TECHNICAL REPORT ON THE GUAYABALES GOLD PROJECT DEPARTMENT OF CALDAS REPUBLIC OF COLOMBIA FOR TRESORO MINING CORP.

Report # 965 A.C.A. HOWE INTERNATIONAL LIMITED Toronto, Ontario, Canada Daniel C. Leroux, B.Sc., P.Geo. Effective Date: July 31, 2012 Signing Date: August 16, 2012

A.C.A. HOWE INTERNATIONAL LIMITED

Mining and Geological Consultants

Effective Date: Signing Date:

July 31, 2012 August 16,2012

Report Number:

965

Client Reference:

TRESORO MINING CORP. TECHNICAL REPORT ON THE GUAYABALESGOLDPROJECT DEPARTMENT OF CALDAS REPUBLIC OF COLOMBIA

Author:

Daniel C. Leroux, B.Sc., P.Geo. Vice President and Senior Geologi

SUMMARY At the request of Mr. Gary Powers, President of Tresoro Mining Corp. (Tresoro), A.C.A. Howe International Limited (Howe) has prepared this technical report (the Report) conforming to the standards dictated by National Instrument 43-101 (NI 43-101), companion policy NI43101CP and Form 43-101F (Standards of Disclosure for Mineral Projects) in respect to the Guayabales Gold (Tresoro Property). Howe understands that Tresoro will use the Report towards raising funds to complete an IPO for Tresoro. The Guayabales property consists of one block totalling 247.85 hectares located in the Marmato Mining District of Caldas Department, Colombia. The property is located approximately 80 kilometers south of the city of Medellin and is centered at approximately 1,162,000E, 1,099,000N, Colombian National Grid, Choco projection, or in geographic coordinates at latitude 5.48oN and longitude 75.61oW. Under Colombian law, the property boundaries are determined by coordinate descriptions defined on the original application, and as awarded to the applicant by the Colombian Ministry of Mines and Energy. The property boundary points were located by Tresoro by global positioning satellite survey. The Encanto Zone mining area, and 16 known underground workings occur within the Guayabales property boundary Guayabales is located in the Marmato Mining District, a region that has an extensive and productive gold mining history dating back to before the time of the Spanish Conquistadors, and continuing to the present. Security, access, infrastructure and available workforce are adequate to support the development of a mineral deposit at Guayabales due to an active and growing mining industry presence in the area. The Guayabales property is located on the eastern margin of the Western Cordillera of the Colombian Andes, and occurs within a regional scale structural zone that hosts the productive Middle Cauca Gold Belt (i.e., credited with 16 million ounces of historical gold production). The porphyry gold and intermediate sulfidation gold-silver mineralization at Guayabales, and the Marmato District in general, is related to the emplacement of stocks of late Miocene age. Structure is an important control on the mineralization, particularly along northwest trending shear zones. The Guayabales property hosts a porphyry gold (copper) system and related intermediate sulfidation gold-silver mineralization within a northwest trending structural corridor. The porphyry is characterized by hydrothermal alteration of intrusive and sub-volcanic rocks comprised of argillic, intermediate argillic, and potassic overprinted by +- phyllic assemblages. Quartz vein sets cross-cut the altered rocks. The intermediate sulfidation mineralization, known as the Encanto Zone, ranges from 20 to 40 meters in width, strikes N50o-60oW, and has a subvertical to steep southwesterly/northeasterly dip. Encanto Zone alteration occurs as multi-phase quartz, clay-white mica, and sulfide-rich breccia. Gold and silver mineralization occurs in quartz and sulfides as native gold, auriferous pyrite, argentite, argentiferous galena, and electrum. The Comunidad de Guayabales commenced underground exploration and development activities in 1995. These small scale underground mining operations have resulted in low rates of artisanal gold-silver production that continue to the present. A formal process to legalize property ownership was initiated in 2002, and was granted to the entity Comunidad Minera Guayabales as concession contract #LH0071-17 on March 28, 2008. Two North American companies are known to have conducted previous exploration programs on the property: a) Colombia Gold (CG) from 2005-2006, and b) Colombian Mines Corporation (CMC) from 2006-2009. 3

Tresoros former company name Mercer Gold Corp (MGC) commenced exploration in April 2010. During this period, Tresoro-MGC collected 253 soil samples on a 100 by 100 meter grid over the entire Guayabales property. The results yielded distinctly high grade soil geochemistry outliers for gold (max=4.797 g/t), silver (max=26.2 g/t), and lead (max=1772 ppm). The soil sampling results delineate the epithermal mineralization of the Encanto Zone as a west-northwest trending, 1000 meter long by 100 meter wide gold anomaly. The porphyry target is outlined as a broad 900 by 500 meter semi-circular area within the property boundary of anomalous gold and copper mineralization and pathfinder geochemistry. Other, lower priority targets were defined as well. Tresoro-MGCs 89 reconnaissance rock samples delineated the porphyry targets Northeast Zone (16 vein samples, with 13 assaying > 0.5 g/t Au), which is a peripheral extension of the Portada Zone, as well as series of gold mineralized samples within the Portada and Mill Zones (17 samples, 6 samples >0.5 g/t Au). Elsewhere on the property, the reconnaissance rock sampling yielded anomalous gold arrayed along trend with the Encanto Zone. In addition to single point gold anomalies suggesting targets for future follow-up, a number of samples are also anomalous in other metals, including a high grade silver sample that assayed 1782 g/t. The Comunidad de Guayabales work has focused on exploiting the Encanto Zones high grade gold-silver mineralization in relatively narrow underground workings that average 1-3 meters in width, along a strike trend of approximately 250 meters. CGs and CMCs exploration programs focused in the Encanto mine area. CMC collected 512 underground rock chip channel samples that returned average grades of 1.10 g/t gold and 18.6 g/t silver. The best sampling results came from the two principal Encanto Zone mines: Cacica (42 samples averaging 4.71 g/t Au and 50.9 g/t Ag) and Encanto (64 samples averaging 3.67 g/t Au and 21.7 g/t Ag). Significant mineralization was also sampled in the underground workings of the Encanto Zone hanging and footwalls. Taken together, the CMC and CG mine area sampling delineated a west-northwest trending, gold-silver mineralized corridor centered along the Encanto Zone, with dimensions of 650 meters northwest-southeast by 350 meters northeast-southwest. The majority of this mineralized structural corridor has not been explored. MGC collected only 15 underground samples in the mining area due to heavy rains and flooding during the last six months. Both CMC and Tresoro-MGC have drill tested the Encanto Zone. CMCs 17 hole diamond drill program was conducted during 2008. The holes were located along 450 meters of projected Encanto Zone strike length, and had orientations that were directed perpendicular to the strike direction. The drill program yielded: a) five holes that intersected the main Encanto Zone across its entire width, b) four holes that initiated penetration of the main zone, but were lost before completion, c) three holes that intersected anomalous gold-silver mineralization along trend to the northwest and southeast, and d) intercepts from a number of drill holes in the hanging wall and footwall of the gold zone. Intercepts from the Encanto Zone include GDH07 which returned 21.85 meters (9.18m est. true thickness) averaging 2.43 g/t gold and 16.5 g/t silver, including 3.15 meters (1.32m est. true thickness) at 11.0 g/t gold and 43 g/t silver. From October 2010 to April 2011, Tresoro-MGC completed 4,060.97 metres of drilling in eleven (11) drill holes. The drill campaign commenced in October 2010 and was halted on April 2, 2011. The planned Tresoro-MGC drill program was for a total of 17 holes totaling 5,000 metres. The diamond drilling was carried out by local Colombian contractor Logan Drilling Colombia S.A.S. with a track mounted, light weight Duralite T600N core rig. All holes have been collared from surface, with casing set through gravels and saprolite, and drilled with HQ core, with reduction to NQ necessary in zones of poor recovery and at depths of over 400 meters. 4

The eleven completed Tresoro-MGC drill holes had southwest and northeast directed azimuths across the Encanto Zone strike direction, and inclinations of -42 to -70 degrees. Holes MGDH01, redrill MGDH-01A, and MGDH-02 were drilled from the same pad in the area of the La Cacica mine, and between CMC holes GDH14 and GDH15. These three MGC holes intersected the Encanto gold-silver mineralized zone. MGDH-02, drilled at a steeper inclination, intersected two thin mineralized intervals approximately 55 meters down-dip from MGDH-01 and MGDH01A. MGDH-03 was drilled approximately 200 meters along strike to the northwest, and intersected the Encanto Zone, as well as a second in-parallel zone deeper in the hole. Tresoro - MGCs eleven holes in the Encanto Zone all successfully intersected the targeted goldsilver mineralization as well as additional gold-silver mineralization near surface. The gold-silver mineralization intersected by Tresoro-MGC is relatively consistent with expected results, and as previously reported from CMCs drilling. Porphyry gold mineralization at Guayabales was first recognized from CMCs work in 2007, with a substantial follow-up program conducted by Tresoro - MGC in 2010. CMC collected 163 surface chip channel samples along the access road leading to the underground mining area. The road generally trends perpendicular to the west-northwest structural trend projecting onto the Guayabales property from Marmato-Echandia. CMCs sampling delineated a broad, over 600 meter wide zone of fracturing, quartz veining, and consistent grades of gold mineralization averaging 0.24 g/t, and anomalous copper-lead geochemistry. Tresoro - MGCs work consisted of detailed (1:200 scale) road cut geologic mapping and channel sampling, and both confirmed and expanded on CMCs results. MGC collected a total of 133 samples, primarily as chip channels that totaled over 235 meters of sampling. The Tresoro - MGC road cut samples returned a length weighted average grade of 0.28 g/t gold (this compares favorably with CMCs 0.24 g/t Au avg). The gold grades are notably consistent, with a median of 0.23 g/t gold. Anomalous levels of copper (avg=368 ppm, max=974 ppm) and lead (avg=133 ppm, max=1871 ppm) are present with the gold mineralization. The road cut mapping and sampling, in conjunction with the geochemical patterns from the soil geochemistry, defines a 750 by 400 meter target characterized by elevated gold, copper, and other metals within an alteration pattern characteristic of a gold (copper) porphyry system. In a district scale exploration context, the Guayabales property is located immediately adjacent to, and on trend with, the mineralized structures of the Marmato mining complex. The similarities of Guayabales and Marmato include a number of key elements, including the same: a) host rocks, b) structural trends, c) styles of mineralization, and d) types of alteration. The northwest striking Marmato mineralized trend consists of an extensive set of sub-parallel veins and veinlets over an area in excess of one kilometer along strike, and more than one kilometer wide, while the Echandia trend consists of a similar set of parallel to sub-parallel veins and veinlets explored and developed over an area approximately one kilometer along strike and more than 500 meters wide. These trends consist of higher grade gold-silver zones that occur within broad halos of lower grade disseminated stockwork and porphyry-style mineralization that have bulk-mining exploitation potential. The geological similarities and close proximity of Guayabales and the Marmato mining complex provides a compelling exploration opportunity for MGC. MGC has identified a bulk-tonnage, precious metals porphyry gold target at Guayabales. In addition, there remains significant exploration potential for higher grade gold-silver Encanto Zone mineralization that could be exploited with selective underground mining techniques. Emphasis is placed on the fact that the precious metals mineralization at Marmato is exposed over a vertical extent of more than 1,000 meters, yet exploration at Guayabales has been limited to the upper 100 to 200 meters of the 5

system. Further, Moncayo (Moncayo and others, 2010) observed that the upper exploitation level at Marmato is at an approximate elevation of 1500 m.a.s.l., yet the southern sector of the Guayabales property is at an elevation above 1800 m.a.s.l. It follows that the mineralized system evident at Marmato may indeed be at depths +250-300 meters below the current topographic surface in the southern sector of the Guayabales property. This straight-forward, but extraordinarily important observation has important exploration implications. Furthermore, the broad, 1100 meter wide, northwest trending corridor of gold-silver and gold (copper) mineralization on the Guayabales property is on trend with, and is of a similar width as, the projection of the Marmato-Echandia mineralized zones. It follows from the foregoing relationships, that the exploration target area at Guayabales not only includes the broad lateral projection of the Marmato-Echandia trends onto the property, but as well, a potentially significant projection to depth. Guayabales is a property of merit, with multiple upside target types justifying exploration followup. The geologic relationship of gold-silver intermediate sulfidation to porphyry gold mineralization provides a metallogenic context for the exploration targets and 2011 program for the Guayabales project. Tresoro-MGCs principal exploration target is a bulk-tonnage, porphyry precious metals deposit that will be potentially amenable to open-pit mining. A second target type with upside exploration potential is the long recognized, higher-grade vein zones amenable to selective, underground mining exploitation. The potential for defining economic gold-silver mineralization of this style is clearly manifested by the presence of a number of small scale mining operations on the property. General recommendations for the 12 month Guayabales work program are listed below: 1. A system of umpire lab check assays should be implemented to provide additional confidence in Tresoro-MGC drill sample results. This QA program should concentrate on samples from mineralized intervals, but random samples of non-mineralized material should be included. 2. A study to determine if there is a recovery versus grade sampling issue for Encanto mineralized drill intervals should be conducted. Efforts to improve core recoveries at the rig should continue. 3. A study of whether a coarse gold component can be identified with screen fire assay analysis of coarse rejects from mineralized Encanto Zone intervals should be conducted. 4. Mineralized and altered zones from the CMC drilling should be re-logged and results confirmed by re-assaying the available coarse rejects. 5. A survey network on the property should be established as a base to accurately locate current and past drilling, all mine openings and other works related to ongoing mining, as well as to provide a reference for field mapping and setup a grid for future geophysical surveying. 6. An updated, photogrammetrically accurate topographic base should be generated, most likely from satellite stereo imagery. The imagery must be tied to the local ground survey. 7. The completion of the 2010-2011 Tresoro-MGC drill program should be completed in order to test priority targets (3,000m) followed up by an additional 3,000m drill program based on the results of the Tresoro-MGC 2010-2011 drill program. 8. Underground workings should be surveyed, re-mapped and check sampled to confirm earlier results. Furthermore, additional underground channel sampling should be 6

conducted for tunnels with limited CMC or CG data and where new drifts have been developed. 9. A metallurgical testing program should be carried out on fresh samples from recent drilling to characterize recoveries from gravity techniques, direct cyanidization, flotation with cyanidization, etc. 10. All exploration data should be compiled into an integrated 3-D model in order to review results to date, and plan future work. The one year Guayabales exploration program is budgeted at US$2,182,610 including land payments until the end of 2012 is listed below. Diamond drilling program (6,000m @ US$240/m all inclusive) Diamond Drill Program Assays (6,000 samples @ $20/sample) Metallurgical testwork Underground and surface survey program Exploration Capital Costs (camp, vehicles etc.) Subtotal Contingency (approx. 10%) Total $1,821,000 $ 120,000 $ 100,000 $ 30,000 $ 90,000 $2,161,000 $ 21,610 $2,182,610

The 2012-2013 work program is initially focused on completing the 2010-2011 Tresoro-MGC drill program and further drill testing of the Encanto related mineralization. Accurate surveying of drill hole and underground working locations in the Encanto mining area will allow a 3-D model of the gold-silver mineralization to be developed. Check assaying of CMC drill results, as well as underground confirmation sampling will provide additional confidence in using these data for the Encanto modeling exercise. Further, underground geologic mapping will very likely provide important new and detailed information on the mineralizing controls of the system. Beyond the Encanto related mineralization, the geophysical surveys will provide important information on the porphyry gold system. Based upon these results, targets can be selected for drill follow-up. From the historical drill program results and future 2012-2013 drill campaign results, it is anticipated that a NI 43-101 mineral resource model can be developed for the Guayabales project.

