area. Groundwater on the property is sufficient in places to

allow drilling of a water well once it is permitted. Limited logistical support can be found in the

town of Gabbs, though most service and supplies can be sourced from the town of Fallon,

Nevada, located approximately 75 mi northwest of the site or the town of Hawthorne which is

55 mi west-southwest of the site. Fallon has a population of 8,525.



19.0 MARKET STUDIES & CONTRACTS

This section is not applicable to the Report.



20.0 ENVIRONMENTAL STUDIES, PERMITTING, & SOCIAL OR COMMUNITY

IMPACT

A water permit was obtained for the Gabbs Property. According to the State of Nevada‘s

Division of Water Permit website, Permit #50803 was held by the Omega Resource Company

for the Sullivan Project, and the specified use is for milling and mining. Newcrest acquired the

water permit along with the Sullivan property from Arimetco Inc. After field investigation in

2007, it was determined that either no well was drilled or it was abandoned. Due to the well‘s

location, Newcrest withdrew its interest in maintaining and perfecting a well. The permit‘s

current status is listed as ―Withdrawn‖.



21.0 CAPITAL & OPERATING COSTS




22.0 ECONOMIC ANALYSIS




23.0 ADJACENT PROPERTIES

The information contained in this section is summarized from Economic Geology report on the

Paradise Peak property prepared by Sillitoe and Larson (1994).

At the Paradise Peak Mine, the high sulphidation ore is hosted by strata-bound bodies of

pervasively silicified, welded ash-flow tuff. The highest precious metal values were found in

hydrothermal breccias which cut silicified tuff and, at the Paradise Peak deposit, also overlying

andesite flows and felsic tuffs altered to a quartz-alunite assemblage.

A lower andesite sequence is the host for a large zone of low-grade porphyry style gold

mineralization. This andesite sequence is located beneath the mineralized tuff horizons. Gold is

present in a quartz veinlet stockwork cutting sericitized andesite flows, which is inferred to be

intruded at depth by a porphyry stock.

Three of the high sulphidation ore bodies were believed to have been a sole deposit prior to an

episode of detachment faulting which took place after steep, normal faulting and precious metal

mineralization were complete.

High sulphidation mineralization in the east lobe of the Paradise Peak deposit and at Ketchup

Hill lies beneath the base of oxidation and consists of refractory sulphidic material. Sulphides

comprise 10 to 90 %, by volume, of the unoxidized material and, after oxidation, produced the

friable, powdery ore common in the ore bodies. Weathering resulted in very localized

redistribution of silver and gold. Hypogene oxidation was not recognized.

The reader is cautioned that the Qualified Persons have been unable to verify the information in

this section and such information is not necessarily indicative of the mineralization on the

property that is the subject of this Report.



24.0 OTHER RELEVANT DATA & INFORMATION

To the best of the authors‘ knowledge there is no other relevant data, additional information or

explanation necessary to make the Report understandable and not misleading.



25.0 INTERPRETATION & CONCLUSIONS

25.1 INTERPRETATION

Gold-rich porphyry deposits have close spatial, temporal and genetic relationships with high

sulphidation epithermal gold deposits. This is clearly demonstrated at Paradise Peak where high

sulphidation epithermal gold-silver-mercury mineralization and porphyry gold style

mineralization (East Zone) occur in close proximity (Sillitoe and Lorson, 1994).

The Gabbs Project contains at least three separate Au-Cu porphyry prospects and one epithermal

gold prospect. Their close proximity to each other suggests that they either share a common

source which has possibly been structurally dismembered from a once continuous system, or that

multiple intrusive centers exist.

Mineralization in the Sullivan, Lucky Strike, and Gold Ledge south areas appears to be

predominantly porphyry gold-copper style mineralization. Gold and copper mineralization is

associated with felsic intrusive rocks ranging in composition from monzonite to quartz

monzonite to quartz diorite. Gold and copper mineralization extends into adjacent gabbro and

pyroxenite, and to a much lesser extent into the Triassic volcano-sedimentary package.

25.2 CONCLUSIONS

The Gabbs Project porphyry bodies are bounded and cut by ductile shear zones and associated

with deep, mesothermal fault/shear hosted quartz veins both characteristic of relatively deep

crustal levels. In an idealised porphyry gold-copper deposit the gold and copper mineralized zone

is centred on a porphyry stock characterised by potassic-alteration with disseminated and

stockwork magnetite-chalcopyrite mineralization surrounded by an annular zone of pyrite rich

phyllic alteration giving way outwards to barren propylitic alteration. Porphyry gold-copper-

molybdenum mineralization at the Property lacks clear concentric zonation of alteration minerals

etc., so it does not appear to be a classical zoned porphyry system (Lowell and Guilbert, 1970).

