technical report on the okohongo copper ......technical report on the okohongo copper-silver...

TECHNICAL REPORT ON THE

OKOHONGO COPPER-SILVER PROPERTY IN NORTHWEST NAMIBIA

FOR

INV METALS INC. 55 University Avenue, Suite 700

Toronto, Ontario M5J 2H7

www.invmetals.com

Philip John Hancox, Pr.Sci.Nat. Sivanesan Subramani, Pr.Sci.Nat.

Effective Date March 31st 2011

http://www.invmetals.com/�

II

Table of Contents

1. SUMMARY............................................................................................................................................. 8

2. INTRODUCTION ................................................................................................................................ 10

2.1. TERMS OF REFERENCE .................................................................................................. 10

2.2. QUALIFICATIONS AND EXPERIENCE .......................................................................... 10

2.3. INDEPENDENCE ................................................................................................................ 11

2.4. SOURCES OF INFORMATION ......................................................................................... 11

2.5. UNITS OF MEASURE ......................................................................................................... 12

3. RELIANCE ON OTHER EXPERTS ................................................................................................. 12

4. PROPERTY DESCRIPTION AND LOCATION .............................................................................. 13

4.1. NAMIBIA OVERVIEW ......................................................................................................... 13

4.2. PROPERTY LOCATION ..................................................................................................... 13

4.3. PROPERTY DESCRIPTION .............................................................................................. 14

4.4. AGREEMENT WITH TECK RESOURCES LIMITED ..................................................... 16

4.5. OTHER SIGNIFICANT FACTORS – THE NAMIBIAN MINING ACT .......................... 16

5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............................................................................................................................... 19

5.1. TOPOGRAPHY, ELEVATION AND VEGETATION ....................................................... 19

5.2. ACCESS ................................................................................................................................ 20

5.3. PROXIMITY TO A POPULATION CENTER ................................................................... 20

5.4. CLIMATE ............................................................................................................................... 20

5.5. INFRASTRUCTURE............................................................................................................ 21

6. HISTORY ............................................................................................................................................. 22

6.1. THE HISTORY OF THE KAOKO PROPERTY AS IT PERTAINS TO EPL 3352 AND THE OKOHONGO PROJECT .................................................................................. 22

6.2. SPECIFIC HISTORY OF OKOHONGO ........................................................................... 23

7. GEOLOGICAL SETTING AND MINERALIZATION ...................................................................... 26

7.1. REGIONAL GEOLOGY ...................................................................................................... 26

7.2. COMPARISONS TO THE CENTRAL AFRICAN COPPERBELT ................................ 28

7.3. LOCAL AND PROPERTY GEOLOGY ............................................................................. 30

7.4. MINERALIZED ZONE ON THE PROPERTY .................................................................. 30

8. MINERAL DEPOSIT TYPE ............................................................................................................... 32

9. EXPLORATION ................................................................................................................................... 33

III

9.1. SOIL SAMPLING ................................................................................................................. 33

9.2. MAPPING .............................................................................................................................. 33

9.3. GEOPHYSICAL SURVEYS ............................................................................................... 33

9.4. OTHER EXPLORATION WORK ....................................................................................... 34

10. DRILLING............................................................................................................................................. 35

11. SAMPLE PREPARATION, ANALYSES AND SECURITY ........................................................... 37

11.1. REVERSE CIRCULATION LOGGING AND SAMPLING .............................................. 37

11.2. SAMPLE PREPARATION AND ANALYSES................................................................... 37

12. DATA VERIFICATION ....................................................................................................................... 39

12.1. CCIC DATABASE CHECKS .............................................................................................. 39

12.2. COLLAR COORDINATES .................................................................................................. 39

12.3. DOWNHOLE SURVEY ....................................................................................................... 42

12.4. CORE RECOVERIES ......................................................................................................... 42

12.5. LOGGING ............................................................................................................................. 42

12.6. SAMPLING ........................................................................................................................... 44

12.7. ASSAY RESULTS ............................................................................................................... 44

13. MINERAL PROCESSING AND METALLURGICAL TESTING ................................................... 48

14. MINERAL RESOURCE ESTIMATES .............................................................................................. 48

14.1. KEY ASSUMPTIONS .......................................................................................................... 48

14.2. GEOLOGICAL DATABASE ................................................................................................ 48

14.2.1. TOPOGRAPHY .................................................................................................................... 48

14.2.2. BOREHOLE DATA .............................................................................................................. 49

14.2.3. DENSITY-SPECIFIC GRAVITY ........................................................................................ 51

14.3. GEOLOGICAL MODEL ON WHICH THE ESTIMATION IS BASED ........................... 51

14.3.1. ORE ZONATION .................................................................................................................. 51

14.3.2. OXIDATION .......................................................................................................................... 56

14.3.3. STATISTICS ......................................................................................................................... 56

14.3.4. COMPOSITING .................................................................................................................... 56

14.3.5. PERK ZONE ......................................................................................................................... 57

14.3.6. TOP CAPPING ..................................................................................................................... 60

14.3.7. VARIOGRAPHY ................................................................................................................... 60

14.4. RESOURCE ESTIMATION ................................................................................................ 63

14.4.1. METHOD ............................................................................................................................... 63

14.4.2. MODEL CONSTRUCTION AND PARAMETERS ........................................................... 63

IV

14.4.3. KRIGE NEIGHBOURHOOD TESTING ............................................................................ 63

14.4.4. KRIGING PARAMETERS ................................................................................................... 64

14.4.5. MODEL VALIDATION ......................................................................................................... 65

14.5. RESOURCE CLASSIFICATION ........................................................................................ 68

14.6. RESOURCE STATEMENT ................................................................................................ 68

15. MINERAL RESERVE ESTIMATES ................................................................................................. 70

16. MINING METHODS ........................................................................................................................... 70

17. RECOVERY METHODS.................................................................................................................... 70

18. ADJACENT PROPERTIES ............................................................................................................... 70

19. OTHER RELEVANT DATA AND INFORMATION ......................................................................... 70

20. CONCLUSIONS .................................................................................................................................. 71

21. RECOMMENDATIONS...................................................................................................................... 71

22. REFERENCES .................................................................................................................................... 72

23. DATE AND SIGNATURE PAGES.................................................................................................... 74

24. CERTIFICATE OF PHILIP JOHN HANCOX .................................................................................. 75

25. CERTIFICATE OF SIVANESAN SUBRAMANI ............................................................................. 76

V

Table of Figures

FIGURE 1: MAP OF NAMIBIA SHOWING ITS POSITION IN SOUTH-WESTERN AFRICA (SOURCE: HTTP://WWW.NCP.CO.ZA). ................................................................................................................................................................... 13

FIGURE 2: THE KAOKO PROPERTY IN NORTH-WESTERN NAMIBIA, SHOWING THE POSITION OF EPL3352 IN RELATION TO THE OTHER EPL’S HELD BY INV METALS AS WELL AS THE TOWNS OF OPUWO AND SESFONTEIN. ..................... 14

FIGURE 3: MAP OF NAMIBIA SHOWING THE OUTLINE OF EPL 3352 AND THE POSITION WITHIN THIS LICENSE OF THE OKOHONGO PROJECT. INSET: THE POSITION OF THE EPL AREA WITHIN THE BOUNDARIES OF NAMIBIA. ............. 15

FIGURE 4: GOOGLE SATELLITE IMAGE OF EPL 3352 AND THE OKOHONGO PROJECT AREA SHOWING THE SURFACE TOPOGRAPHY AND INFRASTRUCTURE. ........................................................................................................... 19

FIGURE 5: TOPOGRAPHY AND VEGETATION OF THE OKOHONGO PROJECT AREA. PHOTO TAKEN IN LATE APRIL OF 2011 DURING THE SITE VISIT. ................................................................................................................................. 20

FIGURE 6: SATELLITE IMAGE SHOWING THE AREAS COVERED BY IP SURVEYS. ......................................................... 23 FIGURE 7: PLAN SHOWING THE BOREHOLE COLLARS OF THE TECK DRILLING ON THE OKOHONGO PROJECT, OVERLAIN

ON THE LOCAL GEOLOGY. FROM JENNINGS AND BELL (2011). ........................................................................ 24 FIGURE 8: GONDWANA SUPERCONTINENT. THE BLACK RECTANGLE OUTLINES THE AREA OF THE DAMARAN OROGEN IN

NAMIBIA. NOTE THAT RP = RIO DE LA PLATA AND SF = SAO FRANCISCO. (FROM GRAY ET AL. 2006). ............. 26 FIGURE 9: SCHEMATIC GEOLOGICAL MAP SHOWING THE STRUCTURAL DOMAINS OF THE KAOKO AND DAMARA BELTS IN

NORTHERN NAMIBIA. WZ: WESTERN ZONE; CZ: CENTRAL ZONE; EZ: EASTERN ZONE; NZ: NORTHERN ZONE; SZ: SOUTHERN ZONE; EC: EPUPA COMPLEX; ST: SESFONTEIN THRUST; KI: KAMANJAB INLIER; WA: WEST AFRICA CRATON; A: AMAZON CRATON; SF: SAO FRANCISCO CRATON; C: CONGO CRATON; RP: RIO DE LA PLATA CRATON; K: KALAHARI CRATON. AFTER KONOPÁSEK ET AL. (2005). .............................................................. 27

FIGURE 10: COMPARISON OF ZAMBIAN COPPERBELT (LEFT) TO THE KAOKO PROPERTY (RIGHT). NOTE THAT THE SCALES ARE THE SAME. THE LEGEND APPLIES TO BOTH GEOLOGICAL SETTINGS. ORANGE: RED BED SEQUENCES; BLUE AND GREEN: OVERLYING SHALES; YELLOW STARS: MINERALIZATION AND DEPOSITS. FROM JENNINGS AND BELL (2010). ............................................................................................................................................... 28

FIGURE 11: COMPARISON OF THE STRATIGRAPHY OF THE OKOHONGO PROJECT AREA WITH THAT OF THE ZAMBIAN COPPERBELT. FM = FORMATION. .................................................................................................................. 29

FIGURE 12: GENERAL STRATIGRAPHIC SUCCESSION AS PERTAINING TO THE OKOHONGO PROJECT AREA. CG=CONGLOMERATE, DOL=DOLOSTONE, LS=LIMESTONE, SH=SHALE, SLT=SILTSTONE, SS=SANDSTONE. FM= FORMATION. ................................................................................................................................................ 30

FIGURE 13: CROSS SECTION OVER DRILL LINE 1450. SECTION IS LOOKING NORTH. ................................................. 31 FIGURE 14: MINERALIZED QUARTZ VEINS IN INVD-007. ......................................................................................... 32 FIGURE 15: TERRANOTES ANOMALIES. ................................................................................................................. 34 FIGURE 16: COLLAR POSITIONS OF THE TECK AND INV METALS DRILLING ON THE OKOHONGO PROJECT. ................ 35 FIGURE 17: GOOGLE IMAGE MAP SHOWING THE BOREHOLE COLLAR POSITIONS OF ALL BOREHOLES DRILLED FOR THE

PROJECT. GREEN: BOREHOLES USED FOR THE GEOLOGICAL MODEL CREATED BY GOLDER ASSOCIATES; RED: ADDITIONAL BOREHOLES USED FOR THE NEW GEOLOGICAL MODEL AND RESOURCE ESTIMATION BY CCIC. ....... 41

FIGURE 18: GRAPHS SHOWING THE CU-CONCENTRATIONS OF THE VARIOUS CERTIFIED REFERENCE MATERIALS USED. NOTE THAT THE CRMS WITH LOWER GRADES SHOW A SLIGHT POSITIVE BIAS TOWARDS HIGHER CONCENTRATION ABOVE THE CERTIFIED VALUE (GREEN LINE). .................................................................................................. 45

FIGURE 19: GRAPHS SHOWING THE AG-CONCENTRATIONS OF THE VARIOUS CERTIFIED REFERENCE MATERIALS USED. NOTE THAT ALL CRMS SHOW A SLIGHT POSITIVE BIAS TOWARDS HIGHER CONCENTRATION ABOVE THE CERTIFIED VALUE (GREEN LINE). .................................................................................................................................... 45

FIGURE 20: GRAPHS SHOWING THE CU- AND AG-CONCENTRATIONS OF THE BLANK SAMPLES. THEY ALL LIE WITHIN AN ACCEPTABLE RANGE FOR CU, AND BELOW THE LOWER LIMIT OF DETECTION (0.3 PPM) FOR AG......................... 46

FIGURE 21: GRAPHS PLOTTING THE PRIMARY SAMPLE ANALYSES VERSUS THEIR DUPLICATE ANALYSES. THE TREND LINE (BLACK) OF THE CU ASSAY RESULTS IS ALMOST IDENTICAL WITH A PERFECT REGRESSION LINE (GREEN). FOR THE AG ASSAY RESULTS STRONG SCATTER CAN BE NOTED FOR THE LOW CONCENTRATIONS, RESULTING IN A TREND LINE (BLACK) THAT STRONGLY DEVIATES FROM THE PERFECT REGRESSION LINE (GREEN). RED: 10% VARIATION; ORANGE: 5% VARIATION; GREEN: PERFECT REGRESSION LINE. ...................................................... 46

VI

FIGURE 22: GRAPHS PLOTTING THE PRIMARY LABORATORY VERSUS THE UMPIRE LABORATORY’S ASSAY RESULTS. AS WITH THE DUPLICATE SAMPLES, THE TREND LINE IS CLOSE TO A PERFECT REGRESSION LINE (GREEN); FOR AG, THE TREND LINE JUST MATCHES THE 10% VARIATION LINE (RED). RED: 10% VARIATION; ORANGE: 5% VARIATION; GREEN: PERFECT REGRESSION LINE. ............................................................................................................. 47

FIGURE 23: PLAN MAP SHOWING TOPOGRAPHY COLORED ON ELEVATION AMSL. ...................................................... 49 FIGURE 24: PLAN SHOWING PROJECT LIMITS AND BOREHOLE POSTING. .................................................................. 50 FIGURE 25: SCATTER PLOT COMPARING CU AND AG VALUES. ................................................................................. 52 FIGURE 26: SECTION SHOWING CU MINERALIZATION ZONATION. ............................................................................. 53 FIGURE 27: SECTION SHOWING CU MINERALIZATION ZONATION, WITH BARREN INTERNAL ZONE. ............................... 54 FIGURE 28: SECTION SHOWING CU MINERALIZATION ZONATION WITH FLATTER DIP. .................................................. 55 FIGURE 29: HISTOGRAM SHOWING SAMPLE LENGTHS PRIOR TO COMPOSITING. ........................................................ 56 FIGURE 30: HISTOGRAM FOR CU - LOW GRADE ZONE (KZONE 1). ......................................................................... 58 FIGURE 31: HISTOGRAM FOR AG - LOW GRADE ZONE (KZONE 1). ......................................................................... 58 FIGURE 32: HISTOGRAM FOR CU - HIGH GRADE ZONE (KZONE 2). ........................................................................ 59 FIGURE 33: HISTOGRAM FOR AG - HIGH GRADE ZONE (KZONE 2). ........................................................................ 59 FIGURE 34: DOWN-HOLE VARIOGRAM FOR CU. ...................................................................................................... 61 FIGURE 35: DOWN-HOLE VARIOGRAM FOR AG. ...................................................................................................... 61 FIGURE 36: ANISOTROPIC VARIOGRAM MODEL FOR CU. ......................................................................................... 62 FIGURE 37: ANISOTROPIC VARIOGRAM MODEL FOR AG. ......................................................................................... 62 FIGURE 38: CHART SHOWING KVAR AND SLOR VALUES FOR CU, DIP DIRECTION. .................................................. 64 FIGURE 39: CHART SHOWING KVAR AND SLOR VALUES FOR CU: STRIKE DIRECTION. ............................................ 64 FIGURE 40: VISUAL COMPARISON – BOREHOLES AGAINST MODEL ESTIMATES. ........................................................ 65 FIGURE 41: REGIONAL TREND ANALYSIS FOR CU – BLOCK ON BLOCK. ..................................................................... 66 FIGURE 42: REGIONAL TREND ANALYSIS FOR AG – BLOCK ON BLOCK. ..................................................................... 66