TABLE OF CONTENTS SUMMARY .................................................................................................................................... 3 1.0 1.1 1.2 1.3 1.4 2.0 3.0 3.1 3.2 INTRODUCTION AND TERMS OF REFERENCE ....................................................... 12 General .......................................................................................................................... 12 Scope and Conduct ........................................................................................................ 13 Sources of Information .................................................................................................. 13 Units and Currency ........................................................................................................ 14 RELIANCE ON EXPERTS .............................................................................................. 15 PROPERTY LOCATION AND DESCRIPTION ............................................................. 16 Property Location .......................................................................................................... 16 Colombian Mineral Property Tenure and Royalties ...................................................... 19 2001 Mining Law .................................................................................................. 20 2010 Law 1382 ...................................................................................................... 23 Description of Ownership.............................................................................................. 24 Subject to Underlying Option Agreement ............................................................. 24 Subject to Mineral Assets Option Agreement ....................................................... 26

3.2.1 3.2.2 3.3 3.3.1 3.3.2 3.4

Environmental and Other Liabilities ............................................................................. 27

4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ........................................................................................................................ 28 5.0 5.1 5.2 5.3 HISTORY .......................................................................................................................... 30 Historical Colombian Gold Production ......................................................................... 30 History of the Guayabales Property............................................................................... 30 Historical Encanto Mine Area Exploration Work and Results (2006-2011) ................. 31 Previous Exploration Work and Results on the Encanto Zone by Colombia Gold 32 Previous Exploration Work and Results on the Encanto Zone by Colombian Mines 36 CMC Drilling Program on the Guayabales Property ............................................. 36

5.3.1 5.3.2 5.3.3 5.4 6.0 6.1 6.2 6.3

Historical Mineral Resources / Reserves and Production.............................................. 48 GEOLOGICAL SETTING AND MINERALIZATION ................................................... 49 Regional and District Scale Geology............................................................................. 49 Property Geology........................................................................................................... 54 Mineralization ............................................................................................................... 57 Intermediate Sulfidation Vein Mineralization ....................................................... 57 Porphyry Gold (Copper) Mineralization ............................................................... 59

6.3.1 6.3.2 7.0 8.0

DEPOSIT TYPES ............................................................................................................. 62 EXPLORATION ............................................................................................................... 64 8

5.3.4 5.3.6 9.0 10.0 10.1 10.2 10.3 10.4 5.3.5

Previous Property Wide Exploration Work on the Encanto Zone by Tresoro-MGC 64 MGC Underground Sampling Program and Results ............................................. 71 Tresoro MGC Drill Program (2010 2011) .......................................................... 73

DRILLING ........................................................................................................................ 73 SAMPLING PREPARATION, ANALYSES AND SECURITY ..................................... 78 CMC Samples................................................................................................................ 78 CMC Rock QA/QC Program......................................................................................... 78 CMC Drill Hole QA/QC Results ................................................................................... 82 Tresoro-MGC Samples .................................................................................................. 84 Tresoro-MGC Sample Preparation and Analysis .................................................. 84 Tresoro-MGC Security and Chain of Custody ...................................................... 85

10.4.1 10.4.2 10.5 10.6 10.7 11.0 11.1

Tresoro-MGC Rock and Soil QA/QC Results .............................................................. 86 MGC Drill QA/QC Results ........................................................................................... 89 Comments on Umpire Lab Assays ................................................................................ 89 DATA VERIFICATION ............................................................................................... 93 Howe Data Verification ................................................................................................. 93 Howe Tresoro-MGC Drillhole Check Assays ....................................................... 93 Underground Muck Check Samples ...................................................................... 97

11.1.1 11.1.2 11.2 12.0 12.1 12.2 12.3 12.4 12.5 13.0 14.0 15.0 16.0 17.0 18.0 19.0

Independent Drill Hole Data and Assay Database Verification .................................... 97 ADJACENT PROPERTIES .............................................................................................. 98 Introduction ................................................................................................................... 98 Marmato Gold District - History ................................................................................. 100 Geology and Mineralization of Marmato .................................................................... 101 Marmato Resource Estimates ...................................................................................... 102 Similarities Between Marmato and Guayabales Gold-Silver Mineralization ............. 102 MINERAL PROCESSING AND METALLURGICAL TESTING ........................... 104 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES....................... 105 OTHER RELEVANT DATA AND INFORMATION ............................................... 106 INTERPRETATION AND CONCLUSIONS................................................................. 107 RECOMMENDATIONS ................................................................................................ 111 SOURCES OF INFORMATION ................................................................................ 113 DATE AND SIGNATURE PAGE .................................................................................. 116

CERTIFICATE OF QUALIFIED PERSON ............................................................................... 117

LIST OF TABLES
Table 1. The Guayabales license corners in Latitude- Longitude WGS-84.......................................... 16 Table 2. Payment Schedule to Comunidad Minera Guayabales ........................................................... 24 Table 3. Weighted Average and Maximum Gold Results for CG Samples. ......................................... 32 Table 4. Summary of CMCs Underground Sampling Results. ............................................................ 38 Table 5. CMC Significant Drill Intercepts. .............................................................................................. 43 Table 6. Soil Sample Statistical Summary for Precious and Base Metals. ........................................... 64 Table 7. Soil Sample Pearson Correlation Matrix for Select Elements. .............................................. 65 Table 8. Tresoro-MGC Significant Drill Intercepts ............................................................................... 73 Table 9. Verification Samples ALS Minerals Analytical Methods ...................................................... 93 Table 10 Original MGC Drill Sample Pulp and Independent Duplicate Pulp Sample Au-Ag Results ............................................................................................................................................................. 94 Table 11. Independent Muck Samples Guayabales Mine ................................................................... 97 Table 12. Gold Production from the Municipality of Marmato - 2004-09. ..........................................101 Table 13. Marmato Gold Project Mineral Resources.........................................................................102

LIST OF FIGURES
Figure 1. Regional Location Map, Colombia, South America. .............................................................. 17 Figure 2. Project Location Map and License Area, Colombia. ............................................................. 18 Figure 3. Guayabales Property Encanto Mine Area Prospects. ............................................................ 32 Figure 4. Location Map Showing CG Sample Au Results. .................................................................... 34 Figure 5. Location Map Showing CG Sample Ag Results. .................................................................... 35 Figure 6. Histograms and length-weighted statistics for CMC gold and silver underground sampling result. .................................................................................................................................................. 37 Figure 7. Location Map Showing Combined CMC and CG Mine Area Au Results . ......................... 40 Figure 8. Location Map Showing Combined CMC and CG Mine Area Ag Results. .......................... 41 Figure 9. CMC Collar and Drill Hole Trace Map With Section Line A-A. ........................................ 43 Figure 10. CMC Drill Hole Gold Plan Map With Section Line A-A. .................................................. 44 Figure 11. CMC Drill Hole Silver Plan Map With Section Line A-A. ................................................. 45 Figure 12. Section A-A Looking NE, Encanto Zone Grade Shell Interpretation. ............................... 47 Figure 13. Guayabales Regional Geology. ............................................................................................... 52 Figure 14. Guayabales and Marmato District Geology. ......................................................................... 53 Figure 15. Guayabales Property Geology. ............................................................................................... 56 Figure 16. Porphyry and Intermediate Sulfidation Epithermal Deposit Model. ................................. 62 Figure 17. Tresoro-MGC Soil Sample Locations and Gold Anomalies. ............................................... 65 Figure 18. Tresoro-MGC Soil Sample Geochem Anomaly Maps for Select Elements. ....................... 67 Figure 19. MGC Rock Sample Locations and Gold Anomalies. ........................................................... 69 Figure 20. Tresoro-MGC Rock Sample Anomaly Maps for Select Elements. ..................................... 70 Figure 21. Map Showing Tresoro-MGC Mine Area Results (w/ CMC & CM Au). ............................ 72 Figure 22. Tresoro-MGC Drill Hole Intercepts Plan Map With Section Lines . ................................. 76 Figure 23. Tresoro-MGC Drill Hole Section B-B. .................................................................................. 77 Figure 24. Tresoro-MGC Drill Hole Section C-C................................................................................... 77 Figure 25. CMC Rock Sampling CRM QC Plots for Gold and Silver. ................................................. 80 Figure 26. CMC Rock Sampling Blank QC Plots for Gold and Silver. ................................................ 81 Figure 27. CMC Rock Duplicate Sampling QC Scatter Plots Gold and Silver. .................................... 82 Figure 28. Drill Core Sampling CRM QC Plots for Gold and Silver. ................................................... 83 Figure 29. Drill Core Sampling Blank and Duplicate QC Plots for Gold and Silver .......................... 84 Figure 30. Drill Core Sampling Duplicate QC Plots for Gold and Silver ............................................. 84 Figure 31. MGC Rock & Soil CRM QC Plots for Gold and Silver. ...................................................... 87 Figure 32. MGC Rock Blank QC Plots for Gold and Silver. ................................................................. 88 Figure 33. MGC Rock Duplicate Sampling QC Scatter Plots Gold & Silver. ....................................... 88

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Figure 34. Tresoro-MGC Drill Core Sampling CRM QC Plots for Gold and Silver. ......................... 90 Figure 35. Tresoro-MGC Drill Core Sampling Blank QC Plots for Gold and Silver.......................... 91 Figure 36. Tresoro-MGC Drill Core Sampling Duplicate QC Plots for Gold and Silver. .................. 91 Figure 37. Pulp duplicate Au check assay results of the Tresoro-MGC 2010-2011 drilling program 95 Figure 38. Pulp duplicate Ag check assay results of the Tresoro-MGC 2010-2011 drilling program 96 Figure 39 Principal Gold Belts and Districts of Colombia ..................................................................... 99 Figure 40. Location map of the Guayabales, Marmato and Echandia Properties, Colombia. ..........100 Figure 41. Porphyry-style Alteration with Rock Gold Results on Geology. ........................................109 Figure 42. Porphyry-style Alteration with Rock Gold Results on Gold-in-Soil. .................................110

PLATES
Plate 1. Typical hilly topography of the Marmato region ...................................................................... 29 Plate 2. GDH07: 50.25-53.4m 3.2 m (1.32m est. true thickness) @ 11 g/t Au:...................................... 46 Plate 3. GDH07 @ 50.3m Brecciated dacite porphyry w/ late carbonate veins and disseminated sulfides (2-phase pyrite) w/in high grade zone. ............................................................................... 46 Plate 4. Altered and mineralized Marmato Stock intrusive rocks weathered to saprolite and exposed in a road cut northeast of the main Guayabales mining area. The rocks are primarily dioritic in composition, strongly fractured, cross cut by veins and sheeted vein sets, and consistently mineralized with low levels of gold (i.e., +100-200 ppb Au). .......................................................... 50 Plate 5. Folded, sheared and oxidized continental sediments of Paleozoic age, as exposed in the Gloria #1 Tunnel, Guayabales. Note the deformed nature of quartz-veining indicating postalteration tectonism. .......................................................................................................................... 54 Plate 6. Altered and brecciated Marmato Stock with siliceous matrix, La Azucena Mine, Guayabales Property. ........................................................................................................................ 55 Plate 7. Multiphase quartz-sulfide breccia from the Encanto Zone, El Encanto drift, Guayabales. . 58 Plate 8. Early Pyrite veinlets oriented vertically in this picture are cut by a transverse veinlet containing pyrite, sphalerite, and galena in this sample from the Azucena Mine at Guayabales .. ............................................................................................................................................................. 59 Plate 9. Road cut outcrop showing strong argillic alteration of andesite protolith, with clays+kaolinite +isolated structure/veins filled by rare quartz and abundant FeOx. .................. 60 Plate 10. Road cut outcrop of intrusive (DQP) with sericite (mod to stg+argillic alteration overprint showing veins with +-quartz+pyrite(leached)+sericite/kaolinite halos. ........................................ 60 Plate 11. Road cut outcrop showing stockworked intrusive with phyllic overprint. ........................... 61 Plate 12. Andesite porphyry (AP) med to coarse grained with chlorite+sericite alt.+argillic overprinting ........................................................................................................................................ 61 Plate 13. Marmato Stock frog-eye porphyry ....................................................................................... 63 Plate 14. T600N rig moving to drill pad .................................................................................................. 75 Plate 15. T600N rig drilling hole MGDH-02 ........................................................................................... 75

