a technical review borsko jezero copper-gold … · type: borska reka); and • type iv: pcd...

April 10, 2013

Toronto, Canada

A TECHNICAL REVIEW OF THE

BORSKO JEZERO COPPER-GOLD PROPERTY, BOR, SERBIA

FOR MUNDORO CAPITAL INC.

prepared by

D. Power-Fardy, P.Geo., EurGeol.

Senior Geologist, Watts, Griffis and McOuat Limited

and

G. Magaranov, P.Geo., EurGeol.,

Senior Exploration Manager, SE Europe Mundoro Capital Inc.

- ii -

TABLE OF CONTENTS

Page

1. SUMMARY ..........................................................................................................................1

2. INTRODUCTION AND TERMS OF REFERENCE .......................................................6 2.1 INTRODUCTION ........................................................................................................6 2.2 TERMS OF REFERENCE ...........................................................................................6 2.3 SOURCES OF INFORMATION .................................................................................7 2.4 DETAILS OF PERSONAL INSPECTION OF THE PROPERTY .............................7 2.5 UNITS AND CURRENCY ..........................................................................................7

3. RELIANCE ON OTHER EXPERTS .................................................................................8

4. PROPERTY DESCRIPTION AND LOCATION ............................................................9 4.1 LOCATION ..................................................................................................................9 4.2 PROPERTY DESCRIPTION AND PERMITTING ....................................................9

5. ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ........................................................................................................14

5.1 ACCESS .....................................................................................................................14 5.2 CLIMATE ...................................................................................................................14 5.3 LOCAL RESOURCES AND INFRASTRUCTURE .................................................15 5.4 PHYSIOGRAPHY ......................................................................................................16

6. HISTORY ...........................................................................................................................17

7. GEOLOGICAL SETTING AND MINERALIZATION ................................................18 7.1 REGIONAL, LOCAL AND PROPERTY GEOLOGY .............................................18 7.2 MINERALIZATION ..................................................................................................23

8. DEPOSIT TYPES ..............................................................................................................27

9. EXPLORATION ................................................................................................................35 9.1 PROCEDURES/PARAMETERS OF SURVEYS AND INVESTIGATION ............35 9.2 SAMPLING METHODS AND SAMPLE QUALITY ..............................................42 9.3 RELEVANT INFORMATION ..................................................................................43 9.4 RESULTS AND INTERPRETATION OF EXPLORATION ...................................43

10. DRILLING .......................................................................................................................46

- iii -

TABLE OF CONTENTS (continued)

Page

11. SAMPLE PREPARATION, ANALYSES AND SECURITY ......................................47 11.1 SAMPLE PREPARATION AND ASSAYING .........................................................47 11.2 QUALITY ASSURANCE/QUALITY CONTROL ...................................................48 11.3 SECURITY .................................................................................................................50

12. DATA VERIFICATION .................................................................................................51

13. MINERAL PROCESSING AND METALLURGICAL TESTING ............................56

14. MINERAL RESOURCE ESTIMATES .........................................................................56

15. MINERAL RESERVE ESTIMATES ............................................................................56

16. MINING METHODS ......................................................................................................56

17. RECOVERY METHODS ...............................................................................................56

18. PROJECT INFRASTRUCTURE ...................................................................................56

19. MARKET STUDIES AND CONTRACTS ....................................................................56

20. ENVIRONMENTAL STUDIES, PERMIT, AND SOCIAL OR COMMUNITY IMPACT .............................................................................................57

21. CAPITAL AND OPERATING COSTS .........................................................................57

22. ECONOMIC ANALYSIS ................................................................................................57

23. ADJACENT PROPERTIES ...........................................................................................58

24. OTHER RELEVANT DATA AND INFORMATION .................................................61

25. INTERPRETATION AND CONCLUSIONS ...............................................................62

26. RECOMMENDATIONS .................................................................................................65

- iv -

TABLE OF CONTENTS (continued)

Page

27. DATE AND SIGNATURE PAGE ..................................................................................67

CERTIFICATES .....................................................................................................................68

REFERENCES ........................................................................................................................72

APPENDIX 1: VERIFICATION SAMPLES: ANALYTICAL DATA ............................75

LIST OF TABLES 1. Boundary coordinates of property claim .......................................................................11 2. Location of verification sample sites ............................................................................51 3. Analytical results of the verification samples ...............................................................53 4. Proposed exploration budget .........................................................................................66

LIST OF FIGURES 1. Location map .................................................................................................................10 2. Concession map ............................................................................................................13 3. Simplified geological map of Serbia .............................................................................19 4. Timok mineral district ...................................................................................................20 5. Geology of the Timok magmatic complex....................................................................22 6. Property geology ...........................................................................................................24 7. Property geology ...........................................................................................................25 8. Generalized deposit types .............................................................................................28 9. Geochemical anomaly map: gold ..................................................................................37 10. Geochemical anomaly map: silver ................................................................................38 11. Geochemical anomaly map: copper ..............................................................................39 12. Geochemical anomaly map: molybdenum ....................................................................40 13. Geophysical anomaly map ............................................................................................44 14. Gold values ....................................................................................................................54 15. Copper and Zinc values .................................................................................................55 16. Adjacent properties .......................................................................................................59

- 1 -

1. SUMMARY Mundoro Capital Inc (“Mundoro” or the “Company”) retained Watts, Griffis and McOuat Limited (“WGM”) to carry out an independent technical review of the Borsko Jezero copper-gold project (the “Property”) located within the Bor Municipality in eastern Serbia. WGM’s review and report are in compliance with Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) and definitions of the Council of Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards. Mundoro is a Canadian-based public company trading on the Toronto Stock Exchange Ventures Market under the banner “MUN”. The corporate office is listed in Vancouver, BC. The report is to be used to meet the requirements of the Toronto Stock Exchange Ventures Market. The Property is located approximately 200 km southeast of Belgrade, some 2 km west of the Bor open pit and approximately a kilometre or so south of the active Cerovo open pit. The Licence covers an area of approximately 4,600 hectares, or 46 km2. The title of the property is held by Stara Planina Resources d.o.o. (“Stara Planina”), a wholly-owned subsidiary of Mundoro and the operating entity of Mundoro in Serbia. The area has excellent infrastructure and easy access to major power lines. Serbian national power grid of 110 kV crosses through the middle of the Property. Network of roads provide easy access to the Property. The Property lies within the Carpatho-Balkan Region in Eastern Serbia. The terrane is hilly to mountainous. Elevations range from 373 m to 785 m above sea level. Forests dominate the higher slopes and peaks, while seasonal farming is carried out on the lower slopes and in the valleys. The project area consists of areas of gently rolling hills with seasonal (summer) pastures as well as more rugged forested areas. The Timok region has had a long history of exploration and mining. Mining activities attributed to the Romans have been identified in the vicinity of the town of Bor. Archaeological mining sites in the Bor and Majdanpek areas are among the oldest in Europe and have been dated at 4,500 BC. The area has been a major centre for mining and processing of copper and other precious metals for almost a century. Modern mining production started in 1903 with the production from a underground mine at Bor, followed by production from three open pits.

- 2 -

During the 1970s, the Geological Survey of Serbia conducted field investigations in the area which lead to the discovery of 5 copper occurrences. The Geological Institute of Serbia (GIS) carried out regional investigations during the 1980s. Unfortunately, not much information is available, except for some brief descriptions without any accompanying maps. The area has not been the site of any recent exploration activity as it had been “closed” until recently. The government agencies at that time were focused on the mining operation rather than exploration. The Property lies within the Timok Magmatic Complex (“TMC”) in eastern Serbia. The TMC is part of the Alpine-Balkan-Carpathian-Dinaride metallogenic-geodynamic province (“ABCD”). This belt in turn is part of the larger Tethyan (or Alpine-Himalayan) Orogenic System or the Tethyan Metallogenic Belt (“TMB”) that extends from Western Europe to Southeast Asia. Within the ABCD, the most economically significant segment comprises the Upper Cretaceous subduction-related magmatic rocks and mineral deposits referred to as the Banatitic Magmatic and Metallogenic Belt (“BMMB”) extending over 740 km from Romania through Serbia and across Bulgaria. The Timok Magmatic Complex (or Bor Mineral District) is a belt 20 km wide and approximately 80 km in length. The Complex is thought to be an extensional strike-slip “duplex” with right-lateral, right-step sense of movement. The rocks of the Timok Magmatic Complex are predominantly intermediate to felsic in composition with medium to high “K-series” calc alkaline affinities. Three stages (phases) of Late Cretaceous magmatic and volcanic activity are identified within the TMC, spanning ~30 Ma based on K–Ar ages. Each phase has associated sub-volcanic to post-volcanic intrusions of diorite to granodioritic through to quartz monzonite composition. There are several locations within Borsko Jezero Property (Rakita, Krulome Sanduli (Stream), Coka Kormaros, Coka Trnjana, Kulma Lupan) where minor exploration has been performed in the past. Unfortunately details are not available. Several types of deposits can be distinguished within the Timok Magmatic Complex. These include: porphyry copper (Majdanpek, Veliki Krivelj); replacement massive sulphide copper deposits with porphyry copper system at depth (high sulphidation and porphyry system in Bor deposit); and skarn hydrothermal lead-zinc mineralized “satellites” of porphyry systems, but of non-economic potential.

- 3 -

Porphyry copper deposits (“PCD”) and high sulphidation Au-Cu-Ag epithermal veins are the most economically significant deposit types within the Bor Metallogenic Zone (“BMZ”). There are four principal morphogenetical deposit types of PCD within BMZ (Jelenkovic and Kozelj, 2002): • Type I: PCD hosted by multistage composite plutonic granitoid complex (e.g. Valja Strž); • Type II: PCD related to high-level dyke swarms above plutonic body (e.g. Veliki Krivelj,

subtype: Cerovo-Cementacija); • Type III: PCD associated with high sulphidation massive sulphides (e.g. Bor, sub-volcanic

type: Borska Reka); and • Type IV: PCD related to an initial rift fault structure (e.g. Majdanpek). Mundoro, through its Serbian operating company, Stara Planina, commenced data review when the licence was granted. It was found that the amount of detailed historical exploration on the Borsko Jezero Property was limited, as the property was not previously granted to private exploration companies. Also the area was considered a “blind” exploration area by the government agencies and as such was not priority at that time. Immediately upon acquiring the licence and prior to starting any field activity, the Company officially informed the Bor Municipality authorities of their planned exploration work program. The geological “inspectorate” of the Ministry also was informed prior to the commencement of the exploration work, as required by Serbian law pertaining to mining and exploration activity. Upon completion of the historical data compilation and review, the Company carried out geochemical stream sediment and rock sampling surveys, geological mapping and geophysical audio-magnetotellurics (“AMT”) surveys. The entire licence area was first screened by stream sediment sampling followed by field prospecting and rock sampling within the areas of the geochemical anomalies. Geological mapping and prospecting also were carried out across the Property. Four areas of interest (“AOI”) were delineated which require further follow-up work. All the areas coincide with regional targets defined by the airborne magnetic and gravity data and are supported by stream sediment “Cu-Au-Mo-Ag-As” anomalies. All the AOIs appear to have continuity at depth and are large enough to be caused, by potentially mineralized bodies. The southern AOI points towards a regional magnetic target within Mundoro’s newly granted “Sumrakovac” licence. The Company has scheduled a detailed AMT survey to follow up all defined targets in order to better delineate the anomalies. Following the infill AMT survey, an Induced Polarization (“IP”) - chargeability survey will be carried over the AMT anomalies.

- 4 -

Upon confirming chargeability response, the anomalies will be further modelled in 3D and drill tested. The Borsko Jezero Property is surrounded by adjacent exploration and mining tenements. The major activity is to the east where the state-owned Rudarsko Topionicki Basen Bor (“RTB Bor Group”) carries out mining, processing and smelting with resultant copper and precious metal production. The mineral potential of the Timok (Bor) District was estimated at more than 15 Mt of copper, 700 t of gold and 4,500 t of silver. Former production was estimated at almost 6 Mt of copper, 300 t of gold and about 1,200 t of silver (Monthel, 2002). WGM agrees with Mundoro’s, interpretations and conclusions and is of the opinion that the Property has sufficient merit to warrant further exploration. A two-phase exploration program has been proposed; Phase 1 involves ground follow-up or detailed surveys including geophysical and geochemical, plus geological mapping; Phase 2 would include trenching and drilling. It should be noted that portions of the proposed work program are staged or phased, the results of which will impact on subsequent work programs. For example, the results of the follow-up surveys will have a direct bearing or impact on the subsequent drilling program.

- 5 -

The proposed exploration budget is as follows:

Proposed Budget Estimate Items Cost (US$) Total (US$)

Phase 1 Geophysical Surveys: Audio-magnetotellurics (AMT) (65 stations) US$13,320 Induced Polarization (IP) (10 line-km) 12,000 3D interpretation and report 3,000 US$28,320

Geochemical Surveys: Soil sampling (300 samples; 100 m x 100 m) 10,500 Rock sampling (200 samples) 7,000 17,500 Geological Survey: Detailed mapping (1:5000 scale; 10 km2) 20,000 20,000 Subtotal Phase 1 US$65,820 Contingency (~15%) 9,873 Total: Phase 1 (approximately) US$76,000

Phase 2 Trenching (400 m) 20,000 Drilling (3,000 m) 540,000 Subtotal: Phase 2 US$560,000 Contingency (~15%) 84,000 Total Phase 2 (approximately) US$644,000

GRAND TOTAL PHASES 1 AND 2 (approximately) US$720,000

- 6 -

2. INTRODUCTION AND TERMS OF REFERENCE 2.1 INTRODUCTION Watts, Griffis and McOuat Limited (“WGM”) was retained by Mundoro Capital Inc. (“Mundoro” or the “Company”), in February 2013 to prepare an independent “Report of Merit” or Qualifying Property National Instrument 43-101 (“NI 43-101”) Technical Report for its Borsko Jezero Property (the “Property”). The Property is held 100% by a wholly-owned subsidiary Stara Planina Resources Ltd. (“Stara Planina”). Stara Planina is the operating entity of Mundoro in Serbia. Mundoro is a Canadian-based public company trading on the Toronto Ventures Market under the banner “MUN”. The corporate office is located in Vancouver, BC. Mundoro, through its Serbian operating company Stara Planina, has seven exploration tenements covering an aggregate area of some 499 km2 in the Timok “Cu-Au” Mining District in eastern Serbia. 2.2 TERMS OF REFERENCE WGM was retained by Mundoro to carry out a review of the Borsko Jezero Property and to prepare an independent technical Report of Merit. The report is to be used by Mundoro to meet the requirements of the Toronto Stock Exchange Ventures Market. This report summarizes the results from historical work by previous operators and exploration completed by the Current owners. WGM’s review and report are in compliance with Canadian Securities Administrators’ NI 43-101 and definitions of the Council of Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards. This report is intended to be used by Mundoro subject to the terms and conditions of its contract with Watts, Griffis and McOuat Limited. That contract permits Mundoro to file this report as a Technical Report with Canadian Securities Regulatory Authorities pursuant to provincial securities legislation. Except for the purposes legislated under provincial securities laws, any other use of this report by any third party is at that party’s sole risk. The preparation of this report was authorized by Ms. Teo Dechev, President and CEO of Mundoro, on February 1, 2013.