VII

Table of Tables

TABLE 1: GRADE TONNAGE TABLE OF THE OKOHONGO PROJECT. ............................................................................. 9 TABLE 2: EPL 3352 DETAILS. ............................................................................................................................... 14 TABLE 3: OKOHONGO DRILL INTERSECTIONS BY TECK. CU= COPPER. AG= SILVER. EOH= END OF HOLE IN METERS

BELOW SURFACE COLLAR. FROM JENNINGS AND BELL (2011). ....................................................................... 25 TABLE 4: INV METALS’ DRILL INTERSECTIONS AT OKOHONGO, >0.4% COPPER. ..................................................... 36 TABLE 5: ADDITIONAL BOREHOLES ADDED SINCE THE PREVIOUS GEOLOGICAL MODEL. BHID: BOREHOLE ID;

XCOLLAR: EASTING; YCOLLAR: NORTHING; ZCOLLAR: ELEVATION ABOVE MEAN SEA LEVEL; EOH: END OF HOLE. .......................................................................................................................................................... 39

TABLE 6: LIST OF LOGGING CODES USED FOR THE STRATIGRAPHIC UNITS. ............................................................... 42 TABLE 7: LIST OF LOGGING CODES USED FOR THE MAIN LITHOLOGIES. .................................................................... 43 TABLE 8: BOREHOLE INTERVALS WITH GAPS OR OVERLAPS BETWEEN ENTRIES. ....................................................... 43 TABLE 9: BOREHOLE INTERVALS WITH 0 M THICKNESS. .......................................................................................... 43 TABLE 10: LIST OF BOREHOLES THAT SHOW GAPS BETWEEN SAMPLING INTERVALS. THE GAPS HIGHLIGHTED IN YELLOW

SHOULD BE INVESTIGATED FOR CAPTURING MISTAKES. ................................................................................... 44 TABLE 11: SG MEASUREMENTS BY INV METALS. BHID: BOREHOLE ID. SAMPID: SAMPLE ID. STRAT:

STRATIGRAPHIC UNIT. CU: COPPER. AG: SILVER. SG: SPECIFIC GRAVITY IN G/CM3. .......................................... 51 TABLE 12: SUMMARY STATISTICS FOR COMPOSITE CU AND AG, PER KZONE. NSAMPLES= NUMBER OF SAMPLES,

STANDDEV= STANDARD DEVIATION, LOGESTMN= LOG NORMAL ESTIMATION. ............................................ 57 TABLE 13: SUMMARY FOR TOP CAP VALUES, INITIAL AND SECONDARY CAPPING. ...................................................... 60 TABLE 14: SUMMARY OF VARIOGRAM PARAMETERS FOR CU AND AG. ..................................................................... 62 TABLE 15: SUMMARY OF SEARCH PARAMETERS. .................................................................................................... 65 TABLE 16: STATISTICAL COMPARISON FOR SAMPLES AND MODEL - CU. STANDDEV= STANDARD DEVIATION,

LOGESTMN: LOGNORMAL ESTIMATION. ....................................................................................................... 67 TABLE 17: STATISTICAL COMPARISON FOR SAMPLES AND MODEL - AG. NSAMPLES= NUMBER OF SAMPLES,

STANDDEV= STANDARD DEVIATION, LOGESTMN: LOGNORMAL ESTIMATION. .............................................. 67 TABLE 18: GRADE TONNAGE TABLE. ..................................................................................................................... 69

Okohongo Copper Project INV Metals 28th July 2011

8

1. SUMMARY

INV Metals Inc. (www.invmetals.com) is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Namibia, Brazil and Canada. Currently, INV Metals' primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in north-western Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in north-western Ontario.

Previous exploration by Teck Resources Limited in north-western Namibia had identified numerous zones of copper sulphide and oxide mineralization. At one of these, Okohongo, Teck intersected 1.9% copper and 32.3 g/t silver over 25.2 meters. INV Metals gained access to 11 Teck Exclusive Prospecting Licenses located in the Kunene Region of northwest Namibia, through an option – joint venture agreement dated July 30th 2009, and made effective October 28th 2009, which forms part of a series of transactions with Teck. Under the terms of the Agreement, INV Metals Inc. can earn an initial 50% interest in the Kaoko property by making exploration expenditures of $ CDN 7 million over four years, with a commitment to fund a minimum of $CDN 3 million over the first two years.

INV Metals is now in its second year work program under the agreement. Work in 2009-2010 included stream sediment sampling, soil sampling, mapping, re-logging of Teck’s drill holes, evaluation and prioritization of numerous copper showings, induced polarization, geophysical surveys and reverse circulation drilling. This work culminated in the discovery of significant copper-silver mineralization at the Okohongo copper-silver project, which the Company felt might contain a definable resource.

To this end Caracle Creek International Consulting (Proprietary) Limited (www.cciconline.com) were commissioned by INV Metals to conduct a technical review of the Okohongo Project and to determine if a NI 43-101 compliant resource did in fact exist at Okohongo. CCIC’s technical review of the Okohongo Project was completed on June 16th 2011 (CCIC, 2011) and showed that a mineral resource did in fact exist on the Okohongo Project. Following the June 22nd 2011 announcement of this initial Inferred Resource for Okohongo by INV Metals Inc., CCIC were further retained by Mr. Robert Bell, CEO of INV Metals, to prepare an Independent Technical Report on the Inferred Resource that exists on the Okohongo Project. This Technical Report, which conforms to NI 43-101 Standards of Disclosure for Mineral Projects, has therefore been prepared by CCIC in order for INV Metals Inc. to file a current NI 43-101 Technical Report on the System for Electronic Document Analysis and Retrieval in support of the June 22nd 2011 disclosure of the first reported mineral resource on the Okohongo copper-silver deposit. The property site review was conducted between April 28th 2011 and April 30th 2011 by Dr. Philip John Hancox of CCIC.

The Okohongo Project area (with which this report deals) is part of the greater Kaoko Option Agreement area of INV Metals Inc. The Okohongo Project is contained within Exclusive Permit License 3352 (Epunguwe), which is some 74,243 hectares in total. This license was issued on March 6th 2006 and is valid until March 5th 2013. There are no known impediments to the continued exploration and evaluation of this license.

Geologically the Okohongo Project is hosted by metasedimentary strata of the Damara Supergroup, a geological environment considered analogous with the stratiform sediment-hosted Central African Copperbelt deposits of Zambia and the Democratic Republic of the Congo.

Much of the background information in this Technical Report is updated from a previous report filed on the System for Electronic Document Analysis and Retrieval entitled “Technical Report on the Kaoko Copper-Silver Property in Northwest Namibia” and dated June 15th 2011.

http://www.cciconline.com/�


9

As part of the initial technical review of the Okohongo Project (CCIC, 2011), the Quality Assurance/Quality Control procedures put in place by INV Metals were audited, and various tests were undertaken to verify the integrity of the collar coordinates, logging and sampling procedures, and assay results data. It is the opinion of the authors that the data as supplied by INV Metals Inc. is adequate for the purposes used in this Technical Report.

The three dimensional resource modeling for the Okohongo Project, as well as the geostatistical techniques for grade estimation were undertaken using DatamineTM Studio 3. The approach and methodologies applied in this resource estimation are in accordance with international resource reporting guidelines, including NI 43-101. The total mineral inventory is 11.69 Mt @ 1.01% Cu and 15.85 g/t Ag. The Inferred Mineral Resources quoted at a 0.5% Cu cut-off is 8.70 Mt @ 1.24% Cu and 19.73 g/t Ag. Silver metal is quoted as Troy Ounces (Table 1).

Table 1: Grade tonnage table of the Okohongo Project. CUTOFF SG Tonnes Cu % Ag g/t Cu Tonnes Ag Ounces Category

0 2.45 11,691,539 1.01 15.85 117,645 5,957,874 INFERRED 0.1 2.45 11,682,796 1.01 15.86 117,640 5,957,640 INFERRED 0.2 2.45 11,453,414 1.02 16.13 117,219 5,940,047 INFERRED 0.3 2.45 10,196,456 1.12 17.75 114,046 5,818,534 INFERRED 0.4 2.45 9,535,538 1.17 18.66 111,731 5,719,226 INFERRED 0.5 2.45 8,705,239 1.24 19.73 107,993 5,522,454 INFERRED 0.6 2.45 8,142,684 1.29 20.50 104,877 5,366,572 INFERRED 0.7 2.45 7,366,110 1.35 21.61 99,810 5,116,714 INFERRED 0.8 2.45 6,379,793 1.45 23.16 92,402 4,750,190 INFERRED

The authors, both qualified persons as defined by NI 43-101, have concluded, based on the drilling results and interpretation to date, that the Okohongo mineralizing system remains open to the south. There is also a sizeable untested area to the north that could prove to be underlain by similar mineralization.

There has never been any formal mineral development or production from the property; however there are minor workings on the property that recover copper mineral specimens for sale to collectors.

Based on this Report the following actions have been identified and recommended to be completed during or prior to this project progressing to the next stage:

• A precise survey of all known boreholes collars to be undertaken. • All future borehole collars to be accurately surveyed by a certified surveyor, and down hole

surveys to be undertaken. • Detailed weathering intensity logs to be compiled during any future drilling phases. • A comprehensive database of specific gravity values to be compiled, preferably as bulk

samples representing the various zones and areas of mineralization. • All diamond drill holes to have accurate core recovery logs. • Copper-bearing samples from at least two of the holes to be analyzed for acid-soluble

copper. The resulting assays will give an initial idea of the percentage of the copper potentially recoverable by acid leaching. Determination of gangue acid consumption for several representative composite samples is also recommended.

• An ‘optimistic’ pit optimization be undertaken to determine the resources inside a pit shell. This will help identify parts of the deposit with the best potential to be converted to reserves and hence focus on upgrading of the resources in these parts.


10

Should a mineral reserve be defined at Okohongo, it would be advisable to routinely determine acid-soluble copper (as well as total copper) and gangue acid consumption for all copper-bearing samples.

The effective date of this report is March 31st 2011.

2. INTRODUCTION

INV Metals Inc. (www.invmetals.com) (“INV Metals” or “the Company”) is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in the Republic of Namibia (“Namibia”), Brazil and Canada. Currently, INV Metals' primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in north-western Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in north-western Ontario.

Previous exploration by Teck Resources Limited (“Teck”) in north-western Namibia identified numerous zones of copper sulphide and oxide mineralization on various Exclusive Prospecting Licenses (“EPLs”). INV Metals gained access to 11 Teck Exclusive Prospecting Licenses through an option – joint venture agreement dated July 30th 2009, and made effective October 28th 2009. Under the terms of the Agreement, INV Metals Inc. can earn an initial 50% interest in the Kaoko property by making exploration expenditures of $7 million over four years, with a commitment to fund a minimum of $CDN 3 million over the first two years.

INV Metals is now in its third year work program under the agreement. Work in 2009-2011 included stream sediment sampling, soil sampling, mapping, re-logging of Teck’s drill holes, evaluation and prioritization of numerous copper showings, induced polarization, geophysical surveys and exploration drilling. This work culminated in the discovery of a significant copper rich zone at the Okohongo copper-silver prospect (INV Press Release dated September 15th 2010).

2.1. TERMS OF REFERENCE

The Kaoko property has been the focus of much recent exploration activity by INV Metals, to the extent that the Company felt that the Okohongo copper-silver prospect (“Okohongo”, “the Okohongo Project” or “the Project”), which is one of the 19 targets within the Kaoko property, might contain a definable resource. To this end Caracle Creek International Consulting (Proprietary) Limited (www.cciconline.com) (“CCIC”) were commissioned by INV Metals to conduct a technical review of the Okohongo Project and to determine if a NI 43-101 compliant resource did in fact exist at Okohongo.

CCIC’s technical review of the Okohongo Project was completed on June 16th 2011 (CCIC, 2011) and showed that a mineral resource did in fact exist on the Okohongo Project. Following the June 22nd 2011 announcement of this initial Inferred Resource for Okohongo, CCIC were further retained by Mr. Robert Bell, CEO of INV Metals, to prepare an Independent Technical Report (the “Report”) on the Inferred Resource that exists on the Okohongo Project. This Report has been prepared by CCIC in order for INV Metals to file a current NI 43-101 Technical Report on the System for Electronic Document Analysis and Retrieval (“SEDAR”) in support of their June 22nd 2011 disclosure of the first reported mineral resource on the Okohongo copper-silver deposit.

2.2. QUALIFICATIONS AND EXPERIENCE

CCIC is a privately owned professional geological consulting company that provides a wide range of geological services to the exploration and mining industries. The company has considerable experience in copper exploration in sub-Saharan Africa including in the Central African Copperbelt

http://www.invmetals.com/�

http://www.cciconline.com/�


11

(“CAC”) and Kalahari Copperbelt, having undertaken numerous exploration projects in various countries, for various clients.

Dr. Philip John Hancox (General Manager CCIC) is designated as the Qualified Person regarding the exploration as outlined in this report and is responsible for part of Section 1, sections 2 to 13 and sections 15 to 22. Dr. Hancox is a member in good standing of the South African Council for Natural Scientific Professions (SACNASP No. 400224/04) as well as a Member and Fellow of the Geological Society of South Africa. He is also a member of the Geostatistical Association of South Africa, the Society of Economic Geologists, the Fossil Fuel Foundation, and a Core Member of the Prospectors and Developers Association of Canada. Recently he has been appointed as a council member of the Fossil Fuel Foundation. He has 13 years’ experience in the South African Minerals industries, holds a Ph.D. from the University of the Witwatersrand (South Africa), and has authored over 60 peer reviewed scientific papers on various aspects of sedimentary geology and basin analysis, as well as numerous in-house reports and documents for the Toronto and Johannesburg stock exchanges.

Dr. Philip John Hancox has been involved in a number of exploration drilling projects, including stratiform copper-cobalt, gold (conglomerate and vein hosted), Mississippi-Valley Type (“MVT”) lead-zinc, diamonds, platinum and coal. Aspects covered included drill hole planning, drill rig management, stratigraphic sequence determination, and core logging and sampling (QA/QC). He also has experience in site investigations for various other types of commodities, including projects in other African countries such as Angola, Botswana, the Democratic Republic of the Congo (“DRC”), Ethiopia, Gabon, Ghana, Liberia, Malawi, Mozambique, Namibia, Tanzania, Zambia and Zimbabwe.

Mr. Sivanesan (Desmond) Subramani is designated as the Qualified Person regarding the mineral resource estimation and is responsible for parts of Section 1 and Section 14. Mr. Subramani is a member in good standing of the South African Council for Natural Scientific Professions (SACNASP No. 400184/06) as well as a Member of the Geological Society of South Africa and the Geostatistical Association of South Africa. He has 16 years’ industry experience, in both operational and consulting environments, working for both major mining houses as well as junior explorers. His experience spans various commodities and on different mining operations. International experience includes assignments in Australia, Botswana, Canada, China, the DRC, Ghana, Namibia, Saudi Arabia and Zambia. He is a super-user of Datamine™ Studio 3, with his core strengths being advanced geological modeling, geostatistical resource estimation and conditional simulation.

