Carotare Deposit Resource Estimate "A"

 As shown in the table below, the Carotare estimate outlines a Measured & Indicated resource of 105,000 gold equivalent ounces and an Inferred resource of 143,000 gold equivalent ounces. The estimate was prepared under the supervision of Qualified Person, Mr. A.A. Burgoyne, P.Eng.

Carotare Resources

Tonnes Gold (g/t) Silver (g/t) Gold Eq*. (g/t) Gold (oz)   Silver (oz)   Gold Eq*. (oz) Measured 1,680,000 0.81   29   1.2   44,000   1,578,000   65,000 Indicated 1,020,000 0.83   29   1.21   27,000   945,000   40,000 Measured & Indicated 2,700,000 0.82   29   1.21   71,000   2,523,000   105,000 Inferred 3,780,000 0.85   25   1.18   103,000   2,987,000   143,000

* Gold-equivalent assumes equivalence of 75 units of silver to one unit of gold.

The type of mineralization on the Carotare (epithermal, oxide), the structural control, gold grades, and widths are similar to the Carmen deposit.