APPENDICES 1 ALS Assay Certificates

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1.0 1.1

INTRODUCTION AND TERMS OF REFERENCE General

At the request of Mr. Gary Powers, President of Tresoro Mining Corp. (Tresoro), A.C.A. Howe International Limited (Howe) has prepared this technical report (the Report) conforming to the standards dictated by National Instrument 43-101 (NI 43-101), companion policy NI43101CP and Form 43-101F (Standards of Disclosure for Mineral Projects) in respect to the Guayabales Gold (Tresoro Property). Howe understands that Tresoro will use the Report towards filing an up to date NI 43-101 technical report and for raising funds for Tresoro. The corporate history of Tresoro underwent several name changes since the company was formed. Tresoro was originally incorporated under the laws of the State of Nevada on October 11, 2004 under the name Ancor Resources Inc. On June 4, 2007, Tresoro completed a forward split of its common shares and then merged with its wholly-owned subsidiary, Nu-Mex Uranium Corp., to change the name of the company to Nu-Mex Uranium Corp. On February 26, 2008, Nu-Mex Uranium Corp. merged with its wholly-owned subsidiary, Uranium International Corp., to change the name of the company to Uranium International Corp. On May 17, 2010, Uranium International Corp filed Articles of Merger with the Nevada Secretary of State in order to merge with its wholly-owned subsidiary, Mercer Gold Corporation, and to change the name of the company to Mercer Gold Corporation. This name change was effected on the OTC Bulletin Board on June 9, 2010, and the name change became effective under Nevada corporate law on June 17, 2010. On August 30, 2011, Mercer Gold Corp filed Articles of Merger with the Nevada Secretary of State in order to merge with its wholly-owned subsidiary, Tresoro Mining Corp, and to change its name to Tresoro Mining Corp. This name change was effected on the OTC Bulletin Board on November 14, 2011, and the name change became effective under Nevada corporate law on September 15, 2011. Tresoros offices are located at 880-666 Burrard Street, Vancouver, British Columbia V6C 2G3, and our telephone number is (604) 681-3130. Tresoro is engaged in the acquisition, exploration, development and production of gold projects located in Colombia. Howe is an international geological and mining consulting firm that was incorporated in the province of Ontario in 1966 and has continuously operated under a Certificate of Authorization to practice as Professional Engineers (Ontario) since 1970 and Professional Geoscientists (Ontario) since 2006. Howe provides a wide range of geological and mining consulting services to the international mining industry, including geological evaluation and valuation reports on mineral properties. The firms services are provided through offices in Toronto and Halifax, Canada, and London, U.K. Howe is not an insider, associate or affiliate of Tresoro. Neither Howe nor the author of this Report (nor family members or associates) have a business relationship with Tresoro or associated company, nor with any company mentioned in this Report that is likely to materially influence the impartiality or create a perception that the credibility of this Report could be compromised or biased in any way. The views expressed herein are genuinely held and deemed independent of Tresoro.

12

Moreover, neither Howe nor the author of this Report (nor family members or associates) have any financial interest in the outcome of any transaction involving the Tresoro Property considered in this Report other than the payment of normal professional fees for the work undertaken in the preparation of this Report (which is based upon hourly charge-out rates and reimbursement of expenses). The payment of such fees is not dependent upon the content or conclusions of either this Report or consequences of any proposed transaction. 1.2 Scope and Conduct

This technical report was prepared by Mr. Daniel C. Leroux, B.Sc., P.Geo., Howe Vice President and Senior Geologist with Howe. Mr. Leroux has over 20+ years of experience in the mining industry including a background in international mineral exploration, evaluation and valuation studies. Mr. Leroux carried out a site visit to the project June 27, 2012. Tresoro has accepted that the qualifications, expertise, experience, competence and professional reputation of Howes Principles and Associate Geologists are appropriate and relevant for the preparation of this Report. Tresoro has also accepted that Howes Principles and Associates are members of professional bodies that are appropriate and relevant for the preparation of this Report. 1.3 Sources of Information

In preparing this report Howe reviewed geological reports, maps, miscellaneous technical papers, company letters and memoranda provided by Tresoro and other public and private information as listed in Section 18.0 of this Report, Sources of Information / References. Howe has assumed that all of the information and technical documents reviewed and listed in the Sources of Information are accurate and complete in all material aspects. While Howe carefully reviewed all of this information, Howe has not conducted an independent investigation to verify its accuracy and completeness. Howe has only reviewed the land tenure in a preliminary fashion, and has not independently verified the legal status or ownership of the Tresoro Property or the underlying agreements. In addition, Howe carried out discussions with the local management, consultants and technical personnel of Tresoro, in particular, Mr. Rowan Smit Vergara, Tresoros logistics manager in Colombia and former employee of Mercer Gold Corp. during their exploration programs. Howes extensive experience in gold deposits was also drawn upon. Tresoro has reviewed draft copies of the Report for factual errors. Any changes made as a result of these reviews did not involve any alteration to the conclusions made. Hence, the statement and opinions expressed in this document are given in good faith and in the belief that such statements and opinions are not false and misleading at the date of this Report. Howe reserves the right, but will not be obligated to revise this Report and conclusions if additional information becomes known to Howe subsequent to the date of this report.

13

1.4

Units and Currency

All units of measurement used in this report are SI metric unless otherwise stated. Where third party reports use units other than SI metric, then the original units have been preserved throughout. Currency is expressed in Colombia Pesos (COP) or Canadian Dollars (C$) unless otherwise stated. One Canadian dollar is equal to 1,753 Colombian Pesos as of the date of this report.

14

2.0

RELIANCE ON EXPERTS

This Report utilizes information and data from Tresoro summarized in their published and unpublished technical reports. Some relevant information on the Property presented in this Report may be based on data derived from historic reports written by geologists and/or engineers, whose professional status may or may not be known in relation to the NI 43-101 definition of a Qualified Person. Howe has made every attempt to accurately convey the content of those files, but cannot guarantee either the accuracy or validity of the work contained within those files. However, Howe believes that these reports were written with the objective of presenting the results of the work performed without any promotional or misleading intent. In this sense, the information presented should be considered reliable, unless otherwise stated, and may be used without any prejudice by Tresoro. The title to, and environmental status of, the Guayabales property was originally researched and legal opinion provided on December 21, 2009 by ARAL Consultores y Asesores and Alexander Restrepo Quiceno, Esq.. An updated legal opinion was provided on February 8, 2011 by Bernardo P. Cardenas M., Esq. and Partner of Cardenas & Cardenas Abogados Ltda.. From this 2011 review, the Mining Rights of the Guayabales Concession Contract LH 0071-17 are in good standing and all environmental permits have been obtained, or applied for, and have materially been complied with by the Comunidad Minera Guayabales. Further, MGCs Option Agreement, provided that payments have been duly made, is valid and enforceable under Colombian law. Howe has relied upon the legal opinions above and disclaims responsibility for the information regarding land tenure in section 3.1 and 3.2 of the technical report.

15

3.0 3.1

PROPERTY LOCATION AND DESCRIPTION Property Location

The Guayabales property consists of one block totalling 247.85 hectares located in the Marmato Mining District of Caldas Department, Colombia. The property is located approximately 80 kilometers south of the city of Medellin (Figure 1), and is centered at approximately 1,162,000E, 1,099,000N, Colombian National Grid, Choco projection, or in geographic coordinates at latitude 5.48oN and longitude 75.61oW (Figure 2). Under Colombian law, the property boundaries are determined by coordinate descriptions defined on the original application, and as awarded to the applicant by the Colombian Ministry of Mines and Energy (Table 1). The property boundary points were located by Tresoro by global positioning satellite survey. The Encanto Zone mining area, and 16 known underground workings occur within the Guayabales property boundary (Figure 2). Table 1. The Guayabales license corners in Latitude- Longitude WGS-84. Corner 1 2 3 4 5 6 7 8 9 10 Latitude N 5 29' 14.3" N 5 29' 39" N 5 29' 39" N 5 29' 55.2" N 5 29' 55.3" N 5 29' 22.9" N 5 28' 40.5" N 5 28' 45.7" N 5 28' 50.3" N 5 28' 50.3" Longitude W 75 36' 31" W 75 36' 30.9" W 75 36' 24.4" W 75 36' 24.4" W 75 36' 35.7" W 75 37' 29.4" W 75 37' 29.5" W 75 37' 19.8" W 75 37' 19.7" W 75 37' 11.6"

In Colombia, surface rights for exploration and mining exploitation are provided by statute for a license in good standing. As described in Section 2.0 of this report, Guayabales Concession Contract LH 0071-17 is in good standing according to the legal opinion given by Cardenas (2010). Furthermore, the Cardenas opinion states (iv) Mining titles allow their holders to use the land required for exploration and mining and ancillary activities. The Colombian Mining Code (Law 685 of 2001) governs and allows the creation of mining easements as well as the expropriation of land from private owners in the areas of mineral rights, if required, since the mining activity is considered to be of public interest. With respect to tailings storage, waste disposal, heap leach pads, and processing plants the property has available locations to support an underground mining operation, but may be constrained for a bulk tonnage open pit operation. According to Turner (2011), there are mechanisms under the current mining law that accommodate acquisition of nearby land necessary for mining purposes.

16

Figure 1. Regional Location Map, Colombia, South America.

TRESORO MINING CORP

17

Figure 2. Project Location Map and License Area, Colombia.

Caramanta

Marmato

Supia

Tresoro Mining Corp

18

3.2

Colombian Mineral Property Tenure and Royalties

The Comunidad Minera Guayabales CMG, a Colombian legal entity, is the rightful owner of the concession contract #LH 0071-17, an exploitation license valid until March 27, 2038, that was registered on March 28, 2008 by INGEOMINAS in the Department of Caldas (registration #HHXB 01). Mercer Gold, a privately-held, Canadian entity registered in British Colombia, entered into an Option Agreement (the Underlying Option Agreement) with CMG on March 4, 2010 to acquire a 100% interest in Guayabales. Uranium International Corp., renamed as Mercer Gold Corporation (MGC) and renamed to Tresoro in late 2011, entered into an Option Agreement with Mercer Gold to acquire the 100% interest of Guayabales subject to the terms of the Underlying Option Agreement. Necessary surface agreements are in place to conduct exploration work. However, CMG represents and warrants reasonable surface access to Guayabales in the Underlying Option Agreement and the Colombian Mining Code guarantees surface access. In Colombia, all mineral rights are the property of the government of Colombia. Obtaining a mining right does not transfer ownership of the mineral estate, but creates a temporary right to explore and benefit from minerals in exchange for royalty payments so long as the mining title remains in good standing. Under Colombian mining law, foreign individuals and corporations have the same rights as Colombian individuals and corporations, and Colombian governmental regulatory bodies are specifically prohibited from requiring any additional or different requirements than would be required of a Colombian individual or corporation. Mineral property rights are governed by the Colombian Mining Code, which has been subject to various changes and amendments. The oldest version applicable is Law 20 promulgated in 1969. Law 20 was superseded by decree 2655 in 1988 (the 1988 Decree), which in turn was amended by Law 685 in 2001 (the 2001 Law). A relatively recent development is the amendment of the 2001 Law by Law 1382, enacted February 9, 2010. Under Colombian mining law, the holder of surface or subsurface minerals, whether operating on government or private property, is subject to the legal requirements established under the 1988 Decree, the 2001 Law, and the new (February 2010) Law 1382.

19

3.2.1

2001 Mining Law

This section 3.2.1 is as taken from Colombian Mines Corporations Prospectus filed March 14, 2008. The following is subject to amendments based upon Law 1382 which was passed February 9, 2010 (see Section 3.2.2) (Turner 2011). FORMS OF MINERAL TENURE IN COLOMBIA Under the 2001 Law, there is a single type of mineral tenure, a Concession Contract covering exploration, construction and exploitation. The initial duration of a Concession Contract is 30 years, but may be extended for up to 30 additional years. A Concession Contract has three distinct phases: exploration, construction, and exploitation (Turner, 2011). The exploration phase lasts for the first three years of the Concession Contract, but may be extended for a term of up to two years. During this phase, the holder has the right to carry out within the given area, the studies necessary to establish the existence of the minerals. These studies should include a determination of the existence, location, geometry, and economic viability of the mineral deposit. In order to proceed to the construction phase, 30 days prior to the completion of the exploration phase, the Concession Contract holder must submit a building and works plan Plan de Trabajas y Obras (a PTO) to the mining authority for approval and concurrently submit an environmental impact study Estudio de Impacto Ambiental (an EIA) to the environmental authority (Turner, 2011). The PTO must cover the entire area granted under the Concession Contract during the stages of construction and exploitation. The PTO is based upon the results of surveys and works undertaken during the exploration stage and include: the final delimitation of the area to be exploited; cartographic information of the area, location, calculation and characterization of minerals to be exploited; a description and location of all facilities and mining infrastructure; geomorphologic, landscape and forest rehabilitation plan and a description of the escalation and duration of the expected exploitation phase; physical and chemical features of minerals to be exploited; a closure plan and an exploitation reclamation plan (Turner, 2011). The EIA provides the technical support parameters to obtain an environmental license. Depending on the commodity being produced and the level of production, this study must be submitted to the Ministry of the Environment or to environmental authority of the jurisdiction in which the mining project is located (i.e. the Regional Autonomous Corporations). The environmental license grants the necessary environmental permits including, concessions and authorizations, to make use of and profit from renewable natural resources necessary to move the project forward including resources such as water and timber. The construction and exploitation stage cannot begin until the environmental license is obtained (Turner, 2011). The construction phase lasts for three years, commencing on acceptance of the PTO, and may be extended for an additional year. During this phase, the holder has the right to prepare the mining area and install the services, equipment, and fixed machinery necessary to start and carry out the extraction, storage, transportation and beneficiation of the minerals. The construction, installations and mining assemblies should have the characteristics and dimensions and quality set forth in the approved PTO (Turner, 2011).