2.3. INDEPENDENCE

For the preparation of this report, CCIC has no pecuniary or other interests that could reasonably be regarded as capable of affecting its ability to provide an unbiased opinion in relation to INV Metals projects or resources as discussed in this Report. CCIC will receive a fee for the preparation of this report in accordance with normal professional consulting practice. This fee is not contingent on the outcome of any transaction, or the conclusions or opinions expressed in this Report, and CCIC will not receive any other benefit. As of the date of this Report, neither CCIC, nor any of its directors has (and has not had within the previous five years) any shareholding in INV Metals, or the assets or projects reported on herein, and consequently CCIC considers itself to be independent of INV Metals.

2.4. SOURCES OF INFORMATION

Much of the background information in this Report is updated from a previous report filed on SEDAR which is entitled “Technical Report on the Kaoko Copper-Silver Property in Northwest Namibia” and is dated June 15th 2011. This report was prepared by Messrs. Scott Jennings and Robert Bell (Jennings and Bell, 2011), both Qualified Persons in relation to the Kaoko property. Technical information in that report was derived from a variety of sources, including internal Teck


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(www.teck.com) reports and presentations, technical articles in scientific publications, and data generated by INV Metals’ exploration activities since late October 2009. All documents used in the preparation of this Report are listed in Section 22, References.

The property site review was conducted between April 28th 2011 and April 30th 2011 by Dr. Philip John Hancox of CCIC.

2.5. UNITS OF MEASURE

Throughout this report, common measurements are in metric units, with linear measurements in millimeters (mm), centimeters (cm), meters (m) or kilometers (km). Metal contents are given as parts per billion (ppb), parts per million (ppm), grams per tonne (g/t) or percentage (%). Ages of various rock units are given in millions of years before present (Ma) or billions of years before present (Ga). All currency values are in Canadian dollars unless otherwise denoted.

3. RELIANCE ON OTHER EXPERTS

This Report has been prepared for INV Metals and the information, conclusions, opinions, and estimates contained herein are based on:

• Information available at the time of preparation of this Report, • Assumptions, conditions, and qualifications as set forth in this Report, and • Data, reports, and other information from INV Metals and other third party sources.

For the purpose of this Report, the authors have relied on ownership information provided by INV Metals. The previous technical report (Jennings and Bell, 2011, pg. 8) documents that Mr. David Smuts, a lawyer based in Windhoek, the capital city of Namibia, provided a positive opinion regarding title to INV Metals, dated October 21st 2009. CCIC has not however had sight of this report. In consideration of all legal aspects relating to the Project, CCIC places reliance on INV Metals that the information relating to the legal aspects, and the status of surface and mineral rights, are accurate.

Except for the purposes legislated under provincial securities laws any use of this Report by any third party is at that party’s sole risk.

http://www.teck.com/�


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4. PROPERTY DESCRIPTION AND LOCATION

4.1. NAMIBIA OVERVIEW

Previously known as South West Africa, Namibia is a vast, sparsely populated country (population 2.1 million) situated along the South Atlantic coast of south-western Africa. It is bordered by Angola and Zambia in the north, Botswana and Zimbabwe in the east and South Africa to the south. The entire western border is formed by the South Atlantic Ocean (Figure 1).

Figure 1: Map of Namibia showing its position in south-western Africa (Source: http://www.ncp.co.za).

With a surface area of 824,268 km2, Namibia is the 31st largest country in the world. It stretches for about 1,300 km from south to north and varies from 480 to 930 km in width. The country is demarcated into 13 regions, namely the Caprivi, Kavango, Kunene, Omusati, Ohangwena, Oshana and Oshikoto regions in the north, the Omaheke, Otjozondjupa, Erongo and Khomas regions in the central areas, and the Hardap and Karas regions in the south.

Namibia has a temperate and subtropical climate characterized by hot and dry conditions, with little rainfall along the coast. Temperatures are moderated by the northward flowing cold Benguela current. Periods of winter drought alternate with summer rainfall between November and April. Average annual precipitation in the capital city of Windhoek is 360 mm and average temperature ranges are from 6 to 20 degrees Celsius in July to 17 to 29 degrees Celsius in January.

4.2. PROPERTY LOCATION

INV Metals’ Kaoko property is located in the Kunene Region of north-western Namibia (Figure 2). The property extends approximately 75 km in an east-west direction and 200 km in a north-south direction, within the region bounded by Universal Transverse Mercator (“UTM”) coordinates 293747E-474559E and 8027088N-7828724N in UTM Zone 33K.

The Okohongo Project area forms a small part of the EPL 3352 (Epunguwe), which is only one of the 11 EPLs that comprise the Kaoko property held by INV Metals under option from Teck (Figure 2).

http://www.ncp.co.za/�


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Figure 2: The Kaoko property in north-western Namibia, showing the position of EPL3352 in relation to the other EPL’s held by INV Metals as well as the towns of Opuwo and Sesfontein.

4.3. PROPERTY DESCRIPTION

As mentioned above, the Okohongo Project is contained in its entirety within EPL 3352, which is some 74,243 hectares in total (Table 2). This EPL was issued on the March 6th 2006 and is valid until the March 5th 2013. The EPL is located on public land and is in good standing, with all permits required to work the property in place.

Table 2: EPL 3352 details. KAOKO LAND TENURE

EPL Name Area

(ha) Date Issued Renewal/Expiry Date

EPL 3352 Epunguwe 74,243 March 6th 2006 March 5th 2013

The Okohongo Project forms part of the greater Kaoko option and joint venture area of INV Metals (Figure 3) and the known mineralized zone is all well contained within the confines of the EPL claim boundary, which are officially recorded in decimal degrees, using the Schwarzeck datum. INV Metals converts these into UTM coordinates.


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Figure 3: Map of Namibia showing the outline of EPL 3352 and the position within this license of the Okohongo Project. Inset: the position of the EPL area within the boundaries of Namibia.

Title to the EPL is held by Teck Cominco Namibia Ltd (“TNL”). In order to retain title to the Property the company must demonstrate to the Ministry of Mines and Energy (“MME”) to be working towards completing the work program as laid out in the original application required to be awarded an EPL. Namibian mining law allows officers of the MME a great deal of discretion when it comes to decisions regarding tenure. As a practical matter, it is extremely rare for a license renewal not to be granted so long as the applicant has carried out a reasonable exploration program.

A fixed fee, the amount of which is determined by the size of the license, must be paid on an annual basis. Annual fees for EPL 3352 amount to approximately $8,000 Namibian. A quarterly report detailing work and expenditures must be submitted to the MME for each EPL.

There are no known environmental liabilities on the Property; there are no known tailings ponds, waste deposits or significant improvements on this largely undeveloped property. Formal permits are not required but the MME must be notified of any surface disturbance including drilling. Before being granted an EPL an applicant must submit his program to the Ministry of Environment and Tourism (“MET”) and sign an environmental contract. A biannual environmental report must be submitted to the MET and an environmental contract must be signed prior to being awarded the EPL.

There are no known private surface rights within EPL 3352 and surface rights are considered to be “State land”, held by the Namibian government.


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4.4. AGREEMENT WITH TECK RESOURCES LIMITED

The Kaoko option and joint venture agreement (under which the Okohongo Project area falls) is part of a transaction between INV Metals and Teck that involved the issuance of 2,875,929 INV Metals shares to Teck, the transfer of INV Metals’ ~20% indirect interest in the Santa Fé – Iporá nickel laterite deposits in Goiás State, Brazil, to Teck, and a similar option agreement of Teck’s Carajás copper project in Brazil, as well as an umbrella agreement linking all of the documents together. The effective date of the agreement is October 28th 2009.

INV Metals holds an option to earn an initial 50% interest in the Kaoko property by spending $7 million over four years, with $3 million of committed expenditures over the first two years. INV Metals acts as the operator during its earn-in period. Upon INV Metals vesting at 50%, a joint venture is formed and Teck becomes the operator. Teck may elect up to 60 days after the fourth anniversary to earn an additional 10% interest in the Project (for a 60% interest) by funding $7 million in expenditures over two years. In addition, if INV Metals had contributed to joint venture costs after the formation of the joint venture (i.e. between the time that INV Metals has expended $7 million and Teck’s election to increase its interest), Teck would fund an additional amount equal to two times 20% of such contributions by INV Metals to the joint venture (this amount is provided in order to credit INV Metals for its share of joint venture costs incurred with respect to the 10% interest in the project that Teck is earning). If Teck earns the additional 10% interest, it may then elect to earn an additional 5% interest (to have a final project interest of 65%) by funding $21 million in expenditures over the next four years.

If Teck does not elect to increase its interest to 60% then INV Metals would have the option to elect, within 30 days, to earn an additional 10% interest in the Project (for a 60% interest) by funding a further $7 million over two years, in which case INV Metals would continue as the operator.

If INV Metals earns a 60% interest Teck would have a third option to elect, within 30 days, to earn back an additional 20% interest to have a final project interest of 60% interest by:

a) making an initial cash payment to INV Metals of $7 million; b) funding additional expenditures of $14 million over three years; and c) making an additional optional cash payment to INV Metals of $3.5 million, such payment

to be made prior to the end of the three year period in order to vest.

4.5. OTHER SIGNIFICANT FACTORS – THE NAMIBIAN MINING ACT

In Namibia, all mineral rights are vested in the state. The Minerals (Prospecting and Mining) Act of 1992 regulates the mining industry in the country. Policy has been designed to facilitate and encourage the private sector to evaluate and develop mineral resources. Several types of mining and prospecting licenses exist, which are briefly outlined below:

1.0 Non Exclusive Prospecting Licenses (“NEPL”)

Valid for 12 months, these licenses permit prospecting non-exclusively in any open ground not restricted by other mineral rights. Prospectors must furnish the Mining Commissioner details of all samples removed from an NEPL area.

2.0 Exclusive Reconnaissance Licenses (“ERL”)

These licenses allow the holder an exclusive and preferential six month right over an area, to a maximum size of two one-by-one degree squares. ERLs are generally non-renewable and non-transferable, though they may be renewed under special circumstances. The holder is obliged to keep all relevant prescribed records and submit at the end of the term a report


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setting out an evaluation of the prospects in the area, and other geological data and information, along with expenditures and other financial declarations.

3.0 Exclusive Prospecting License (“EPL”)

Individual EPL’s can cover areas not exceeding 1,000 km2 (100,000 ha) and are valid for three years, with two renewals of two years each. Under exceptional circumstances they may be renewable for further periods. Two or more EPL’s can be issued for more than one mineral in the same area. A geological evaluation and work plan (including estimated expenditure commitments) along with an environmental impact assessment report are a prerequisite prior to issuing of the licenses. The EPL holder must submit quarterly and annual reports. Fees are N$1,000 per 10,000 ha or part thereof, subject to a minimum of N$2,000.

4.0 Mineral Deposit Retention Licenses (“MDRL”)

These allow successful prospectors to retain rights to mineral deposits which are uneconomical to exploit immediately. MDRL’s are valid for up to five years and can be renewed for a period not exceeding two years, subject to limited work and expenditure obligations. Fees are N$5,000.

5.0 Mining Licenses (“ML”)

Mining Licenses may be awarded only to Namibian citizens and companies registered in Namibia. They are valid for the life of mine (or an initial 25 years) renewable up to 15 years at a time. Applicants must have the financial and technical resources to mine effectively, safely and due regard to the environment.

Prior to an ML being issued, all applicants are required to complete an environmental contract with the Department of Environment and Tourism. Environmental impact assessments must be made with respect to air pollution, dust generation, water supply, drainage/waste water disposal, land disturbance and protection of fauna and flora.

Detailed quarterly and annual reports on all relevant aspects of operations must be submitted. Fees are N$1,000 in respect of a mine earning gross annual revenues of up to N$10 million, and N$5,000 for revenues in excess of N$10 million.

The minimum tax rate on a mining company is 25%. Most mining companies pay between 25 – 40%, with diamond mines taxed at 55%. Corporate tax of 40% applies to profits from non-mining activities. Allowable tax deductions for mining companies are as follows:

• All pre-production exploration expenditures are fully deductible in the first year of production; • Subsequent exploration expenditures are not ring fenced and are fully deductible in the year

they occur, so that profits from existing operations can be used to fund exploration in any part of the country;

• Initial and subsequent development costs (including start-up capital and loan finance) are fully deductible in equal installments over three years;

• Contributions to a fund for restoring the environment are fully deductible.

Royalties to the State Revenue Fund are payable on exports of certain rough or semi processed minerals:

• 10% on rough and uncut precious stones; • 5% on rough or unprocessed dimension stone; • 3% on any other mineral which can be economically processed in Namibia.


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In December 2009 Namibia established a state-owned mining company, Epangelo Mining, to take part in the country’s exploration and mining industry, with the intent of looking at all strategic minerals including diamonds, uranium, gold and copper. Initial funding will come from the government but various private and state-owned mining companies have apparently asked to partner with the new organization.

The Namibian Ministry of Mines and Energy announced on May 10th 2011 that the Cabinet declared certain minerals, including copper, strategic minerals. As such, the Cabinet decided that the right to own licenses for strategic minerals should be issued to a State-owned company. However, the Ministry of Mine and Energy stated that existing exploration and mining licenses will not be affected.


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

5.1. TOPOGRAPHY, ELEVATION AND VEGETATION

The Okohongo Project area is characterized by a series of north-northeast trending ridges and valleys as illustrated in Figure 4 below.

Figure 4: Google Satellite Image of EPL 3352 and the Okohongo Project area showing the surface topography and infrastructure.

The topography of the Okohongo Project area is undulating being dominated by gently rolling vegetated hills (Figure 5) at an elevation of between 1533 m and 1644 m above mean sea level (“amsl”), with a north-south orientated ridge in the eastern side of the project area.


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Vegetation is dominated by thorny brush of various types and high grass. Overall vegetation density ranges from sparse to moderate depending on local soil conditions and on the season. During the rainy season (November through April) trees and brush appear green and lush. However, during the dry season many of the trees and much of the brush lose their leaves. No permanent running water exists on the Okohongo Project area.

Figure 5: Topography and vegetation of the Okohongo Project area. Photo taken in late April of 2011 during the site visit.

5.2. ACCESS

The town of Opuwo is situated about 720 km north-northwest of Windhoek, from which it may be accessed by a paved two lane highway. From Opuwo well-maintained gravel roads (the C43 and D3710) lead south into the Okohongo Project area (Figure 4). A network of four wheel drive dirt tracks and trails, which branch off from the main gravel roads, provides reasonable access to the project area.

5.3. PROXIMITY TO A POPULATION CENTER

Opuwo is 60 km north-east of the Okohongo Project area. It is the nearest population center and is the capital of the Kunene Region with a population of around 12,000 in 2009. It is inhabited by Herero and Himba people, with the Herero people being the majority. Opuwo is a potential source of unskilled labor, however skilled labor for the most part would be required to be brought in from other jurisdictions. Equipment and supplies are readily available locally and in Windhoek, and if specialized items are not available in Namibia, it is likely they can be procured regionally, e.g. from South Africa, Zambia or Botswana.

5.4. CLIMATE

The central plateau, which has an average elevation of approximately 1,600 m amsl, has average temperature ranges similar to Namibia in general, ranging from 6 to 20 degrees Celsius (43 to 68


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degrees Fahrenheit) in July to 17 to 29 degrees Celsius (63 to 84 degrees Fahrenheit) in January. The location of the Property in the northern part of Namibia means that seasonal rainfall begins slightly earlier but is of roughly the same magnitude as that recorded for Windhoek.