The monzonite porphyries at the Property may be simple sills or dikes but the schist/shear fabric

at their contacts suggests at least some degree of tectonic emplacement so they could be

dismembered slices of a larger, as yet undiscovered, gold-copper-molybdenum mineralized

porphyry stock.

The corridor that links Sullivan, Gold Ledge, and Kona (an area of future exploration interest

located to the west of Gold Ledge) is of paramount interest and should be tested with IP and deep

RC holes. These drill holes should be steeply inclined towards the north. It is likely that any

porphyries encountered will strike almost E-W and dip moderately or gently south (as at Sullivan

and Gold Ledge). It is recommended to step out from known porphyry occurrences, starting on

the east side of Gold Ledge, where porphyry may be concealed beneath thin Tertiary cover (Pratt

& Ponce, 2011).

Structural geology, geophysics and drilling are likely to be effective exploration techniques for

locating additional mineralization. If a source porphyry gold-copper mineralized stock exists at

the Gabbs Property then it is likely to occur down dip of the monzonite porphyry ―sills.‖

Geophysics and follow-up drilling in this direction (i.e. southwest of Sullivan and southeast of

Lucky Strike, would appear warranted), (Pratt & Ponce, 2011).



Mineralization at Car Body is disseminated gold associated with quartz-sericite-pyrite- (phyllic-)

alteration. Mineralization is hosted by the same Tertiary andesite-rhyolite volcanic intrusive

sequence as the nearby Paradise Peak epithermal-porphyry gold (silver-mercury) deposits. These

deposits may be the same age and are, perhaps, genetically related. Car Body may represent a

deep/marginal alteration and mineral zone related to Paradise Peak.

At Car Body, careful logging of the volcanic stratigraphy and closely spaced diamond drilling

are required. Drilling should gradually work away from known areas of high grade. This is

probably the best way to build a reliable resource until geological controls are better understood.



26.0 RECOMMENDATIONS

A two phase exploration program is proposed for the Gabbs Property.

26.1 PHASE I EXPLORATION PROGRAM

The structural study will complement the data collected by Newcrest and determine if the recent

geologic and resource modeling interpretation that mineralization at Sullivan may be structurally

controlled within a low-angle (potentially thrust) fault zone is a valid assumption.

The metallogenic study will help determine the gold-copper mineralization genetic relationships

from the various mineralized zones. Newcrest had been pursuing the theory of a porphyry related

mineralization model. Analysis of existing data sets (geology, alteration and geochemistry) will

provide new insights to the mineralization and allow targeting for testing for new mineralized

areas on the property.

At the Lucky Strike the drilling will further define and test the copper-gold mineralization. At the

Lucky Strike one or two of the previous holes should be twinned within 10 metres. The new

holes should be assayed using the same methods as the previous holes but selected section or

samples should employ a total cyanide digestion. These holes will provide grade comparison and

help determine if modifications to the sample process technique are required.

At Sullivan drilling will test geophysical anomalies defined by the Newcrest work and provide

structural data to determine if the mineralization is structurally controlled.

St. Vincent should continue to utilize the QA/QC program initialized by Newcrest and look into

the QA/QC recommendations by Jones (2009).

TABLE 26.1

PHASE I BUDGET


Geophysics $225,000

Geologists Salary/Expenses (2.5) $325,000

DDH drilling 3,415 m (8 holes) $1,390,000

RC drilling, 6,400 m (15 holes) $755,000


Preliminary Economic Assessment $200,000

Miscellaneous Geologic Supplies $108,000

Metallurgical Testing & Study $75,000


*RC drilling of geophysical anomalies property wide and suspected mineralization at Gold Ledge and Lucky Strike.

**DDH at Sullivan and Car Body.

The Phase I work program is expected to be implemented between 2012 and 2013.



26.2 PHASE II EXPLORATION PROGRAM

A Phase II Exploration Program is recommended based on favourable results from the Phase I

program. The aim of this program is to test for additional gold-copper porphyry and epithermal

precious metal mineralization on the property and also to verify previous drilling results in the

Sullivan area.

TABLE 26.2

PHASE II BUDGET


Sullivan Oxide Def. DDH 6,400 m $2,400,000

Sullivan Sulfide Def. DDH 1,936 m $720,000

Exploration Drilling DDH 4,389 m $1,728,000

Geologists Salary/Expenses (3) $650,000


Miscellaneous Field Supplies $134,000

Miscellaneous Field Services $165,000


*Sullivan Oxide Drilling 100 m center 40 holes

@ 160 m = 6,400 m.