- 7 -

2.3 SOURCES OF INFORMATION WGM received the full co-operation and assistance from the Company’s personnel during the site visit and in the preparation of this report. In carrying out this study, WGM relied heavily upon the documentation supplied by the Company. WGM reviewed the documents and data available and corroborated a number of details concerning the Property and deposit geology with Mundoro personnel. A complete list of the material reviewed is found in the "References" section of this report. 2.4 DETAILS OF PERSONAL INSPECTION OF THE PROPERTY The WGM Senior Geologist and QP, D. Power-Fardy, M.Sc., P.Geo, EurGeol., conducted the site visit between February 5 to February 9, 2013. During the site visit, he conducted a field check on selected sample sites and collected seven stream sediment verification samples. A tour of the SGS analytical facility at Bor also was undertaken by WGM. The tour of the facility was conducted by Mr. G. Daher, SEE Geochem Manager, SGS Bulgaria. Mr. Power-Fardy was accompanied on the site visit by Mr. Ivan Veljkovic, Project Manager Serbia, Stara Planina. 2.5 UNITS AND CURRENCY Throughout this report, measurements are in metric units, unless the historic context dictates that the use of Imperial units is appropriate. Tonnages are indicated as tonnes ("t"), equivalent to 1,000 kilograms ("kg"), linear measurements are in metres ("m"), or kilometres ("km") and gold values are expressed in grams per tonne ("g Au/t"). In the case of historical documentation, gold values may be expressed in troy ounces per ton ("oz Au/T" or "opt"). Grams are converted to ounces based on 31.104 g to 1 troy ounce and 34.29 g/t to 1 oz/T. Currency amounts are quoted in United States dollars (US$). All GPS coordinates by the Company and WGM were taken using WGS84 UTM Zone 34N.

- 8 -

3. RELIANCE ON OTHER EXPERTS WGM prepared this study using the resource materials, reports and documents as noted in the text and in the Reference Section at the end of this report. While the author has made every effort to accurately convey the content of those reports, no guarantee can be made to either the accuracy or validity of the work described within those reports. Mr. K. Kunchev, an experienced geophysical consultant, was engaged by Mundoro to carry out a “QA/QC” test of the compiled airborne magnetic survey data covering approximately 8,000 km2 to ensure reliability and to perform re-processing and interpretation. Mr. Kunchev has over 25 years experience, including 12 years as the “Principal Geophysicist” for Rio Tinto, Europe Division. The main objectives of the work were; first to delineate the regional structural framework and second to determine the prospective surficial and deep buried porphyry/epithermal targets. WGM has not independently verified title to the property, nor has it verified the status of Mundoro’s Property agreements, but has relied on information supplied by the Company in this regard. We are relying on public documents and information provided by Mundoro for the descriptions of title and status of the Property agreements. WGM has no reason to doubt that the title situation is other than that which was reported to it by the Company. WGM also has not carried out any independent geological surveys of the Property, but did complete site a recent visit, however, the site visit occurred in the winter and the ground was covered with snow, which made viewing outcrop difficult.

- 9 -

4. PROPERTY DESCRIPTION AND LOCATION 4.1 LOCATION The area is located in eastern Serbia (Timocka Krajina), about 2 km west of Bor and approximately 200 km southeast of Belgrade, the national capital. The Property lies within the Bor Municipality, which includes the town of Bor and 13 rural settlements or villages, including Brestovac, Bucje, Gomjane, Donja Bela Reka, Zlot, Krivelj, Luka, Metovnica, Ostrelj, Slatina, Tanda, Topla and Sarbanovac. Serbia is divided into 150 municipalities and 24 cities, which are the basic units of local self government. The territory of the municipality is composed of a town (seat of the municipality) and the surrounding villages and the municipality typically bears the name of the “seat” town. The Town of Bor has a geographic location of 44º07’36”N latitude / 022º04’36”E longitude. The location of the Property is shown in Figure 1. 4.2 PROPERTY DESCRIPTION AND PERMITTING The Property covers an area of approximately 4,600 hectares, or 46 km2. WGM has been informed that the exploration licence was granted by decision of the Ministry of Natural Resources, Mining and Spatial Planning under Decision Number 310-02-0445/2012-14, with official Cadastral Number 2043. The exploration licence was granted on July 16, 2012 with an expiration date of July 6, 2015, with the option for extension. The database of the licenses is maintained by the afore-mentioned ministry. The Property boundary has been defined using the local Serbian “Hermanikogel” Grid as required by the Serbian ministries and agencies; however the Company uses the “WGS84 Zone 34N” projection as its spatial reference. The boundary coordinates are given in Table 1. Exploration licences are granted by decision of the Ministry of Natural Resources, Mining and Spatial Planning and are typically issued for an initial 3-year period. As part of the licence application and renewal, a detailed exploration work program must be submitted. Supporting documentation is also required from the Institute for the Preservation of Cultural Heritage and from the Institute for Nature Conservation of Serbia stating that the proposed work program is in accordance with national environmental and Cultural legislation.

Loznica

KulaTitov Vrbas

Osijek

Bijeljina

Vinkovci

TemerinSrbobran

Zrenjanin

Ljubovija

MajdanpekPetrovac

Golubac

Kraljevo

Valjevo

Kragujevac

Jagodina

Kovin

Alibunar

Mladenovac

Rogacica

Obrenovac

Ruma IndijaStara Pazova

GornjiMilanovac

SremskaMitrovica

Nova Pazova

Sjenica

Novi Pazar

Prijepolje

Priboj

Prokuplje

Trstenik

Velika-Plana

Bijelo Polje

Bujanovac

Prizren

Vranje

Orahovac

Tetovo

Priboj

GnjilanePodgoricaCetinje

Shkodër

Kotor

Bar

Ulcinj

SokobanjaIvanjica

Ivangrad

Pljevlja

Pec

KosovskaMitrovica

Aleksinac

Foca

Kladovo

Smed. Palanka

Bor

Negotin

Vidin

Bela Crkva

AdaKikinda

Smederevo

Elemir

Timisoara

BanatskoNovo Selo

Apatin

Bajmok Senta

Sombor

Szeged

SuboticaMohács

Pécs

Brcko

SivacCrvenka

Bosilegrad

Leskovac

Pirot

Vlasotince

Surdulica

BelaPalanka

Herce

g-Novi

Kanjiza

-Dakovica

UzicePozega

Cacak

Urosevac

NovaVaros

Zagubica

BackaPalanka

Sid

BackaTopola

Vrsac

Pozarevac

Raska

Presevo

Vucitrn

Krusevac

SabacPancevo

Becej

Niksic

Zajecar

Knjazevac

Zeleznik

CuprijaParacin

Nis

Novi Sad

Pristina

Sarajevo

Beograd(Belgrade)

Skopje

V O J V O D I N A

K O S O V O

M O N T E N E G R O

BULGARIA

CROATIA

BOSNIA AND HERZEGOVINA

A L B A N IATHE FORMER

YUGOSLAV REP. OFMACEDONIA

CROATIA

H U N G A R YRO

MA

NIA

Adriat icSea

Duna

(Dan

ube)

Tisa

Ci k

BegejskiKanal

Du nav

MlavaM

oravica

Uvac

Ibar

SitnicaBeli Drim

Toplica

Vete

rn

ica

VlasinskoJezero

Juzna Morava

L im

KotorskiZaljev

Boka Kotorska

SlanoKrupac

TaraKom

arnica (Piva)Vlasina

Zapadna Morava

Timok

(Danube)

Duna

v

Vel ikaM

orava

Kikindski K.

Veliki K.

Mali Kanal

Sava

Bo

sna Sava

Drina

Lim

Drina

Tamnava

Kol uba

ra

DrinSkadarsko Jezero

(L. Scutari)

Drava

Rasi n

a

Tamis

Dun

area

Rask

a

Ibar

Vrasacki Kanal

Jarc ina

K.

Detinj a-

Be l j an ica

Homoljske Plan.

Veliki Jastrebac

Juhor

Ko

pa o n i k

Zl a t ib o r

Sin ja jev ina

Durm

itor

North Albanian Alps

BA

LK

AN

MT

S .

Fruska Gora

Vlasic Planina

Sa n d z a k

Sar

Planina

S E R B I A

44°

45°

22°

43°

21°

42°

20°19°

46°

44°

45°

43°

42°

46°

20°19°

N

KilometresUTM WGS84 Zone 34N

20 1000Scale 1 : 2,000,000

Figure 1.

Serbia, Eastern Europe

Location Map

Borsko Jezero Copper-Gold Project

MUNDORO CAPITAL INC.

Graphics by Watts, Griffis and McOuat Limited After UN Map 4268 Rev.1 (2007)

MUN REV / MUN_02_Loc_Map.cdrLast revision date: Wednesday 6 March 2013

National capitalRepublic capitalAutonomous province capitalTown, villageMajor airportInternational boundaryRepublic boundaryAutonomous province boundaryHighway RoadRailroadCanal

Legend:

BORSKO JEZEROPROPERTY

Detailed Map

- 11 -

TABLE 1. BOUNDARY COORDINATES OF PROPERTY CLAIM

Point Local Serbian Hermanikogel

UTM Id WGS84, UTM Zone 34N “East” “North” Easting Northing 1 4891157 7581582 581123.3 4890202.0 2 4890028 7582352 585376.0 4883658.0 3 4884611 7585836 585214.1 4882442.4 4 4883395 7585674 585971.8 4881060.8 5 4882013 7586432 588312.1 4879166.4 6 4880118 7588773 590373.5 4878649.5 7 4879601 7590835 590373.5 4878131.7 8 4879083 7590835 581123.3 4878131.7 The obligations of the licence holder are to complete the approved work program, provide annual reports detailing exploration activity to the Ministry of Natural Resources, Mining and Spatial Planning, and to advance the geological knowledge of the property. The licence can be extended or renewed twice for a 2 year period on each renewal. The renewal is conditional on the licence holder completing its obligations, including the completion of at least 75% of the approved work program. There is legislation in place that provides for a clear development process from discovery through to mine development and operation. To maintain the property, the license holder on an annual basis must perform at least 75% of planned / proposed works. The Application Report that is submitted to the Ministry details the 3-year work plan, on a “year by year” basis. It is also required to submit year-end reports as per law on mining and geological exploration (Official gazette of Republic of Serbia No. 88/2011). An exploration fee is charged on an annual basis on 365 days per calendar year or portion thereof. The company is required to pay an annual exploration fee, which is 10,000 RSD (approximately US$ 118) per sq. km of the property area. The title of the Property is held by Stara Planina Resources d.o.o. (“Stara Planina”), a wholly-owned subsidiary of Mundoro and the operating entity of Mundoro in Serbia. The company has a letter of compliance issued by the Institute for Nature Conservation of Serbia stating that the Company’s exploration program is in compliance with the environmental requirements. The Company operates with the permission of the Ministry of Natural Resources, Mining and Spatial Planning, in conjunction with the Ministry of Science and Technology and Environment, and the Ministry of Culture of the Republic of Serbia.

- 12 -

In order to conduct the proposed exploration program, it is the license holder’s responsibility to obtain land access permits. There are private and government landowners within the Borsko Jezero Property. For larger scale exploration works, such as drilling, trenching, adits, etc., a signed agreement with the landowners is necessary. The Company has successfully negotiated land access for the proposed exploration activity. The Company has not recognized or anticipates any significant risks that may affect the access title or the right or ability to perform work on the Property. The authors are not aware of any known agreements or encumbrances on the Property. The exploration licence is shown in Figure 2.

2043

4,87

6,00

0m.N

582,000m.E 586,000m.E 590,000m.E

4,88

0,00

0m.N

4,88

4,00

0m.N

4,88

8,00

0m.N

582,000m.E 586,000m.E 590,000m.E4,876,000m

.N4,880,000m

.N4,884,000m

.N4,888,000m

.N

MetresUTM WGS84 Zone 34N

650 3,2500Scale 1 : 65,000

N

Graphics by Watts, Griffis and McOuat Limited After Mundoro Capital

MUN REV / MUN_01_Concession_Map.cdrLast revision date: Tuesday 5 March 2013

Figure 2.


Concession Map



Borsko JezeroProperty

- 14 -

5. ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 ACCESS The permit area is easily accessible by paved road from Belgrade to Bor via the regional “Belgrade – Paracin” and “Bor – Zagubica” highways and then by the local “Bor – Krivel” road. There is a well-developed network of logging (forestry) roads throughout the area that provides access to all portions of the permitted area. Travel time from Belgrade to Bor by road is approximately 3 hours. There is a rail link between Bor and Belgrade, with an industrial rail station near the Bor smelter, about 2 km east of the licence area. There is an airport at Bor (ICAO Code: LY89), but it is under reconstruction and not currently in use. The nearest airport in use is at Nis, some 128 km away, approximately 2½ hours driving time. 5.2 CLIMATE The climate has been described as “mild” to “moderate” continental climate, characterized by cold winters and warm summers. The autumn is typically warmer, sunnier and drier than the spring. Due to its location on the Vlaska depression, Bor experiences strong climate influences from the east. The cmi Vrh and Cestobrodica Mountains act as climate boundaries. The prevailing wind is from the west-northwest (SNC-Lavalin, 2009). Most of Serbia has a temperate continental climate. A continental climate prevails primarily in the mountainous regions, while the southwest is more Mediterranean subtropical. From historical weather data from 1961 to 1990, the mean annual air temperature above 1,500 m (sea level) was 3ºC and 12º in the lowlands. The coldest month is January and the warmest is July. Annual precipitation ranges from a high of 1,000 mm in the mountainous area to a low of less than 600 mm in the lowlands (Prohaska et al, 2010). Monthly average temperatures in the permit area fall below 0ºC between November and March, reaching a low of about -6ºC (monthly average) in January. The warmest period is between May and September, with monthly averages typically above 16ºC. The warmest months are July and August with monthly average temperature often in the low 20ºC.

- 15 -

The average monthly rainfall in the Property area is highest in April through to June and again in September and October, with approximately 70 mm or greater. February and March have the least monthly precipitation with less than 50 mm each (www.worldweatheronline.com). 5.3 LOCAL RESOURCES AND INFRASTRUCTURE The area has been a major centre for mining and processing of copper and other precious metals for almost a century. Modern mining production started in 1903 with the exploitation of the underground mine, followed by exploitation of three open pits in the Bor area. The mining and smelting operations at Bor are run by Rudarsko Topionicarski Basen (“RTB”) Bor, owned and operated by the Serbian government. RTB Bor Group is composed of three divisions: the copper mine at Bor operated by RBB; the copper mine at Majdanpek operated by RBM; and the smelter and refinery operated by TIR. The mine is one of the largest regional producers of copper and precious metals in Eastern Europe and produces copper, gold, silver and platinum and palladium by electrolytic refining. Continued immigration of workers over the decades for the mining and smelting complex, resulted in the gradual transformation from originally agriculturally-based into industrial, with most urban residential areas built close to and around its main employer, i.e., the mining and smelting complex. The area has excellent infrastructure and easy access to major power lines. The Serbian national power grid of 110 kV crosses through the middle of the Property. From 2000 to 2002, the Bor Substation Rehabilitation Project was carried out. Under this program, the former 110 kw / 5.25 kv Bor 3 Substation was rebuilt. The substation was destroyed during the NATO air attacks in May 1999. The air attacks were conducted as part of NATO’s objectives to stop military action between Serbia and Kosovo. The substation supplies the mine and the town. The new substation has the capacity for three 40 MA transformers, with two incoming 110 kv lines, three 110 kv transformer bays and two 110 kv section bays. The project included the reconstruction of the terminal TL tower, replacement of the existing ground wire with new 3.2 km optical ground wire (OPGM), installation of the communication system between Bor 2 and Bor 3 substations, as well as installation of remote control system from the NCR Bor. Heavy air pollution was taken into consideration during the reconstruction as all buildings have appropriate HVAC systems (www.energoprojekt-oprema.com). The lake at the western part of the Property is the main water supply for the Town of Bor and the local industry (factories and smelting plant).

- 16 -

Bor is connected to Belgrade (via Pozarevac) by railway, which is a part of the European Transportation Corridor 10 railway network. The network extends southwards through Macedonia, Greece and Mediterranean, and also eastwards through Bulgaria to the Black Sea ports. The Republic of Serbia is divided into 29 “administrative districts” with the City of Belgrade as a separate “administrative district”. The licence area lies within the Bor Municipality (first level administrative division). According to the 2002 Census, the population of the Town of Bor was 39,387; however some publications report the population closer to 50,000. 5.4 PHYSIOGRAPHY The Property lies within the Carpatho-Balkan Region in Eastern Serbia. The terrane is hilly to mountainous with elevations in the region ranging from 373 m to 785 m above sea level (“asl”). The project area consists of areas of gently rolling hills with seasonal (summer) pastures as well as more rugged forested areas, with elevations ranging from 400 to 600 m asl. The highest peaks in the Property area include Velika Tilva at 785 m asl, Tilva Mika at 735 m asl, Coka Predja at 706 m asl, Kulma Lupan at 676 m asl and Coka Kormaros at 644 m asl. Forests dominate the higher slopes and peaks, while seasonal farming is carried out on the lower slopes and in the valleys. The major drainages in the area include the Kriveljska River in the northern portion of the Property, the Ruzana River in the central portion, and the Brestovacka River in the southwestern portion of the Property. The Town of Bor is at an elevation of approximately 354 m asl. The morphology of the area surrounding the mine has been significantly changed due to mining over the last century or so (SNC-Lavalin, 2009).