Certain exploration activities can be carried out year-round, however, movement of heavy equipment such as drill rigs is problematic during the rainy season due to deteriorated road conditions. Drilling is typically suspended during the rainy season from December through to March or April.

5.5. INFRASTRUCTURE

Infrastructure on EPL 3352 is limited to the network of roads and dirt tracks described in Section 5.2. A number of small villages are present on the property, none of which have electricity, running water or sewage facilities. Cell phone coverage is sporadic at best. Long distance communication is accomplished via radio, satellite phone or over the internet using the Inmarsat satellite network.

Opuwo has a clinic, postal service, grocery stores, gas stations, hotels and is the seat of government for the Kunene region. The paved highway begins at Opuwo and provides access to the rest of the country. From Opuwo it is 600 km by road to the copper smelter at Tsumeb and 650 km to the deep water port at Walvis Bay.

EPL 3352 is large enough to sustain the facilities required for a mining operation, including tailings disposal, etc. Sufficient water can be obtained for the exploration stage by drilling water boreholes. At this stage however it is not known whether sufficient water to sustain a mining operation is available on the Okohongo Project area or EPL 3352.


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6. HISTORY

6.1. THE HISTORY OF THE KAOKO PROPERTY AS IT PERTAINS TO EPL 3352 AND THE OKOHONGO PROJECT

Known showings of copper (“Cu”) in the Sesfontein-Opuwo areas of northwestern Namibia (“Kaokoland”) were recognized as potential CAC analogues by Goldfields, Anglo, the African Selection Trust and others, in the late 1960’s. There has been some drilling by these previous explorers including MIM, Anglo, Rio Tinto Zinc and others. This information is however incomplete and difficult to compile. Because of this recognized potential Anglo American Base Metals (operating as Erongo Minerals) was active in the region in the early 1990s. Erongo Minerals drilled forty-one (41) 20 m percussion holes at a 50 m spacing in eight fences and two deeper percussion holes for a total of 1,050 m on what is now EPL 3352.

In 2004, a subsidiary of Teck Cominco Limited (now Teck) initiated a study of the potential of the Kaokoland area. In November, 2004 the Ministry of Mines and Energy granted Teck two licenses (ERLs 43 and 51), totaling 23,513 km2, for a period of six months. During this time regional traverses and a heavy mineral stream sediment sampling program (792 samples) were completed. Teck also purchased high resolution magnetic and radiometric coverage of the area (approximately 23,000 km2) from the Geological Survey of Namibia (“GSN”) and completed a preliminary evaluation of the data.

In 2005 Teck compiled and digitized an extensive geochemical database of earlier work from open file reports housed at the GSN. All stream sediment sample data was incorporated into a single ArcGIS database that included defined drainage basins derived from the Digital Elevation Model (“DEM”) for Namibia. As a “proof of concept” exercise, David Broughton from the Colorado School of Mines, an expert consultant with several years of recent experience in the Zambian Copperbelt, examined the lithology and alteration associations of numerous Cu showings in the field and in drill core provided by the GSN. Teck also contracted a geophysical consultant to produce a detailed analysis of the airborne magnetic and radiometric database. Prior to the expiration date of the ERLs Teck applied for six EPLs located within the ERL boundaries.

In March of 2006 Teck’s EPL applications were granted and the company immediately initiated a regional 1:25,000 scale mapping program that covered more than 3,000 km2. Six target areas identified during regional mapping were covered by gradient array and pole-dipole induced polarization (“IP”) surveys, and by detailed 1:5,000 scale geological mapping.

IP is one of the geophysical techniques that is considered applicable to exploration for sediment-hosted copper deposits. Teck’s methodology consisted of first pass gradient array IP surveys followed by pole-dipole IP in areas of interest. The assumption was that the IP surveys would penetrate deep enough to see through the oxidized zone into fresh rock where sulphides could be expected. The IP surveys were contracted to Gregory Symons Geophysics of Windhoek, Namibia. Figure 6 shows the areas that have been covered by Teck’s IP surveys, including the parts of EPL 3352 on which Okohongo occurs.


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Figure 6: Satellite image showing the areas covered by IP surveys.

Regional geological mapping resumed in 2007 and was followed by detailed mapping and additional IP surveys on three new areas. Five target areas (including Okohongo) were selected for a Phase 1 drilling program. Teck drilled a total of 6,839 meters in 26 diamond drill holes (“DDH”), eight reverse circulation (“RC”) holes, and nine percussion holes drilled for water. The Okohongo target area returned the most encouraging results. Detailed geological mapping continued throughout 2008.

Although Teck’s drill holes were typically drilled perpendicular to the dip of the hosting lithological units, there was insufficient drilling to determine the relationship between reported core intervals and true widths of the mineralization and Teck did not generate any historical mineral resource statements for the Okohongo Project.

6.2. SPECIFIC HISTORY OF OKOHONGO

At Okohongo Teck drilled 1,594 m in nine DDH, one RC hole and one percussion hole, which was drilled for water. Four drill holes intercepted significant copper mineralization at the same stratigraphic horizon, over a strike length of about one kilometer. Copper mineralization occurred as disseminations and bedding plane concordant veinlets of malachite, chrysocolla and rarer chalcocite (Figure 7). The dominant host to the mineralization is a siltstone unit within the Lower Omao Formation (Jennings and Bell, 2011), with dolostones adjacent to the siltstone as a subsidiary host. This sequence has been referred to as the Okohongo Horizon by INV Metals. Previous drilling by Teck has the prefix TCD for DDH or TCR for RC holes in the beginning of their borehole names. Table 3 below provides the assay results from the Teck drilling including the Cu in % and silver (“Ag”) in g/t and the end of hole (“EOH”) depths.


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Figure 7: Plan showing the borehole collars of the Teck Drilling on the Okohongo Project, overlain on the local geology. From Jennings and Bell (2011).


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Table 3: Okohongo Drill intersections by Teck. Cu= copper. Ag= Silver. EOH= End of Hole in meters below surface collar. From Jennings and Bell (2011).

Drill Hole From-m To-m Interval-m Cu % Ag g/t EOH-m

TCD-013 104 126.6 22.60 1.0 153.78

including 104 110 6.00 20.9

TCD-015 28 33 5.00 1.2 133

including 31.8 35.3 3.50 20.9

TCD-016 35.95 61.2 25.20 1.93 32.3 158.44

including 35.95 49.29 13.34 2.59 40.8

TCP-001 102 108 6.00 1.1 153

including 100 110 10.00 13.8

In addition to the drilling described above, exploration by Teck at Okohongo included first pass stream sediment sampling, regional (1:25,000) and detailed (1:5,000) geological mapping, and gradient array and pole-dipole IP surveys (Figure 6). At Okohongo, both INV Metals personnel and Mr. Karl Kasch, a consulting geologist based in Windhoek, have carried out mapping and prospecting, including detailed structural mapping.

Despite the previous exploration programs having intersected significant Cu mineralization there has been no previous mineral resource estimate for Okohongo, and no production has occurred.


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7. GEOLOGICAL SETTING AND MINERALIZATION

7.1. REGIONAL GEOLOGY

Southern Africa is a mosaic of Archean to Early Proterozoic cratons separated by a network of Neoproterozoic and younger mobile belts (Figure 8) that record the amalgamation of Gondwana from 580 to 530 Ma. The largest cratons in Africa and South America are the Kalahari and Congo-São Francisco cratons, and the Amazonian and West African cratons. The surrounding orogenic belts were mainly generated during the Neoproterozoic Pan-African-Brasiliano orogenic cycle.

Figure 8: Gondwana Supercontinent. The black rectangle outlines the area of the Damaran Orogen in Namibia. Note that RP = Rio de la Plata and SF = Sao Francisco. (From Gray et al. 2006).

In Namibia the Pan-African-Brasiliano orogeny is represented by the Damara Orogen, which consists of three arms, the Kaoko Belt (where the Kaoko property is located), the Damara Belt and the Gariep Belt. These three belts converge at an inferred triple junction near Swakopmund on the Namibian coast.

Two related Pan African mobile belts therefore dominate the regional geology of north-western Namibia. The Kaoko and Damara belts of Namibia represent two perpendicular branches of the Damara orogenic belt system, which developed as a result of Neoproterozoic (Pan-African) collision between the Congo and Kalahari cratons in Africa, and the Rio de la Plata craton in South America (Porada, 1989).

The Kaoko Belt trends north-northwest paralleling the coast and extends into Angola, whereas the Damara Belt trends east-northeast across north-central Namibia. The Damara Belt continues into Botswana, and extends into Zambia connecting with the Lufilian Arc and the Zambezi Belt, continuing through to the Mozambique Belt as the Kuunga Orogeny. The southwestern end of the Damaran Belt goes offshore and reappears along coastal southern Namibia as the Gariep Belt.

The Kaoko Belt developed on the southwestern margin of the Congo Craton (Figure 9) and is dominated by east-northeast verging structures. It has been broadly subdivided into three zones (Miller, 1983) which are separated by shear belts (such as the Purros shear zone and the


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Sesfontein thrust). From east to west these zones are: the Eastern Kaoko zone, which is a low-grade, folded, autochthonous sedimentary cover to the Kamanjab Inlier; the Central Kaoko zone, which is exposed to the west of the Sesfontein thrust; and is interpreted as a fold-and-thrust belt with basement-cored, kilometer scale, steep to recumbent anticlines and thrust sheets (Stanistreet and Charlesworth, 2001); and the Western Kaoko zone, which extends from the Purros shear zone to the Atlantic coast. These zones exhibit increasing metamorphic grade from greenschist facies in the east to upper amphibolite/granulite facies in the west. As originally proposed by Stanistreet and Charlesworth (2001) a collisional origin for the Kaoko Belt is now generally accepted.

Figure 9: Schematic geological map showing the structural domains of the Kaoko and Damara belts in northern Namibia. wz: Western zone; cz: Central zone; ez: Eastern zone; nz: Northern zone; sz: Southern zone; ec: Epupa Complex; st: Sesfontein Thrust; ki: Kamanjab Inlier; WA: West Africa Craton; A: Amazon Craton; SF: Sao Francisco Craton; C: Congo Craton; RP: Rio de la Plata Craton; K: Kalahari Craton. After Konopásek et al. (2005).

Rocks involved in the Damaran Orogen include those of the Damaran Supergroup, which contains metasedimentary rocks deposited, like the Katanga Supergroup in Zambia, during the development of a late Proterozoic continental rift – passive margin, following the breakup of the supercontinent Rodinia. The Damaran rocks lie unconformably on early Proterozoic basement rocks of the Epupa and Huab Complexes. Deposition of the Damaran Supergroup is poorly dated but is believed to span a period between about 770 Ma and 600 Ma.


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In the Eastern Kaoko zone Nosib age sedimentary strata were deposited in half-grabens on the basin margin. In this region the Nosib Group is overlain by carbonate rich units of the Otavi Group. Regionally, two diamictite horizons and correlated turbiditic carbonates are recognized within the succession. These are interpreted as glaciogenic (largely glaciomarine) in origin, but may also record renewed periods of extension along rifted carbonate platforms.

7.2. COMPARISONS TO THE CENTRAL AFRICAN COPPERBELT

The Kaoko Belt and the CAC of Zambia are believed to share a common structural alignment and geodynamic history (Woodhead, 2007). In particular the geological setting and mineral potential of the Kaoko Belt (including its tectonic history, stratigraphy, stratigraphic position and style of known mineralization and alteration assemblages) all show important similarities to the Zambian Copperbelt. Figure 10 below presents a comparison of the Zambian Copperbelt and the Kaoko property within the Kaoko Belt. In Zambia about 90% of the mineralization and deposits (yellow stars in Figure 10) are located in a narrow rock sequence at the contact between an underlying red bed sequences (orange in Figure 10) and overlying shales (blue and green in Figure 10). The majority of the ~200 copper prospects on the Kaoko property, shown as dark green coloured circles, occur close to the same contact (between the orange and the blue).

Figure 10: Comparison of Zambian Copperbelt (left) to the Kaoko Property (right). Note that the scales are the same. The legend applies to both geological settings. Orange: red bed sequences; blue and green: overlying shales; yellow stars: mineralization and deposits. From Jennings and Bell (2010).

The overall stratigraphic package and thickness, comprising rift-stage red bed clastics, sag-phase platformal carbonates and clastics and evaporites, and uppermost diamictite-carbonate sequence indicative of renewed extension, is fundamentally similar to the copper bearing sequences in the CAC. The Nosib sandstones represent a viable metal source and substantial stratigraphic thickness changes are evident within the Nosib, pointing to the existence of important rift-stage faults. Furthermore, there is evidence for at least localized evaporitic deposits favourable for brine generation, and the basin clearly underwent a major tectonic and undoubtedly hydrologic-diagenetic event during Chuos time, which may have been an important mechanism for brine circulation (Broughton, 2005).


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Teck geologists established that the “Ore Shale” horizon in Zambia is roughly equivalent (in terms of its position relative to the Nosib red beds), to the siliciclastic units in the Lower Omao, now referred to by INV Metals as the Okohongo Horizon. The basal Ombombo sequence compares lithostratigraphically with the Upper Roan Group in the Zambian Copperbelt. The uppermost part of the Ombombo Group (below the Chuos diamictite) would be stratigraphically equivalent to the upper Mwashia Group sequence in Zambia. Figure 11 illustrates the equivalence of Kaoko Belt stratigraphy with that of the Zambian Copperbelt, and the general stratigraphic setting of the Okohongo Project.

Figure 11: Comparison of the stratigraphy of the Okohongo Project area with that of the Zambian Copperbelt. Fm = Formation.

Although the two belts have various similarities, the Kaoko Belt is not however an exact analog of the CAC in Zambia and the differences are arguably as important to recognize as the similarities. Understanding the differences may point toward the use of a somewhat different set of exploration strategies. Features of the CAC not shared with the Kaoko Belt are:

(1) The ore shale mineralization in the CAC is primarily a copper-cobalt (“Cu-Co”) system. To date significant amounts of cobalt mineralization have not been recognized in the Kaoko Belt. Cu mineralization in the Kaoko Belt is more typically associated with Ag, as is the case in the Kalahari Copperbelt.

(2) In Zambia much of the overburden consists of saprolite with a reasonably well-developed soil cover. As a result overburden transport is minimal. Soil geochemistry works well as an exploration tool as it tends to directly reflect bedrock. In the drier climate of northwestern Namibia overburden is much more likely to be transported. Transported overburden, extensive calcrete development and thin to non-existent soil combine to limit the utility of soil geochemistry on the Kaoko property and for extensions of the Okohongo mineralized system on EPL 3352.

(3) Unlike the situation in the CAC of Zambia, mapping in the Kaoko Belt has not identified Neoproterozoic or early Paleozoic mafic intrusive bodies.


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7.3. LOCAL AND PROPERTY GEOLOGY

Three main stratigraphic units are of importance with regards to understanding the mineralization in the Okohongo Project area (Figure 11 and Figure 12). These are the basement rocks, the Nosib Group and the Ombombo Subgroup (Omivero and Lower Omao formations). Regionally this sequence is capped by easily identifiable glacial diamictites of the Chuos Formation.

Figure 12: General stratigraphic succession as pertaining to the Okohongo Project area. cg=conglomerate, dol=dolostone, ls=limestone, sh=shale, slt=siltstone, ss=sandstone. Fm= Formation.

The Okohongo Project area is characterized by a normal sequence of Nosib Group sandstone and gritstone overlain by siltstone and silty-mudstone (shale) of the Omivero Formation. The Omivero Formation is in turn overlain by limestone, dolostone, mudstone and siltstone of the Lower Omao Formation, and dolostone and siltstone of the Upper Omao Formation. Rapid thickness changes in the Nosib, Omivero and Lower Omao suggest that these units pinch out against the Upper Omao Formation, creating a stratigraphic trap for sediment-hosted copper mineralization.