20

In order to proceed to the construction phase, during the exploration phase, the Concession Contract holder must submit the EIA. Furthermore, the submittal of the EIA is necessary for the issuance of the environmental license required for the initiation of the construction phase. During this phase, the holder has the right to carry out within the given area, the exploitation of minerals according to the principles, rules and criteria of accepted geology and mining engineering. The Company is obligated to comply with all legal, technical, operative and environmental rules set forth in the mining code, with all buildings, facilities and mining assemblies designed and installed according to the approved PTO. The exploitation phase lasts for the remaining duration of the Concession Contract (Turner, 2011). An exploration license - Licencia de Exploracion as defined by the 1988 Decree and continued unchanged in the 2001 Law, grants the holder the exclusive right to conduct exploration activities. Under the 1988 Decree, the term of an exploration license depends on its geographical area of application. For an area up to 100 hectares, the initial term is one year, with an extension possible for one additional year; from 100 to 1000 hectares, the initial term is two years, with an extension possible for one additional year; and for an area larger than 1000 hectares, the term is five years, with no extension possible. All these terms can be accelerated if exploitation starts earlier than anticipated. Work performed during the term of an exploration license must be filed with the MME. Once the exploration term has expired, the holder must submit a Final Exploration Report and a Works and Investment Program - Programa de Trabajas e Inversiones (a PTI) to the mining authority (Turner, 2011). Exploitation licenses have a term of 10 years which can be extended under the 1988 Decree and continue under this designation until their expiry date (Turner, 2011). ENVIRONMENTAL OBLIGATIONS Exploration on a mineral tenure which exceeds prospecting, mapping and sampling, requires the submittal and approval of an Environmental Management Plan - Plan of Management Environmental (PMA) which must include: (a) (b) (c) (d) the work to be done (i.e., the number of drill holes, location, direction, depth, etc); the proposed points of diversion for water so appropriate water permits can be issued; the location and number of settling ponds to prevent turbidity in the streams by drilling fluids; and the location of fuel and oil storage areas, away from streams and creeks.

The preparation and filing of the PMA is normally the responsibility of the drill contractor, and is typically approved in 15 to 30 days, up to a maximum of 90 days. There is no bond requirement for exploration PMAs, and no site reclamation is required. While PMAs do not require any authorization or environmental permits, any such work carried out in areas designated as natural reserves according to Article 34 of the Code are to be governed by those rules and restrictions (Turner, 2011).

21

As discussed above, an EIA must be submitted before an environmental license will be issued. The EIA has to demonstrate the PTOs environmental feasibility. Without approval of this study and the issuance of the corresponding Environmental License, mining and exploitation cannot commence (Turner, 2011). Chapter 20 of the Mining Code under the 2001 Law deals with the issuance of the required environmental licenses for mining titles. Once an EIA has been submitted, the law provides that the issuance of the required environmental licenses can only be refused when: (a) the EIA does not comply with the requirement in Article 204 of the Code and specifically those foreseen in the terms of reference and/or guides, established by the competent environmental authority; the EIA has errors or omissions that cannot be corrected by the applicant and that are required components of such study; the level of prevention, mitigation, correction, compensation and substitution for the negative impacts of the mining project prescribed in the EIA, do not comply with the substantial elements established for such effects in the guidelines; or the omissions, errors or deficiencies of the EIA, and of the proposed measures referred to in the previous subsections, affect the total mining project.

(b) (c)

(d)

The 2001 Law also requires a Concession Contract holder to obtain an Environmental Mining Insurance Policy. During the exploration stage, the insured value under the policy must be 5% of the value of the planned annual exploration expenditures and during the construction phase the insured value under the policy must be 5% of the planned investment for assembly and construction under the PTO. During the exploitation phase the insured value under the policy must be 10% of the product of the estimated annual production multiplied by the mine mouth price of the minerals being produced, as fixed annually by the Colombian government. For licenses or agreements to be maintained under decree 2655 (the 1988 Decree), the holder has to obtain an insurance policy and the insured value must be 10% of the estimated production for the first two years as established by the PTI. Further, the policy must be maintained during the entire term of the license or agreement (Turner, 2011). SURFACE RIGHTS AND SURFACE TENURE Colombian law specifically provides that the owner of a Concession Contract, exploration license or exploitation license is entitled to use so much of the surface as is necessary to carry out the activities under the given license or contract. Under normal conditions, this requires little more than speaking with the surface owner, obtaining permission and paying a reasonable fair market price for the area actually used. Colombian law grants exclusive temporary possession of mineral deposits and provides mandatory easements to ensure efficient exploration and exploitation of legal mining titles and further provides authority to impose appropriate easements as necessary both within and external to the limits of the mining title. The holder of a mining title must agree with the surface owner or other party against which such easement is enforceable, including other mining title holders, upon the time, and appropriate remuneration for the use and occupancy. Colombian law provides that the remuneration payable to the surface owner is to be based on the reasonable fair market value of the land and is not to include any value attributable to the development of the mineral wealth, and that it should only be for so much of the surface as is 22

actually affected, consumed or occupied by the exploration or mining activity. Should the use of the surface affect the value of areas, not subject to the easement, this loss of value will also be taken into account when fixing the remuneration payable to the land owners (Turner, 2011). Furthermore, since the mining industry is an activity of public interest, it is also possible for the concessionaire to request the competent mining authority for the expropriation of the lands necessary for mining activities. The acquisition of land through expropriation is also subject to prior indemnification to the owner(s) (Turner, 2011). TAXES AND ROYALTY OBLIGATIONS In Colombia, production of gold and silver is subject to a royalty payable to the state equal to 4% of the gross value of the minerals calculated at the mine mouth for gold, subject to certain deductions and adjustments. CMG has represented and warranted in the Underlying Option Agreement on March 4, 2010 that they are obligated to pay all associated royalty payments related to their current exploitation. Tresoro is not liable for any of the royalty payments related to the current exploitation (Turner, 2011). The value per gram of gold and silver at mine mouth for the estimation of royalties, will be eighty per cent (80%) of the average international price for the previous month, as published in the London Metal Exchange (Turner, 2011). Under the 2001 Law, Colombian staff of a mining company, as a whole, should receive not less than seventy percent of the total payroll of qualified or of skilled personnel in upper management or senior level staff, and no less than eighty percent of the value of total payroll of the subordinates. Upon prior authorization, relief may be granted by the Ministry of Labour for a specified time to allow specialized training for Colombian personnel (Turner, 2011). 3.2.2 2010 Law 1382

An English language translation of Law 1382 was provided to Howe and can be referenced to in Appendix 3. Howe is aware, as is the Colombian exploration and mining community in general, that the new law excludes mining and exploration activity from the Pramo ecosystem, which occurs above 3,200 meters elevation. The Guayabales property occurs within an elevation range of 1620 to 2240 meters elevation. In the Guayabales legal opinion provided by Cardenas (2011) (see Section 2.0 and Appendix 2)(vi)): (vi) Article 3 of Law 1382 of 2010 ("Law 1382") established that certain areas for the protection and development of renewable natural resources or the environment, to be declared and specified in accordance with current regulations, shall be excluded from mining activities. It also provided that any construction, assembly or exploitation activities with a valid mining title and environmental license, or other similar permit, in areas previously not excluded, would not be affected. To Tresoros knowledge, the area where the Mining Rights are located has not been declared as an area excluded from mining activities in accordance with Law 1382. Furthermore, since the Mining Rights were validly granted prior to the enactment of Law 1382, have all necessary environmental permits, they may not, at this time, be excluded from mining activities.

23

3.3 3.3.1

Description of Ownership Subject to Underlying Option Agreement

Subject to the Mineral Assets Option Agreement, Tresoro is responsible for all obligations established in the 2009 Underlying Option Agreement with the Comunidad Minera Guayabales (CMG) in order to complete the 100% acquisition of the Guayabales property. These obligations include cash payments, provision for allowing continued Limited Mining Rights, property maintenance, and quarterly reports. More specifically, these obligations include: 1. Cash Payments: Tresoro is responsible to make cash payments to the Comunidad Minera Guayabales, according to the following payment schedule shown in Table 2 (all figures in U.S. dollars). The payment schedule may be accelerated without penalty: Table 2. Payment Schedule to Comunidad Minera Guayabales.
Payment Schedule October 14, 2009 January 14, 2010 April 14, 2010 July 14, 2010 October 14, 2010 January 14, 2011 April 14, 2011 July 14, 2011 October 14, 2011 January 14, 2012 July 31, 2012 August 9, 2012 August 24, 2012 October 1, 2012 November 1, 2012 December 1, 2012 January 1, 2013 Payment Amount US$ $20,000 $40,000 $40,000 $55,000 $55,000 $65,000 $75,000 $75,000 $85,000 $85,000 $50,000 $60,000 $50,000 $50,000 $50,000 $50,000 $50,000 Status Paid Paid Paid Paid Paid Paid Paid Paid Paid Paid Paid Pending Pending Pending Pending Pending Pending Source Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro

24

February 1, 2013 March 1, 2013 April 1, 2013 May 1, 2013 June 1, 2013 July 1, 2013 August 1, 2013 September 1, 2013 October 1, 2013 November 1, 2013 December 1, 2013 January 1, 2014 February 1, 2014 March 1, 2014 April 1, 2014 May 1, 2014 June 1, 2014 July 1, 2014 August 1, 2014 September 1, 2014 October 1, 2014 November 1, 2014 December 1, 2014 January 1, 2015 February 1, 2015 March 1, 2015 April 1, 2015 May 1, 2015 June 1, 2015

$50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000

Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending

Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro Tresoro

25

July 14, 2015

$1,595,000

Pending

Tresoro

2. Limited Mining Rights: Tresoro provides CMG with Limited Mining Rights, allowing the cooperative group of miners belonging to the entity to continue mining operations on the property. Operations are not to exceed 80 metric tonnes per day, providing that the mining operations are restricted to geographic areas in which mining operations are currently being conducted. Tresoro has the right to terminate this right to mine, by either completing the cash payment schedule described in Table 2 above, or by making a one-time cash payment of $600,000. 3. Property Maintenance: Tresoro is obligated to maintain the property in good standing, free and clear of all liens, charges and encumbrances. 4. Property Reports: Tresoro is obligated to provide CMG with summary operating reports on a 3 month/quarterly schedule. 3.3.2 Subject to Mineral Assets Option Agreement

Tresoro has the following obligations, subject to its Mineral Assets Option Agreement with the private Canadian company Mercer Gold Corporation (Mercer Gold). These obligations are in addition to those obligations listed in section 3.3.1 and are required in order to acquire the underlying Option interest, which includes a 100% legal, beneficial and registerable interest in the Guayabales Property. 1. Cash Payments: Tresoro is obligated to make a non-refundable cash payment of $200,000 to Mercer Gold upon execution of the Mineral Assets Option Agreement. This requirement has been satisfied. 2. Stock Awards: Tresoro is obligated to issue up to 20 million restricted common shares in the share capital of Tresoro to Mercer Gold in the following denominations: a. An initial 10 million shares within 2 days of the effective date of the Mineral Assets Option Agreement. This requirement has been satisfied. b. A further 10 million shares within 5 days of Tresoros prior receipt of a NI 43101 Technical Report confirming that any of the Guayabales Property contains a mineral resource with not less than 2,000,000 troy ounces of gold, in either inferred, indicated or measured categories as defined in NI 43-101. This requirement is pending. 3. Expenditures for Exploration and Development: "Expenditure commitments for Exploration and Development: provide funding for or expend, in accordance with the terms and conditions of this Agreement, minimum cumulative Expenditures for Exploration and Development work on any of the mineral Property interests comprising the Assets of an aggregate of at least U.S. $3,000,000 commencing on the Effective Date hereof and ending no later than December 31, 2013 (which period in time from the 26

Effective Date to the end of December 31, 2013 being hereinafter referred to as the "Minimum Expenditure Period" in the following manner: (i) no less than U.S.$ 1,000,000 of the Expenditures for Exploration and Development work shall be expended, or cause to be expended, by Tresoro on any of the mineral Property interests comprising the Assets by December 31, 2011;

(ii) no less than U.S.$ 1,000,000 of the Expenditures for Exploration and Development work shall be expended, or cause to be expended, by Tresoro on any of the mineral Property interests comprising the Assets by December 31, 2012; and; (iii) no less than U.S.$ 1,000,000 of the Expenditures for Exploration and Development work shall be expended, or cause to be expended, by Tresoro on any of the mineral Property interests comprising the Assets by December 31, 2013; provided, however, that: (A) any Expenditures for Exploration and Development work expended in any year in excess of the minimum Expenditures required under this paragraph "2.2(c)" shall be fully credited against the Expenditures for Exploration and Development work that is required to be expended in a subsequent year herein such that the total minimum cumulative Expenditures for Exploration and Development work of at least U.S.$3,000,000 must be expended, or cause to be expended, by Tresoro on any of the mineral property concession interests comprising the Property prior to the termination of the Minimum Expenditure Period 4. Termination: Tresoro can terminate its Mineral Assets Option Agreement at any time by providing 30 days minimum advance notice, however such notice shall require that Tresoro leave the property in good standing for a period of at least 180 calendar days from the termination date. Upon termination, Tresoro shall provide all transfer documents and provide all data and reports on the property. In Howes opinion, there no significant factors and/or risks that may affect access, title or the right or ability to perform work on the Property. 3.4 Environmental and Other Liabilities

Howe is not aware of any environmental liabilities to which the Tresoro Property may be subject to. CMG represented and warranted in the Underlying Option Agreement that there were no environmental liabilities as at March 4, 2010. From the February 8, 2011 legal opinion given by Cardenas (2011) (Section 2.0 and Appendix 2), the Guayabales mining concession LH 0071-17 is in good standing with respect to environmental requirements and exploitation and exploration activities.

27

4.0

ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

The Guayabales property is readily accessible by a combination of paved and all weather gravel roads. The project is located approximately 80 kilometers south of Medellin, Colombia, and is accessed by driving approximately 114 kilometers along the paved Pan American Highway (Hwy 25), and then a further 25 kilometers west through the mining town of Marmato to arrive at the Guayabales property (see Figures 1 and 2). Guayabales is situated in Colombias upper temperate climatic zone. The climate varies with elevation, and is relatively warm (greater than 24 C) below 1,000 meters in the Cauca River valley. With increasing elevations temperatures moderate to a range of 18 C to 24 C between 1,000 meters and 2,000 meters, and above 2,000 meters cool to 12 C to 18 C. Rainfall averages 1,400 mm to 2,300 mm annually, primarily during the periods from March through May, and again from September to December. The nearby town of Marmato has an average temperature of 23 C, and rainfall of 1,885 millimeters per year (Municipo de Marmato, 2004). Average annual rainfall of 2,065 millimeters is recorded at the nearby town of Supia (1,307 metre altitude) where there is a Federacon Nacional de Cafeteros de Colombia (Federacafe) weather station (Plate 1). The climatic conditions of the region support mining operations year-round. The Marmato region has an extensive and productive mining history, and as such, provides a skilled work force from the surrounding communities for exploration and mining labor requirements. Water, for mining purposes, is abundant from either surface or underground sources. Three high tension power lines (230 kV each) belonging to the Colombian national power grid are located between Marmato and the Cauca River valley to the east. A 132 kV substation is located at Marmato, which supplies power to the community and surrounding area, including Guayabales.