- 17 -

6. HISTORY The Timok region has had a long history of exploration and mining. WGM believes the historical descriptions presented are generally accurate, but we have not independently verified the data. Mining activities attributed to the Romans have been identified in the vicinity of Bor (Arnold and Malhotra, 2012). Archaeological mining sites in the Bor and Majdanpek areas are among the oldest in Europe and have been dated at 4,500 BC. The beginning of modern mining in the Bor area was in the early 1900s with the discovery of copper mineralization in 1902. By 1904, French investors had established the French Society of the Bor Mines, Concession Saint George, headquartered in Paris (www.e-mj.com). After this initial discovery, there was a period of intense exploration in the Timok area, leading to the discovery of several copper occurrences that eventually became mines, most notably Bor and Veliki Krivelj. Exploration history is sketchy and sporadic. The area was “closed” to exploration until recently. During this time, the government agencies involved were more interested in the existing mine rather than exploring for “blind” deposits.. During the 1970s, the Geological Survey of Serbia conducted field investigations in the area which lead to the discovery of five porphyry copper occurrences, namely Rakita, Kraku Sanduli, Coka Kormaros, Kulma Lupan and Coka Trnjana. Unfortunately, not much information is available, except for some brief descriptions without any accompanying maps. The Geological Institute of Serbia carried out regional investigations during the 1980s. The region was mapped at 1:100,000 and 1:25,000 scales and was covered by regional airborne magnetic and gravity surveys. There has been very limited investigation in the area since that time. It was confirmed that the Property was not explored in detail in the past, as a “deep” porphyry / epithermal target model was not considered as an exploration target. Although the Timok region has had a long history of exploration, the Property is considered by the Company to be under-explored, in regard to modern exploration models and techniques.

- 18 -

7. GEOLOGICAL SETTING AND MINERALIZATION WGM has relied for our geological descriptions and program results solely on the basis of historic reports, notes and communications with Mundoro. 7.1 REGIONAL, LOCAL AND PROPERTY GEOLOGY 7.1.1 REGIONAL GEOLOGY The Property lies within the Timok Magmatic Complex (“TMC”) in eastern Serbia. The TMC is part of the Alpine-Balkan-Carpathian-Dinaride (“ABCD”) metallogenic-geodynamic province, which in turn is part of the larger Tethyan (or Alpine-Himalayan) Orogenic System or the Tethyan Metallogenic Belt (“TMB”) that extends from Western Europe to Southeast Asia. The TMB formed as a result of the convergence and collision of the Indian, Arabian and African tectonic plates with the Eurasian tectonic plate. The complex arcuate geometry of the collision zones and the presence of several micro-plates within the ABCD metallogenic-geodynamic province have resulted in a variety of collision settings; some are characterized by extensive metamorphism and others by calc-alkaline igneous activity (Arnold and Malhotra, 2012; and Drew, 2005). This range of settings resulted in a discontinuous distribution of mineral deposits along the belt. The most significantly mineral-rich zone within the ABCD metallogenic-geodynamic province is the Banatitic-Magmatic and Metallogenic Belt (“BMMB”), an Upper Cretaceous subduction-related belt. This L-shaped belt, also known as the Apuseni-Banat-Timok-Srednogorie Belt, extends over 740 km from Romania through Serbia and across Bulgaria (Arnold and Malhotra, 2012; and Drew, 2005). The intrusive and extrusive rocks along the BMMB were emplaced over a 30 million year period from about 90 Ma to 60 Ma. In Serbia, the belt is referred to as the Carpatho-Balkanides, the Carpatho-Balkan Province or the Carpatho-Balkan Arc (Figure 3). Within this region of eastern Serbia, two distinct metallogenic areas have been identified; one, a lead – zinc mineral district, the other, a copper – gold mineral district, referred to as the Ridanj-Krepoline District, and the Timok Magmatic Complex District, respectively, Figure 4 (Monthel et al, 2002). The Ridanj-Krepoline District is a long, narrow zone approximately 10 – 15 km wide and 80 km long. The belt is approximately 50 km to the northwest of Bor. Small “Pb-Zn” skarn deposits (e.g., Reschkavitsa), hydrothermal replacement (e.g., Kuchajna) and copper deposits

Figure 3.


Simplified Geological Map of Serbia



Graphics by Watts, Griffis and McOuat Limited After Monthel et al, 2002

MUN REV / MUN_03_Rgnl_Geol_Map.cdrLast revision date: Thursday 7 March 2013


Figure 4.


Timok Mineral District



Graphics by Watts, Griffis and McOuat Limited After Monthel et al, 2002

MUN REV / MUN_04_Timok Mineral_Deposits.cdrLast revision date: Thursday 7 March 2013

- 21 -

in Permian Red sandstones have been documented. Mineralization is associated with dacite-andesite magmatic activity of Miocene-Oligocene age, between 34 Ma and 5 Ma, along a deep-seated North-South fault. The Timok Magmatic Complex (or Bor Mineral District) is a belt 20 km wide and approximately 80 km in length. It is sigmoidal in shape and fault-bounded between metamorphic basement, Jurassic platformal carbonates and Cretaceous carbonates and clastics (Figure 5). The Complex is thought to be an extensional strike-slip “duplex” with right-lateral, right-step sense of movement. Two of the three porphyry copper deposits are located along the eastern side of the duplex, and four porphyry copper occurrences are located toward the other side of the duplex. In contrast, the polymetallic vein deposits appear to be in the interior of the duplex (Drew, 2005). The rocks of the Timok Magmatic Complex are predominantly intermediate to felsic in composition with medium to high “K-series” calc alkaline affinities. Three stages (phases) of Late Cretaceous magmatic and volcanic activity are identified within the TMC, spanning ~30 Ma based on K–Ar ages. Each phase has associated sub-volcanic to post-volcanic intrusions of diorite to granodioritic, through to quartz monzonite composition (Janković et al, 2002). Recent higher precision 40Ar/39Ar laser probe age determinations constrain the cooling history and temporal evolution of Timok (Lips et al, 2004). Magmatic activity generally progresses from east to west. The main characteristics of each phase of magmatic activity have been described by Karamata et al (2002) and are summarized as follows: • Phase I, in eastern Timok, is characterized by stratavolcanos composed of hornblende-

biotite-pyroxene andesite. Contemporaneous sub-volcanic to hypabyssal diorite and quartz-diorite intrusions were emplaced; some of these are associated with porphyry-style mineralization. The Bor volcano and its associated porphyry and epithermal Cu Au–Mo deposit were formed during this phase, as was the Veliki Krivelj Cu–Mo porphyry deposit;

• Phase II, the most voluminous and widespread event, is characterized by andesitic basalts

accompanied by minor andesitic volcanism and subvolcanic monzonite, granodiorite, and diorite intrusions. The large Valja Strž monzonite complex, and associated Dumitru Potok porphyry copper deposit formed during this phase; and

• Phase III activity is restricted to small latite to quartz latite volcanic bodies and quartz-

diorite to tonalite dykes. No mineralization is known to be associated with Phase III volcanics (Janković et al, 2002, Jelenkovic and Koželj 2002; and Koželj and Jelenković 2001).

Danube River

Danu

be R

iver

Bor

Veliki Krivelj

Majdanpek

44° N.

22° E.

Dome cored with Proterozoic

rocks

N

Kilometres

5 250

Figure 5.


Geology of the Timok Magmatic Complex



Graphics by Watts, Griffis and McOuat Limited After Drew, 2005

MUN REV / MUN_04_Timok Mineral_Deposits.cdrLast revision date: Thursday 7 March 2013

Legend:

Polymetallic vein deposit

Porphyry copper occurrence

Named major porphyry copper deposit

Unaltered andesite of Late Cretaceous and Miocene age

Andesite to dacite, tuffs, volcaniclastic rock, shale, and sandstone of Late Cretaceous and Miocene age

Monzonite and diorite of Late Cretaceous and Miocene age

Mid-Cretaceous and older rocks

Thrust fault—Sawteeth on upper plate

Strike-slip fault

Syncline—Dashed where inferred

- 23 -

The regional geology is shown in Figure 6. 7.1.2 LOCAL/PROPERTY GEOLOGY The rocks in the licence area consist of Upper Cretaceous volcano-sedimentary successions, predominantly andesite and pyroclastics. An agglomeratic tuff is the most wide-spread unit, occupying approximately 70% of the area. It is made up of pyroclastic material with particle sizes greater than 6 cm. Lapilli andesite tuff is mapped at the southern corner of the area and distinguishable from the agglomerate tuff only by predominance of particle sizes less than 6 cm in diameter. Exposures of ash tuff mixed with sediments occur in the central-eastern part of the licence area. The ash tuff marks the boundary between the Phase 1 and 2 volcanic rocks. The Phase 1 hornblende porphyry andesite occupies the most eastern boundaries of the Property and dips moderately to southwest under the pyroclastic rocks of the second phase. This hornblende porphyry andesite, locally referred to as “timocite”, is the main host rock of the Bor “Cu-Au” porphyry and epithermal deposits. The timocite is cross-cut by a small quartz porphyry stock cropping out at the south-east corner of the Property. The geology of the Property area is shown in Figure 7. 7.2 MINERALIZATION There are several minor copper occurrences within the license area reported by previous explorers. There are quartz-vein type mineralization and minor stockwork pyrite (+/- chalcopyrite veinlets) mineralization reported to be hosted in andesite pyroclastic rocks. Several spotty areas of chlorite alteration and minor silicification have also been documented. Numerous quartz-zeolite late stage veins are present throughout the area. There are several mineralized locations within Borsko Jezero Property (Rakita, Krulome Sanduli, Coka Kormaros, Coka Trnjana, Kulma Lupan) where small scale exploration has been carried out in the past (see Figure 7). These mineralized occurrences are described below: Rakita This occurrence is located on the right side of the Krivelj River, on the side of Rakita hill, that lies between the hills of Paca Mare in the south and Coka Stan in the north, covering an area of about 140,000 m² (400 m × 350 m). It is about 10 km northwest from Bor. The mineral occurrences are located within the volcanic breccia hornblende-pyroxene and pyroxene andesite of Phase II. The rocks exhibit intense silicification with sporadic chlorite-pyrite alteration. Also weak limonitization has been reported. The mineralization is described as “stockwork-impregnation” type.

N

Kilometres

2.5 12.50

UTM WGS84 Zone 34N

Figure 6.


Regional Geology



Graphics by Watts, Griffis and McOuat Limited After Mundoro Capital Inc. (2013)

MUN REV / MUN_06_Rgnl_Geol.cdrLast revision date: Friday 8 March, 2013

Borsko JezeroProperty

Metres

500 2,5000

UTM WGS84 Zone 34N

Figure 7.


Property Geology



Graphics by Watts, Griffis and McOuat Limited After Mundoro Capital Inc.

MUN REV / MUN_08_Prop_Geology.cdrLast revision date: Tuesday 9 April, 2013


Property outline

- 26 -

Krulome Sanduli This occurrence is about 6 km NW from Bor. The occurrence is located in the upper part of Krulome Stream, left tributary of Bor River, and north of the Kraku Sanduli. It is represented by several outcrops of volcanic breccia pyroxene andesite, hydrothermally altered and mineralized. Andesites are silicified, with poor chlorite-limonite alteration. On the northeastern slope of Kraku Sanduli there are two thin quartz veins. Visible sulphide mineral is pyrite. Kulma Lupan This occurrence is located on the eastern slopes of Kulma Lupan, near the source of Bor River, about 5.5 km northwest of Bor. It is described as a hydrothermal ore deposit of the “Alpine Metallogenic” Epoch. Note: the “Alpine Metallogenic” Epoch is a phrase that is used by some authors and refers to the time of the Alpine Orogeny which is the Upper Cretaceous Volcanic Arc. The mineralisation associated with the Timok Belt and the Bor deposits are part of this system. There are a few small outcrops of hydrothermally altered volcanic pyroxene andesite breccia in the area covering an area of about 900 m x 500 m in a north-south direction. The hydrothermally altered andesite exhibits silicification, chloritization and pyritization. Minor quartz veinlets seem to be localized, while zeolite veinlets appear more widespread. Coka Kormaros This occurrence is located approximately 3.5 km northwest of Bor, between the Bor River and the Krulome Stream. It consists of two minor silica “caps” hosted in a timocite volcanic breccia zone, with a length of about 300 m in a NW-SE direction. The two exposures cover an area of 100 m × 100 m, and 150 m × 50 m, respectively. The rocks are intensely silicified, with little or no kaolinization, so the outcrops are resistant and stand out as small highs in the surrounding terrain. It has been described as hydrothermal mineralization, probably pyrite formation related to porphyry copper deposits of the “Alpine Metallogenic” Epoch. Coka Trnjana This occurrence is located on the left tributary of Banska River, northeast of Coka Trnjana. It is related to a fault, as evidenced by the exposures of hydrothermally altered and weakly mineralized volcanic pyroxene andesite breccias occurring in an area about 1 km long and 20 to 30 m wide, in a NNW-SSE direction. Hydrothermal alteration is represented by the intense chloritization, kaolinization, and in the southern parts, with pyritization. Sulphide mineralization is represented by pyrite.

- 27 -

8. DEPOSIT TYPES Several types of deposits can be distinguished within the Timok Magmatic Complex. These include: porphyry copper (Majdanpek, Veliki Krivel); replacement massive sulphide copper deposits with porphyry copper system at depth (high sulphidation and porphyry system in Bor deposit); and skarn hydrothermal lead-zinc mineralized “satellites” of porphyry systems, but of non-economic potential. The Borsko Jezero Property is located 2 km west of the world class Bor “Cu-Au” porphyry and high sulphidation epithermal deposit, sharing favourable structural and geological setting. The Phase I volcanic unit, which is the host of Bor deposits, is present within the eastern edge of the license and dips under the Phase II pyroclastics, suggesting potential for discovery of similar “Cu-Au” porphyry and epithermal deposits at depth. Porphyry copper deposits (PCD) and high sulphidation Au-Cu-Ag epithermal veins are the most economically significant deposit types within the Bor Metallogenic Zone (“BMZ”). There are four principal morphogenetical types of PCD within BMZ (Jelenkovic and Kozelj, 2002 Jelenkovic, 2007): • Type I: PCD hosted by multistage composite plutonic granitoid complex (Valja Strž); • Type II: PCD related to high-level dyke swarms above plutonic body (Veliki Krivelj,

subtype: Cerovo-Cementacija); • Type III: PCD associated with high sulphidation massive sulphides (Bor, sub-volcanic

type: Borska Reka); and • Type IV: PCD related to an initial rift fault structure (Majdanpek); The deposit locations are shown in Figure 6 while deposit types are shown in Figure 8. Type I: Porphyry Copper Deposits Hosted by Multi-stage Composite Plutonic Granitoid Complex: Valja Strž The Valja Strž porphyry deposit is approximately 8 km northwest of the Property. It is within altered hornblende-pyroxene andesite which has been intruded by monzonite, diorite, granodiorite and quartz diorite. The mineralization associated with the high grade zones at Valja Strž has a cylindrical morphology, comprising quartz stockwork veins with pyrite, chalcopyrite, magnetite and molybdenite. Alteration within this “core” is dominated by strongly developed silicification, biotite and K-feldspar. Alteration grading away from the central “core” is dominated by a propylitic assemblage of chlorite-calcite-pyrite and minor epidote.

Figure 8.