At Okohongo, the stratigraphic package as a whole is involved in a series of relatively open north-south trending folds, which extend eastward for approximately four kilometers before Nosib sandstone again crops out in the core of an anticline. Within the package the Omivero and Lower Omao formations show evidence of strong, disharmonic folding and ductile shearing in outcrop and in core.

7.4. MINERALIZED ZONE ON THE PROPERTY

Drilling by INV Metals has intersected a north-south trending zone of copper-silver mineralization over 600 m in strike length and up to 400 m down-dip on the Okohongo Project. The mineralization dips gently eastward at 20 degrees and the copper zone appears to be open to the south and down dip (Sillitoe, 2010). Figure 13 below provides a cross sectional illustration of drill section 1450N. Additional drill sections are available on INV Metals’ website (www.invmetals.com).

http://www.invmetals.com)/�


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Figure 13: Cross section over drill line 1450. Section is looking north.

The copper mineralization intersected at Okohongo is hosted in the mudstones, siltstones and dolostones of the Lower Omao Formation, which overly Nosib Group red-beds and Omivero siltstones, and underlies massive Upper Omao Formation dolomites. Mineralization seems to be restricted to the first reducing mudstone-siltstone horizon within the Lower Omao Formation and this horizon is informally referred to as the Okohongo Horizon (Figure 13). The eastward dipping mineralized zone occurs on the western limb of a syncline. These shallowly east-dipping strata form the western limb of a doubly plunging synclinal fold. There is potential for mineralization to occur where the Okohongo Horizon occurs within the syncline, which was the focus of the 2011 drilling and which provides an immediate total target strike length of seven kilometers. Based on the drilling results to-date and interpretation, it appears that Okohongo remains open to the south. Northwards, there is a sizeable untested area that could also prove to be underlain by mineralization. To the west, the mineralized horizon appears to daylight at surface.

Surface showings are largely dominated by secondary copper species. Malachite, antlerite, chrysocolla, dioptase, chalcocite, etc., are for the most part stratabound, and include disseminated, veinlet, breccia and vein mineralization styles. Where hypogene sulphide minerals (chalcopyrite, bornite and chalcocite) have been identified, these commonly display disseminated ore textures.

Chrysocolla and malachite are the principal oxide copper minerals, along with minor amounts of azurite, shattuckite and cuprite. Minor, variable amounts of remnant chalcocite and bornite occur as unoxidized kernels within dominantly oxidized mineralization.

Several holes were analyzed for acid soluble (oxide) copper to determine the percentage of total copper mineralization which would be amenable to potential recovery by an acid leach extraction process. From this limited work it appears that approximately 70 to 75% of the total copper is potentially soluble.

The variability in grade and thickness of the mineralized intervals may be attributed to the effects of folding and the original permeability of the host rocks. More permeable parts of the interbedded


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phyllite and dolomite package are interpreted by the authors to have been subjected to greater fluid movement and hence have greater amounts of introduced copper; therefore, intersections with a thin and/or low-grade copper intercept do not imply that the limit of the system has been attained.

Northwest trending shear zones cut across the generally north-south strike and often host copper mineralized quartz veins (Figure 14) containing dioptase, chrysocolla, shattuckite and malachite, sometimes associated with the lead molybdate, wulfenite. While spectacular, this quartz-vein hosted mineralization probably has limited tonnage potential.

Figure 14: Mineralized quartz veins in INVD-007.

8. MINERAL DEPOSIT TYPE

The overall stratigraphic package and thickness, comprising rift-stage red bed clastics, sag-phase platformal carbonates, clastics and evaporites, with an uppermost diamictite-carbonate sequence indicative of renewed extension, is fundamentally similar to the stratiform sediment-hosted copper (“SSC”) Cu ± cobalt (“Co”) ± Ag deposits of the CAC and Kalahari Copperbelt in Botswana. CCIC is therefore of the opinion that the SSC model is the correct deposit style for the Okohongo Project.


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9. EXPLORATION

9.1. SOIL SAMPLING

INV Metals’ geologists have to date collected some 1,119 soil samples at Okohongo to test for potential extensions of mineralization along strike. Each sample was collected from a 30 centimeter deep pit, sieved to minus 180 microns and screened in the field using a Niton handheld X-ray fluorescence (“XRF”) analyzer. As the values recorded by the Niton are indicative only, and the samples were not analyzed by an accredited laboratory, they are not disclosed here. In many areas the appropriate horizon was not available for sampling due to the presence of transported soil/sand cover or calcrete.

Consulting exploration geochemist Dave Heberlein of Vancouver (British Columbia) was contracted in February 2011 to carry out satellite image based geochemical landscape interpretation of parts of the property. The objective of this study was to identify regolith domains with similar geochemical characteristics to Okohongo, and to make recommendations for appropriate surface geochemical methods to explore the project as a whole. This work was followed up with a field visit carried out between the May 2nd and May 10th 2011.

9.2. MAPPING

Both INV Metals personnel and Mr. Karl Kasch, a consulting geologist based in Windhoek, have carried out mapping and prospecting on the Okohongo Project. This work included detailed structural mapping and showed the east dipping area of interest to occur on the western limb of a syncline. Mapping on the eastern side of the Project area (proposed eastern limb), however, failed to identify the host horizon due to lack of outcrop.

9.3. GEOPHYSICAL SURVEYS

In early 2011 TerraNotes Limited ("TerraNotes"), a Canadian geophysical consulting firm, was engaged to compile and interpret the magnetic, radiometric and structural data over the Kaoko Property, with an emphasis on seeking any distinct geophysical signatures over known mineralized zones, and in particular Okohongo, in order to identify new targets with similar signatures.

TerraNotes identified several similar signatures in close proximity to the known Okohongo mineralization, located to the south and south-east, in areas with no previous drilling. Potential target areas were classified as either 75% similar in signature (pink) or 95% similar (red) as shown in Figure 15. These areas are the focus of the May 2011 exploration drilling program.


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Figure 15: TerraNotes anomalies.

9.4. OTHER EXPLORATION WORK

During April of 2010 Mr. Richard Sillitoe spent six days in Namibia with INV Metals staff in order to comment on geological relationships, exploration potential and future drilling at Okohongo (Sillitoe, 2010). During this time work on the Okohongo Project comprised inspection of core from selected Teck holes, as well as all the RC chips from the INV Metals’ holes. This work also benefited from a previous field visit by Mr. Sillitoe on behalf of a third party.


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10. DRILLING

During 2010 INV Metals completed 39 RC holes on the Okohongo Project, totaling 5,645 m. The drilling program was initiated to follow up and verify Teck’s drill hole TCD-016 (Figure 16), which was drilled in 2007 and intersected 25.2 m of 1.9% Cu and 32.3 g/t Ag. INV Metals drilling in close proximity to TCD-016 confirmed the presence and magnitude of Cu mineralization as intersected by Teck. In addition one short DDH was completed at Okohongo in order to twin RC hole 6, which had intersected 2% Cu over 45 meters.

The INV Metals 2010 drilling program was completed in two phases. The first, all RC phase was contracted to Gecko Drilling (Pty) Limited of Walvis Bay (Namibia) and was conducted between the April 30th and June 11th 2010. The second phase, which comprised of one DDH and 19 RC holes, was contracted to Major Drilling Namibia (Pty) Limited. The RC drilling was conducted between October 24th and November 26th 2010, while the DDH was completed in early December 2010.

Figure 16: Collar positions of the Teck and INV Metals drilling on the Okohongo Project.


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Zones of mineralization with more than 0.4% Cu as intersected during INV Metals’ 2010 drilling campaign are presented below in Table 4. The thickness of the mineralized zone varies. Sections of the zone may however reach thicknesses of 20-30 m, and locally up to 45 m. Reported intersection lengths are interpreted to be approximately true widths.

Table 4: INV Metals’ Drill Intersections at Okohongo, >0.4% Copper. Hole No. From (m) To (m) Interval (m) Copper % Silver g/t Section INVR-001 47 74 27 2.8 49.1 1450

including INVR-001 47 60 13 3.6 66.4 INVR-002 Insignificant 1450 INVR-003 Insignificant 1450 INVR-004 24 48 24 1.7 31.6 1450 INVR-005 75 86 11 1.5 6.5 1450 INVR-005 98 106 8 0.9 10.4 INVR-006 20 65 45 2.0 27.1 1550

including INVR-006 26 31 5 3.0 19.2 including INVR-006 57 62 5 4.5 58.4

INVR-007 83 89 6 1.7 23.7 1550 INVR-008 26 30 4 0.5 12.1 1650

and INVR-008 90 95 5 0.6 11.3 INVR-009 109 114 5 0.4 4.3 1650 INVR-010 37 38 1 1.0 11.5 1750 INVR-011 40 46 6 2.3 38.9 1350

and INVR-011 57 76 19 1.1 20.4 INVR-012 69 86 17 1.0 13.9 1350

including INVR-012 75 83 8 1.4 25.0 and INVR-012 95 98 3 2.0 26.0

INVR-013 42 46 4 2.5 25.4 1250 and INVR-013 78 90 12 2.4 43.7

INVR-014 74 89 15 1.1 15.7 1150 including INVR-014 85 88 3 3.9 53.5

INVR-015 Insignificant 1750 INVR-016 Insignificant 1050 INVR-017 52 56 4 1.3 9.2 1250 INVR-018 45 47 2 0.5 2.5 1150 INVR-019 Insignificant INVR-020 191 196 5 1.1 22.1 1450

INVR-032 44 45 1 0.9 4.1 1850

INVR-035 153 156 3 0.7 21.2 1550

INVR-035 176 182 6 0.8 14.9 1550

INVR-036 128 130 2 0.7 7.8 1350



OR INVR-037 38 51 13 3.1 77.5 And INVR-037 64 69 5 2.5 42.7

INVR-037 82 83 1 2.1 54.3 1650

INVR-038 30 33 3 0.5 15.3 1050


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11. SAMPLE PREPARATION, ANALYSES AND SECURITY

11.1. REVERSE CIRCULATION LOGGING AND SAMPLING

Logging and sampling of the RC chips was undertaken in the field by the INV Metals exploration geologists.

According to Jennings and Bell (2011), during RC drilling each meter was sampled and split, by means of a cone splitter mounted below the cyclone, into two representative samples, one weighing approximately 30 kg, and a smaller sample weighing approximately 5 kg. Both samples were collected directly from the splitter. The large sample was collected in a clean, unused plastic polyweave bag. The small sample was collected in a clean, unused transparent plastic bag. The down-hole depth of the sample was written on each bag.

Samples were studied under a binocular microscope for lithological characteristics and the predominant rock type and interpreted Stratigraphic Unit was logged. Samples that displayed visible mineralization were selected for chemical analysis. A handheld Niton XRF Scanner was also used to determine the zones of mineralization.

Any meter interval of chips containing visible mineralization was selected for analysis. There is an inherent degree of imprecision when sampling reverse circulation chips, as any given one meter sample may cross lithological boundaries or mineral contacts. As these results are composited, it is however the opinion of the authors that there are no material factors that impact on the accuracy and reliability of the results in terms of their appropriateness for usage for the resource estimation.

11.2. SAMPLE PREPARATION AND ANALYSES

Once a sample was chosen for analysis it was assigned a unique sample number. A pre-printed paper sample ticket was placed in the smaller 5 kg sample bag and the sample number was written on the outside of the bag.

INV Metals' employees were responsible for sampling and the insertion of blanks every 20 samples. Sample numbers in 20 sample intervals were also designated by INV Metals employees for the later insertion of certified reference material (“CRM”) and duplicates by the preparation laboratory.

According to previous INV reports (Jennings and Bell, 2011), chip recovery was typically excellent and in the management’s opinion there are no material factors that impact on the accuracy and reliability of the results.

Samples to be analyzed were transported by INV Metals’ employees to Analytical Laboratory Services at 71 Newcastle Street, Northern Industrial Area, Windhoek, for sample preparation. The samples were fine enough not to require crushing. A 200 g split of the sample was produced with a riffle splitter and pulverized using a Siebtechnik (Germany) pulverizer (250 cc bowl, hardened carbon steel rings) until 85% of the sample passed 75 microns. A quartz blank was passed through the pulverizer between every sample. The pulverized sample was then split in a riffle splitter to 50 g. The 50 g pulverized samples were packaged in labeled zip-lock plastic bags. A pre-printed paper sample ticket showing the unique sample number was placed inside each bag. Using predetermined sample numbers, employees of Analytical Laboratory Services inserted duplicates, CRMs and blanks every 20 samples in order to monitor contamination and accuracy of the analyses. Each 100-sample sequence contains 85 routine samples, five sample duplicates, five CRMs and five blanks.

Activation Laboratories personnel picked up the prepared samples from the Analytical Laboratory Services office and transported the samples to their Windhoek office, located at 267 Cobalt Street, Prosperita. Samples were shipped via SDV Logistics to Activation Laboratories Ltd. located at 1336 Sandhill Drive, Ancaster, Ontario for analysis. Activation Laboratories has ISO/IEC 17025:2005


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accreditation. After a four acid “near total” digestion, samples were analyzed for 35 elements using a Varian Vista ICP. Samples containing >100 g/t silver were re-analyzed using a 30 g sample, subjected to fire assay with a gravimetric finish. Over limit samples containing >10,000 ppm Cu or >5,000 ppm lead were subjected to sodium peroxide fusion and acid dissolution followed by ICP/OES analysis. Samples from several holes were also analyzed for acid soluble copper. The soluble Cu values were determined by leaching a 0.5 g sample with 50 ml of 5% sulphuric acid for 60 minutes using an orbital shaker. The leached samples were then diluted to 100 ml volumetrically with purified water, filtered, then analyzed by ICP-OES. To verify the acidity of the leach solutions, the pH was measured on selected samples with varying Cu and calcium contents.

Based on INV Metals’ rigorous quality assurance and quality control procedures, 281 samples were requested to be re-analyzed by Activation Laboratories. Samples were selected for re-analysis based on their proximity to a certified reference standard that returned a copper or silver value greater than three standard deviations higher or lower than the mean value for that standard. In addition, any two consecutive reference standards falling outside the two standard deviation threshold were considered to have failed. Since every twentieth sample was a reference standard, ten samples above and below a failed standard were re-analyzed. The same protocol was applied to duplicate samples considered to have unacceptably divergent Cu or Ag values. In addition, 54 random samples were submitted to ALS Chemex Laboratory in Johannesburg as an external check on the results provided by the primary lab. Each of the four reference standards used in the program was represented by two samples for a total of 62 samples submitted.

Comparison of results from the original Activation Laboratory analyses, the Activation Laboratory re-analysis and the ALS Chemex results has identified the possibility of variability in some Ag analyses from hole INVR-001.

In August 2010 independent consulting firm Scott Wilson Roscoe Postle Associates Inc. of Toronto was contracted to carry out a review of INV Metals’ quality assurance – quality control (“QAQC”) program and procedures, and advised that the procedures in place meet or exceed industry standards.

CCIC are satisfied that industry standard methodologies were utilized by Teck and INV Metals in all aspects of sample collection, preparation, shipment, chain of custody and QAQC.


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12. DATA VERIFICATION

In order to ensure that the drill hole assay results are suitable for resource estimation, several systems, checks and controls have been put into place by INV Metals to measure the accuracy and reproducibility of the assays.