**Sullivan Sulphide Drilling 4 Holes

@ 484 m= 1936 m.

***Exploration Drilling (Lucky Strike, Gold Ledge,

Car Body) 4,389 m.

The Phase II work program is expected to be implemented between 2013 and 2014.



27.0 REFERENCES

This section lists the references utilized in the preparation of this Report.

Chamberlain, C., 2008: Gabbs Mapping. Memorandum to Newcrest Resources Inc. July 25,

2008.

Clark, G.J., 2010: Draft version of ―Technical Report on the Gabbs Project, Fairplay Mining

District, Nye County, Nevada‖, prepared by Clark Exploration Consulting and

dated Nov., 2010.

Corbett, G., 2009: Anatomy of Porphyry-related Au-Cu-Ag-Mo Mineralised Systems: Some

Exploration Implications: Australian Institute of Geoscientists North Queensland

Exploration Conference, June 2009.

Craig, S.D., Oldow, J.S., dePolo, C.M., Hardyman, R.A., and John, D.A., 1992: Road log from

Luning to Westgate via Mina and Gabbs, in Craig, S.D., ed., Walker Lane

Symposium, Hawthorne area – northern Walker Lane structure and tectonics,

1992 Spring Field Trip No. 1 Guidebook, Geological Society of Nevada, Special

Publication No. 14, p. 54.

Davis, D.A., 2008: Industrial Minerals, in The Nevada mineral industry 2007: Nevada Bureau of

Mines and Geology Special Publication MI-2007, p. 117-147.

Ellis, R., 2011: Recommendations for Geophysics on the Gabbs Project, Nye County, Nevada.

Memorandum to St. Vincent Minerals Inc. dated April 29, 2011. Ellis

Geophysical Consulting Inc.

Ewert, W., Puritch, E., Rodgers, K., Orava, D., Hayden, A., Buck, M., Burga, E., Armstrong, A.,

Burga, D., Yassa, A. 2011: Technical Report, Updated Resource Estimate and

Preliminary Economic Assessment of the Toroparu Gold-Copper Deposit, Upper

Puruni Property, Guyana. P&E Mining Consultants technical report dated April

2011 available on www.SEDAR.com.

Fierst, John, 2009: Summary Report of Activities through 2008. The Gabbs Project, Nye County,

Nevada, dated April 2009. Newcrest Resources Inc. 58 p.

Jemielita, Richard. 2011: A Review of the Gabbs Gold-Copper Property Nye County Nevada

USA, 31 pages, prepared for St Vincent Minerals Inc.

Job, M., and Singh, V., 2010:, Gabbs Gold-Copper Project Resource Estimation. Report

Revision 1. 28/01/2010. Newcrest Mining Limited. 59 pages.

John, D.A., Nash, T., Clarke, C.W., and Wulfetange, W.H., 1990): Geology, Hydrothermal

Alteration and Mineralization at the Paradise Peak Gold-Silver-Mercury Deposit,

Nye County, Nevada. In Raines, G.L., Lisle, R.E., Schafer, R.W., and Wilkinson,

W.H., editors. Geology and Ore Deposits of the Great Basin. April 1-5, 1990.

Symposium Proceedings. Pp. 1020-1050. Geological Society of Nevada, Reno,

Nevada, 1991.



Jones, R.,, 2009: Gabbs Project QA/QC. Internal Report for Minerals Division, Newcrest

Mining Ltd.

Hedenquist, J.W., Arribas, A., Jr., and Gonzales-Urien, E., 2000: Exploration for epithermal gold

deposits: Reviews in Economic Geology, v. 13, p. 245–277.

Henley, R.W., and Ellis, A.J., 1983: Geothermal systems, ancient and modern: Earth Science

Reviews, v. 19, p. 1–50.

Kleinhampl, F.J., and Ziony, J.I., 1984: Mineral resources of northern Nye County, Nevada:

Nevada Bureau of Mines and Geology Bulletin 99B, 241 p.

Lowell, J.D., and Guilbert, J.M., 1970: Lateral and vertical alteration-mineralization zoning in

porphyry ore deposits: Economic Geology, v. 65, p. 373-408.

Ludington, S., John, D., Muntean, J., Hansen, A., Castor, S., Henry, C., Cline, J., Simon, A.,

2009: Mineral-Resource Assessment of Northern Nye County, Nevada-A

Progress Report, United States Geological Survey (USGS) Open File Report

(OFR) 2029-1271.