Generalized Deposit Types



Graphics by Watts, Griffis and McOuat Limited After Jelenkovic (2007)

MUN REV / MUN_07_Gen_Deposit_Type.cdrLast revision date: Friday 8 March, 2013

Not to scale

- 29 -

The dominant controls on the localization of mineralization at the Valja Strž deposit appear to be structural. The overall trend of the mineralization over the 700 m of strike is north-south. However, there is significant variation within this trend. Northwest-trending structures appear to truncate the Valja Strž deposit to the south, also representing a change in geology from andesite to diorite. Northeast-trending structures correlate with drainages. North-trending structures are supported by a geochemical signature and to lesser extent, drainage. The central high grade zone is represented by a flexure where maximum dilation is interpreted to have focused the development of high grade mineralization. A NI 43-101 compliant mineral resource estimate for the Valja Strž deposit was completed by Coffey Mining Services in 2009 for Rodeo Capital Corp. At a 0.3% copper equivalent Cutoff, total Indicated mineral resources were estimated at 11.0 Mt with a grade of 0.27% Cu and 0.23 g Au/t with the Inferred mineral resources estimated at 36.3 Mt with a grade of 0.33% Cu and 0.28 g Au/t. The area covered by resource drilling was quite restricted in comparison to the size of the geochemical anomaly at surface, suggesting a potential for significant additional mineralization outside the resource shell. Note that Rodeo Capital Corp. entered into a non-binding LOI with Dundee Precious Metals and PJV Resources in January 2010. Type II: Porphyry Copper Deposits Related to High-level Dyke Swarms Above Plutonic Body: Veliki Krivelj; Sub-type: Cerovo-Cementacija Hosted in Phase I volcanic sequences – different types of andesites (hornblende, hornblende-biotite andesites) and their pyroclastics, hornblende-biotite dacites, augite-andesites, as well as inter-beds of pellite (marls, tuffs), marbles, quartz-diorite porphyry and andesite dyke swarms. Footprints of the mineralized system are 4.5 km x 1 km wide. Shape and dimension of the body is 1.5 km x 700 m; more than 1 km to depth. In vertical section, it is roughly ellipsoidal shape. The copper mineralization in the porphyry copper deposits at Majdanpek and Veliki Krivelj is mostly chalcopyrite, and is disseminated occurring as impregnations and veinlets in granodiorite. Predominant ore type is pyrite-chalcopyrite recognized in two varieties: • Individual pyrite and chalcopyrite grains (chalcopyrite-bornite aggregates); and • Aggregates with drop-like chalcopyrite inclusions in pyrite grains.

- 30 -

Porphyry copper mineralization is originated from a convective hydrothermal system in which copper mineralization took place in the multistage processes (Jelenkovic, 2007): • Geological resources: 560 Mt @ 0.35% Cu, 0.068 g Au/t; and • Mining reserves: 152 Mt @ 0.35% Cu; Cutoff-grade: 0.2% Cu (Monthel, et al, 2002). The authors are unsure if the reserves/resources are compliant with NI 43-101 Standards for Disclosure for Mineral Properties, therefore caution should be used. The mineralisation is not indicative to that found on the Property. WGM has not reviewed this data but is presenting it here as part of the disclosure. Cerovo-Cementacija Geological setting consists of a zone of hydrothermal alteration covering 20 km2, of intensive kaolinization and pyritization frequently accompanied by limonitization, chloritization and silification; lower Cretaceous sediments, hydrothermally altered volcanic-sedimentary series, intrusive rocks (Lower Cretaceous) and alluvial sediments. The Cerovo open pit lies some 700 m west of the Property area. The alteration halo extends onto the Licence under the Phase II volcanic rocks and has been noted in the northern portion of the Property. Geological setting of the ore zone is a very complex. NW-SE strike system and younger system of NE-SW strike are accompanied by numerous cross-cut and diagonal faults. Ore bodies are characterized with oxidation and secondary enrichment zones. Transfer from oxidation to secondary enrichment is very sharp. The oxidation zone is usually with low copper content (rarely above 0.1% Cu). The enrichment sulphide zone consist of chalcocite formed from chalcopyrite and pyrite, then covellite which frequently occurs with chalcocite but is less distributed and mainly formed by transformation of chalcopyrite, pyrite and magnetite. Molybdenite, sphalerite and galena are rare. Ore types include: • Impregnation-metasomatic type ore (low grade); and • Vein-fracture-fissure-stockwork mineralization. Pyrite and chalcopyrite are dominant minerals. Copper resource was estimated at greater than 300 Mt ore containing 0.5% Cu and 0.147 g Au/t (Jelenkovic, 2007). The authors are unsure if the resource is compliant with NI 43-101 Standards for Disclosure for Mineral Properties,

- 31 -

therefore caution should be used. The mineralisation is not indicative of that found on the Property. WGM has not reviewed this data but is presenting it here as part of the disclosure. Type III: Porphyry Copper Deposits Associated with High Sulphidation Massive Sulphides (sub-volcanic type): Bor – Borsko Reka Bor Porphyry and High Sulphidation Sub-cropping massive, high sulphidation mineralization was discovered at Bor at the turn of the 20th century with mining commencing in 1903. Subsequent mining and exploration drilling has shown that the massive sulphide orebodies are spatially related to deeper porphyry style mineralization, the Borska Reka deposit. The two styles are continuous, linked by a transitional stockwork zone. The length of the altered and mineralised structural zone exceeds 2,000 m with a width of around 1,000 m, while the mineralized zone, which dips at 50° to the west, has been drill tested to a depth of at least 1,500 m below surface. Bor High Sulphidation Copper-Gold Bor ore bodies are hosted in hydrothermally altered hornblende-biotite andesite. Alteration types include advanced argillic silica caps with hydroquartzite and alunite underlain and surrounded by zones of quartz-clay and strong pyrite-sericite. Ore bodies are directly related to silica caps or are emplaced along faults. The following types of mineralization are dominant:

• Massive sulphide type – pyrite, neodigenite, covellite, enargite; and • Stockwork-disseminated type – pyrite, covellite, enargite, chalcopyrite and bornite.

Past production and Current reserves of the high sulphidation Cu-Au zone have been estimated to total 3 Mt Cu, 160 t Au and 600 t Ag from 200 Mt of ore with an average grade of 1.5% Cu and 0.8 g Au/t (Monthel et al, 2002). The authors are unsure if the reserves are compliant with NI 43-101 Standards for Disclosure for Mineral Properties, therefore caution should be used. WGM has not reviewed this data but is presenting it here as part of the disclosure. High sulphidation mineralization is characterized by a series of massive, cigar-shaped, or pipe-like bodies, together with mineralization in fracture zones and in volcanic breccias. Several large “sulphide” bodies were delineated, including the Tilva Rosh, Choka Dulkan and Tilva Mika; the largest is Tilva Rosh. The Tilva Rosh had maximum “plan” dimensions of 650 m x 300 m and extended vertically for as much as 800 m. Sulphide mineralization consisted of both massive and disseminated mineralization. The massive sulphide ore body of Choka Dulkan has a strike length of some 150 m, thickness of 60 - 70 m and a vertical extent of around 300 m.

- 32 -

The massive copper ore at Bor contains 3 to 6% Cu and comprises up to 70% (by volume) fine-grained pyrite, accompanied by up to 2.5 to 3.75 g Au/t (locally to 18 g Au/t) and 10 g Ag/t (Jankovic, 1982; Monthel et al, 2002). The principal copper minerals are chalcocite, covellite and enargite, with associated marcasite, chalcopyrite, tetrahedrite and sulvanite. Spectacularly bladed hypogene covellite is common in the massive sulphide ore. Traces of galena and sphalerite are present in the massive sulphides, although these minerals form a major component of the Choka Marin high-sulphidation body which lies to the north of Bor. Associated gangue minerals include significant amounts of silica, barite, ubiquitous anhydrite and native sulphur. Barite is more common in the upper sections of the system, while the predominant sulphate mineral in the lower levels is anhydrite. Native sulphur accompanies high-grade enargite and covellite veining in one of the ore bodies. Very late gypsum veins are also common. The copper mineralization in the epithermal “high sulphidation” vein deposit at Bor was primarily pyrite-enargite “massive” sulphide. There is a suggestion of a sulphide mineralogy zonation within the massive ore with a pyrite-chalcopyrite-bornite (+/- pyrrhotite, locally) association at the lower levels, possibly indicating a change in sulphur activity. The “massive” sulphide mineralization grades laterally and with depth into disseminated sulphide mineralization. The disseminated zones also carry significant sulphide mineralization (>0.6% Cu) and form part of the reserves. A system of thin sub-parallel veins is developed beneath the large Tilva Rosh body, although post-ore faulting has removed the lower sections of bodies such as Choka Dulkan. Alteration is distinctive around the high-sulphidation / porphyry style mineralization. In the upper portion of the high-sulphidation system, silicification is the common alteration with vuggy silica developed close to the interpreted palaeosurface. Outwardly zoned advanced argillic alteration, characterized by in an inner envelope of kaolinisation and peripheral chlorite, surrounds the orebodies, in places accompanied by pyrophyllite, diaspore and alunite, and locally with andalusite, zunyite, sericite and some corundum. Alunite is most abundant in the upper parts of the alteration. Kaolinite is commonly associated with the alunite (Karamata et al, 1983). Borsko Reka Porphyry Copper-Gold The porphyry style disseminated and stockwork mineralization of Borska Reka is associated with dykes and minor intrusions of diorite which are restricted to its lower sections. The bulk of the mineralization is hosted in altered andesite which has a distinct porphyritic texture and dips westerly towards Borsko Jezero licence. Alteration is characterized by silicification and illite - argillisation, accompanied by chlorite, alunite and carbonates, although alunite is

- 33 -

widespread in parts of the deposit. The principal copper sulphide is chalcopyrite with up to 6% (by volume) pyrite; and in the lower levels, molybdenite. These sulphides are accompanied by magnetite, minor pyrrhotite, enargite and bornite, and are overprinted in parts by chalcocite and covellite. Ore mineralization along dip exceeds greater 1,400 m and about 360 m in width on average (Jelenkovic, 2007): total resource: 557 Mt @ 0.57% Cu, 0.20 g Au/t, 1.67 g Ag/t, 37 ppm Mo and 1.7% magnetite in the 0.3% Cu Cutoff grade; Measured + Indicated Resources: 320 Mt; 0.5% Cu, 0.2 g Au/t, 35.8 g/t Mo in the 0.3% Cu Cutoff grade (Jelenkovic, 2007). The authors are unsure if the resources are compliant with NI 43-101 Standards for Disclosure for Mineral Properties, therefore caution should be used. The mineralisation at Borsko Reka is not indicative of the mineralisation found on the Property. WGM has not reviewed this data but is presenting it here as part of the disclosure. Type IV: Porphyry Copper Deposits Related to an Initial Rift Fault Structure: Majdanpek Majdanpek is the most northerly of the porphyry copper deposits associated with the Timok Magmatic Complex (“TMC”). The Majdanpek deposit is approximately 5 km in length with an average width of 300 m. Weak copper mineralization (>0.1% Cu) has been detected to a depth of at least 1,000 m (Cocic et al, 2002a). Mineralization is related to sparse, narrow north-south-trending andesitic dykes dated at 83 Ma. These dykes intrude along a north-south-trending fracture zone Cutting Proterozoic and Palaeozoic metamorphic rocks, and Jurassic limestones. Extrusive facies of the TMC are rare at Majdanpek, although they are common farther to the south in the TMC. Mineralization is typically developed as stockwork; the bulk of which are actually within the metamorphic aureole of the andesitic dykes. There are also numerous skarn and replacement bodies flanking the intrusives, while more distal replacement bodies are found in the Jurassic limestones. The copper mineralization in the porphyry copper deposits at Majdanpek and Veliki Krivelj is mostly chalcopyrite, and is disseminated occurring as impregnations and veinlets in granodiorite. The highest copper grades relate to K-silicate alteration and zones of strong silicification. The molybdenum grades are very low throughout the deposit, while the “Cu:Au” ratio is approximately 2:1 (note that copper is in “percentage” while gold is expressed in “grams per tonne”). PGEs occur as minor phases accompanying the copper mineralization and are recovered at the smelter. Significant supergene upgrading is recorded in an oxidation blanket that was 25 m thick in the north and covered the deposit. The Majdanpek porphyry copper deposit has an estimated total pre-mining resource of approximately 1,000 Mt at a grade of 0.6% Cu, 0.3-0.4 g Au/t (Cocic et al, 2002b). The authors are unsure if the resource is compliant with NI 43-101 Standards for Disclosure for

- 34 -

Mineral Properties, therefore caution should be used. The mineralisation at Majdanpek is not indicative of the mineralisation found on the Property. WGM has not reviewed this data but is presenting it here as part of the disclosure.

- 35 -

9. EXPLORATION WGM has relied, for our descriptions of exploration program results, solely on the basis of historic reports, notes and communications with Mundoro and various geophysical contractors. Historic exploration is summarized under the History Section of this report. 9.1 PROCEDURES/PARAMETERS OF SURVEYS AND INVESTIGATION Mundoro has planned and started a systematic results-driven exploration program over the Borsko Jezero Property. It included historical data compilation and re-interpretation, stream sediment and rock sampling, geological mapping and geophysical AMT surveys. The entire licence area was first screened by stream sediment sampling followed by field prospecting and rock sampling within the areas of the geochemical anomalies. Data Compilation Compilation work started with historical data review and assembling of appropriate maps and reports as soon as the licence was granted in July 2012. Old reports and data sets were acquired and reviewed in the Geological Institute of Serbia. Topographic, geology and metallogenic maps at 1:100,000 and 1:25,000 scales were registered and digitized in MapInfo. Regional airborne geophysics and gravity maps for the area were collected from published sources and put together in order to be re-processed and re-interpreted. It was found that the amount of detailed historical exploration on the Borsko Jezero Property was limited, as the Property was not previously granted to private exploration companies. Also, it has been considered as a “blind” exploration target area which was not priority for the government agencies at that time. Surface Geochemistry The entire licence initially was screened by systematic stream sediment sampling with carefully delineated catchment areas aimed to represent 3-4 km². Sixty-one samples were collected over 55 km² which assured representative coverage of the Property. The samples were analyzed for Au plus 49 multi-elements. Result interpretation, plotting and analysis were carried out using MapInfo’s “geochemical statistical” tool. A discernible correlation between Cu-Mo-As-Pb-Zn was indicated; while Au correlated with W. The southern portion of the Property was marked with multi-element “Cu-Mo-As-Au-Ag-Pb-Zn” stream sediment anomalies which required further follow-up work. The northern portion showed no geochemical response.

- 36 -

The follow-up assessment of the stream sediment anomalies commenced at the end of the 2012 field season and will be continued in early 2013. It includes prospecting and examination of the catchment areas of the anomalies aiming to explain the reasons for them. Rock samples were collected from possible sources of the anomalies. Surface rock sampling was carried out during the geological mapping, prospecting of known occurrences and follow-up of stream sediment anomalies was also carried out. Channel chip and grab samples were collected keeping the rule to collect 1 kg material from 1 m interval. Additional surface rock sampling is planned during the further follow-up of the stream sediment anomalies. A total of 59 rock samples have been collected so far; the results were analyzed and plotted on the geology map. The highest gold value returned was 1.8 ppm from single sample taken from altered float material in a river bed during the follow up of a stream sediment Au anomaly. The rest of the elements, such as Cu-Mo-Ag-Pb-Zn although highlighted in several rock samples, did not lead to complete explanation of the stream sediments anomalies. The results of the geochemical sampling surveys (rock and stream sediment) are shown in Figures 9 through to 12. Geological Mapping Detailed geological mapping and prospecting was carried out in September 2012. The map shown in Figure 7 is based on field outcrop mapping and follow-up of geological boundaries. All rock outcrops were recorded as they are present in the field in separate layers of information. Sufficient measurements of structures, veins, bedding and foliation were undertaken along with limited petrologic analysis. Special attention was paid to the hydrothermal alterations where found. It should be noted that the area is approximately 60% soil covered and forested. However, careful data collection during the mapping allowed reliable integration and interpretation to produce a final geological map for entire Property. Geophysical Surveys Regional Airborne Magnetics Following the grant of the Borsko Jezero Permit in June 2012, the Company compiled and assembled publicly available government regional airborne and gravity data over Timok Magmatic Complex and the Company’s properties in particular. The data were digitized and geo-referenced in-house covering 8,000 km². Mr. K. Kunchev, an experienced geophysical consultant, was engaged to carry out a “QA/QC” test of the data to ensure reliability and perform re-processing and interpretation.