INV Metals’ geologists on site carry out rigorous reviews of the data, producing a variety of plots in order to recognize any issues with reproducibility or accuracy of results obtained from the commercial laboratories. This work involves a careful evaluation of the analyses of INV Metal’s reference samples, duplicates and blanks. The QAQC spreadsheets, along with original data, are then thoroughly reviewed and verified by INV Metal’s Qualified Person, Mr. Scott Jennings.

12.1. CCIC DATABASE CHECKS

As part of the initial technical review of the Okohongo Project (CCIC, 2011), CCIC have audited the QAQC procedures put in place by INV Metals, and have performed various tests to verify the integrity of the collar coordinates, logging and sampling procedures, and assay results data.

12.2. COLLAR COORDINATES

A previous geological model was created by Golder Associates to determine the three-dimensional (“3D”) geometry of Okohongo, but excluded any resource estimation. As a first step, the number of boreholes used for this geological model was compared to the number of boreholes as supplied by INV Metals to CCIC. Table 5 presents a list of the 22 boreholes that have been added to the project since the last geological model was created. Figure 17 shows their geographic position on the Okohongo Project area.

Table 5: Additional boreholes added since the previous geological model. BHID: borehole ID; XCOLLAR: Easting; YCOLLAR: Northing; ZCOLLAR: Elevation above mean sea level; EOH: end of hole.

BHID XCOLLAR YCOLLAR ZCOLLAR EOH PROJECTION/DATUMINVR-031 377821 7941930 1609 153 UTM33S/WGS84INVR-032 378100 7941891 1605 181 UTM33S/WGS84INVR-033 378500 7942162 1644 189 UTM33S/WGS84INVR-034 378264 7941745 1616 195 UTM33S/WGS84INVR-035 378426 7941553 1602 207 UTM33S/WGS84INVR-036 378351 7941347 1630 200 UTM33S/WGS84INVR-037 378003 7941647 1607 147 UTM33S/WGS84INVR-038 377899 7941048 1616 99 UTM33S/WGS84INVR-039 378047 7940750 1599 93 UTM33S/WGS84INVR-040 375995 7937861 1554 129 UTM33S/WGS84INVR-041 375896 7938465 1544 99 UTM33S/WGS84INVR-042 376196 7938798 1560 117 UTM33S/WGS84INVR-043 380005 7941750 1579 210 UTM33S/WGS84INVR-044 378484 7945000 1579 177 UTM33S/WGS84INVR-045 380994 7942999 1566 189 UTM33S/WGS84INVR-046 381624 7939998 1533 138 UTM33S/WGS84INVR-047 381130 7941360 1557 189 UTM33S/WGS84INVR-048 377779 7945875 1565 150 UTM33S/WGS84INVR-049 378080 7941906 1608 180 UTM33S/WGS84TCD-012 377063 7939849 1549.9 56 UTM33S/WGS84TCP-001 378237 7941450 1583 153 UTM33S/WGS84TCR-025 378100 7941450 1552 90 UTM33S/WGS84


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The collar coordinates were then plotted against a digital terrain model (“dtm”) of the surface topography in order to verify the correct position of the borehole, especially with regards to their elevation amsl. Most borehole collars match the topography dtm, but a number of boreholes from the 2010 drilling have collars documented up to 5 m below and 10 m above the dtm. These borehole collars above the topography dtm are however still considered to lie within the acceptable range for the purpose of the geological model as created by CCIC. It is however recommended that for further modeling and exploration the borehole collars should be adjusted to the elevation of the topography dtm, and new borehole collars drilled in future exploration programs should be surveyed by a professional registered surveyor.


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Figure 17: Google Image map showing the borehole collar positions of all boreholes drilled for the project. Green: boreholes used for the geological model created by Golder Associates; Red: Additional boreholes used for the new geological model and resource estimation by CCIC.


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12.3. DOWNHOLE SURVEY

No down-hole surveys have been carried out on any of the boreholes drilled by INV Metals. All of Teck’s holes were surveyed. For future exploration, it is recommended to include down-hole surveys in order to determine the true azimuth and dip, since all boreholes are drilled at an angle and mineralized intersects occur to depths of more than a 100 m.

12.4. CORE RECOVERIES

Quality Control (“QC”) checks on core recoveries are normally undertaken to identify any possible relationship between core loss and depth, core loss and lithology, and core loss and mineralization. No core recovery logs exist for the RC drilling, such that CCIC were not able to verify them. According to INV Metals core recoveries were recorded for all of the DDHs drilled by Teck, however CCIC did not have access to these boreholes. It is advisable that in future the core recoveries are logged for DDH cores, as this may hold important information on a possible under-estimation of the resource should core loss occur within the mineralized zone.

12.5. LOGGING

As part of the QAQC audit of the logging standards, the consistency of the logging codes was tested. Table 6 and Table 7 below present the logging codes which have previously been used for the stratigraphic units and main lithologies.

Except for a few boreholes from the previous drilling campaigns, all stratigraphic units were clearly identified for all data entries (Table 6). With regards to the logging codes for the main lithologies, a clear change from clearly identifiable logging codes to abbreviations that are not straight forward could be noticed (Table 7). This change takes place from borehole INVR-031 onwards to INVR-049. Abbreviations such as ‘ps’ (‘pink shale’) and ‘V qtz’ (‘Quartz vein’) are not consistent with the remaining database, and are not easy to identify without more background information on the geology of the project area.

Table 6: List of logging codes used for the stratigraphic units.

During all stages of exploration, abbreviations relating to shear zones were used (Table 7). It is recommended, that for future drilling campaigns, the actual lithology is captured only, with remarks on the structural features being moved to a separate column, which already exists in the database (‘structural_mod1’; ‘structural_mod2’).

STRATIGRAPHY COMMENTUpper OmaoLower OmaoOmiveroNosibU Omao? INVR-047, 048L Omao? INVR-047, 048[unidentified] INVR014, 015, 016, 019


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Table 7: List of logging codes used for the main lithologies.

Checks for gaps and overlaps in the depth From and To entries revealed issues for the boreholes listed in Table 8, whilst Table 9 shows borehole intervals with entries of 0 m thickness. It is recommended that these entries are compared to the original logging sheets, as these may be capturing mistakes rather than actual logging mistakes.

Table 8: Borehole intervals with gaps or overlaps between entries.

Table 9: Borehole intervals with 0 m thickness.

BHID FROM TO GAP-OVERLAP CHECKINVR-010 135.00 148.00 FALSEINVR-013 87.00 89.00 FALSEINVR-014 44.00 45.00 FALSEINVR-015 10.00 13.00 FALSEINVR-015 63.00 65.00 FALSEINVR-015 66.00 68.00 FALSEINVR-016 8.00 15.00 FALSEINVR-016 71.00 80.00 FALSEINVR-020 47.00 48.00 FALSE

BHID FROM TO FROM-TO CHECKINVR-041 84 84 FALSE

LITHOLOGY DESCRIPTION COMMENT Alluvium Calcrete Dolostone Fault Gravel Gritstone Limestone Loamy Soil MDL sheared dolostone/limestone MSD sheared sandstone/dolostone MSL sheared shale MSLS sheared shale/sandstone MSS sheared sandstone MSSL sheared sandstone/shale Quartz vein Sand Sandstone Shale Siltstone Soil Vein Calc ss calcitic sandstone INVR-31 to 049 ps pink shale INVR-31 to 049 silt INVR-31 to 049 ss sandstone INVR-31 to 049 V qtz Quartz vein INVR-31 to 049


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12.6. SAMPLING

Drill core chips were tested for mineralization by INV Metals staff using a handheld Niton XRF analyzer and sampling was then carried out beginning 10 m on top of the first sign of mineralization, down to 10 m below the last sign of mineralization. The chips of the RC boreholes were then sampled in 1 m intervals and analyzed as described in Section 11 above. These chips are currently stored at the INV Metals offices in Windhoek, and were available for study during the country visit by CCIC personnel.

The sampling database was checked for gaps and overlaps within the sampling intervals (Table 10). Except for two boreholes (TCD013 and TCD018), where gaps in the sampling intervals are only 0.23 m and 0.10 m long (and should be further investigated for capturing mistakes), all gaps appear to present zones that were omitted from sampling because they do not contain any obvious mineralization.

Table 10: List of boreholes that show gaps between sampling intervals. The gaps highlighted in yellow should be investigated for capturing mistakes.

12.7. ASSAY RESULTS

In order to carry out QC procedures on the assay results, four different grades of CRM, as well as blank, and duplicate samples, were inserted into the various sample batches prior to their dispatch to the primary analysis laboratory (Activation Laboratories, Ancaster, Canada; www.actlabs.com), as described in Section 11 above. In addition, selected samples were sent to a secondary check-laboratory (“Umpire Lab”) being ALS Chemex, Johannesburg, South Africa (www.alsglobal.com).

In order to confirm the QC checks carried out by INV Metals, CCIC examined the QAQC plots created by INV Metals, and compiled the available assay data of the CRMs, blanks, duplicate samples and Umpire lab data. All sample checks as shown in Figure 18 to Figure 22 are satisfactory. It does however need to be mentioned that there seems to be a slight positive bias to higher concentrations for samples with low Cu and Ag grades (Figure 18 and Figure 19). Figure 20 shows that for all samples checked contamination levels were not significant. Very low grade samples present a large scatter and appear to be difficult to be reproduced in a more precise fashion (Figure 21 and Figure 22).

BHID FROM TO SAMPID GAP-OVERLAP CHECK COMMENTINVR-008 35 36 20357 FALSE 24m gap in sampling intervalINVR-009 39 40 20427 FALSE 45m gap in sampling intervalINVR-010 46 47 20500 FALSE 28m gap in sampling intervalINVR-010 94 95 20524 FALSE 10m gap in sampling intervalINVR-012 49 50 20633 FALSE 10m gap in sampling intervalINVR-035 139 140 21169 FALSE 5m gap in sampling intervalINVR-036 29 30 21240 FALSE 90m gap in sampling intervalINVR-037 9 10 21323 FALSE 20m gap in sampling intervalINVR-041 49 50 21499 FALSE 25m gap in sampling intervalINVR-042 39 40 21534 FALSE 15m gap in sampling intervalINVR-043 74 75 21569 FALSE 45m gap in sampling intervalINVR-044 54 55 21605 FALSE 35m gap in sampling intervalINVR-049 64 65 21800 FALSE 40m gap in sampling intervalTCD-011 54.77 55.48 113485 FALSE 126.36m gap in sampling intervalTCD-013 15.81 17.38 114527 FALSE 0.28m gap in sampling intervalTCD-013 69.83 70.83 114588 FALSE 18.37m gap in sampling intervalTCD-014 62.33 63.68 113560 FALSE 13.75m gap in sampling intervalTCD-015 42.5 43.5 113528 FALSE 59.74m gap in sampling intervalTCD-016 81 82 113737 FALSE 45m gap in sampling intervalTCD-017 119.65 121.02 113791 FALSE 36.06m gap in sampling intervalTCD-018 66.95 67.6 113834 FALSE 0.1m gap in sampling intervalTCD-018 80.3 81.33 113845 FALSE 42.69m gap in sampling intervalTCD-025 148 148.84 114211 FALSE 18.34m gap in sampling interval

http://www.actlabs.com/�

http://www.alsglobal.com/�


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Figure 18: Graphs showing the Cu-concentrations of the various certified reference materials used. Note that the CRMs with lower grades show a slight positive bias towards higher concentration above the certified value (green line).

Figure 19: Graphs showing the Ag-concentrations of the various certified reference materials used. Note that all CRMs show a slight positive bias towards higher concentration above the certified value (green line).


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Figure 20: Graphs showing the Cu- and Ag-concentrations of the blank samples. They all lie within an acceptable range for Cu, and below the lower limit of detection (0.3 ppm) for Ag.

Figure 21: Graphs plotting the primary sample analyses versus their duplicate analyses. The trend line (black) of the Cu assay results is almost identical with a perfect regression line (green). For the Ag assay results strong scatter can be noted for the low concentrations, resulting in a trend line (black) that strongly deviates from the perfect regression line (green). Red: 10% variation; orange: 5% variation; green: perfect regression line.


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Figure 22: Graphs plotting the primary laboratory versus the Umpire laboratory’s assay results. As with the duplicate samples, the trend line is close to a perfect regression line (green); for Ag, the trend line just matches the 10% variation line (red). Red: 10% variation; orange: 5% variation; green: perfect regression line.

It is the opinion of Dr. P. J. Hancox that the data as supplied by INV Metals is adequate for the purposes used in this Technical Report.


48

13. MINERAL PROCESSING AND METALLURGICAL TESTING

No mineral processing and metallurgical test work has been undertaken on samples from the Property to date, however INV Metals has advised CCIC that such test work will be undertaken in the near future.

14. MINERAL RESOURCE ESTIMATES

In an internal report prepared for INV Metals dated June 16th 2011, CCIC provided the first mineral resource statement for the Okohongo Project area. In preparing the geological model and resource estimation, the following key assumptions, parameters and methodology were employed:

• All drilling data was validated as documented above. • Drill hole data was imported into DatamineTM Studio 3 and the topographic surface, and

depth of overburden surface were generated. • A surface for the base of the Lower Omao Formation was generated. • Envelopes for mineralization, using a 0.3% Cu “cut-off” to represent a low grade zone and

0.5% Cu “cut-off” to represent a high grade zone were generated. • A three-dimensional block model for the resource estimates was constructed. • Statistical and geostatistical analysis of drill hole samples contained within the mineralized

envelopes was undertaken. • Kriged neighborhood optimizations were run. • Cu and Ag grades were estimated into the block model using ordinary kriging. • The resource estimates were validated. • Resource estimates were then classified according to the SAMREC Code and to NI 43-101

standards. • The density values to be assigned were determined. • A mineral resource statement at 0.3%, 0.4%, 0.5% and 0.6 % Cu cut-offs for both the high

and low grade zones was generated.

The approach and methodologies applied in this resource estimation are in accordance with international resource reporting guidelines, including NI43-101. The three dimensional resource modeling, as well as the geostatistical techniques for grade estimation was undertaken using DatamineTM Studio 3.

14.1. KEY ASSUMPTIONS

Reports from previous studies (Sillitoe, 2010) indicate that while remnant copper sulphide minerals occur throughout the deposit, the oxidation zone appears to extend to depths of at least 200 m below surface. As the limit of the resource model is within 200 m below surface, it is therefore assumed to be predominantly oxide material. It is also assumed that the chip recovery during RC drilling was adequate to ensure that the sampled grades are representative of that interval.

14.2. GEOLOGICAL DATABASE

14.2.1. TOPOGRAPHY

As no regional topographic data was available at the beginning of the modeling process the topographic surface was based on the provided borehole collar positions, which were surveyed using only a handheld Global Positioning System (“GPS”) device. A 20 m contour interval was subsequently acquired from Giscoe (www.giscoe.com) and is displayed in Figure 23 below, which is colored on elevation amsl. Comparisons between the GPS measured collars and the Giscoe contours reveal discrepancies of between -5 m to +10 m in elevation.


49

Figure 23: Plan map showing topography colored on elevation amsl.

14.2.2. BOREHOLE DATA

A summary of all the boreholes used in this resource modeling exercise is shown in plan view in Figure 24 below.


50

Figure 24: Plan showing project limits and Borehole posting.

For Figure 24 the red polygon represents the project modeling limits and the borehole traces are colored on Cu values. A total of 38 boreholes with geological and or sampling data were contained in the database and 24 of these occur within the project modeling limits.

The Okohongo database was supplied to CCIC in an excel worksheet format, and consisted of historical drilling by Teck (a total of three DDH cores occur within the model limits) and 21 RC boreholes that were drilled by INV Metals. Geology logs contained data on the stratigraphical unit plus predominant rock type. The Assay logs contained sample ticket numbers and Cu and Ag analysis values. The original lab certificates contain analytical results for 35 elements, analyzed using the TD-ICP method.