Mason, D.R., 2008: Petrographic Descriptions for Thirty-Two Drill Core Rock Samples,

Sullivan Porphyry Au-Cu Project, Nevada, USA. Mason Geoscience Pty Ltd.

Unpublished report for Newcrest Resources Inc. 7 May 2008.

Maxlow, J., 2009: Gabbs Gold-Copper Project, Resource Estimation, prepared for Newcrest

Mining Limited.

Pratt, W., & Ponce, M., 2011: Structural Controls on Mineralization at the Gabbs Project, Nye

County, Nevada. Prepared for St. Vincent Minerals Inc.

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September 2006.

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Activities through 2006, Newcrest Resource dated March 2005.



28.0 CERTIFICATES

CERTIFICATE OF QUALIFIED PERSON

WAYNE D. EWERT, P.GEO.

I, Wayne D. Ewert, P. Geo., residing at 10 Langford Court, Brampton, Ontario, L6W 4K4, do hereby certify that:

1. I am a principal of P & E Mining Consultants Inc. who has been contracted by St. Vincent Minerals Inc.

2. This certificate applies to the technical report titled ―Technical Report and Resource Estimate on the Gabbs

Gold-Copper Property, Fairplay Mining District, Nye County, Nevada, USA‖, (the ―Technical Report‖) with an

effective date of December 1, 2011.

3. I graduated with an Honours Bachelor of Science degree in Geology from the University of Waterloo in 1970

and with a PhD degree in Geology from Carleton University in 1977. I have worked as a geologist for a total of

42 years since obtaining my B.Sc. degree. I am a P. Geo., registered in the Province of Saskatchewan (APEGS

No. 16217), British Columbia (APEGBC No. 18965), the Province of Ontario (APGO No. 0866) and the

Province of Newfoundland and Labrador (PEG No. 06005).

I have read the definition of ―Qualified Person‖ set out in National Instrument 43-101 (―NI 43-101‖) and certify

that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past

relevant work experience, I fulfill the requirements to be a ―Qualified Person‖ for the purposes of NI 43-101.

My relevant experience for the purpose of the Technical Report is:

Principal, P&E Mining Consultants Inc. ..............................................................................2004 – Present

Vice-President, A.C.A. Howe International Limited ............................................................... 1992 – 2004

Canadian Manager, New Projects, Gold Fields Canadian Mining Limited ............................. 1987 – 1992

Regional Manager, Gold Fields Canadian Mining Limited ..................................................... 1986 – 1987

Supervising Project Geologist, Getty Mines Ltd. .................................................................... 1982 – 1986

Supervising Project Geologist III, Cominco Ltd. .................................................................... 1976 – 1982

4. I have not visited the Property that is the subject of the Technical Report.

5. I am responsible for authoring Sections 1.0 through 6.0 and 13.0 of the Technical Report

6. I am independent of the Issuer applying all of the tests in section 1.5 of National Instrument 43-101.

7. I have not had prior involvement with the property that is the subject of the Technical Report.

8. I have read NI 43-101 and Form 43-101F1 and the Technical Report has been prepared in compliance

therewith.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report

contains all scientific and technical information that is required to be disclosed to make the Technical Report

not misleading.


Signed Date: December 21, 2011

{SIGNED AND SEALED}

[Wayne Ewert]

________________________________

Dr. Wayne D. Ewert P. Geo.




FRED H. BROWN, CPG, Pr.Sci.Nat.

I, Fred H. Brown, CPG, Pr.Sci.Nat., residing at Suite B-10, 1610 Grover St., Lynden WA, 98264 USA, do hereby

certify that:

1. I am an independent geological consultant and have worked as a geologist continuously since my graduation

from university in 1987.




3. I graduated with a Bachelor of Science degree in Geology from New Mexico State University in 1987. I

obtained a Graduate Diploma in Engineering (Mining) in 1997 from the University of the Witwatersrand and a

Master of Science in Engineering (Civil) from the University of the Witwatersrand in 2005. I am registered with

the South African Council for Natural Scientific Professions as a Professional Geological Scientist (registration

number 400008/04), the American Institute of Professional Geologists as a Certified Professional Geologist

(certificate number 11015) and the Society for Mining, Metallurgy and Exploration as a Registered Member

(#4152172).


that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past

relevant work experience, I fulfill the requirements to be a ―Qualified Person‖ for the purposes of NI 43-101


Underground Mine Geologist, Freegold Mine, AAC ................................................................. 1987-1995