Metres

500 2,5000

UTM WGS84 Zone 34N

Figure 9.


Geochemical Anomaly - AuStream Sediment and Rock Samples




MUN REV / MUN_09_Geochem_Au.cdrLast revision date: Tuesday 9 April, 2013


Property outline

Metres

500 2,5000

UTM WGS84 Zone 34N

Figure 10.


Geochemical Anomaly - AgStream Sediment and Rock Samples




MUN REV / MUN_10_Geochem_Ag.cdrLast revision date: Tuesday 9 April, 2013


Property outline

Metres

500 2,5000

UTM WGS84 Zone 34N

Figure 11.


Geochemical Anomaly - CuStream Sediment and Rock Samples




MUN REV / MUN_11_Geochem_Cu.cdrLast revision date: Tuesday 9 April, 2013


Property outline

Metres

500 2,5000

UTM WGS84 Zone 34N

Figure 12.


Geochemical Anomaly - MoStream Sediment and Rock Samples




MUN REV / MUN_12_Geochem_Mo.cdrLast revision date: Tuesday 9 April, 2013


Property outline

- 41 -

The processed composite airborne magnetic maps (“Airborne Intensity”) were compiled from the 1960 historical airborne survey. The survey was flown by the Yugoslavian government with line spacing of 1 km or larger. The interpretation was focused on defining structural lineaments and “bull’s-eye” anomalies which could be caused by deep buried porphyry targets or magnetic intrusives. Zones of relatively flat magnetization over a high “magnetic” volcanic/volcano-sedimentary unit were interpreted as “demagnetized” areas, probably caused by alteration along deep penetrating faults. It should be noted that the “demagnetization” effect also could be result from thick (>100 m) young sedimentary cover over negative relief forms or basins. The volcanic / volcano-sedimentary succession at the Timok Zone clearly appears as a magnetic “high” area. The analytical signal (AS) of the Total Magnetic Intensity (“TMI”) map allocates more compact magnetic masses, boundaries and structural frames mapped as magnetic lineaments on interpretation scheme. Regional Airborne Gravity The gravity data were digitized from earlier published Free Air Bouguer Gravity anomaly maps for Yugoslavia. The error due to digitizing, geo-referencing and processing was estimated to be less than 1 km which suggests that the results are reliable for regional scale interpretation, area selection and focusing of further exploration programs. The maximums on the regional gravity map were interpreted as large basic batholiths, usually less magnetic than the surrounding volcanic units. It was noted that a few basins filled with young sediments appeared as deep minimums which are better delineated on the First Vertical Derivative (1VDV) gravity map. The shaded 1VDV map is a good tool to delineate regional gravity lineaments, some of which could be interpreted as deep penetrating faults. Audio-magnetotellurics At the end of the 2012 field season, Mundoro contracted Geognosia S.L.L. to carry out an audio-magnetotelluric (“AMT”) survey on the Property. The survey started with reconnaissance east-west profile lines spaced 1,000 m apart. Measurements were taken every 500 m along the profile lines. Selected areas which showed promising anomalies were filled in at 500 m profiles and 250 m measurements. A total of 119 stations were surveyed and were readings collected.

- 42 -

9.2 SAMPLING METHODS AND SAMPLE QUALITY Geochemical Surveys The stream sediment samples were collected from optimum trap sites for heavy minerals. Samples were taken at regular intervals of about 1.5 km along the stream, designed to represent catchment areas of about 3 to 4 km². Approximately 1.5 kg of material was collected and sieved to 1 mm “silt”. The “silt” was put in plastic sample bags, sealed and numbered. Detailed field data were recorded on field cards which later were entered into the database. At the end of the each working day, the samples were placed in the Company’s field facility, properly secured and locked. Rock sampling was carried out as chip-channels in outcrops on 1 m to 3 m intervals collecting a minimum 1 kg of sample material per metre. Geophysical Surveys A geophysical AMT survey was carried out using Zonge Engineering Equipment. The survey was in a TENSOR Array and the X and Y directions of the electrical and magnetic field were recorded for each station. Data were collected, downloaded and processed daily. Data verification and QA/QC procedures were also carried out on a daily basis. Data were collected in very high, high, and medium frequencies at 100 m dipole spacing. Two-dimensional inversion models of AMT Cagniard Resistivity and Impedance Phase data provided detailed images of the geology at depth while avoiding possible interference of transmitter “overprint” or “near-field” distortions. SCS2D is the Zonge Engineering 2-D inversion software used to image AMT data. Processing of AMT measurements included: • Transforming the time series data into the frequency domain using cascade decimation

methods and applying magnetic field antenna and analog gain calibration factors; • Segmenting the frequency domain measurements into smaller groups and presorting them

according to coherence limits; • Applying robust processing methods to calculate apparent resistivity, phase, coherence,

and error estimates; • Graphical display of the apparent resistivity vs. phase Curves which allowed further

refinement through removal of outliers; • The average data were read into the ASTATIC algorithm. Individual sounding Curves

were viewed and final removal of individual measurements affected by coherent noise was made; and

- 43 -

• Performing 2D modelling using smooth model inversion technique. 9.3 RELEVANT INFORMATION The authors know of no other relevant information. 9.4 RESULTS AND INTERPRETATION OF EXPLORATION The Current exploration model is based on “up to date” knowledge of the Bor deposits, geological setting and recent discoveries in the area. The results of the initial stream sediment sampling survey pointed towards considering the potential for deeper buried “Cu-Au” porphyry targets related to Phase I volcanic activity, however rock chip sampling did not confirm associated anomalous “Cu-Au” values. For that aim, significant work was done to compile and interpret regional aero-magnetic and gravity geophysical data over the entire Timok Magmatic Complex. Numerous targets were selected for follow-up; in particular, was the major NW lineament related to recent deep “Cu-Au” porphyry-epithermal discovery by Reservoir and Freeport McMoRan. This lineament is marked with related known “Cu-Au” mineral occurrences along strike, multi-element geochemical anomalies in stream sediments and interpreted porphyry geophysical features. Small insular magnetic anomalies hosted in relatively calm (demagnetized) areas close to magnetic/gravity lineaments were identified as prospective targets. A total of 22 target areas were selected, but it should be noted that these are only the “first pass” geophysical targets and additional positive indicators (favourable geology, geochemistry, alteration) will be required. Only after a proper exploration program is completed can these geophysical targets be upgraded to drill targets. Four areas of interest (AOI) were delineated which require further follow-up work. All the areas coincide with regional targets defined by the airborne magnetic and gravity data and are supported by stream sediment “Cu-Au-Mo-Ag-As” anomalies. All the AOIs appear to have continuity at depth and are large enough to be caused by potentially mineralized bodies. The southern AOI points towards a regional magnetic target within Mundoro’s newly granted “Sumrakovac” licence. The four AOIs are shown in Figure 13.

Metres

500 2,5000

UTM WGS84 Zone 34N

Figure 13.


Ground Geophysics




MUN REV / MUN_13_Gphys_Map.cdrLast revision date: Tuesday 9 April, 2013


Property outline

- 45 -

The Company has scheduled a detailed AMT survey to follow up all defined targets in order to better delineate the anomalies. Following the infill AMT survey, an Induced Polarization (“IP”) - chargeability survey will be carried over the AMT anomalies. Upon confirming chargeability response, the anomalies will be further modelled in 3D and drill tested. Based on the results of the regional geophysical surveys, the Company has started systematic detailed AMT surveys to test the deep target model. The initial AMT survey was carried out at regional scale over the entire Property. Since then, more detailed AMT surveys have been conducted in those areas selected for follow-up work. This survey work is still underway. The initial results are encouraging, in that it has delineated four low resistivity (conductivity) anomalies related to the NW structural trend interpreted from the regional geophysics. Geological mapping and prospecting could not fully explain the stream sediment anomalies due to soil cover and lack of rock outcrop. Several areas of weak hydrothermal chlorite alteration that were mapped need further detailed investigations. Numerous quartz-zeolite late stage veins are present throughout the area. The results to date indicate that the exploration work should continue over the entire Property and that the potential for discovery of “Cu-Au” porphyry/epithermal mineralization is very high.

- 46 -

10. DRILLING

The Company has not undertaken any drilling at this time.

- 47 -

11. SAMPLE PREPARATION, ANALYSES AND SECURITY WGM has relied for our descriptions of sample preparation and analyses solely on the basis of reports, notes and communications with Mundoro and the analytical laboratories themselves. 11.1 SAMPLE PREPARATION AND ASSAYING Mundoro The Company uses the SGS managed laboratories at Chelopech, Bulgaria and Bor Serbia to assay all samples from the Serbian properties. Soil and stream sediment samples are assayed in SGS Chelopech using a combination of ICP-OES and ICP-MS 4 acid digest, 49 elements; whereas gold is assayed by low level detection fire assay method 50 g, AAS finish. Preparation of samples includes drying, screening to -80 mesh, fine crushing, split and pulverizing to 75 µm. Rock samples are assayed in SGS Bor using ICP-MS 2 acid digest 52 elements; gold fire assay 50 g, AAS finish. Statistical analysis of inserted certified standard materials indicates good sample handling, preparation, precision and accuracy of the SGS laboratories. WGM Verification Samples The verification stream sediment samples were dried and split at SGS Bor. One set of samples was sent to SGS Chelopech, Bulgaria, the other set was sent to AGAT Laboratories in Mississauga, Ontario (Canada). SGS Bor and SGS Chelopech Preparation of samples includes drying, screening to -80 mesh, fine crushing, split and pulverizing for a minimum of 5 minutes, or as required, to achieve 90-95% passing 75 µm. After completion, the disc is removed and the bowl is emptied on a roll mat. The sample is thoroughly rolled, split and a scoop is taken and placed in a labelled paper bag corresponding to the client’s sample number. The sample is then placed in a labelled cardboard box corresponding to the laboratory job number and client submission number. Once the sample preparation is complete, the boxes are taken for analysis. Duplicate samples are also collected at this time, as per client request. Fire assay procedure (FAI505) uses a 50 gram sample in a batch of 50 samples. The sample material is weighed and mixed with flux (lead oxide). The mixture is then fused in a furnace at 1,000º C. The sample is then poured into a mould where the lead is collected together with a silver prill and the precious metals. The lead button is flattened into a MgO cupel and

- 48 -

placed in a cupellation furnace. The cupel absorbs the lead, leaving the precious metal prill or bead. The prill is then placed in a test tube and digested using Aqua Regia. The solution is then assayed by ICP-OES with a detection limit of 1 ppb. The base metal procedure (ICM40B) uses a 0.3 g sample. The sample is weighed into a Teflon beaker and digested using four acids. The solution is made to volume and is analysed by ICP MS / ICP OES for 50 elements. AGAT Laboratories All samples are assessed and processed through the Sample Preparation Department. The laboratory facility has a fully automated laboratory information management system (“LIMS”) in place. The samples were homogenized and a 250 g split was taken. The 250 g sub-sample was pulverized in chrome steel to 85% passing 75 microns (Code 200014). A 50 g sub-sample was used in the Fire Assay, with an ICP-OES finish (Code 202552) for the gold analysis. The digestion was an Aqua Regia solution. A four acid digestion with ICP OES finish was used for the base metal analysis (Code 201070). 11.2 QUALITY ASSURANCE/QUALITY CONTROL Mundoro In addition to the laboratory’s internal quality assurance/quality control (QA/QC) procedures, the Company implements its own QA/QC with systematic insertion into sample streams of certified reference materials, field duplicates and blanks. Field duplicate samples are taken every 25 samples and known standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely entered into a MSAccess database. SGS Bor and SGS Chelopech As part of the QA/QC procedure, all samples are accompanied by a completed sample submission sheet with a client reference, contact information, and analytical procedures requested. If there are any errors or omissions, the laboratory manager is informed and the client is contacted by e-mail. Samples are then logged into the laboratory job book and receive a laboratory job number. The lab job number is entered into CCLAS, a laboratory information management system, and the sample labels and worksheet are created. Each worksheet has two certified standards and one blank. The sample repeats and duplicates are generated based on batch size. A full batch has 50 positions.

- 49 -

The laboratory uses international certified standards from Geostats Australia, Gannet Australia, Oretest Australia and Natural Resources Canada. All acids, solution standards and chemicals are from accredited sources, e.g., Merck supplies all the acids and standards. All methods and procedures used by the laboratory are SGS global methods which are accredited internationally. Staff has access to this reference material. All pipettes, micro-pipettes, burrettes and balances are checked daily and all results are logged in marked spreadsheets. Recalibration is carried out as required. All equipment and instruments are regularly maintained, serviced and checked by authorized representatives. All reports are documented and filled. For Fire Assay (FAI505) and Base Metal Analysis (ICM40B), each batch of 50 samples has two internationally certified standards, one blank, four replicates and two duplicates. All data entry is linked to the main SGS server, from balances and instruments to the computer. The ICP results are automatically uploaded from ICP software using a special program in order to reduce human error. All QA/QC results are saved in the LIMS program and are easily obtained by the lab manager, and passed on to the client on request. Regular reports are produced for quality control. All assays are validated by experienced chemists and signed off by the SGS laboratory Manager who is onsite full time. All assays are reported on SGS letterheads. The laboratory sends, on a monthly basis, samples overseas as part of their QA/QC checks. The laboratory participates in SGS Global Round Robin every month, with regular reports produced and action taken if necessary. The laboratory participates in the International Round Robin organised by Geostats. Reports are produced twice a year. All QA/QC data are available upon request. The SGS laboratories at Bor and Chelopech however are not “ISO” accredited facilities. WGM Verification Samples A field duplicate and a gold standard (certified reference material) were included as verification samples.

- 50 -

AGAT Laboratory AGAT Laboratories’ Mining Division is accredited to ISO/IEC 17025:2005 and ISO 9001:2008 by the Standards Council of Canada and the Canadian Association for Laboratory Accreditation. All samples are checked and verified against the client’s list. If there are any errors or omissions, the client is contacted prior to any work on the samples. AGAT has standardized its sample preparation operations using Rocklabs sample preparation equipment in all branch offices. All samples received are assessed and processed through the Sample Preparation Department. Standard operating procedures and quality control monitoring are in place. The laboratory utilizes a “Workorder Monitoring System” that allows tracking of samples as they move throughout the laboratory, generating “Jobs in Progress” reports available for viewing by lab managers and supervisors. For standard lead fire assay techniques (AAS, ICP-OES, ICP-MS, gravimetric), replicate samples are assayed at a minimum of every 40 samples, reference materials at a minimum of every 20 samples and a reference blank at least every 40 samples. In regards to instrumentation (AAS, ICP-OES, ICP-MS), AGAT uses internal QC solutions to ensure the analytical calibration is acceptable. This solution is made using a different lot number than the calibration solutions. 11.3 SECURITY The samples are held in a secure facility in Bor until they are delivered to the SGS laboratory in Bor.

- 51 -

12. DATA VERIFICATION Mr. D. Power-Fardy, WGM Senior Geologist and QP, conducted the site visit between February 5th and 9th, 2013. The site visit included the collection of verification samples from selected stream sites and a tour of the SGS laboratory facility at Bor. He was accompanied on the site visit by Mr. I. Veljkovic, the Company’s Project Manager for Serbia. The Company’s technical support staff aided in the collection of the stream sediment verification samples under the supervision of WGM’s QP. The location of the verification sample site was recorder by both the WGM Senior Geologist and Mr. Veljkovic. Mr. Veljkovic used a Tremble JunoSB for location readings, while the WGM QP used a Garmin Map62s. It should be noted that it was not always possible to access the original stream sediment sample site as there was higher water level due to snow melt run-off. The location data for the verification samples is presented in Table 2.