28

Plate 1. Typical hilly topography of the Marmato region. The warm, wet equatorial climate and soils of the area are well suited to coffee production, and coffee fields are common as shown below. (Turner 2011)

29

5.0 5.1

HISTORY Historical Colombian Gold Production

Colombia has produced an estimated 85 million ounces of gold since the Spanish conquest in 1514. There is no reliable estimate of the gold produced prior to, and during the Spanish conquest. In 1937, Emmons estimated production at over 49 million ounces of gold during the post conquest period from 1514 to 1937, making Colombia the largest producer in South America during that time frame (Turner, 2011). Recent production has earned Colombia a ranking which has ranged from 2nd to 5th largest gold producer in South America, and 12th to 20th largest in the world (Ministerio de Minas y Energia, Colombia, 1999-2006). Shaw (2000) documented additional production of 30 million ounces of gold for the period 1937 to 2000. For the years 2000 to 2004, the U.S. Geological Survey documents additional production of 4.95 million ounces of gold (Bermundez, 2000; Torres, 2004). The Dow Jones Business News Service reported on August 15, 2006 that Colombia had produced 1.5 million ounces of gold in 2005. Approximately two thirds of Colombian gold production has been from placer deposits in the Department of Antioquia, which is immediately adjacent to the Department (Caldas) in which Guayabales occurs (Turner, 2011). 5.2 History of the Guayabales Property

The close proximity of Guayabales to the historic Marmato mining complex makes it likely that the property was prospected by Spanish Conquistadors, and perhaps earlier by Colombian indigenous people. There are, however, no records of these activities. Nevertheless, historic exploration and production from the Guayabales property is evidenced by concrete footings of a mill in the canyon below the present site of the Guayabales operations. There are no production records available from this operation, but total production is estimated to not exceed 20,000 ounces of gold and 200,000 ounces of silver (Turner 2010, Turner 2011). The Comunidad de Guayabales has conducted underground exploration and development activities since 1995. They have developed and prospected a total of sixteen underground workings, with low rates of production by artisanal miners. The Comunidad began the formal process to legalize ownership on October 10, 2002, and were granted ownership on March 28, 2008. The legalized entity has been recorded under the name of Comunidad Minera Guayabales (CMG) (Turner 2011). Colombia Gold and Colombian Mines Corporation (CMC) conducted geological mapping, geochemical sampling, and limited drilling on the property, starting in 2005 (Turner, 2011). CMC entered into an agreement with the Comunidad de Guayabales on November 26, 2006, for 100% of the rights to explore the concession area (Turner, 2011). CMC terminated their Guayabales option agreement in February, 2009 (Turner, 2011). Tresoro previously named Mercer Gold Corp., a privately-held, Canadian entity registered in British Colombia (Mercer Gold BC), entered into an Option Agreement with Comunidad Minera Guayabales on March 4, 2010 to acquire a 100% interest in the Guayabales property. Mercer Gold Corp. entered into a Mineral Assets Option Agreement with Mercer Gold Corp. (previously named Uranium International Corp.) a US public company incorporated in Nevada (Mercer Gold Nevada), to acquire its 100% interest in Guayabales subject to the terms of the Underlying Mineral Assets Option Agreement on April 13, 2010, which was later amended on 30

December 30, 2010 (see Section (Turner, 2011). Tresoros former company namesake-Mercer Gold Corp. (MGC) has subsequently conducted an exploration program consisting of geological mapping, geochemical sampling, and core drilling to follow-up and expand upon previous exploration results (Turner, 2011). A summary of historical exploration activities and results on each prospect area within the Guayabales Property by previous operators and Tresoros former company name Mercer Gold Corporation (MGC) is given in Section 5.3 of this technical report.

5.3

Historical Encanto Mine Area Exploration Work and Results (2006-2011)

Prior to Mercer Gold Corporations (MGC) 2010 work, exploration on the Guayabales property primarily focused on the Encanto Zone underground mine workings developed by the Comunidad Minera Guayabales (CMG). Besides CMG, the earliest documented exploration on the property was conducted by Colombia Gold (CG) in 2005 and 2006 on 10 of the 11 primary underground workings they had identified at the time (there are now five additional, but minor workings, bringing the total to 16). Subsequently, Colombian Mines Corporation (CMC) initiated exploration programs in late 2006 that consisted of two stages: 1) evaluating underground mineralization at the Azucena, Guayabales and Ensueno underground workings by channel sampling and mapping portions of the drifts and crosscuts to which CMC had access, and 2) follow-up channel and select chip-sampling combined with reconnaissance mapping of road cut surface exposures northeast of the Encanto Zone mining area. From 2007 to 2008 CMC continued its mapping and sampling programs, with these efforts culminating in the completion of a 17 hole drill program discussed in Section 5.3.3.1. CMC dropped the property in February 2009. (Turner 2011). The Encanto mine area has been the focus of previous exploration programs first conducted by Colombia Gold, and subsequently Colombian Mines Corporation (Figure 3). Tresoro MGCs surface and underground sampling work around Encanto has been limited to date.

31

Figure 3. Guayabales Property Encanto Mine Area Prospects.

TRESORO MINING CORP.

5.3.1

Previous Exploration Work and Results on the Encanto Zone by Colombia Gold

Colombia Gold (CG) performed rock chip channel sampling and underground mapping in 2005 and 2006 in 10 underground workings (Turner 2011). In addition, they performed limited surface sampling. CGs underground sampling focused on the underground mines of the Encanto Zone. Their work delineated significant gold mineralization, with associated silver, in the La Cacica, Azucena, Guayabales, and Encanto mines (Table 3; Figures 4 and 5). In addition, Encanto Zone hanging wall sampling at the La Gloria 1 mine returned encouraging gold results. CGs footwall underground sampling returned generally lower grade gold and silver assays. From CGs work, the Encanto Zone clearly stands out as the primary gold-silver target zone, with secondary targets hosted by subparallel structural zones in the Encanto hanging wall (Turner 2011).
Table 3. Weighted Average and Maximum Gold Results for CG Samples (Turner 2011).
CG Samples Samples Tot. Meters Avg. Meters** Avg Au g/t*** Max Au g/t

Azucena Mine

37

32.44

0.877

0.250

2.79

32

Chiquita Mine

0.35

0.35

0.14

0.14

Encanto Mine

70

100.63

1.44

3.32

50.35

Ensueno Mine*1

29

19.06

0.657

0.390

1.688

Fortuna Mine

5.7

0.633

0.620

1.85

Gloria I Mine

27

17.55

0.65

2.76

21.53

Gloria II Mine*2

17

25.31

1.49

0.257

1.53

Guayabales Mine*3

17

17.81

1.05

4.54

12.70

La Cacica Mine*4

26

23.34

0.897

4.6

19.0

Clavada Mine

No Samples

Martina Mine

2.05

0.683

1.02

1.35

Surface

27

41.3

1.652

0.350

6.40

Total

263

285.54

1.466

2.146**

50.35

*1, 2, 4 have 2 grab samples not included with the sample number.

*3 has 4 grab samples not associated with the sample number. *5 has no coordinate data for two samples (275744, 275745). ** Samples generally taken across along the rib of a working. *** This value computed by taking the Au grade times the meters divided by the total meters for all the locations.

33

Figure 4. Location Map Showing CG Sample Au Results.

TRESORO MINING CORP

34

Figure 5. Location Map Showing CG Sample Ag Results.

TRESORO MINING CORP

35

5.3.2

Previous Exploration Work and Results on the Encanto Zone by Colombian Mines

Colombia Mines (CMC) followed-up on CGs exploration results with a focus on the Encanto Zone and associated mines and underground workings in the surrounding 500 meter by 500 meter area. Underground mining has exploited gold mineralization in four separate mines within the Encanto Zone. Mining has also extracted gold mineralization from the hanging wall and the footwall of this southwest dipping zone. CMCs work included mine mapping, sampling, and surveying for the 16 individual mines on the Guayabales property (Turner 2011). Global length-weighted summary statistics for the CMC underground rock chip channel sampling are given in Figure 6. The minimum sample length was 0.20 meters, the maximum 3.00 meters, and the average length was 1.51 meters. The gold and silver histograms display nested polymodal distributions, representing higher grade populations in the Encanto structural zone, and lower grade populations in the zones hanging and footwalls (Turner 2011). The four primary mines of the Encanto Zone, the Azucena, Cacica, Encanto, and Guayabales tunnels, were the focus of CMCs underground sampling program (Table 4 and Figures 6, 7 and 8). The Cacica and Encanto mines drift along approximately 230 meters of strike length in the Encanto Zone, and CMCs sampling in these two mines returned the best overall results, averaging 4.71 g/t and 3.67 g/t gold, respectively. The Azucena, Cacica, Encanto, and Guayabales mines identify a distinctive northwest-southeast striking, high grade gold zone (Turner 2011). The hanging and footwalls of the Encanto Zone have variable gold-silver sampling results. The footwall mines tend to be lower grade, with the best results reported from limited sampling in the Aguato (avg. 1.44 g/t Au, 39.6 g/t Ag) and Martina mines (avg. 1.42 g/t Au, 50.0 g/t Ag). The hanging wall sampling returned generally low grade to geochemically anomalous gold-silver assays. However, the Gloria 1 tunnel does have a series of high grade samples (max 8.77 g/t Au, 114 g/t Ag) in a east-northeast oriented cross cut. Approximately 425 meters to the northnorthwest of the Encanto Zone mines, the Mamey mine returned anomalous to high grade gold and silver (max 4.92 g/t Au, 164 g/t Ag) (Turner 2011). CMC also collected 212 surface chip channel samples in the underground mining area and surrounding vicinity. The samples had an average length of 1.87 meters, and returned length weighted averages of 0.23 g/t gold and 9.6 g/t silver. These low grade values proved to be of limited value in interpreting mineralized trends identified from the underground workings, although there are cases of anomalous, or individual high grade gold-silver surface samples that warrant follow up (Turner 2011). 5.3.3 CMC Drilling Program on the Guayabales Property

This Section 5.3.3 describes the 2008 drill results of previous operator Colombian Mines Corporation (CMC). Small scale mine production from the Guayabales property has been focused on the Encanto gold zone, which hosts higher-grade, structurally controlled gold-silver mineralization. Both CMCs and Tresoro- MGCs drill program (see Section 5.3.5) have focused on the Encanto Zone, as well in the hanging and footwalls of the zone. From underground and surface mapping and sampling, the Encanto structural corridor ranges from 2040 meters in width, strikes N50-60W, and dips sub-vertical to steeply at 7080 both to the southwest and northeast (Turner 2011). 36

Figure 6. Histograms and length-weighted statistics for CMC gold and silver underground sampling result (Turner 2011).

AU PPM AG PPM -------------------------+----------------N of Cases 512 512 Minimum 0.008 0.050 Maximum 27.050 322.000 Median 0.220 9.100 Arithmetic Mean 1.103 18.600 Standard Deviation 3.560 41.915 Coefficient of Variation ! 3.228 2.254

37

Table 4. Summary of CMCs Underground Sampling Results.

Avg Au g/t 0.54 Avg Ag g/t 11.8 Max Au g/t 27.05 Max Ag g/t 261.1

Mine

Elev (m)

# Samps

Comments

1805 Azucena

155

Encanto Zone, NW cross cutting zone in hanging wall, many samples >1g/T, 1 + 5g/T, 120 m length.

Cacica

1870

42

4.71

50.9

22.71

250.0

Encanto Zone, 150 meters in zone,13 continuous samples +5g/T, not strike length constrained, 150 m length.

Encanto

1850

64

3.67

41.4

21.74

322.0

Encanto Zone, 16 samples +5g/T, 140 meters in zone, open not strike-length constrained, 140 m length.

Guayabales

1825

33

0.59

10.6

6.23

130.7

Encanto Zone, 6 samples in zone, two (2) +5g/T, little sampling, 120 m length.

Clavada

1840

6.56

38.2

12.34

63.1

80 m north of the Encanto, FW.

Colorados

1850

no assay data

60 m north of the Encanto, FW.

El Aguato

1845

1.44

39.6

6.54

145.0

125 m north of the Encanto, FW, 5 samples, all anomalous, 1 +5g/t.

Ensueno

1825

11

0.43

6.7

1.18

40.6

200 m north of the Encanto, 1 sample + 1g/T.

Chiquita

1875

0.04

1.15

0.04

1.4

150 NW of the Encanto Zone, FW, no significant values.

Fortuna

1905

0.14

14.35

0.20

16.4

250 meters NW of Encanto trend, hanging wall (HW), no Significant geology/alteration or values.

La Martina

1825

1.42

50.0

7.36

261.0

125 m N of the Encanto Zone, FW, anomalous values with 1 + 5g/T.

La Tigre

1790

17

0.09

16.2

0.29

86.3

300 m N of the Encanto Zone, FW, no significant values.

Mamey

1920

23

0.41

12.2

4.92

164.0

400 m N of the Encanto Zone, andesite, anomalous values.

38

La Gloria 1

1865

48

0.69

18.8

8.77

114.0

100 m S of the Encanto Zone, HW, numerous anomalous values, 1 +5g/T.

La Gloria 2

1870

13

0.50

21.4

2.32

85.6

100 m S of the Encanto Zone, HW, anomalous, with 2 samples + 1g/T.

Quinguana

1865

27

0.47

13.2

13.77

144.3

60 m S of the Encanto Zone, HW, some anomalous values.

39

Figure 7. Location Map Showing Combined CMC and CG Mine Area Au Results (Turner 2011).

TRESORO MINING CORP

40

Figure 8. Location Map Showing Combined CMC and CG Mine Area Ag Results.