Mineral Resource Manager, Vaal Reefs Mine, Anglogold......................................................... 1995-1997

Resident Geologist, Venetia Mine, De Beers ............................................................................ 1997-2000

Chief Geologist, De Beers Consolidated Mines ......................................................................... 2000-2004

Consulting Geologist .................................................................................................................. 2004-2008

4. I have visited the Property that is the subject of the Technical Report on May 31 to June 2, 2011.

5. I am responsible for authoring Section 14 and co-authoring Sections 25 and 26 of the Technical Report.

6. I am independent of the issuer applying the test in Section 1.5 of NI 43-101.

7. I have not had any prior involvement with the property that is the subject of the Technical Report.


therewith.



not misleading.



{SIGNED AND SEALED}

[Fred H. Brown]

_______________________________

Fred H. Brown CPG, Pr.Sci.Nat.




Tracy J. Armstrong, P.Geo.

I, Tracy J. Armstrong, residing at 2007 Chemin Georgeville, res. 22, Magog, QC J1X 0M8, do hereby certify that:

1. I am an independent geological consultant contracted by P&E Mining Consultants Inc. and have worked as a

geologist continuously since my graduation from university in 1982.


Gold-Copper Property, Fairplay Mining District, Nye County, Nevada, USA‖, (the ―Technical Report‖) with

an effective date of December 1, 2011.

3. I am a graduate of Queen‘s University at Kingston, Ontario with a B.Sc. (HONS) in Geological Sciences

(1982). I am a geological consultant currently licensed by the Order of Geologists of Québec (License 566), the

Association of Professional Geoscientists of Ontario (License 1204) and the Association of Professional

Engineers and Geoscientists of British Columbia, (Licence No. 34720).

I have read the definition of "Qualified Person" set out in National Instrument 43-101 (NI 43-101) and certify

that by reason of my education and past relevant work experience, I fulfill the requirements to be a "Qualified

Person" for the purposes of NI 43-101.


Underground production geologist, Agnico-Eagle Laronde Mine1988-1993;

Exploration geologist, Laronde Mine 1993-1995;

Exploration coordinator, Placer Dome 1995-1997;

Senior Exploration Geologist, Barrick Exploration 1997-1998;

Exploration Manager, McWatters Mining 1998-2003;

Chief Geologist Sigma Mine 2003

Consulting Geologist 2003-to present.

4. I have not visited the Property that is the subject of the Technical Report.

5. I am responsible for the preparation and authoring of Section 12 of the Technical Report.

6. I am independent of issuer applying the test in Section 1.5 of NI 43-101.

7. I have had no prior involvement with the property that is the subject of the Technical Report.


therewith.



not misleading.


Signing Date: December 21, 2011

{SIGNED AND SEALED}

[Tracy J. Armstrong]

________________________________

Tracy J. Armstrong, P. Geo.




DAVID BURGA, P. GEO.

I, David Burga, P. Geo., residing at 3884 Freeman Terrace, Mississauga, Ontario, do hereby certify that:

1. I am an independent geological consultant contracted by P&E Mining Consultants Inc.




3. I am a graduate of the University of Toronto with a Bachelor of Science degree in Geological Sciences (1997).

I have worked as a geologist for a total of 12 years since obtaining my B.Sc. degree. I am a geological

consultant currently licensed by the Association of Professional Geoscientists of Ontario (License No 1836).


that, by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past

relevant work experience, I fulfill the requirements to be a ―Qualified Person‖ for the purposes of NI 43-101.


Exploration Geologist, Cameco Gold ......................................................................................... 1997-1998

Field Geophysicist, Quantec Geoscience .................................................................................. 1998-1999

Geological Consultant, Andeburg Consulting Ltd. .................................................................... 1999-2003

Geologist, Aeon Egmond Ltd. .................................................................................................... 2003-2005

Project Manager, Jacques Whitford ........................................................................................... 2005-2008

Exploration Manager – Chile, Red Metal Resources ................................................................. 2008-2009

Consulting Geologist .............................................................................................................. 2009-Present

4. I have not visited the Property that is the subject of the technical report.

5. I am responsible for co-authoring Sections 25 and 26; and authoring Sections 7 through 11 and 15 through 24

and 27 of the Technical Report.

6. I am independent of the Issuer applying the test in Section 1.5 of NI 43-101.

7. I have had no prior involvement with the property that is the subject of the Technical Report.


therewith.



not misleading.



{SIGNED AND SEALED}

[David Burga]

David Burga, P. Geo.

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