TABLE 2.

LOCATION OF VERIFICATION SAMPLE SITES Sample Sampler Easting Northing Error Elevation

ID (m) (m) 563 Mundoro (original site) 581925 4878536 594 Mundoro (re-sample site) 581919 4878545 5 404 594 WGM (re-sample site) 581923 4878549 5 398

559 Mundoro (original site) 583635 4879054 595 Mundoro (re-sample site) 583628 4879055 4 346 595 WGM (re-sample site) 583638 4879050 4 356



546 Mundoro (original site) 584791 4880193 598 Mundoro re-sample site) 584782 4880204 4 398 598 WGM (re-sample site) 584788 4880197 4 402


- 52 -

Although the geochemical stream sediment samples were sent to the SGS analytical facility at Chelopech (Bulgaria), it was felt that a tour of the SGS facility at Bor would be appropriate for several reasons. Primarily, as both SGS facilities at Bor and at Chelopech were set up by Mr. G. Daher, who is Currently the laboratory manager at the SGS facility at Bor, and he was available to answer any questions regarding laboratory procedures and protocols at both laboratories. Since both facilities are SGS laboratories and the protocols and procedures are similar, it was deemed appropriate to visit only one lab. Also, there were issues with travelling to Chelopech, Bulgaria within the available time for the WGM site visit. WGM’s verification samples were collected and assayed independently of Mundoro to validate the results. Although WGM has reviewed a selection of assay results and Certificates generated by the labs and believes they are generally accurate, WGM is relying on the labs as an expert in the field of analyses. The stream sediment verification samples were dried and split at the SGS facility at Bor. One set of samples, identified as “Mundoro”, was went to the SGS analytical laboratory at Chelopech, Bulgaria which is the primary laboratory used by the Company. The other set of samples, identified as “WGM”, was sent to AGAT Laboratory in Mississauga, Ontario (Canada). The stream sediment verification samples are identified as “split”. The samples designated as “original” are the original stream sediment samples collected by Company. Sample #600 is a certified low level gold reference material or standard, product code GLG 312-1, from Geostats. Sample #601 is field duplicate of Sample #599. The analytical results for the verification samples are presented in Table 3 and selected analytical results in Figures 14 (Gold) and 15 (Copper and Zinc). Although no meaningful statistical analysis was possible with the limited number of samples, the results of the assays were within range of what was expected. The values for copper and zinc matched fairly well. The gold values were more variable, but still within expectations. One notable exception was Sample #595 which returned values 389.6 ppb (Mundoro) and 5 ppb (WGM). This could be explained by the nugget effect of the gold. The gold standard, Sample #600, has a certified value of 20.65 ppb, with a standard deviation of 2.85 ppb at a confidence interval of +/- 0.7 ppb. WGM’s assay value of 22 ppb is within the 1 Standard Deviation limits of 23.5 ppb, while Mundoro’s assay value of 23.6 ppb is borderline with the 1 Standard Deviation limit. The complete analytical data for the verification samples is presented in Appendix 1.

- 53 -

TABLE 3. ANALYTICAL RESULTS OF THE VERIFICATION SAMPLES

Sample Sampler Au Cu Zn ID (ppb) (ppm) (ppm) 563 Mundoro (original) 37.4 90.9 138 594 Mundoro (split) 10.2 89.7 156 594 WGM (split) 5 77.1 137

559 Mundoro (original) 470 117 202 595 Mundoro (split) 389.6 151 160 595 WGM (split) 6 121 136

535 Mundoro (original) 211.6 96.6 153 596 Mundoro (split) 527.2 111 137 596 WGM (split) 314 137 135

568 Mundoro (original) 21.6 123 186 597 Mundoro split) 11.4 111 126 597 WGM (split) 5 111 140

546 Mundoro (original) 7.8 294 190 598 Mundoro (split) 8.4 212 165 598 WGM (split) 8 259 162

547 Mundoro (original) 6.4 272 202 599 Mundoro (split) 12.8 201 214 599 WGM (split) 16 239 185

Gold Standard GLG 312-1

20.65 nd 30.0

600 Mundoro 23.6 28.3 39.8 600 WGM 22 21.3 32.4

601 Mundoro (split) 9.8 218 208 601 WGM (split) 4 270 169

- 54 -

Figure 14. Gold values

0

100

200

300

400

500

600

592 594 596 598 600 602

Au V

alue

(ppb

)

Verification Sample Number

Gold (All Values)

MUN

WGM

Original

0

5

10

15

20

25

30

35

40

592 594 596 598 600 602

Au V

alue

(ppb

)


Gold (Low Values)

MUN

WGM

Original

- 55 -

Figure 15. Copper and Zinc values

0

50

100

150

200

250

300

350

592 594 596 598 600 602

Cu V

alue

(ppm

)


Copper

MUN

WGM

Original

0

50

100

150

200

250

592 594 596 598 600 602

Zn V

alue

(ppm

)


Zinc

MUN

WGM

Original

- 56 -

13. MINERAL PROCESSING AND METALLURGICAL TESTING The Company has not carried out any mineral processing or metallurgical testwork on samples from the Property.

14. MINERAL RESOURCE ESTIMATES There has been no Mineral Resource estimate prepared for the mineralization discovered to date on the Borska Jezero Property.

15. MINERAL RESERVE ESTIMATES There has been no Mineral Reserve estimate prepared for the mineralization discovered to date on the Borska Jezero Property.

16. MINING METHODS The project is an early stage exploration program. There is no mineral resource or reserve and as such the Company has not investigated mining methods.

17. RECOVERY METHODS The project is an early stage exploration program. There is no mineral resource or mineral reserves at this time and as such the Company has not investigated recovery methods.

18. PROJECT INFRASTRUCTURE Not applicable, as the project is an early stage exploration program.

19. MARKET STUDIES AND CONTRACTS Not applicable, as the project is an early stage exploration program.

- 57 -

20. ENVIRONMENTAL STUDIES, PERMIT, AND SOCIAL OR COMMUNITY IMPACT

Immediately after the granting of the licence and prior to starting any field activity, the Company officially informed the Bor Municipality authorities of their planned exploration work program. The geological “inspectorate” of the Ministry was informed prior to the commencement of the exploration work as required by Serbian law pertaining to mining and exploration activity. During November 2012, Mr. I. Veljkovic, Project Manager Serbia, had a meeting with the community representative, Mr. N. Zurkic of Krivelj Community, which covers about 40% of the Property. He also met with several local landowners to inform them of the work program. The Company has a good community relationship with the local authorities and landowners. Stara Planina closely follows the Prospectors and Developers Association of Canada E3Plus principles and guidelines in carrying out the exploration activities.

21. CAPITAL AND OPERATING COSTS No capital or operating costs have been determined at this time as the project is an early stage exploration program.

22. ECONOMIC ANALYSIS The Company has not conducted any economic analyses at this time.

- 58 -

23. ADJACENT PROPERTIES The Borsko Jezero Property is surrounded by adjacent exploration and mining tenements. The major activity is to the east where the state-owned Rudarsko Topionicki Basen Bor (RTB Bor Group) carries out mining, processing and smelting with resultant copper and precious metal production. The adjacent properties are shown in Figure 16. The authors have not verified the information in this section. The reader should be cautioned that the information presented in this section is not necessarily indicative of the mineralization on the Borsko Jezero Property nor is the information quoted necessarily compliant with NI 43-101. RTB Bor Rudarsko Topionicki Basen Bor (RTB Bor Group) is one of the largest regional producers of copper and precious metals in Eastern Europe. It encompasses several companies operating under central management. Operations involving ore extraction and processing from surface and underground mines located in Bor (Rudnici Bakra Bor – RBB or Copper Mines Bor) and Majdanpek (Rudnici Bakra Majdanpek – RBM or Copper Mines Majdanpek) with smelting operations in Bor. The information for RTB Bor was from the web-site “www.e-mj.com”. The Bor porphyry copper deposit is classified as a “high sulphidation” copper-gold deposit. The host sequence at Bor is dominated by porphyritic hornblende-biotite andesites, andesitic tuffs and minor dacites. These volcanic rocks intrude Late Cretaceous conglomerates and sandstones (Lips, et al, 2004). The sulphide mineralogy zonation within the massive ore to a pyrite-chalcopyrite-bornite (+/- pyrrhotite) associated, possibly reflecting a change in sulphur activity (Herrington, et al, 1998). The massive ores grade laterally and with depth into disseminated mineralization. The disseminated ores carry significant sulphide mineralization (>0.6% Cu) and form part of the mineral resource. Alteration is distinctive around the high sulphidation deposits. Silicification is a common alteration with vuggy quartz developed close to the paleosurface. Outward zoned advanced argillic alteration characterized by an inner envelop of kaolinisation and peripheral chlorite surrounds the ore bodies, in places accompanied by pyrophyllite, diaspore, and alunite, and locally with andalusite, zunyite, sericite and some corundum.

Kilometres

2.5 12.50

UTM WGS84 Zone 34N

Figure 16.


Adjacent Properties




MUN REV / MUN_14_Adjacent_Prop.cdrLast revision date: Tuesday 9 April, 2013

- 60 -

RTB’s Current underground operations are at the Jama Copper Mine in Bor and Coka Marin 1 Gold Mine in Majdanpek. The Coka Marin mine is under development. Current reserves of 319 Mt grading 0.5% Cu, 0.204 g Au/t, and 35.89 g Mo/t, plus more than 1,000 Mt of estimated reserves within the 0.3% Cu range (www.e-mj.com). Rakita Exploration Adjacent properties to the west of Borsko Jezero belong to Rakita Exploration. There are known “Cu-Au” occurrences and hydrothermal systems related to Phase II volcanics. Details on their exploration activities are unavailable. Reservoir Minerals Ltd. (JV with Freeport -McMoRan) The company holds title to seven exploration permits on the Timok Magmatic Complex. The joint venture with Freeport-McMoRan Exploration Corp (FMEC) covers some 245 km2. The Jasilkovo-Durlan-Potok property lies to the immediate southeast of the Borsko Jezero Property. In 2012, Reservoir Minerals reported the discovery of a high grade “blind” copper-gold porphyry-epithermal mineralization on the property at the Cukanu Peki prospect. The best intersection was reported as 160 m at 6.92% Cu, 5.4 g Au/t from 461 m to 621 m. The company has completed 16 drillholes totalling 14,194.5 m (www.reservoirminerals.com). Avala Resources Ltd The Timok Gold Project consists of eight exploration licences (Potoj Cuka Tisnica, Breza, Malinik, Zagubica, Rtanj, Lenovac, Blizna and Tilva Toma) covering some 759 km2. The project area is located at the western margin of the Timok Magmatic Complex and extends 85 km to about 40 km southeast and southwest of Bor at its southern boundary. Gold in the project area has been classified as relatively low temperature auriferous deposits that share many characteristics with Carlin-type gold deposits. The company has defined a large hydrothermal system within the project area. The company has published NI 43-101 compliant inferred mineral resource estimates for the deposit at Bigar Hill at 26.4 Mt grading 1.6 g Au/t with a Cutoff grade of 0.6 g Au/t, and for the Korkan deposit at 20.1 Mt grading 1.5 g Au/t with a Cutoff grade of 0.6 g Au/t (Arnold and Malhotra, 2012).

- 61 -

24. OTHER RELEVANT DATA AND INFORMATION The mineral potential of the Timok (Bor) District was estimated at more than 15 Mt of copper, 700 t of gold and 4500 t of silver. Former production was estimated at almost 6 Mt of copper, 300 t of gold and about 1,200 t of silver (Monthel, 2002). There are 10 thermal and mineral springs within the area of Brestovac, some 7 km southwest of Bor, in the foothills of Tilva Njagra. Several the hot springs have been noted on the Property.

- 62 -

25. INTERPRETATION AND CONCLUSIONS The Timok Magmatic Complex, some 80 km long and up to 20 km wide, has been classified as a “copper–gold” district, one of 12 such mining districts identified by the BRGM (Monthel, 2002). Most of the copper production in Serbia is from porphyry deposits in the Timok (Bor) District. The Bor District is a host of near surface economic “Cu-Au” mineralization amenable to open pit extraction which attracted the interest of previous explorers. The Bor porphyry copper deposit is classified as a “high sulphidation” copper-gold deposit. The host sequence at Bor is dominated by porphyritic hornblende-biotite andesites, andesitic tuffs and minor dacites. These volcanic rocks intrude Late Cretaceous conglomerates and sandstones (Lips, et al, 2004). The sulphide mineralogy is zoned within the massive ore to a pyrite-chalcopyrite-bornite (+/- pyrrhotite) association, possibly reflecting a change in sulphur activity (Herrington, et al 1998). The “massive” sulphide ores grade laterally and with depth into disseminated mineralization. The disseminated ores carry significant sulphide mineralization (>0.6% Cu) and form part of the mineral resource. Alteration is distinctive around the high sulphidation deposits. Silicification is a common alteration with vuggy quartz developed close to the paleosurface. Outward zoned advanced argillic alteration characterized by an inner envelop of kaolinisation and peripheral chlorite surrounds the ore bodies, in places accompanied by pyrophyllite, diaspore, and alunite, and locally with andalusite, zunyite, sericite and some corundum. Gold is recovered as a by-product from the porphyry copper deposits in the Timok (Bor) District. Gold grades as high as 5 g Au/t occurred in the high sulphidation type ores at Bor, where the surficial oxidized part of the deposit included a highly silicified cap of 8.2 Mt with an average gold grade of 2.3 g Au/t and gold values ranging from 1.8 to 18.9 g Au/t. The porphyry copper deposits at Majdanpek and Borsko Reka have average gold grades of 0.6 and 0.3 g Au/t, respectively (Jankovic, 1982; and Monthel, 2002). The authors are unsure if the reserves/resources are compliant with NI 43-101 Standards for Disclosure for Mineral Properties, therefore caution should be used. The mineralisation is not indicative to that found on the Property. WGM has not reviewed this data but is presenting it here as part of the disclosure.

- 63 -

The district also contains epithermal vein deposits “adularia-sericite” type in which the gold is either free in the quartz or is associated with pyrite (Monthel, 2002). The Borsko Jezero Property has not been previously explored in detail as it was considered a deep buried or blind target, which was not a priority of the government agencies. The Property has been mapped by government geological survey of Serbia as a part of national mapping program and covered by regional geophysical investigations. Regional geophysical interpretation carried out by Mundoro focused on tracing of structural lineaments and “bull-eye” anomalies which may be caused by deep buried porphyry targets or magnetic intrusives. Zones of relatively flat magnetization over magnetically active volcanic/volcano-sedimentary units at Timok Zone were interpreted as “demagnetized” areas probably caused by hydrothermal alteration along deep penetrating faults. Volcanic/volcano-sedimentary successions at Timok Zone clearly appear as magnetically active areas. The “highs” on the regional gravity map are caused by large basic batholiths, usually less magnetic than volcanic units. Small isolated magnetic anomalies hosted in relatively calm (demagnetized) areas close to magnetic/gravity lineaments were picked up as prospective regional targets. Three such targets were delineated within the southern area of the Property controlled by regional NW trending lineaments. It is noticeable that the defined targets are along strike of the same lineament which controls a “bull-eye” anomaly related to recent high grade discovery within the adjacent competitor’s property to the southeast. North-northwest structures play an important part in ore formations in the Timok Magmatic Complex and are best illustrated by the Bor Fault. This fault separates the Bor and Borska Reka deposit from younger conglomerates and appears to be a reverse fault. The Majdanpek deposit displays an elongate form that is clearly controlled by a NW-trending fault zone. Knowledge of the Bor deposits based on historical drilling and regional geological setting indicate that the prospective Phase I volcanic unit host of the Borska Reka Porphyry strikes 345° NW and dips at approximately 40-50° to the SW towards the Borsko Jezero Property. The Borska Reka is a porphyry body representing immediate continuation in depth of the high sulphidation ore body that has been mined in the Bor open pit. Mineralization is known to extend as deep as -900 m RL, or between 600 and 1,400 m below surface (Jelenkovic, 2007). AMT surveying defined four low resistivity anomalous areas of interest for follow-up work. All coincided with the regional targets defined by airborne magnetic and gravity data. The

- 64 -

AMT anomalies appear to have continuity at depth and are large enough to be caused, by potentially mineralized bodies. The Borsko Jezero Property has potential for discovery of economic “Cu-Au” porphyry/epithermal mineralization at depth based on following features: • Major NW structural corridor defined at the southern part of the Property appears to be a

strike continuation feature of the newly discovered high grade Cu-Au mineralization by Freeport-Reservoir drilling. It is marked with “bull eye” geophysical anomalies within the Property and known along strike mineral occurrences within adjacent properties;

• Favorable host rocks of the Bor deposits crop out at the eastern edges of the Property and

dip to the SW under the Phase II volcanics suggesting deep potential; • Borsko Jezero is 2 km directly west of the Bor deposits and shares the same structural and

geological setting; and • Recently defined AMT anomalies indicate deep target potential. The anomalies showed

good continuity at depth interpreted to ~800 m coinciding with the approximate level of Borska Reka porphyry and the new discovery of Freeport-Reservoir.