TRESORO MINING CORP

41

5.3.3.1 CMC Drill Program CMC completed a 2,079.4 meter, 17 hole core drilling program in 2008 (Figure 9). The diamond drilling campaign was carried out by local Colombian contractor Terramundo. The drilling was collared from surface, and in some cases up to 10 meters of surface casing was set through gravels and saprolite. Cased zones at the tops of holes were drilled with either a tricone rock bit or casing shoe. Two types of core rigs were used for the drill program: 1) a Boyles 37 rig (HQ core), and 2) a man portable Winkie rig (thin walled BTW core). The Boyles rig was used to drill twelve holes, with an average total depth of 160.9 meters. Five holes were drilled with the Winkie rig (GDH05, 06, 09, 11, and 16). The Winkie rig had limited capabilities, resulting in an average total depth of 29.6 meters. The CMC drilling, in relative priority order, was either 1) beneath the Cacica (1870 m) or Encanto (1,850 m) mines, 2) along trend to the northwest and southeast of the Encanto Zone, or 3) as step-outs testing adjacent sub-parallel structures in the hanging and footwalls. The holes were located along 450 meters of projected Encanto Zone strike length. Hole orientations had generally northeast or southwest directed azimuths across the Encanto Zone strike direction, and dips of -40 to -65 degrees. The five Winkie holes never reached the intended Encanto Zone target. Further, the small diameter Winkie samples are of questionable quality. As a result, the Winkie drill results are not considered further. All twelve Boyles core holes returned either significant (Table 5), or anomalous, gold-silver intercepts (Figure 9 and 10). Five of the 12 Boyles holes successfully intersected the main Encanto Zone across its entire width (holes GDH04, 07, 08, 14, 15). Another four holes initiated penetration of the main zone, but were lost before completion due to difficult drilling conditions (holes GDH01, 02, 03, 13). The remaining three Boyles holes intersected anomalous gold-silver mineralization along trend to the northwest and southeast (GDH10, 12, 17). According to Turner (2011), GDH10 and 12 had no assay records in the database for approximately half of the drilled meters. Portions of the core have been examined by Stonehouse and were observed to be unsplit, so are presumably unsampled over these intervals (Personal Communication, May 2010).

42

Figure 9. CMC Collar and Drill Hole Trace Map With Section Line A-A.

TRESORO MINING CORP

Table 5. CMC Significant Drill Intercepts (>= 0.3 g/t Au equivalent over a min 5m).
Note 1: Au equivalent calculated with Au:Ag 55:1 ratio. Note 2: GDH16-17 returned anomalous Au-Ag, but did not meet the cutoffs. Hole GDH-01 Includes GDH-02 GDH-04 GDH-04 Includes GDH-07 Includes GDH-08 From !"#$%# !%($+) *!$() '$') "&$"# %)$&# #)$*# #)$*# "&$)) To !%&$'" !%#$") *&$)) %$*# %'$#) %'$#) &*$!) #'$() !!&$"# Length (m) !!$(' !$*) #$+) #$%# #$+# *$&# *!$"# '$!# ')$"# Est. True Thickness (m) !)$() !$! ($'! ($** ($)! !$%# %$!" !$'* #$*( Gold g/t !$)( #$!* !$)" !$)& *$## ($%* *$(' !!$)) !$!+ Silver g/t !#$* ('$" !'$) ''$! '"$' &*$' !+$# ('$) !&$) Gold equiv g/t !$'! #$%! !$'* !$+& '$*( +$*( *$&' !!$&" !$(&

43

Includes GDH-13 Includes GDH-14 Includes Includes Includes GDH-15

%#$#) %!$") %&$%) &"$%) %+$(# !)"$%# !!&$%# !!)$!)

%%$*# !)'$+) !)!$)) !**$%# %&$#) !!)$## !**$%# !'%$(#

'$&# !!$") '$!) (($)# !$)# !$+) #$)) *%$'#

)$+( *$)! )$#' !"$#) )$(( )$+& *$!) %$%"

($"! '$!! !)$(" !$*( !"$(# '$)% *$(( )$"&

'*$& !#$' *+$* !&$+ !+$+ !!$) +&$+ &$"

#$() '$'" !)$%+ !$#+ !"$&# '$*% '$+& !$)(

Figure 10. CMC Drill Hole Gold Plan Map With Section Line A-A.

TRESORO MINING CORP

44

Figure 11. CMC Drill Hole Silver Plan Map With Section Line A-A.

TRESORO MINING CORP

A first-pass, schematic, three dimensional interpretation of the Encanto Zone was constructed by CMC interpreting a grade shell model at a nominal 0.5 g/t gold cutoff (intervals down to 0.1 g/t Au were used where necessary to ensure zone continuity) on sections perpendicular to the strike direction, spaced at 50 meter intervals (Figure 11). The resulting geological model defines approximately 500 meters of strike length, 200 meters of dip extent, and a width ranging from 5 to 20 meters (Figure 12). From Laskowskis (2010) observations, mineralization is hosted on the western end within dacite porphyry and the frog-eye andesite porphyry, while on the eastern end most mineralization is hosted within the footwall metasedimentary rocks (greenschist) (Turner 2011). Alteration is variable. Further comments from Turner (2011) on the CMC drill results included: Laskowski (2010) observed that hole GDH-07 penetrated the down plunge extension of a high grade ore shoot identified in underground workings (Plates 2 and 3; see Table 5). Going forward, the 3-D interpretation and modeling of shoot geometries at structural intersections will be critical for drill testing additional zones of thicker and higher grade mineralization. Significant mineralization was intersected in the Encanto hanging wall sequence and to a lesser extent in the footwall as well (see Figure 12 for an example). The Encanto mineralized zone remains open for extension along strike and down dip. 45

Core recovery does not appear to be an issue for the CMC mineralized drill intercepts reported. For all of the holes, the average recovery is 95.5%. For the reported significant intercepts the average is 88.6%. Notwithstanding, further review of the mineralized intercept core by MGC is recommended to judge whether CMCs estimates of recovery appear to be reasonably accurate. Recently, Moncayo (2010) noted after inspecting CMC core that some of the holes display porphyry style alteration (GDH-01,-02,-14), including potassic alteration (fine hydrothermal biotite + mgt + py + chlorite / sericite overprinting + early quartz A and B vein type). GDH-02,-06,-07,-09,-12, GDH-07, and GDH-13 may show evidence of propylitic/pyritic halo alteration. Taken together, the CMC 2008 core drilling program successfully extended the known strike length and down dip extent of the Encanto Zone. Further, the drilling identified what are interpreted as in-parallel mineralized zones in the hanging wall and footwall rocks. Moncayos (2010) observations of porphyry alteration in the CMC holes are especially insightful; further review and relogging of the CMC core could provide important input for developing a zoned porphyry alteration model at depth. Further work proposed by Turner (2011) to understand these drill results in more detail would include: complete relogging of the core, check assaying of drill sample coarse rejects and pulps, development of a 3-D geologic, alteration, and grade model, and the 3-D integration of the underground mine sampling with the drill data.

Plate 2. GDH07: 50.25-53.4m 3.2 m (1.32m Plate 3. GDH07 @ 50.3m Brecciated dacite est. true thickness) @ 11 g/t Au: Note highly porphyry w/ late carbonate veins and broken rock. (Turner 2011) disseminated sulfides (2-phase pyrite) w/in high grade zone. (Turner 2011)

46

Figure 12. Section A-A Looking NE, Encanto Zone Grade Shell Interpretation. 1900 Elev

1700 Elev

47

5.4

Historical Mineral Resources / Reserves and Production

There are no historical NI 43-101 compliant mineral resources / reserves nor has there been any production on the Tresoro Property.

48

6.0 6.1

GEOLOGICAL SETTING AND MINERALIZATION Regional and District Scale Geology

The Guayabales property is located on the eastern margin of the Western Cordillera of the Colombian Andes. The Cauca River has eroded a deep river valley along the Cauca Romeral fault zone. This deep intermontane river valley separates the Western Cordillera from the Central Cordillera of the Andes. The Cauca-Romeral fault zone forms a boundary between dominantly Paleozoic-age continental basement (low grade metasediments, medium to high grade amphibolite schists, amphibolites and gneisses) of the Central Cordillera and Cretaceous-age oceanic basement (gabbro, serpentinite, basalt, dolerite, chert, greywacke, black shale) of the Western Cordillera. The zone may have originated as a subduction zone separating the two terranes (Hall, 1973). Hall suggests that the CaucaRomeral fault zone is now a regional scale wrench fault system, with perhaps more than 50 kilometers of lateral displacement, similar to wrench faults described by Feininger (1973) in eastern Antioquia Department (Figures 13 and 14). Both rock sequences divided by the CaucaRomeral zone are intruded by Upper Cretaceous granodiorite and quartz monzonite. In turn, these rocks are partially covered by continental sediments of the Miocene age Amag Formation and the Neogene age Combia Formation, which consists of calc-alkaline volcanic andesite flows and pyroclastic rocks. The gold mineralization at Guayabales and the Marmato District is related to the emplacement of porphyry stocks of late Miocene age that intrude the older rock sequences in the region. The Marmato Stock is an intermediate composition, multi-phase intrusive complex that ranges from andesite-diorite to dacite-granodiorite (quartz diorite) in composition (Plate 4). The Marmato porphyries intrude Amag Formation sedimentary rocks in the Cauca Valley and Combia Formation volcanic rocks. The basement is the Cretaceous ophiolite complex and Paleozoic metamorphic rocks. The distribution of the individual intrusive phases has not been mapped in detail. All phases of the stock are weakly to strongly porphyritic, and all appear to be altered and mineralized. Post-mineral dikes ranging from diabase to rhyolite are relatively minor volumetrically and typically unmineralized, but may show some local alteration where they cut mineralized and altered porphyry in the district. These dikes have been interpreted to represent sub-volcanic basal intrusives formed during the waning stages of deposition of the Upper Combia Formation volcaniclastics (Pinzon and Tassinari, 2003, Gonzalez, 1996; Perez, 1980; Hall, 1973).

49

Plate 4. Altered and mineralized Marmato Stock intrusive rocks weathered to saprolite and exposed in a road cut northeast of the main Guayabales mining area. The rocks are primarily dioritic in composition, strongly fractured, cross cut by veins and sheeted vein sets, and consistently mineralized with low levels of gold (i.e., +100-200 ppb Au). (Turner 2011)

The Marmato stock has been radiometrically dated by potassium-argon (K-Ar), yielding ages of 6.3 0.7 Ma and 7.1 0.2 Ma (Late Miocene) for porphyritic dacite and porphyritic andesite respectively (Sillitoe et al., 1982; Rossetti & Colombo, 1999). More recent dating for the Marmato Complex by argon-argon (Ar-Ar) on biotite gives dates of 6.7 0.06 Ma, and 5.6 0.6 Ma for sericitized plagioclase by K-Ar (Pinzn &Tassinari, 2003). The latter date is interpreted as the time of maximum mineralization and may be slightly younger than the age of intrusion. Pinzn & Tassinari (2003) give the following summary of the geological and metallogenic evolution of the Marmato District, based on recent age-date and isotope studies:

50

1. 33 Ma to 25 Ma: Magmatism in the Piedrancha-Farallones Arc. 2. 22 Ma: Development of a back-arc basin related to the Piedrancha-Farallones Arc and start of deposition of continental sediments (Amag Formation). 3. 12 Ma: Collision of the Panam-Choc Arc against the South American Continent. Reactivation of the Cauca-Romeral Shear Zone (CRSZ) and development of pull-apart basins. 4. 11 Ma: Calc-alkaline and tholeiitic magmatism (Combia Formation), related to pullapart basins. 5. 6.3 Ma: Intrusion of Marmato Stock associated with Combia Formation magmatism. Start of hydrothermal alteration related to CRSZ reactivation and fracturing of Marmato Stock. 6. 5.6 Ma: Last reactivation of CRSZ, last magmatic activities of Marmato Stock, and main mineralization episode. 7. 5.0 Ma: End of Combia Formation magmatic activity. Mineralization within the Marmato District occurs dominantly along northwest trending shears, with lesser mineralization found associated with north-south and east-west trending structures. Two distinct sets of northwest trending mineralized shears are evident in the greater Marmato area termed the Zona Alta and Zona Baja. Mineralization on the Guayabales Property occurs approximately on strike one kilometer to the west-northwest of these productive gold zones. The author of this report has been unable to verify the information concerning the Marmato District, and the foregoing information is not necessarily indicative of the mineralization on the Guayabales property.

51

Figure 13. Guayabales Regional Geology.

TRESORO MINING CORP

52

Figure 14. Guayabales and Marmato District Geology.

TRESORO MINING CORP

53

6.2

Property Geology

A key aspect of the geology of Guayabales is the sheared and mineralized intrusive contact zone between the Tertiary age Marmato Stock and older Paleozoic age marine sediments present in the vicinity of property (Plates 5 and 6-8) (Figure 15). The main shear, the Encanto Zone corridor, trends roughly N60oW, is sub-vertical to steeply southwest/northwest dipping, and has widths ranging from 20 to 40 meters. Existing mine workings demonstrate approximately 500 meters of strike, and geomorphic expressions indicate approximately 1.3 kilometers of cumulative strike extent. Lesser shears and other structures are evident throughout the property and range from N 60o W to eastwest in strike with sub-vertical dips. A strong rectilinear drainage pattern is present on much of the property which suggests drainages are controlled by structures parallel to the Marmato and Echandia structural trends, offset by cross-cutting faults. Plate 5. Folded, sheared and oxidized continental sediments of Paleozoic age, as exposed in the Gloria #1 Tunnel, Guayabales. Note the deformed nature of quartz-veining indicating post-alteration tectonism. (Turner 2011)

54

Plate 6. Altered and brecciated Marmato Stock with siliceous matrix, La Azucena Mine, Guayabales Property. (Turner 2011)

Tresoro-MGC carried out a property scale mapping program in 2010, resulting in a 1:5000 scale geologic compilation (Figure 15). As Guayabales is over 95% covered with soil and vegetation, most of the mapping is necessarily generalized and interpretive. Notwithstanding, MGCs mapping has produced what is by far the best understanding of the property geology to date (Turner 2011). As described by Moncayo and others (2010), the five primary units mapped are, from oldest to youngest 1) metamorphic rocks (roof pendants) represented by chlorite/quartz sericite and graphitic schists, 2) coarse grained granodiorite, 3) fine to medium, and coarse grained biotite/hornblende andesites, 4) medium to coarse grained dacitc quartz porphyries/andesite volcanic flows (Combia Fm.), 5) late stage, post-mineral dikes with compositions ranging from andesite to rhyolite.

55

Figure 15. Guayabales Property Geology.