The supplied data was imported into DatamineTM Studio 3 and validated. Validations included: checks for data completeness; gap/overlaps; missing entries; adherence to look-up codes for various data entries and outlier sample values. The outcomes of this process are discussed above in Section 12.

All of the boreholes were collared and surveyed using only a handheld GPS device. No down hole surveys were undertaken by INV Metals and borehole azimuths and dips were measured using a compass. Orientations are generally 70o to the west.

The results of the CCIC field visit, QAQC analysis and audit show that the quality of the analytical results is adequate for resource estimation.


51

14.2.3. DENSITY-SPECIFIC GRAVITY

With RC drilling, collection of reliable and representative Specific Gravity (“SG”) measurements is very difficult. INV Metals selected seven samples to be measured by Activation Labs using a gas pycnometer (Table 11). A summary of the results provides a mean of 2.83 g/cm3 with a minimum of 2.70 g/cm3 and a maximum of 2.98 g/cm3. One of the limitations of using the pycnometer technique is that 100% compaction is assumed, and hence will always return the maximum possible value. When the original rock is solid and without any porosity or voids (i.e. a piece of granite) then the density of the powder is very close to the density of the in situ rock. If the original rock however contains voids or porosity, then pulverizing this rock will artificially increase the density.

CCIC believes that these seven SG readings are therefore not representative of the bulk density for the deposit as a whole. Based on CCIC’s extensive in-house library of CAC SG’s and bulk densities, a more conservative SG of 2.45 g/cm3 was assigned to the model. This final figure was based on a number of theoretical calculations, CCIC’s understanding of other SSC deposits in the CAC and Kalahari copperbelts, as well as being benchmarked against other mining companies operating within similar geological settings.

Table 11: SG Measurements by INV Metals. BHID: Borehole ID. SAMPID: Sample ID. STRAT: Stratigraphic unit. Cu: copper. Ag: silver. SG: specific gravity in g/cm3.

BHID FROM TO SAMPID STRAT Cu Ag SG

INVR-001 42 43 20014 LO 0.13 1.40 2.90

INVR-006 68 69 20271 LO 0.23 2.10 2.78

INVR-007 84 85 20314 LO 4.88 75.00 2.98

INVR-008 28 29 20348 LO 0.32 4.10 2.70

INVR-011 42 43 20560 LO 3.15 64.00 2.78

INVR-012 69 70 20645 LO 0.95 2.30 2.80

INVR-013 87 88 20754 LO 0.85 13.10 2.86

14.3. GEOLOGICAL MODEL ON WHICH THE ESTIMATION IS BASED

14.3.1. ORE ZONATION

As illustrated in Figure 25 below there is only a fair statistical correlation between Cu and Ag values. The spatial correlation for Cu and Ag mineralization is however very good, with the best Cu and Ag mineralization occurring in the interbedded phyllites within the Lower Omao Formation. A single envelope was therefore created to represent both the Cu and Ag mineralization.


52

Figure 25: Scatter plot comparing Cu and Ag values.

Mineralization zonation was based on Cu values into “low” and “high” grade zones. The low grade zone is based on a 0.3% Cu to 0.5% Cu guideline. Values above 0.5% Cu were used to delineate the high grade zone. These values were used as a guideline because priority was given to spatial continuity. The envelopes were generated using DatamineTM Studio 3 on a section by section interpretation, going from south to north. Figure 26 below is a cross sectional illustration of the mineralized zones, with the high grade zone shown in purple and the low grade zone shown in blue. An internal barren zone, where present, is shown in green. The contact of the mineralization between the various grade zones is gradational. The dip of mineralization varies from about 18o in the south, flattening to about 8o in the north (Figure 26 to Figure 28). The best mineralization occurs in the central region as shown in Figure 26 and dissipates both along strike and down dip. The actual zone of mineralization however is still open at depth and possibly to the south.


53

Figure 26: Section showing Cu mineralization zonation.

A’ A

A A’


54

Figure 27: Section showing Cu mineralization zonation, with barren internal zone.

A’ A

A A’


55

Figure 28: Section showing Cu mineralization zonation with flatter dip.

A’ A

A A’


56

14.3.2. OXIDATION

No details on the intensity of weathering down the holes have been logged. Previous studies indicate copper oxidation to depths exceeding 200 m (Sillitoe, 2010). As the model limit is less than 200 m the entire model exists within the oxide zone.

14.3.3. STATISTICS

Statistical analyses were conducted separately for the two Cu zones, i.e. the low (0.3-0.5% Cu) and high (>0.5% Cu) zones. These two zones are represented as KZONE=1 and KZONE=2 respectively in the sample and block model files. The waste zone was flagged as KZONE=0 and the internal barren zone as KZONE=0.5. Boundaries between the different kzones were treated as hard boundaries. Geostatistical analysis and variography was conducted on the mineralized zone samples only, and the corresponding geostatistical parameters from the mineralized zone were applied to the waste zone during grade estimations.

14.3.4. COMPOSITING

During the sampling process for the RC drilling phase, the dominant sample size was 1.0 m and the database shows that more than 90% of the samples are 1 m intervals, with about 95% occurring between 0.7 m and 1.0m (Figure 29). All of the samples were composited to 1.0 m prior to any geostatistical analysis and grade estimations being undertaken.

Figure 29: Histogram showing sample lengths prior to compositing.


57

14.3.5. PERK ZONE

The two main zones (KZONE=1 and KZONE=2) were analyzed and interrogated. Table 12 and Figure 30 to Figure 33 below contain the statistical summaries for each kzone. These are based on the clustered dataset.

The Mean grade of the samples for the low grade zone is 0.38% Cu and 5.52 g/t Ag. Both elements are positively skewed with a few isolated Ag values greater than 40 g/t. The mean grade of the samples for the high grade zone is 1.30% Cu and 20.93 g/t Ag. The positive skewness and Coefficient of Variance (“CoV”) for the high grade zone is slighter less than for the low grade zone. A few Ag values of above 200 g/t are present.

Table 12: Summary statistics for composite Cu and Ag, per kzone. NSAMPLES= number of samples, STANDDEV= standard deviation, LOGESTMN= log normal estimation. KZONE Low Grade Low Grade High Grade High Grade

FIELD Cu Ag Cu Ag

NSAMPLES 132 132 441 441

MINIMUM 0.01 0.10 0.01 0.15

MAXIMUM 4.54 71.00 7.59 306.00

MEAN 0.38 5.52 1.30 20.93

VARIANCE 0.37 94.45 1.88 1119.25

STANDDEV 0.61 9.72 1.37 33.46

SKEWNESS 5.16 4.20 1.76 4.40

KURTOSIS 30.27 20.44 3.20 27.19

GEOMEAN 0.22 2.79 0.70 9.40

LOGESTMN 0.38 4.87 1.58 22.09

CoV 1.60 1.76 1.06 1.60


58

Figure 30: Histogram for Cu - Low grade Zone (KZONE 1).

Figure 31: Histogram for Ag - Low grade Zone (KZONE 1).


59

Figure 32: Histogram for Cu - High grade Zone (KZONE 2).

Figure 33: Histogram for Ag - High grade Zone (KZONE 2).


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14.3.6. TOP CAPPING

The initial strategy for top capping was to cap all extreme outlier samples. This was based on the histograms, probability plots, skewness and CoV of the data. An initial outlier capping of 2% Cu was applied to the low grade zone and no Cu capping was applied to the high grade zone. Capping for the low and high grade zones for Ag was 100 g/t and 250 g/t respectively.

Further secondary capping was determined during the validation of the estimates phase. This involved the spatial comparisons of samples against the model estimates within regions of the model. The aim of this process was to assess the impact of outlier samples on the estimates, i.e. smearing of isolated high values over large areas. No secondary capping was applied to the Cu values. A secondary capping of 60 g/t and 200 g/t was however applied to the Ag low and high grades zones. A summary of top cut values applied is provided below in Table 13. All values above the top cut threshold have been re-set to the threshold value prior to the grade estimation.

Table 13: Summary for top cap values, initial and secondary capping. Ore Zone Initial Cu Initial Ag Secondary Cu Secondary Ag

Low Grade 2% 100g/t - 60g/t

High Grade - 200g/t - 200g/t

14.3.7. VARIOGRAPHY

Variogram analysis and modeling was undertaken for the mineralized zone samples only. Variogram calculations and analysis were undertaken using DatamineTM Studio 3. The variogram modeling and plotting was undertaken in both DatamineTM Studio 3 and Excel.

A top cut of 150 g/t for Ag was used during variography to reduce the effect of outlier samples and to improve the overall continuity. Because drilling is approximately normal to the orientation of mineralization, the down-hole experimental variograms were used to represent variance in the across strike direction. Variogram analysis and investigations identified anisotropic variogram models, but with the long and medium axes of similar length (i.e. isotropic in the plane of the mineralization), with the across strike direction having the shortest range.

The variogram model was rotated into the plane of mineralization so that the Y-Axis was orientated down the dip of the mineralization. Figure 34 and Figure 35 below show graphical imagines for the down hole variograms for both Cu and Ag respectively. These were used to determine the nugget, and to model the across strike direction. Figure 36 and Figure 37 illustrate the anisotropic variogram model in the three principal directions (along strike shown in red, down dip in blue and across strike in green).


61

Figure 34: Down-hole variogram for Cu.

Figure 35: Down-hole variogram for Ag.

0

0.5

1

1.5

2

2.5

0 2 4 6 8 10 12 14 16 18 20

Gam

ma

h

Distance,h [m]

Downhole - Cu

Fitted model Experimental Pop var

0

0.5

1

1.5

2

2.5

0 2 4 6 8 10 12 14 16 18 20

Gam

ma

h

Distance,h [m]

Downhole - Ag

Fitted model Experimental Pop var


62

Figure 36: Anisotropic variogram model for Cu.

Figure 37: Anisotropic variogram model for Ag.

A summary of the variogram model parameters are given in Table 14 below. The nugget (C0) and spatial variances (C1, C2) have been scaled to equal 1. Copper has a very low nugget, characteristic of stratiform copper deposits, with the range of influence being between 110 to 160 m along dip and strike. Silver has a higher nugget of 0.21 and an almost isotropic range of 160 m along dip and strike.

Table 14: Summary of variogram parameters for Cu and Ag.

C0 R1X R1Y R1Z C1 R2Y R2Y R2Z C2

Cu 0.074 33.00 90.00 3.00 0.340 163.00 110.00 6.00 0.590 Ag 0.21 120.00 120.00 5.00 0.40 150.00 160.00 7.00 0.39


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14.4. RESOURCE ESTIMATION

14.4.1. METHOD

Ordinary kriging was selected as the method for estimation, using the DatamineTM Studio 3 Estima process. There is a distinct change in the dip of mineralization in the south compared to the north. It is believed that this change may be due to rotation along a fault in the central part of the Project area. Dips in the southern region average 18o while in the northern regions are 8o. Two different search orientations have therefore been used to reflect the dips.

14.4.2. MODEL CONSTRUCTION AND PARAMETERS

The parent cell size for the model construction was 25m*50m*5m in the X (dip), Y (strike) and Z (across strike) directions respectively. This was determined by considering the average drill spacing together with optimization of the kriging variance.

Model attributes are as follows:

• A waste halo was created to fill the limits of the model prototype (KZONE=0). • The low grade zone was overprinted on the waste (KZONE=1). Superimposed on this was

the high grade zone (KZONE=2). Finally, the internal barren zone was overprinted (KZONE=0.5).

• Each of the KZONE’s was estimated with hard boundaries. The waste and internal barren zones were estimated for indicative purposes only and are not reported in the resource tabulations.

• A SG of 2.45 g/cm3 was assigned to the mineralized zones.

14.4.3. KRIGE NEIGHBOURHOOD TESTING

Kriged neighborhood testing and optimization was based on the following fixed parameters:

• Parent Block Dimensions – 25m*50m*5m in X,Y,Z. • Discretization fixed at – 6*6*3 in X,Y,Z.

Optimization was aimed at determining the best search range for an acceptable Kriging Variance (“CUESTVAR”) and Slope of Regression (“SLOR”) whilst making sure there are no or very little negative kriging weights being assigned to samples. The focus was on Cu estimates and the same parameters were applied to Ag. The reason for this is to ensure that the same samples are used for both Cu and Ag estimates, thereby attempting to best preserve the inherent correlation in the samples, and to ensure that every cell has both a Cu and Ag estimate. These parameters were however tested to check if the Ag estimates were of an acceptable kriging error. All optimization was focused in the X and Y plane, with the Z direction kept fixed at the search range of 5 m.

Results of this study are shown as a chart in Figure 38 and Figure 39 below representing the dip and strike directions respectively. These charts show the kriging variance (“KVAR”) in blue (left hand axis) and SLOR in red (right hand axis). There is a rapid improvement in the KVAR and SLOR up to 100 m along strike. The number of kriging weights however remained at zero (0). The optimum search distance was determined to be 120 m*70 m*5 m in the strike, dip and across strike directions. The complete results of this process were provided in the CCIC (2011) report to INV Metals. During the actual estimations this search distance was however increased to 150 m*150 m*10 m to ensure that all cells were estimated. To prevent the influence of smearing and negative kriging weights in areas with closer drill spacing, the maximum number of samples to be used for an estimate was restricted to 28, as determined during the kriging optimizations.


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Figure 38: Chart showing KVAR and SLOR Values for Cu, dip direction.

Figure 39: Chart showing KVAR and SLOR Values for Cu: strike direction.

14.4.4. KRIGING PARAMETERS

The Kriging parameters utilized are summarized below:

• Ordinary Kriging was selected as the method of estimation. • Parent Cell Estimation was done using Datamine Studio’s Estima process. • Discretization was set at 6*6*3 in the X, Y and Z directions of the cells. • Search parameters for estimation are given in Table 15 below. • The KZONE field was used as zonal control during estimation. • The estimation error is recorded in the CUESTVAR and AGESTVAR fields. • A second search volume factor of two was used. The estimates are recorded in the SVOL

field.

0.84

0.86

0.88

0.9

0.92

0.94

0.96

0.98

1

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0 50 100 150 200 250 300

SLO

R

KVA

R

Distance, m

Search Opt - Dip KVAR SLOR

0.8

0.82

0.84

0.86

0.88

0.9

0.92

0.94

0.96

0.98

1

0

0.1

0.2

0.3

0.4

0.5

0.6

0 50 100 150 200 250 300

SLO

R

KVA

R

Distance, m

Search Opt - Strike KVAR SLOR


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Table 15: Summary of search parameters.

SDIST1 SDIST2 SDIST3 MINNUM1 MAXNUM1 SVOLFAC2 MINNUM2 MAXNUM2 MAXKEY

Cu/Ag 120 70 5 10 40 1.5 10 40 10

14.4.5. MODEL VALIDATION

The model validations involved the following:

• Visual comparison of drill hole values against estimated model values. These are illustrated in Figure 40 below which shows the drill holes with Cu histograms down the hole, color coded on Cu values. These represent Cu values from the drill holes. The model cells are color coded on estimated Cu values. There is a good spatial correlation between drill hole values and estimated values.

Figure 40: Visual comparison – Boreholes against model estimates.

• Trends analysis involves checking to ensure that regional grade trends from drill holes are present in the model. Ordinary kriging, in order to reduce the estimation errors, tends to have a smoothing effect. The objective of this exercise is to ensure that regional or local trends are preserved in the three principal directions (X, Y and Z). Regional trend analyses are shown below (Figure 41 and Figure 42). From these figures it can be seen that the red line model estimate is a smooth representation of the drill hole values (blue line). A block size of 150 m*200 m*10 m was used to undertake the block on block comparison.