WGM agrees with Mundoro’s interpretations and conclusions and is of the opinion that the Property has sufficient merit to warrant further exploration. A two-phase exploration program has been proposed; Phase 1 involves ground follow-up or detailed surveys including geophysical and geochemical, plus geological mapping; Phase 2 would include trenching and drilling.

- 65 -

26. RECOMMENDATIONS Future exploration programs at the Borsko Jezero Property should be focused to further define the geophysical AMT anomalies. This requires continuation of the survey at a denser grid – 500 m line spacing and 250 m stations along lines. Following the completion and interpretation of the in-fill AMT survey, it is recommended IP surveys be carried out over the AMT anomalous areas. Initially the IP will be carried out along a single line over every AMT anomaly. Upon confirming good IP response and chargeability signature related to a particular AMT anomaly, the IP survey should be continued on a detailed grid (200 m x 200 m). Confirming coincidence of chargeability IP and AMT low resistivity anomalies would be good targets to further model in 3D and drill test. It is also recommended that follow-up of stream sediment anomalies and prospecting of known mineral occurrences be undertaken in greater detail. Reconnaissance soil sampling should be carried out over covered anomalous catchment areas. Detailed geological mapping, trenching and rock geochemical sampling is recommended over delineated prospective areas. Drilling would be carried out where warranted. Of interest, is the known hot springs within the licence area. WGM recommends that these be sampled in order to gain some insight into the metal transport. It should be noted that portions of the proposed work program are staged or phased, the results of which will impact on subsequent work programs. For example, the results of the follow-up surveys will have a direct bearing or impact on the subsequent drilling program. Proposed Exploration Program and Budget Considering the more likely deep target potential for porphyry/epithermal “Cu-Au” mineralization, two stages of further exploration are recommended: Phase 1 involves detailed geophysical and geochemical surveys, plus geological mapping. Both AMT and IP surveys will be conducted over the targeted areas. Geochemical sampling will include soil sampling in those areas identified as being “anomalous”. Detailed geological mapping and rock sampling also will be carried out during this phase. Phase 2 will consist of 400 m of trenching and 3,000 m drilling in selected areas. Note that work to be conducted in Phase 2 will be dependent upon the results of the exploration program in Phase 1.

- 66 -

Based on previous experience, the Company has estimated the cost of the Phase 1 exploration program at approximately US$66,000 plus a contingency of about US$10,000. The Phase 2 program was estimated at approximately US$644,000, plus a contingency of approximately US$84,000. The budget is summarized in Table 4.

TABLE 4. PROPOSED EXPLORATION BUDGET

Items Cost (US$) Total (US$) Phase 1 Geophysical Surveys: Audio-magnetotellurics (AMT) (65 stations) US$13,320 Induced Polarization (IP) (10 line-km) 12,000 3D interpretation and report 3,000 US$28,320

Geochemical Surveys: Soil sampling (300 samples; 100 m x 100 m) 10,500 Rock sampling (200 samples) 7,000 17,500 Geological Survey: Detailed mapping (1:5000 scale; 10 km2) 20,000 20,000 Subtotal Phase 1 US$65,820 Contingency (~15%) 9,873 Total: Phase 1 (approximately) US$76,000

Phase 2 Trenching (400 m) 20,000 Drilling (3,000 m) 540,000 Subtotal: Phase 2 US$560,000 Contingency (~15%) 84,000 Total Phase 2 (approximately) US$644,000

GRAND TOTAL PHASES 1 AND 2 (approximately) US$720,000

- 68 -

CERTIFICATE I, David Power-Fardy, do hereby certify that: 1. I reside at 28 Tanglewood Drive, Ottawa, Ontario, Canada. 2. I am a Senior Geologist with Watts Griffis and McOuat Limited, a firm of consulting

geologists and engineers, which has been authorized to practice professional engineering by Professional Engineers Ontario since 1969, and professional geoscience by the Association of Professional Geoscientists of Ontario.

3. This certificate accompany the report titled "A Technical Review of the Borsko

Copper-Gold Property, Bor, Serbia for Mundoro Capital Inc." dated April 10, 2013. 4. I am a graduate from Carleton University, Ottawa, Ontario with a Bachelor of Science,

Honours, Geology, in 1976, and a graduate from Queen’s University, Kingston, Ontario with a Master of Science, Geology, in 1984. I have practised my profession for almost 35 years. I have been employed as a geologist, project geologist, exploration manager and general manager exploration, in private industry and government agencies, in Canada and abroad, including Mexico, Colombia, Peru, West Africa, Papua New Guinea and the Philippines.

5. I am a Professional Geologist licensed by APGO (Membership Number 0922);

APEGBC (Membership Number 29709); PEGNL (Membership Number 05982); Institute of Geologists of Ireland (Membership Number 209); and European Federation of Geologists (EurGeol Membership Number 935).

6. I have read the definition of “qualified person” set out in the 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 fulfil the requirements to be a “qualified person” for the purposes of NI 43-101.

7. I visited the Borsko Jezero Property between February 5 and 9, 2013. 8. I am co-author with Georgi Magaranov for the entire report, except for Section 12:

Data Verification, of which I am the sole author. 9. I am independent of the issuer as described in Section 1.5 of NI 43-101. 10. I have had no prior involvement with the Borsko Jezero Property or the Company

Mundoro Capital Inc or any of its affiliates.

- 70 -

CERTIFICATE I, Georgi Magaranov, do hereby certify that: 1. I reside at Borovo, block 13, apt 12, entrée 2, 1680 Sofia, Bulgaria.

2. I am a Senior Exploration Manager SE Europe with Company Mundoro Capital Inc. 3. This certificate accompany the report titled "A technical Review of the Borsko Copper-

Gold Property, Bor, Serbia for Mundoro Capital Inc." dated April 10, 2013.

4. I am a graduate from Sofia Mining and Geology University with a M.Sc. Degree, in Economic Geology, November 1992 and I have practised my profession continuously since that time. Work experience; I have over 19 years international mineral exploration and evaluation experience in a range of geographic locations in Eastern Europe, Middle East, Latin America, West Africa and Asia. Much of my experience was gained working as project and senior project geologist for Anglo American and Rio Tinto. I have managed drilling programs, designed and participated in targets generation and project evaluation programs for Au, Base metals and Iron ore in Russian Far East, Chile, Turkey, Iran, Mali and Ghana (West Africa).

5. I am a Professional Geologist licensed by Institute of Geologists of Ireland

(membership number 184) and European Federation of Geologists (EURGEOL membership number 835).

6. I am a "Qualified Person" for the purpose of NI 43-101.

7. I visited the Property Borsko Jezero during March-December 2012.

8. I am co-author with David Power-Fardy for the entire report, except for Section 12:

Data Verification, which was written by D. Power-Fardy.

9. I am not independent of the issuer as described in Section 1.5 of NI 43-101.

10. I have been involved with and managed the exploration works of the property such as: designed the stream sediment program, supervised, mapping, prospecting and geophysical surveys, organised regional geophysical data analysis and participated in interpretation and targeting.

- 72 -

REFERENCES Arnold, C. and Malhotra, D., 2012 Timok Gold Project, Serbia, Technical Report and Mineral Resource Estimates

for Avala Resources Ltd., AMC Consultants (UK) Ltd., AMC 411030, 158 p. Brininstool, M., 2011 The Mineral Industry of Serbia; 2010 Minerals Yearbook – Advance Release,

US Geological Survey, Department of the Interior; November 2011, 5 p. Ciobanu, C.L., Cook, N.J. and Stein, H., 2002 Regional Stetting and Geochronology of the Late Cretaceoous Banatitic

Magmatic Belt; Mineralium Deposita, vol 37, pp. 541 to 567. Clark, A.H., and Ullrich, T.D., 2004 40 Ar – 39 Ar Age Data for Andesitc Magmatism and Hydrothermal Activity

in the Timok Massif, Eastern Serbia,: Implications for Metallogenic Relationships in the Bor Copper-Gold Subprovince; Mineralium Deposita, v. 39, pp. 256 to 262.

Cocic, S., Kozelj, D., Banjesevic, M. And Cocic, M., 2002a Intrusive Rocks in the Ore Field CrniVeh and their Relation to Mineralization;

Geology, and Metallogeny of Copper and Gold Deposits in the Bor Metallogenic Zone – Bor 100 Years; International Symposium Proceedings, Bor Lake October 24 – 25, pp. 163 to 172.

Cocic, S., Jelenkovic, R. and Zivkovic, P. 2002b Exursion Guideline; Symposia Bor 100 Years; RTB Bor, Copper Institute Bor

(CIB), 115 p.

Drew, L.J., 2006 A Tectonic Model for the Spatial Occurrence of Porphyry Copper and

Polymetallic Vein Deposits- Applications to Central Europe; U.S. Geological Survey Scientific Investigations Report 2005-5272, 36 p.

Heinrich, C.A. and Neubauer, F., 2002 Cu-Au-Pb-Zn-Ag Metallogeny of the Apline-Balkan-Carpathian-Dinaride

Geodynamic Province; Mineraliun Deposita, v. 37, pp. 533 to 540. Herrington, R., Jankovic, S. and Kozelj, D., 1998 The Bor and Majdanpek Copper-Gold Deposits in the Context of the Bor

Metallogenic Zone (in) Porter, T.M. (ed.) Porphyry and Hydrothermal Copper and Gold Deposits - A Global Perspective; PGC Publishing, Adelaide, Australia.

- 73 -

Jankovic, S., 1982 Yugoslavia; (in) Dunning. F.W., Mykura, W., and Slater, D. (eds), Mineral

Deposits of Europe: Southeast Europe, v. 2, Institute of Mining and Metallurgy and the Mineralogical Society, London, pp. 143 to 202.

Jankovic, S.R., Jelenkovic, R.J. and Kozelj, D.I., 2002 The Bor Copper and Gold Deposit; Mining and Smelting Basen, Copper

Institute Bor (CIB), 298 p. Jelenkovic, R., 2007 Metallic Mineral Resources of the Bor Metallogenic Zone S. S. (Republic of

Serbia); Advances in Regional Geological and Metallogenic Studies in the Carpathians, Balkans, Rhodope Massif and Caucasus (Romania, Serbia, Bulgaria and Georgia); A field conference: Programme and Abstracts, 3 p.

Jelenkovic, R., Kozelj, D., 2002 Morphogenetical Types of Porphyry Copper Mineralization in the Bor

Metallogenic Zone; RTB Bor Holding Company, Copper Institute Bor (CIB), pp. 29 to 56.

Karamata, S., Knezevic, V., Dordevic, V. and Milovanovic, D., 1983 Alterations in the Bor Copper Deposit and their Significance for Explorations

of the Ore Genesis; Geol. Carpatica. v. 34, pp. 45 to 52. Karamata, S., Knezevic-Dordevic, V. and Milovanovic, D., 2002 A Review of the Evolution of the Upper Cretaceous: Paleogene Magmatism in

the Timok Magmatic Complex and the Associated Mineralization; (in) Kozelj, D. and Jelenkovic, R. (eds), Geology and Metallogeny of Copper and Gold Deposits in the Bor Metallogenic Zone, Symposium, Bor Lake, October 24 – 25, Bor, Institut za bakar, str. 15 – 28.

Kozelj, D.I. and Jelenkovic, R.J., 2001 Ore Forming Environment of Epithermal Gold Mineralization in the Bor

Metallogenic Zone, Serbia, Yugoslavia; (in) Piestrzynski (ed)Mineral Dewposite at the Beginning of the 21st Century; A.A. Balkema Publishers, Lisse, pp. 535 to 538.

Lips A., Herrington, R., Stein, G., Kozelj, D., Popov, K. and Wijbrans, J., 2004 Refined Tuning of Porphyry Copper Formation in the Serbian and Bulgarian

Portions of the Cretaceous Carpatho-Balkan Belt; Econ. Geol., v. 99, pp. 601 to 609.

- 74 -

Monthel, J., Vadala, P., Leistel, J.M., Cottard, F., with the collaboration of Ilic, M., Strumberger, A., Tosovic, R. and Stepanovic, A., 2002 Mineral Deposits and Mining Districts of Serbia: Compilation Map and GIS

databases; BRGM RC-51448-FR, 67 p, 26 fig, 1 table, 1 plate, 1 app, 1 CD-ROM.

Pavkovic, S., 2012 Preconditions and Characteristcs of Access2Mountains, Eastern Serbia;

Midterm Conference, Kosice, October 16 to 18, 2012, Timok Club, (presentation) 19 p.

Prohaska, S.1, Peric, D.2, Seke, A.3 and Vasiljervic, A.4, 2010 Initial National Communication of the Republic of Serbia under the United

Nations Framework Convention on Climate Change, The Ministry of Environment and Spatial Planning, (ed) Danijela Bozanic and Matej Gasperic, (1) Institute of Water Management, Jaroslav Cerni, Belgrade; (2) Laboratory for Medical and Veterinary Entomology, Faculty of Agriculture, Novi Sad; (3) Ministry of Environment and Spatial Planning, Climate Change Division; (4) State Enterprise for Forest Management, Srbijasume, Belgrade; 151 p.

SNC Lavalin Group Inc., 2010 SNC Lavalin Awarded Copper Smelter Modernization Project in Serbia; press

release (see web-site below). 2009 Environmental Baseline – Existing Environment, Section 6, EIA Study: New

Smelter and Sulphuric Acid Plant Project; SNC Lavalin Group and Faculty of Technology and Metallurgy, University of Belgrade, 55 p.

2006 Excerpts from Smelter Modernization Study; Technical Support Document

(TSD) #4 SNC Lavalin: Bor Smelter Site Assessment; Document 016591-1010-T-AD-REP-003, March 2006, 67 p. (part of the EIA Study New Smelter and Sulphuric Acid plant Project).

Zimmerman, A., Stein, H.J., Hannah, J.L., Kozelj, D., Bogdanov, K. And Berza, T., 2008 Tectonic configuration of the Apuseni-Banat-Timok-Srednogorie Belt,

Balkans-South Carpathians, constrained by high precision Re-Os molybdenite ages; Mineralium Deposita, v. 43, pp. 1 to 21.

Websites www.e-mj.com/index.plp/features/1357-rtb-bor-the-comeback-of-serbian-copper; RTB Bor: The

Comeback of Serbian Copper; S. Stojadadinovic, M. Zikic and P. Pantovic; Engineering and Mining Journal Feature; accessed February 20, 2013.

www.reservoirminerals.com/Our-Projects/Europe/Timok: Timok Exploration Permits (accessed March 7, 2013).

www.energoprojekt-oprema.com: Electrical and Mechanical Engineering and Contracting Co. Ltd. www.snclavalin.com/index.php?lang=en: SNC-Lavalin, News Centre, Press Releases.

http://www.snclavalin.com/index.php?lang=en

- 75 -

APPENDIX 1: VERIFICATION SAMPLES: ANALYTICAL DATA

CLIENT NAME: WATTS, GRIFFIS AND MCOUAT400-8 KING STREETTORONTO, ON M5C1B5 (416) 364-6244

5623 McADAM ROADMISSISSAUGA, ONTARIO

CANADA L4Z 1N9TEL (905)501-9998FAX (905)501-0589

http://www.agatlabs.com

Ron Cardinall, Certified Assayer - Director - Technical Services (Mining)SOLID ANALYSIS REVIEWED BY:

DATE REPORTED:

PAGES (INCLUDING COVER): 8

Feb 26, 2013

Should you require any information regarding this analysis please contact your client services representative at (905) 501-9998

13T691282AGAT WORK ORDER:

ATTENTION TO: DAVIDPOWER-FARDY

PROJECT NO: MUN REV

Laboratories (V1) Page 1 of 8

All samples are stored at no charge for 90 days. Please contact the lab if you require additional sample storage time.