TRESORO MINING CORP

56

6.3

Mineralization

The Guayabales property covers an extensive zone of mineralization and alteration at the projected northwest extension of the Marmato and Echandia structural trends. Guayabales hosts a gold-silver mineralized corridor of shearing and veining (Encanto Zone) and high-level intrusions associated with porphyry gold (copper) mineralization (La Portada and Mill Zones). The following descriptions on the mineralization present on the Property are taken from Turner (2011). 6.3.1 Intermediate Sulfidation Vein Mineralization

Multiple mineralized shears are exposed in the accessible mine workings and in road cuts on the Guayabales property. The main productive zone, known as the Encanto Zone, is exposed and developed in the underground workings. The Encanto structural corridor ranges from 20 to 40 meters in width, strikes N50o to N60oW and has a sub-vertical dip. This mineralized zone is sympathetic to the major mineralized fault zones along strike to the southeast at Marmato and Echandia. Other mineralized structures and shears range from a few millimeters to several meters in width, are sub-vertical, and strike from eastwest to N40oW. The Encanto Zone consists of multi-phase quartz, clay-white mica, and sulfide-rich breccia (Plate 7). Gold and silver mineralization occurs in quartz and sulfides as native gold, auriferous pyrite, argentite, argentiferous galena, and electrum (Plate 8--. At Marmato and Guayabales, the precious metal-bearing minerals are controlled by late fractures that crosscut earlier pyrite, chalcopyrite and sphalerite veins. The paragenetic sequence indicates an early base-metal mesothermal assemblage formed at temperatures greater than 250 degrees centigrade, associated with quartz-sericite-pyrite alteration, crosscut by later, relatively high-temperature epithermal, precious-metal bearing assemblages associated with quartz-clay-white mica (Lewis, 2006). Limited mineralogic work has been done at Guayabales, but mineralization is expected to be similar to that found on the adjacent Marmato property, and multi-element geochem from Guayabales is compatible with better identified mineral suites on adjacent properties. A 3-phase paragenetic sequence for the intermediate sulfidation veins has been established for Marmato and may also be a good model for Guayabales (Cuellar and Mora, 1985; Rubiano, 1986): 1) High-temperature pyrite phase accompanied by Fe-rich sphalerite, chalcopyrite and minor bornite, arsenopyrite and pyrrhotite. 2) Relatively low-temperature phase; chalcopyrite, pyrite and sphalerite of phase 1) are replaced by iron-poor sphalerite (Fe exsolved at lower temperatures) and argentiferous galena; other lower temperature species deposited largely in secondary fractures include marcasite, acanthite, polybasite, freibergite, gold and electrum. 3) Supergene phase accompanied primarily by deposition of covellite, chalcocite and malachite. The multiple late fracture-controlled nature of the precious metal bearing species observed on adjacent properties probably accounts for the good recovery levels seen at Guayabales. Clay content is higher in the upper exposed parts of the Encanto Zone with quartz, semi massive sulfides and chlorite rapidly becoming prominent with depth. This change may well be due to

57

weathering of sulfides and chlorite to kaolinite during supergene phase 3) (Tewalt and Carrington, 2006).

Plate 7. Multiphase quartz-sulfide breccia from the Encanto Zone, El Encanto drift, Guayabales. (Turner 2011)

58

Plate 8. Early Pyrite veinlets oriented vertically in this picture are cut by a transverse veinlet containing pyrite, sphalerite, and galena in this sample from the Azucena Mine at Guayabales. The base metal veinlet contains leaves of coarse gold/electrum just above and to the left of the coin. Both sets of veinlets show supergene chalcocite and covellite coatings over hypogene sulfides. (Turner 2011)

6.3.2 Porphyry Gold (Copper) Mineralization (after Moncayo and others, 2010) Tresoro-MGCs 2010 geologic mapping and sampling programs have yielded new and definitive information regarding the recently recognized porphyry system at Guayabales. In particular, road cut mapping at 1:200 scale has identified alteration assemblages typical of porphyry systems (see Plates 9, 10, 11, 12). The presence of a porphyry system is supported by the occurrence of polyphasal intrusive and sub-volcanic rocks with hydrothermal alteration assemblages comprised of clay+leached pyritequartz-mgt (argillic), chlorite+quartz+leached pyrite+sericite-mgt+clay (intermediate argillic), and localized FeOx/quartz stockwork+magnetite diss./veinlets+ hematite (after mgt.)+sericite (potassic overprinted by +- phyllic). The mapped alteration is interpreted to be transitional from a potassic core to peripheral quartz-sericite-pyrite alteration (phyllic). In addition, it is important to note that some outcrops of andesites /quartz diorites have an epidote+pyrite(>5%)+chlorite assemblage which could be indicative of a propylitic/pyritic halo around the porphyry gold (copper) system.

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Plate 9. Road cut outcrop showing strong argillic alteration of andesite protolith, with clays+kaolinite +isolated structure/veins filled by rare quartz and abundant FeOx. (Turner 2011)

Plate 10. Road cut outcrop of intrusive (DQP) with sericite (mod to stg+argillic alteration overprint showing veins with +-quartz+pyrite(leached)+sericite/kaolinite halos. (Turner 2011)

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Plate 11. Road cut outcrop showing stockworked intrusive with phyllic overprint. (Turner 2011)

Plate 12. Andesite porphyry (AP) med to coarse grained with chlorite+sericite alt.+argillic overprinting. Cross cut by FeOx/quartz sheeted veins ranging between 1mm to 5 cm and with a density >10/m (Mill Zone). (Turner 2011)

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7.0

DEPOSIT TYPES

The mineralization at Guayabales is typical of an intermediate sulfidation type gold-silver metal deposit associated with a porphyry system (Figure 16, Plate 13). This type of mineralization is similar to that found at Gran Colombias Marmato Mountain in La Zona Alta and La Zona Baja. The intermediate sulfidation-type epithermal mineralization is superimposed on, and paragenetically later than the porphyry-style mineralization (Lewis, 2006). Targets related to ther precursor porphyry-style mineralization may have the potential to develop significant goldcoppermolybdenum mineralization. These types of deposits often have high exploration potential for surface and underground resources amenable to bulk mining techniques. Figure 16. Porphyry and Intermediate Sulfidation Epithermal Deposit Model (after Hedenquist, et al., 2004).

Most of the precious metal mineralization in the Marmato District is associated with base metal sulfides or native precious metal species. Oxide mineralization may occur in the weathering zone above the sulfides but is limited, as is generally typical in the development of supergene oxidation in the Western Cordillera of Colombia (Turner 2011). Tresoro is primarily targeting the bulk tonnage potential of the Guayabales property. However existing underground development and resulting production at Guayabales demonstrates significant target potential for high grade mineralization amenable to selective underground mining techniques. Narrow, unoxidized, vein-type portions of the main Encanto Zone, as well as subparallel zones, are actively being mined by the CMG.

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Plate 13. Marmato Stock frog-eye porphyry: diorite porphyry with coarse plagioclase, hornblende and biotite with minor pyroxene phenocrysts in a microlitic matrix. (Turner 2011)

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8.0

EXPLORATION

The following sub-sections described exploration work and results carried out when the company was called MGC between 2010 and 2011. As of the date of this report, Tresoro has not carried out any exploration work to date on the project.

8.1 Previous Property Wide Exploration Work on the Encanto Zone by Tresoro-MGC 8.1.1 Tresoro - MGC Soil Survey

The Guayabales project is nearly 95% covered by soil and vegetation, and as a result, Tresoro MGCs soil sampling program was necessary to identify broad geochemical trends and anomalies of precious and base metals, as well as pathfinder element distributions on a comprehensive, property-wide scale. The sampling was on a 100 by 100 meter grid (N-S by E-W), with samples taken from the B soil horizon at depths ranging from 0.6 to 1.8 meters. A total of 253 soil grid locations were sampled over the property. (Figure 17). The univariate statistical summary given in Table 6 highlights anomalous levels of base and precious metals mineralization. As well, there are distinctly high grade soil geochemistry outliers for gold, silver, and lead. Multivariate analysis yielded two distinct suites of geochemical associations as given by the Pearson correlation matrix (Table 7). The strongest positive correlations are grouped as Au-Ag-Pb and Cu-Mo-K, which corresponds to metal associations indicative of intermediate sulfidation and porphyry styles of mineralization, respectively. The Log10 histograms in Figure 18 display nested, polymodal distributions reflecting the distinct mineralizing environments. Gold, copper and potassium display what appears to be two nested Log symmetric populations (Turner 2011). Table 6. Soil Sample Statistical Summary for Precious and Base Metals. (Turner 2011)
AU PPM 253 0.001 4.797 0.037 0.109 0.344 3.165 AG PPM 253 0.20 26.20 0.30 0.97 2.49 2.55 CU PPM 253 0.50 619.00 36.30 76.90 100.03 1.30 MO PPM 253 1.00 44.00 2.00 4.69 6.72 1.43 PB PPM 253 2.00 1772.00 14.00 50.29 159.22 3.17 ZN PPM 253 6.10 221.30 33.20 43.62 34.85 0.80

Number Min Max Median Mean StdDev CV

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Table 7. Soil Sample Pearson Correlation Matrix for Select Elements. (Turner 2011)
AU PPM 1.00 0.87 0.23 0.27 0.18 0.22 0.58 0.13 0.26 AG PPM 1.00 0.29 0.33 0.22 0.27 0.77 0.23 0.39 AS PPM CU PPM K PCT MO PPM PB PPM SB PPM ZN PPM

AUPPM AGPPM ASPPM CUPPM KPCT MOPPM PBPPM SBPPM ZNPPM

1.00 0.19 0.34 0.09 0.32 0.19 0.31

1.00 0.48 0.66 0.37 0.37 0.29

1.00 0.53 0.30 0.31 0.32

1.00 0.32 0.35 0.07

1.00 0.22 0.39

1.00 0.18

1.00

Figure 17. Tresoro-MGC Soil Sample Locations and Gold Anomalies.

Porphyry Target

SW Target (also see Arsenic Map)

TRESORO MINING CORP

The soil sampling results delineate the well-known epithermal mineralization of the Encanto Zone as a west-northwest trending, 1,000 metres long by 100 metres wide anomaly that projects from the propertys southern boundary towards the Marmato mining complex (refer to Figures 17 and 18). A northwest trending arsenic anomaly reinforces this pattern. This Encanto Zone 65

parallel geochemical trend occurs at, and is partially coincident with, the southwestern margin of a broad 900 by 500 meter semi-circular area within the property boundary of porphyry alteration. This region of porphyry alteration is strongly anomalous in gold (max=4.797 ppm), silver (max = 26.2 ppm), copper (max=619 ppm; 8 samples > 200 ppm), and lead (max=1772 ppm; 6 samples > 200 ppm), and weakly anomalous in molybdenum. An additional epithermal target has been interpreted by MGC geologists in the southwest portion of the property based on low level gold (0.247 ppm) and high arsenic values (i.e., up to 656 ppm) over an area of 400 by 250 meters (Turner 2011). The rest of the southwestern sector of the property consistently lacks anomalous soil geochemistry in a region interpreted as a structural block without exposures of mineralized rocks (Turner 2011).

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Figure 18. Tresoro-MGC Soil Sample Geochem Anomaly Maps for Select Elements.

GOLD

SILVER

COPPER

MOLYBDENUM

ARSENIC

LEAD

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8.1.2

MGC Reconnaissance Rock Sampling

MGC conducted reconnaissance rock sampling during the 1:5000 scale geologic mapping program (Figure 19). A total of 89 samples were collected, with the sample types comprised of chip channel (typical length of 1 m), grab, and select (Turner 2011). Two groups of early stage road cut samples were taken in the northeast corner of the property. These samples occur within the porphyry alteration zone delineated from mapping and soil geochemistry. The first group, in what MGC geologists termed the Northeast Zone, consisted of 16 samples taken in outcropping vein structures ranging from 5 to 60 centimeters wide, and generally striking northwest and parallel to the regional trends in the Marmato district, and coincident with the contact between the dacite porphyry and andesites. Thirteen samples assayed greater than 0.5 g/t gold, with the highest channel sample value of 3.12 g/t across 1 meter. The Northeast Zone samples are also anomalous in lead, and include a high grade silver sample that assayed 322 g/t Ag (Figure 19). The second group consisted of 17 samples, and occurs in the porphyry target area (i.e., Portada and Mills Zones) subsequently mapped and channel sampled by MGC. The zone is defined by an area of argillic and silica alteration with mineralized veins that range in width up to 3.0 meters, and generally strike west-northwest. Six samples assayed greater than 0.5 g/t gold, with a maximum of 1.52 g/t gold from a 1.0 meter channel sample. The porphyry zone rock samples are also consistently anomalous in copper and molybdenum (refer to Figure 20). Elsewhere on the Guayabales property, the reconnaissance rock sampling yielded single sample gold anomalies arrayed along trend with the Encanto Zone. This Encanto coincident trend is also enriched in arsenic and zinc, and cuts along the geologic contact between the schists and dacite porphyry. Single point gold anomalies southwest of the Encanto Zone highlight potential exploration targets for future follow-up; a number of these samples are also anomalous in the other metals, including a high grade silver sample that assayed 1,782 g/t Ag.

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Figure 19. MGC Rock Sample Locations and Gold Anomalies.

NE Zone Porphyry Samples Portada & Mill Zones

TRESORO MINING CORP

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Figure 20. Tresoro-MGC Rock Sample Anomaly Maps for Select Elements.

GOLD

SILVER

COPPER

MOLYBDENUM

LEAD

ZINC

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8.2

MGC Underground Sampling Program and Results

MGC collected a limited number of underground samples from various mines which are summarized in Figure 21, and as: La Tigra (10 samples, 10.5 m of sampling @ 0.1 g/t Au), El Aguato (3 samples, 4 m of sampling @ 0.03 g/t Au), and El Peluche (2 samples, 3 m of sampling @ 0.24 g/t Au). MGCs results are low gold and silver grades, but generally consistent with those from CG and CMC (Turner 2011).

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Figure 21. Map Showing Tresoro-MGC Mine Area Results (w/ CMC & CM Au).

TRESORO MINING CORP

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9.0

DRILLING

The following sub-sections described drilling work and results carried out when the company was called MGC between 2010 and 2011. As of the date of this report, Tresoro has not carried out any drilling on the project.