A’

A

A A’

A’


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Figure 41: Regional trend analysis for Cu – block on block.

Figure 42: Regional trend analysis for Ag – block on block.

Statistical comparison between drill hole values and estimated values are presented in Table 16 and Table 17 below. Estimates from the high grade zones tend to have a lower mean grade. The reason for this is that more drill holes are clustered together in the high zone in the central area.


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Table 16: Statistical comparison for samples and model - Cu. STANDDEV= standard deviation, LOGESTMN: lognormal estimation.

Sample

Model

KZONE LG HG KZONE LG HG FIELD Cu Cu FIELD Cu Cu NSAMPLES 132 441 NSAMPLES 27710 52561 MINIMUM 0.01 0.01 MINIMUM 0.05 0.17 MAXIMUM 2.00 7.59 MAXIMUM 0.87 4.53 MEAN 0.34 1.30 MEAN 0.32 1.17 VARIANCE 0.13 1.88 VARIANCE 0.01 0.38 STANDDEV 0.36 1.37 STANDDEV 0.12 0.62 SKEWNESS 2.72 1.76 SKEWNESS 1.02 1.02 KURTOSIS 8.90 3.20 KURTOSIS 0.66 0.81 GEOMEAN 0.21 0.70 GEOMEAN 0.30 1.02 LOGESTMN 0.36 1.58 LOGESTMN 0.32 1.18

Table 17: Statistical comparison for samples and model - Ag. NSAMPLES= number of samples, STANDDEV= standard deviation, LOGESTMN: lognormal estimation. Sample

Model

KZONE LG HG KZONE LG HG FIELD Ag Ag FIELD Ag Ag NSAMPLES 132 441 NSAMPLES 27673 52501 MINIMUM 0.10 0.15 MINIMUM 0.52 1.78 MAXIMUM 60.00 200.00 MAXIMUM 22.64 128.06 MEAN 5.43 20.42 MEAN 4.89 18.57 VARIANCE 84.15 889.14 VARIANCE 13.72 155.39 STANDDEV 9.17 29.82 STANDDEV 3.70 12.47 SKEWNESS 3.82 3.26 SKEWNESS 1.66 1.51 KURTOSIS 16.13 13.52 KURTOSIS 2.39 3.63 GEOMEAN 2.79 9.38 GEOMEAN 3.87 14.92 LOGESTMN 4.85 21.90 LOGESTMN 4.83 18.91


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14.5. RESOURCE CLASSIFICATION

The definition of a resource according to the SAMREC (and NI 43-101) reporting codes is:

A ‘Mineral Resource’ is a concentration or occurrence of material of economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction.

The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, or estimated from specific geological evidence, sampling and knowledge interpreted from an appropriately constrained and portrayed geological model.

Mineral Resources are subdivided, and must be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories.

Based on the geological data and information presented in this report, there is sufficient information about the location, shape, size, geological characteristics and continuity of the deposit to declare a resource. QAQC protocols and results indicate an acceptable level of confidence in the sample analysis.

Drill hole spacing of 50 m down dip and 100 m along strike does not however provide enough confidence in the grade estimates to be placed in the Indicated Resource category. Lack of precise borehole survey also casts some doubt on the position, estimated thickness and hence potential volumes. The lack of comprehensive SG measurements adds additional uncertainty to the tonnages and metal calculations. The resource estimates provided here are therefore classified only into the Inferred category for resources. Further infill drilling is required to upgrade the resource category.

14.6. RESOURCE STATEMENT

A resource statement by definition is – that part of a deposit that has a reasonable and realistic prospect for eventual economic extraction.

The total material within the deposit for the purpose of this study is referred to as the Mineral Inventory. From this Mineral Inventory, that portion that has a reasonable and realistic prospect of eventual economic extraction is reported as a Mineral Resource. Recent techniques for determining Mineral Resources involved the generation of an ‘optimistic’ pit shell using pit optimization software tools that employ the Lerch Grossman algorithm and then report on the material contained within the ‘optimistic’ pit shell. This pit optimization has not been conducted as part of this study. It is however strongly recommended that this pit optimization study be conducted by a qualified mining engineer to determine the Mineral Resources contained within an optimistic pit shell. In the interim, the Mineral Resources for Okohongo are quoted using the traditional methods of quoting the resources above a certain economic cut-off grade.

The Mineral Inventory has been calculated by taking all the material inside the mineralized envelope. Waste material has been excluded from the resource tabulations, i.e. only the Low and High grade zones have been computed. To determine the Mineral Resources part of the inventory, an economic cut-off grade of 0.5% Cu was used. Ag is treated as a by-product during the determination of Mineral Resources and hence is not factored into the calculation of economic cut-offs. Due to the complex deformation of the deposit, a geological loss factor of 10% has been applied.

These are illustrated as a grade tonnage table below (Table 18). The total mineral inventory is 11.69 Mt @ 1.01% Cu and 15.85 g/t Ag, Mineral resources quoted at a 0.5% Cu cut-off are 8.70 Mt @ 1.24% Cu and 19.73 g/t Ag. Silver metal is quoted as Troy Ounces.


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Table 18: Grade Tonnage Table. CUTOFF SG Tonnes Cu % Ag g/t Cu Tonnes Ag Ounces Category

0 2.45 11,691,539 1.01 15.85 117,645 5,957,874 INFERRED 0.1 2.45 11,682,796 1.01 15.86 117,640 5,957,640 INFERRED 0.2 2.45 11,453,414 1.02 16.13 117,219 5,940,047 INFERRED 0.3 2.45 10,196,456 1.12 17.75 114,046 5,818,534 INFERRED 0.4 2.45 9,535,538 1.17 18.66 111,731 5,719,226 INFERRED 0.5 2.45 8,705,239 1.24 19.73 107,993 5,522,454 INFERRED 0.6 2.45 8,142,684 1.29 20.50 104,877 5,366,572 INFERRED 0.7 2.45 7,366,110 1.35 21.61 99,810 5,116,714 INFERRED 0.8 2.45 6,379,793 1.45 23.16 92,402 4,750,190 INFERRED


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15. MINERAL RESERVE ESTIMATES

No Mineral Resources have been converted to Mineral Reserves.

16. MINING METHODS

Mining methods have not been addressed at this stage, however the gently east-dipping character of the Okohongo resource mineralization lends itself to open-pit extraction using conventional equipment.

17. RECOVERY METHODS

As chrysocolla and malachite are the principal oxide copper minerals it would be anticipated that copper could be recovered by conventional acid leaching. Remnant sulphide minerals do occur and the original mineralized horizon appears to have comprised mainly chalcocite and intergrown bornite, which pass both upwards and downwards into a pyrite zone. Chalcopyrite is presumed to have existed in the transition between the chalcocite-bornite and pyrite zones, although none was observed.

No mineral processing and metallurgical test work has been undertaken on samples from the Property to date, however INV Metals has advised CCIC that such test work will be undertaken in the near future.

18. ADJACENT PROPERTIES

Teck is the only major company that holds claims in the Kaoko area. All of the surrounding properties are either held by small, local Namibian companies or individuals, or by Chinese or Russian interests. No data is available from these small scale miners but it is not expected that they would have a material impact on the Okohongo Project.

19. OTHER RELEVANT DATA AND INFORMATION

No other relevant data or information is available. A risk assessment workshop has not been conducted for this resource estimate.


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20. CONCLUSIONS

The entire Kaoko property is located within a geological environment considered analogous to the CAC. INV Metals’ exploration program to date has exceeded its original objective as a result of boreholes intersecting significant grades and thicknesses of Cu mineralization at Okohongo.

The QAQC procedures applied to the Okohongo Project are in general well carried out and appropriate for the purpose of the initial exploration phases, addressing all issues such as possible sample contamination and lab precision. CCIC has reviewed a number of the systems and protocols put in place for the Okohongo Project drilling, logging, sampling and assaying and has viewed various of the drill hole logs and original core chips, as well as the assay certificates and quality assurance quality control data in digital format. Industry standard methodologies were utilized by INV Metals in all aspects of sample collection, preparation, shipment, chain of custody and QAQC, and the data is of sufficient standard for geological modeling and resource estimation. This has been aided in no small part by good management and good continuity of geological staff, and to the controls and balances put in place for the previous exploration programs. Improvements could however be made with regards to borehole collar and down-hole surveys of future drilling campaigns. Also, core recoveries of the diamond drill cores should be part of the database, and more attention should be paid to the depth of weathering and oxidation state of the strata.

Due to time and cost constraints, CCIC has not visited the relevant assay laboratories, nor did it have access to the original Teck DDH cores.

From its site visit and review of exploration results and analyses, and other information provided by INV Metals, and as amended as necessary, CCIC confirms that it is satisfied with the existence of the natural resource. An Inferred Mineral Resource of 8.70 Mt grading at 1.24% Cu and 19.73 g/t Ag, quoted using a 0.5% Cu cut-off is here reported. Based on the drilling results and interpretation to date, it appears that the Okohongo System remains open to the south. There is also a sizeable untested area to the north that could prove to be underlain by similar mineralization.

21. RECOMMENDATIONS

Based on this Report the following actions have been identified and recommended to be completed during or prior to this project progressing to the next stage of exploration:

• A precise survey of all known boreholes collars to be undertaken. • All future borehole collars to be accurately surveyed by a certified surveyor, and down hole

surveys to be undertaken. • Detailed weathering intensity logs to be compiled during any future drilling phases. • A comprehensive database of specific gravity values to be compiled, preferably as bulk

samples representing the various zones and areas of mineralization. • All diamond drill holes to have accurate core recovery logs. • Copper-bearing samples from at least two of the holes to be analyzed for acid-soluble

copper. The resulting assays will give an initial idea of the percentage of the copper potentially recoverable by acid leaching. Determination of gangue acid consumption for several representative composite samples is also recommended.

• An ‘optimistic’ pit optimization be undertaken to determine the resources inside a pit shell. This will help identify parts of the deposit with the best potential to be converted to reserves and hence focus on upgrading of the resources in these parts.

Should a mineral reserve be defined at Okohongo, it would be advisable to routinely determine acid-soluble copper (as well as total copper) and gangue acid consumption for all copper-bearing samples.


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22. REFERENCES

Allen, C.R. (2004). Potential for Copper Belt Cu-Co Mineralization in Namibia. Internal Teck Cominco memo, dated March 1st 2004.

Allen, C.R. (2005). Kaokoland Copper, NW Namibia. Internal Teck Cominco memo, dated March 30th 2005.

Broughton, D. (2005). Report a Field Evaluation of the Potential for Sediment-Hosted Stratiform Copper Deposits in Neoproterozoic Metasedimentary Rocks of the Damaran Sequence, Kaokoveld area, northwestern Namibia. Independent Consultant report for Teck Cominco Limited, dated March 10th 2005.

Cailteux, J.L.H., Kampunzu, A.B., Lerouge, C., Kaputo, A.K., and Milesi, J.P. (2005). Genesis of sediment-hosted stratiform copper-cobalt deposits, central African Copperbelt. Journal of African Earth Sciences 42, 134-158.

CCIC (2011). INV Metals Inc.’s Okohongo Project, Namibia – Site visit, quality assurance/quality control and mineral resource estimate. Independent Consultant Report for INV Metals Inc. dated June 16th 2011, pp. 68.

Chamber of Mines Namibia Newsletter December 2009.

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Gray, D.R., Foster, D.A., Meert, J.G., Goscombe, B.D., Armstrong, R., Trouw, R.A.J. and Passchier, C.W. (2008). A Damaran Orogen perspective on the assembly of southwestern Gondwana. Geological Society, London Special Publication 294, 257-278.

Gray, D.R., Foster, D.A., Goscombe, B.D., Passchier, C.W. and Trouw, R.A.J. (2006). 40Ar/39Ar thermochronology of the Pan-African Damara Orogen, Namibia, with implications for tectonothermal and geodynamic evolution. Precambrian Research 150, 49-72.

INV Metals (2010). Copper Zone discovered at Kaoko Copper Property, Namibia. Press Release, dated September 15th 2010, Toronto, Canada, pp. 12.

INV Metals (2011). INV Metals Announces 10.2 Million Tonne 1.12% Copper Inferred Resource at Kaoko. Press Release, dated June 22nd 2011, Toronto, Canada.

Jennings, S. and Bell, R.C. (2011). Technical Report on Recent Exploration at the Kaoko Copper-Silver Property in Northwest Namibia. INV Metals, dated June 15th 2010, pp. 88.

Jennings, S. and Bell, R. (2010). Technical Report on Recent Exploration at the Kaoko Copper-Silver Property in Northwest Namibia, dated October 27th 2010, filed on SEDAR.

Knupp, K.P. (2005). Northwest Namibia Copper, Interpretation of the Kaoko Airborne Magnetic and Radiometric Data. Independent Consultant’s Report (Earthmaps Consulting) to Teck Cominco Namibia Ltd., dated September 9th 2005.

Konopásek, J., Kröner, S., Kitt, S.L., Passchier, C.W. and Kröner, A. (2005). Oblique collision and evolution of large-scale transcurrent shear zones in the Kaoko belt, NW Namibia. Precambrian Research 136, 139-157.

Kosiy, L., Bull, S., Large, R. and Selley, D. (2009). Salt as a fluid driver, and basement as a metal source, for stratiform sediment-hosted copper deposits. Geology 37, 1107-1110.

http://www.mme.gov.na/gsn/�


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Marshall, L. (2007). NWN Cu Petrophysical and IP data. Internal Teck Report, dated June 13th 2007.

Marshall, L. (2007). NWN Cu Petrophysical and IP data. Internal Teck Report, dated July 25th 2007.

Miller, R.McG. and Grote, W. (1988). Geological map of the Damara Orogen of South West Africa/Namibia 1:5.000.000. Geological Survey of Namibia, Windhoek.

Miller, R. McG. (2008). Neoproterozoic and early Paleozoic rocks of the Damara Orogen. In: The Geology of Namibia, Volume 2, Section 13-1, 13-403.

Porada, H. (1989). Pan-African rifting and orogenesis in southern to equatorial Africa and eastern Brazil. Precambrian Research 44, 103–136.

Schneider and Seeger, (1992). Mineral Resources of Namibia.

Sillitoe, R.H. (2010). Comments on the Okohongo and Sesfontein copper prospects, Kaoko Project, Namibia. Internal Report for INV Metals, dated May 2010, pp. 10.

Tuncer, V., Suleyman, O., Sha, L. and Lambert, J. (2011). Regional Geophysical Interpretation of the Kaoko Property, Namibia. Independent Consultant’s Report (TerraNotes Limited) to INV Metals Inc., dated June 14th 2011.

Transparency International website: http://www.transparency.org/policy_research/surveys_indices/cpi/2009/cpi_2009_table

Woodhead, J. (2007). Northwest Namibia Copper Project, Kaoko Belt, Namibia: A Solid Geology Interpretation of Regional Aeromagnetic and Radiometric Surveys. Independent Consultant’s Report to Teck Cominco Namibia Limited.

World Bank, http://web.worldbank.org

http://www.transparency.org/policy_research/surveys_indices/cpi/2009/cpi_2009_table�

http://web.worldbank.org/�


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23. DATE AND SIGNATURE PAGES


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24. CERTIFICATE OF PHILIP JOHN HANCOX


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25. CERTIFICATE OF SIVANESAN SUBRAMANI

technical report on the okohongo copper ......technical report on the okohongo copper-silver...

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