VERSION 1:Version 2. Corrected QC Values

*NOTES

Results relate only to the items tested and to all the items tested

Ag Al As Ba Be Bi Ca CuCe Co CrCdAnalyte: GaFe

ppm % ppm ppm ppm ppm % ppmppm ppm ppmppmUnit: ppm%

Sample ID (AGAT ID) RDL: 0.5 51 1 0.5 1 0.01 0.5 1 0.5 0.5 0.5 0.010.01

<0.5 6.26 14 362 0.7 <1 2.49 77.120 27.3 53.20.8594 (4153088) 9.46 16

<0.5 6.14 10 377 0.7 <1 3.08 12118 23.3 58.30.9595 (4153089) 7.24 16

<0.5 6.14 9 275 0.7 <1 4.06 13719 28.0 1310.9596 (4153090) 8.62 17

<0.5 7.11 7 291 1.0 2 3.76 11122 27.2 41.01.2597 (4153091) 9.11 19

<0.5 7.44 34 298 1.0 <1 4.21 25928 38.6 33.51.9598 (4153092) 9.81 19

<0.5 5.54 36 186 1.1 <1 6.35 23921 40.6 1082.5599 (4153093) 11.6 20

<0.5 11.2 12 372 1.5 <1 1.34 21.338 6.4 1010.5600 (4153094) 8.44 38

<0.5 6.35 36 212 0.9 <1 6.97 27025 36.8 1042.5601 (4153095) 10.8 19

In K La Li Mg Mn Mo RbNi P PbNaAnalyte: SbS

ppm % ppm ppm % ppm ppm ppmppm ppm ppm%Unit: ppm%

Sample ID (AGAT ID) RDL: 1 12 1 0.01 1 0.5 0.01 0.5 10 1 10 0.0050.01

7 1.70 12 9 1.36 1460 0.6 8512.4 422 312.06594 (4153088) 0.016 5

3 1.28 11 12 1.38 959 0.7 6815.9 556 581.69595 (4153089) 0.089 2

4 1.22 12 8 1.88 1390 11.0 6369.5 666 261.53596 (4153090) 0.026 5

4 1.29 13 7 1.64 1370 0.5 7913.5 642 272.29597 (4153091) 0.022 6

5 1.44 14 10 2.21 2180 <0.5 8116.7 775 611.71598 (4153092) <0.005 6

7 0.80 14 6 3.65 2390 0.5 5728.2 536 511.46599 (4153093) <0.005 4

3 1.71 18 19 0.71 620 8.5 20914.2 220 411.62600 (4153094) 0.040 2

6 0.94 13 7 3.90 2530 <0.5 6325.1 569 531.70601 (4153095) <0.005 2

Sc Se Sn Sr Ta Te Th WTl U VTiAnalyte: ZnY

ppm ppm ppm ppm ppm ppm ppm ppmppm ppm ppm%Unit: ppmppm

Sample ID (AGAT ID) RDL: 1 0.55 1 10 10 5 0.01 5 5 0.5 1 110

19 14 <5 445 <10 10 <5 <1<5 <5 5660.60594 (4153088) 10 137

18 11 <5 464 <10 12 <5 11<5 <5 4220.50595 (4153089) 9 136

26 14 <5 456 <10 15 <5 <1<5 <5 5260.60596 (4153090) 11 135

22 19 <5 429 <10 11 <5 <18 <5 5510.71597 (4153091) 12 140

29 13 <5 667 <10 13 <5 <18 <5 5740.70598 (4153092) 14 162

60 18 <5 358 <10 15 <5 <1<5 <5 7780.88599 (4153093) 16 185

11 <10 <5 91 <10 <10 38 <1<5 9 2280.56600 (4153094) 11 32.4

59 13 <5 419 <10 16 <5 <15 <5 6480.83601 (4153095) 17 169


DATE RECEIVED: Feb 25, 2013

Certificate of Analysis

ATTENTION TO: DAVIDPOWER-FARDYCLIENT NAME: WATTS, GRIFFIS AND MCOUAT

AGAT WORK ORDER: 13T691282

4 Acid Digest - Metals Package, ICP-OES finish (201070)

DATE SAMPLED: Feb 25, 2013 DATE REPORTED: Feb 26, 2013 SAMPLE TYPE: Soil

PROJECT NO: MUN REV




CERTIFICATE OF ANALYSIS (V1)

Certified By:Page 2 of 8

ZrAnalyte:

ppmUnit:

Sample ID (AGAT ID) RDL: 5

61594 (4153088)

58595 (4153089)

56596 (4153090)

64597 (4153091)

66598 (4153092)

51599 (4153093)

191600 (4153094)

56601 (4153095)

RDL - Reported Detection LimitVersion 2. Corrected QC Values

Comments:

4153088-4153095 As, Sb values may be low due to digestion losses.






4 Acid Digest - Metals Package, ICP-OES finish (201070)


PROJECT NO: MUN REV






SampleLogin

WeightAuAnalyte:

kg ppmUnit:

Sample ID (AGAT ID) RDL: 0.001 0.001

0.157 0.005594 (4153088)

0.197 0.006595 (4153089)

0.219 3.14596 (4153090)

0.259 0.005597 (4153091)

0.325 0.008598 (4153092)

0.372 0.016599 (4153093)

0.050 0.022600 (4153094)

0.285 0.004601 (4153095)

RDL - Reported Detection LimitVersion 2. Corrected QC Values

Comments:






Fire Assay - Trace Au, ICP-OES finish (202552) (50g charge)


PROJECT NO: MUN REV






4 Acid Digest - Metals Package, ICP-OES finish (201070)REPLICATE #1

Parameter Sample ID Original Replicate RPD

Ag 4153088 < 0.5 < 0.5 0.0%

Al 4153088 6.26 5.73 8.8%

As 4153088 14 1

Ba 4153088 362 343 5.4%

Be 4153088 0.7 0.6 15.4%

Bi 4153088 < 1 1

Ca 4153088 2.49 2.35 5.8%

Cd 4153088 0.83 1.09 27.1%

Ce 4153088 20 19 5.1%

Co 4153088 27.3 26.1 4.5%

Cr 4153088 53.2 53.8 1.1%

Cu 4153088 77.1 73.3 5.1%

Fe 4153088 9.46 8.98 5.2%

Ga 4153088 16 15 6.5%

In 4153088 7 5

K 4153088 1.70 1.63 4.2%

La 4153088 12 12 0.0%

Li 4153088 9 9 0.0%

Mg 4153088 1.36 1.29 5.3%

Mn 4153088 1460 1370 6.4%

Mo 4153088 0.6 < 0.5

Na 4153088 2.06 1.99 3.5%

Ni 4153088 12.4 11.5 7.5%

P 4153088 422 395 6.6%

Pb 4153088 31 29 6.7%

Rb 4153088 85 80 6.1%

S 4153088 0.0158 0.0134 16.4%

Sb 4153088 5 3

Sc 4153088 19 18 5.4%

Se 4153088 14 12 15.4%

Sn 4153088 < 5 < 5 0.0%


CLIENT NAME: WATTS, GRIFFIS AND MCOUAT ATTENTION TO: DAVIDPOWER-FARDY

PROJECT NO: MUN REV


Quality Assurance - Replicate 5623 McADAM ROADMISSISSAUGA, ONTARIO



QUALITY ASSURANCE REPORT Page 5 of 8

Sr 4153088 445 414 7.2%

Ta 4153088 < 10 < 10 0.0%

Te 4153088 10 8 22.2%

Th 4153088 < 5 < 5 0.0%

Ti 4153088 0.596 0.582 2.4%

Tl 4153088 < 5 6

U 4153088 < 5 < 5 0.0%

V 4153088 566 546 3.6%

W 4153088 < 1 2

Y 4153088 10 9 10.5%

Zn 4153088 137 132 3.7%

Zr 4153088 61 62 1.6%

Fire Assay - Trace Au, ICP-OES finish (202552) (50g charge)REPLICATE #1

Parameter Sample ID Original Replicate RPD

Au 4153088 0.005 0.004 22.2%



PROJECT NO: MUN REV


Quality Assurance - Replicate 5623 McADAM ROADMISSISSAUGA, ONTARIO




4 Acid Digest - Metals Package, ICP-OES finish (201070)CRM #1 (GTS-2a)

Parameter Expect Actual Recovery Limits

Al 6.96 6.86 98% 90% - 110%

As 124 114 91% 90% - 110%

Ba 186 173 93% 90% - 110%

Ca 4.01 3.8 94% 90% - 110%

Co 22.1 21.7 98% 90% - 110%

Cu 88.6 92.3 104% 90% - 110%

Fe 7.56 7.64 101% 90% - 110%

K 2.021 1.837 91% 90% - 110%

Mg 2.412 2.208 92% 90% - 110%

Mn 1510 1649 109% 90% - 110%

Na 0.617 0.571 93% 90% - 110%

Ni 77.1 75.9 98% 90% - 110%

P 892 980 109% 90% - 110%

S 0.348 0.324 93% 90% - 110%

Sr 92.8 95 102% 90% - 110%

Zn 208 210 101% 90% - 110%

Fire Assay - Trace Au, ICP-OES finish (202552) (50g charge)CRM #1 (CM14)

Parameter Expect Actual Recovery Limits

Au 0.792 0.75 95% 90% - 110%



PROJECT NO: MUN REV


Quality Assurance - Certified Reference materials 5623 McADAM ROADMISSISSAUGA, ONTARIO




Solid Analysis

Ag MIN-200-12002/12020 ICP/OES

Al MIN-200-12002/12020 ICP/OES

As MIN-200-12002/12020 ICP/OES

Ba MIN-200-12002/12020 ICP/OES

Be MIN-200-12002/12020 ICP/OES

Bi MIN-200-12002/12020 ICP/OES

Ca MIN-200-12002/12020 ICP/OES

Cd MIN-200-12002/12020 ICP/OES

Ce MIN-200-12002/12020 ICP/OES

Co MIN-200-12002/12020 ICP/OES

Cr MIN-200-12002/12020 ICP/OES

Cu MIN-200-12002/12020 ICP/OES

Fe MIN-200-12002/12020 ICP/OES

Ga MIN-200-12002/12020 ICP/OES

In MIN-200-12002/12020 ICP/OES

K MIN-200-12002/12020 ICP/OES

La MIN-200-12002/12020 ICP/OES

Li MIN-200-12002/12020 ICP/OES

Mg MIN-200-12002/12020 ICP/OES

Mn MIN-200-12002/12020 ICP/OES

Mo MIN-200-12002/12020 ICP/OES

Na MIN-200-12002/12020 ICP/OES

Ni MIN-200-12002/12020 ICP/OES

P MIN-200-12002/12020 ICP/OES

Pb MIN-200-12002/12020 ICP/OES

Rb MIN-200-12002/12020 ICP/OES

S MIN-200-12002/12020 ICP/OES

Sb MIN-200-12002/12020 ICP/OES

Sc MIN-200-12002/12020 ICP/OES

Se MIN-200-12002/12020 ICP/OES

Sn MIN-200-12002/12020 ICP/OES

Sr MIN-200-12002/12020 ICP/OES

Ta MIN-200-12002/12020 ICP/OES

Te MIN-200-12002/12020 ICP/OES

Th MIN-200-12002/12020 ICP/OES

Ti MIN-200-12002/12020 ICP/OES

Tl MIN-200-12002/12020 ICP/OES

U MIN-200-12002/12020 ICP/OES

V MIN-200-12002/12020 ICP/OES

W MIN-200-12002/12020 ICP/OES

Y MIN-200-12002/12020 ICP/OES

Zn MIN-200-12002/12020 ICP/OES

Zr MIN-200-12002/12020 ICP/OES

Sample Login Weight MIN-12009 BALANCE

Au MIN-200-12006BUGBEE, E: A Textbook of Fire Assaying

ICP-OES



Method Summary

ATTENTION TO: DAVIDPOWER-FARDY

CLIENT NAME: WATTS, GRIFFIS AND MCOUAT

PROJECT NO: MUN REV

AGAT S.O.P ANALYTICAL TECHNIQUELITERATURE REFERENCEPARAMETER




METHOD SUMMARY (V1) Page 8 of 8

GEOSTATS PTY LTDMining Industry Consultants

Reference Material Manufacture and Sales

Certified Low Level Gold Reference Material Product Code

GLG312-1Certified Control Values

Low Level Gold Analyses

Gold Grade 20.65 ppb

Standard Deviation 2.82 ppb

Confidence Interval +/- 0.7 ppb

CRM Details

Neutron Activation Major ElementsControl Statistic Details Analysis Results (ppm) Fusion / XRF (%)Control statsitics were produced from results accumulated in the : Antimony 1.47 Fe 8.27

April-2012 Geostats Pty Ltd Laboratory Round Robin Program. Arsenic 10.00 SiO2 49.0365 laboratories tested this material for gold content. Barium 400.00 Al2O3 22.67

Bromine 3.20 TiO2 0.884Cadmium <10 MnO 0.08

Source Material Cerium 41.00 CaO 2Prior to homogenisation and testing, this material was sourced from Caesium 3.00 P 0.02Milled Oxide material Chromium 110.00 S 0.048

Cobalt 9.13 MgO 1.22Europium 0.50 K2O 2.1

Colour Designation Gold ppb 20.00 Na2O 2.26Pale Reddish Brown Hafnium 8.00 LOI1000 7.66

Iridium ppb <10Iron % 8.40

Usage Lanthanum 21.00This product is for use in the mining industry as reference materials for monitoring and testing Lutetium 0.20the accuracy of laboratory assaying. Molybendum 10.00

Nickel 10.00Rubidium 110.00

Preparation and Packaging Samarium 2.50All standards are dried in an oven for a minimum of 12 hours at 110oC. The dry material is then Scandium 12.60pulverised to better than 75 micron (nominal mean of 45 micron) using an Air Classifier. The Selenium <5material is then homogenised and stored in a sealed, stable container ready for final packaging. Sodium % 1.62

Tantalum 1.90Materials are statistically sampled from stores, then packaged into either heat sealed, air tight, Tellurium <10plastic pulp packets or screw top sealed plastic containers ready for distribution. All packaging Terbium 0.50has been chosen to ensure minimal contamination from outside sources during shipment, use Thorium 49.30and storage. Tin <100

Tungsten 1.00Uranium 9.50

Assay Testwork Ytterbium 1.35All standards are tested thoroughly in the Geostats bi-annual laboratory survey. This involves Zinc 30.00assaying by a minimum of 50 reputable laboratories selected from across the world. Results Zirconium 200.00are compiled into a comprehensive report detailing statistics for each standard. Assay Calcium% nrdistributions are checked and processed statistically, producing monitoring statistics for these Potassium % nrstandards. Materials are tested regularly to ensure stability and homogeneity. Silver <1

Mercury nrNeodymium nrStrontium nr

10A Marsh Close, O'Connor, Western Australia 6163Phone : +61 8 9314 2566, Fax : +61 8 9314 3699

e-mail : [email protected], [email protected] http://www.geostats.com.au

Geo

stat

s Pt

y Lt

d, C

ertif

ied

Gol

d R

efer

ence

Mat

eria

l, Pr

oduc

t Cod

e :

GLG

312-

1

a technical review borsko jezero copper-gold … · type: borska reka); and • type iv: pcd...

Documents