9.1

Tresoro MGC Drill Program (2010 2011)

From October 2010 to April 2011, Tresoro-MGC completed 4,060.97 metres of drilling in eleven (11) drill holes (Figure 22). The drill campaign commenced in October 2010 and was halted on April 2, 2011. The planned Tresoro-MGC drill program was for a total of 17 holes totaling 5,000 metres. The diamond drilling was carried out by local Colombian contractor Logan Drilling Colombia S.A.S. with a track mounted, light weight Duralite T600N core rig (Plate 14 and 15) (Turner 2011). All holes have been collared from surface, with casing set through gravels and saprolite, and drilled with HQ core, with reduction to NQ necessary in zones of poor recovery and at depths of over 400 meters (Turner 2011). The eleven completed Tresoro-MGC drill holes had southwest and northeast directed azimuths across the Encanto Zone strike direction, and inclinations of -42 to -70 degrees. Holes MGDH01, redrill MGDH-01A, and MGDH-02 were drilled from the same pad in the area of the La Cacica mine, and between CMC holes GDH14 and GDH15. These three MGC holes intersected the Encanto gold-silver mineralized zone (Table 8; Figure 22). MGDH-02, drilled at a steeper inclination, intersected two thin mineralized intervals approximately 55 meters down-dip from MGDH-01 and MGDH-01A. MGDH-03 was drilled approximately 200 meters along strike to the northwest, and intersected the Encanto Zone, as well as a second in-parallel zone deeper in the hole (Figures 23 and 24).

Table 8. Tresoro-MGC Significant Drill Intercepts

Note 1: Au equivalent calculated with Au:Ag 55:1 ratio.

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Hole MGDH-01 Includes MGDH-01a MGDH-02

From 20.8 28.8 24 70 108

To 42.5 42.5 44 74 112 209 312 506 82 186 122 182 26.5 70 250 556 584 228 24

Length (m) 21.7 13.7 20 4 4 5 4 8 2 2 2 2 6 3 2 12 4 2 3

Est. True Thickness (m) 18 11.4 16.7 2.6 2.6 4.16 3.3 6.63 1.66 1.66 1.66 1.66 5.0 2.5 1.66 10.0 3.33 1.66 2.50

Gold g/t 1.70 2.36 1.71 2 0.741 0.90 1.00 1.90 3.30 1.33 5.56 1.74 .80 1.29 0.81 2.14 2.08 2.41 1.02

Silver g/t 28.43 37.96 12.56 33.5 7 1.31 27.5 2.2 <2 18 49 6 57 56 6.71 12.83 5 22 7

Gold equiv g/t 2.22 3.05 1.93 2.61 0.87 3.29 1.50 1.94 3.30 1.66 6.45 1.85 1.83 2.31 0.93 2.38 2.17 2.41 1.15

MGDH-03

204 308 498

MGDH-04

80 184

MGDH-04A

120 180

MGDH-05

23.5 67 248 544 582

MGDH-06 MGDH-07

226 21

MGCs eleven holes in the Encanto Zone all successfully intersected the targeted gold-silver mineralization as well as additional gold-silver mineralization near surface. The gold-silver mineralization intersected by Tresoro-MGC is relatively consistent with expected results, and as previously reported from CMCs drilling.

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Plate 14. T600N rig moving to drill pad (Turner 2011)

Plate 15. T600N rig drilling hole MGDH-02 (Turner 2011)

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Figure 22. Tresoro-MGC Drill Hole Intercepts Plan Map With Section Lines .

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Figure 23. Tresoro-MGC Drill Hole Section Figure 24. Tresoro-MGC Drill Hole Section CB-B. C.

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10.0

SAMPLING PREPARATION, ANALYSES AND SECURITY

The sampling method and approach for the exploration programs carried out by the previous operators are taken from Turner (2011) and Thompson (2007) and described below. 10.1 CMC Samples

All CMC samples were collected and shipped under the supervision of a company geologist. Samples were collected in individual cotton sample bags, then transported to Inspectorate Laboratories sample preparation facility in Medellin, Colombia. At no time were the samples out of the control of CMC personnel until delivered to Inspectorate. Inspectorate then dried, and crushed the entire sample to -10 mesh. Approximately 500 grams were then split from the whole sample, and pulverized in a ring and puck style pulverizer to 150 mesh. The prepared samples were then shipped by Inspectorate, Medellin, to Inspectorates Reno, Nevada laboratory facility for analysis. All CMC samples were run for Au using fire assay techniques with over limit analyses for samples assaying over 5 g/t Au. Multi-element analysis was also completed for most of the samples using the ICP method. Coarse rejects were stored temporarily at Inspectorate, Medellin. CMC periodically picked up the coarse rejects and transferred them to CMCs warehouse in Medellin. Inspectorate was storing the remaining pulps at its Reno, Nevada facility. Inspectorate is an ISO/IEC 17025 accredited laboratory. It was Thompsons opinion that sample preparation, security and analysis had been adequate. According to Turner (2011), in June 2007, CMC switched from Inspectorate to SGS labs for sample preparation and analysis. Sample preparation was conducted at SGSs Medellin lab, and assay and geochemical analyses at SGSs ISO 9001 certified Lima, Peru lab. At SGS, the assay method codes for CMC were typically FAA313 (1 assay ton fire assay) and ICP12B (aqua regia digest, 35 element ICP/AES analysis). The core from all 17 holes drilled by CMC have now been transferred to a secure warehouse leased by Tresoro in Medellin. At the time of this report, MGC was organizing, inventorying, and storing the available Guayabales drill core coarse rejects from CMCs drill program; the pulps were discarded. 10.2 CMC Rock QA/QC Program

This section reviews and summarizes the QA/QC program results for the CMC surface and underground sampling programs conducted from 2007-2008 (QA/QC procedures were not practiced by CMC in 2006). The CRM QC results consistently reported within two standard deviations of the expected gold value, with only isolated cases occurring between two and three standard deviations (Figure 25). These CRMs, as well as others used during the CMC programs, are well within the CRM QC acceptance criteria. The silver analyses also pass the CRM QC acceptance criteria. As a result, it is concluded that the 2007-2008 CMC surface and underground assay results for gold and silver are within acceptable limits of precision and accuracy. For gold rock blanks, all QC samples were below the 0.005 ppm detection limit, excepting one isolated case at 0.005 ppm Au (Figure 26). There are no contamination issues with the rock sample gold blanks. For silver, all samples are at 0.1 ppm Ag. As a result, silver blank results are interpreted as showing no significant level of contamination.

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The duplicate underground and surface field duplicate samples reflect an acceptable reproducibility as portrayed by a linear relationship on the scatter plots (Figure 27). This is especially true considering the high grade nature of the vein-hosted gold-silver mineralization at Guayabales. This intermediate sulfidation style of precious metals mineralization is expected to contribute some component of nugget effect to the overall variance. CMCs field surface sampling procedures and protocols have yielded representative and reproducible results as evidenced by the duplicate samples.

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Figure 25. CMC Rock Sampling CRM QC Plots for Gold and Silver.

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Figure 26. CMC Rock Sampling Blank QC Plots for Gold and Silver.

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Figure 27. CMC Rock Duplicate Sampling QC Scatter Plots Gold and Silver.

10.3

CMC Drill Hole QA/QC Results

According to Turner (2011), the CMC drill core QA samples passed all of the QC tests for CRM, blank and duplicate samples. The CRM QC charts demonstrate excellent laboratory accuracy and precision for both gold and silver analyses. The CRMs represented in Figure 28, as well as other CRMs used in the program, consistently assayed within the two standard deviation bounds for gold and silver. The blank samples show excellent performance for gold and silver, and suggest that low level contamination is not a problem (Figure 29). This is especially important considering the multi-gram gold and silver intercepts reported from the drill core. Any deviation from the baseline blank value is negligible. The duplicate core sample analyses demonstrate a linear correlation (Figure 30). This linear relationship holds for both gold and silver values ranging from the low to high end of the range. As with the rock sample duplicates, this correspondence is especially important considering the erratic nature of the veinhosted gold-silver mineralization at Guayabales. The QC results confirm that CMC drill core gold-silver assays yield reproducible and representative goldsilver assay results.

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Figure 28. Drill Core Sampling CRM QC Plots for Gold and Silver.

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Figure 29. Drill Core Sampling Blank and Duplicate QC Plots for Gold and Silver

Figure 30. Drill Core Sampling Duplicate QC Plots for Gold and Silver

10.4

Tresoro-MGC Samples

This section summarizes MGCs sample preparation, analysis, and security protocol completed by Turner (2011). 10.4.1 Tresoro-MGC Sample Preparation and Analysis Tresoro-MGCs rock and soil samples were submitted to SGS labs for sample preparation and analysis. Sample preparation was conducted at SGSs Medellin lab, and assay and geochemical analyses at SGSs

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ISO 9001 certified Lima, Peru lab. Soil samples were prepared according to SGS code SCR30, which includes: sample drying, -10 followed by -80 mesh screening, and pulverization to p95 -140 mesh. Rock samples were prepared according to SGS code PRP94, which includes, sample drying, two stage crushing at ! and 10 mesh, riffle split 250 grams, and pulverization to p95 -140 mesh. Early in the MGC program (i.e., May-June 2010), the assay method codes were FAA313 (1 assay ton Au fire assay, AAS finish) and ICP40B (4-acid near total digest, 32 element ICP/AES analysis) for surface and underground reconnaissance rock samples. Subsequently, starting with the systematic soil and road cut sampling programs, the assay method codes were switched to FAI303 (1 assay ton Au fire assay, ICP finish) and ICP12B (aqua regia digest, 34 element ICP/AES analysis). All sample pulps are currently in paid storage at SGS. Coarse rejects are discarded after 90 days. Drill Samples. MGCs drill samples were submitted to Acme labs for sample preparation and analysis. Sample preparation was conducted at Acmes Medellin, Colombia lab, and assay and geochemical analyses at Acmes ISO 9001 certified lab in Santiago, Chile or Vancouver, Canada. Prep code R200 was specified, which consists of crush 1 kilogram of sample p80 passing 10 mesh, split 250 grams and pulverize to p85 passing 200 mesh. The assay method codes were G6 for gold (1 assay ton Au fire assay, AAS finish), and 7AR1 for silver (aqua regia digest, ICP/AES analysis), and 1D02 for multielement geochemistry (aqua regia digest, 34 element ICP/AES analysis). All drill sample coarse rejects are currently stored at Acmes prep lab but will eventually be transferred to MGCs secure warehouse in Medellin. Drill sample pulps are in paid storage at Acme. 10.4.2 Tresoro-MGC Security and Chain of Custody Tresoro-MGCs security, and chain of custody procedures have been internally documented, and guidelines provided to responsible MGC technical staff (Stonehouse, 2010, MGC internal memo). MGCs in-house QP responsible for the implementation of these procedures was J. Stonehouse. A summary of the guidelines is given below: Sample collection. Samples that are candidates for public disclosure will be collected by, or in the presence of a Tresoro-MGC geologist. Core samples will be sampled by personnel under careful supervision of a Tresoro-MGC geologist. Samples will not be submitted to the assay laboratory until a MGC geologist has inspected the sample site and/or reviewed the sampling procedure. Security. All Tresoro-MGC exploration samples will be stored in a locked, secure area or under vigilant watch from the time of field collection until delivery to the assay laboratory. Personnel not authorized to perform or supervise sampling will not come in contact with, or have access to samples at any time. Authorized personnel will be either employees or contractors of MGC. Chain of custody. Samples prepared for shipment to the lab will be grouped in sacks or boxes and sealed. A chain of custody form, either provided by the laboratory or Tresoro-MGC, will accompany the samples from the sample storage facility to the laboratory. Each individual responsible for custody of the samples will print and sign his or her name on the form. After samples are delivered to the lab, the finalized chain of custody form will be returned to Tresoro-MGCs Medellin office for filing and archive.

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 Record keeping and sample tracking. All field sample information will be recorded in a Company sample book. Additionally, drill sample information will be noted on the drill log form. Samples will not be shipped to the lab until it is confirmed that all required data is recorded. It is the responsibility of the sampler, or in the case of drilling, the project geologist, to insure that all sample locations, and other pertinent data are entered into the GIS database maintained in Medellin. A list of all samples shipped to the assay lab will be filed in the Medellin office. This tracking list will be used to assist in monitoring the status of Tresoro-MGC samples, and is to include: the project, sample numbers indicating which are duplicates, standards and blanks, the date shipped, where shipped, date delivered, who is responsible for the results, date results were received, and to whom they were distributed. Confidentiality of results. Assay results are confidential to Tresoro-MGC, and under no circumstances are they to be discussed until approval is received from the General Manager or V.P. Exploration in Medellin. Assay results will be distributed from the Medellin office to the project manager or responsible person for the samples, to the Manager GIS, and others on a need to know basis. The responsible person for each shipment of samples will submit in writing within 48 hours a brief report explaining the results and their implications to the general manager or V.P. Exploration. Assay QC Monitoring. Standards, blanks and duplicate results will be maintained in a separate database. These results will also be reviewed by the responsible person for each sample shipment. Any variance of greater than 15% of the expected value in standards, and any result blank greater than 60 ppb Au will be immediately reported to Tresoro-MGC management. The GIS manager will maintain the database and will be in charge of advising all personnel of any changes in the above limits based on statistical evaluation. The rigorous protocols setup by Tresoro-MGC meets CIM best practice standards. 10.5 Tresoro-MGC Rock and Soil QA/QC Results

This section reviews and summarizes the QA/QC program results for the Tresoro-MGC rock and soil sampling programs conducted in 2010 (Turner 2011). The CRM QC results reported within two standard deviations of the expected gold value, with only isolated cases occurring between two and three standard deviations (Figure 31). These CRMs are well within the CRM QC acceptance criteria. The silver analyses also pass the CRM QC acceptance criteria. However, it is of note that SGS labs tended to consistently bias high for the gold analyses, and low for the silver analyses. Regardless, it is concluded that the MGC rock and soil QC results for gold and silver are within acceptable tolerances for precision and accuracy. For gold rock blanks, the QC samples were below 10 ppb, excepting one isolated case at 53 ppb Au (Figure 32). For silver, the first three samples in the sequence demonstrate a decaying pattern indicative of possible cross contamination. The fact that sample 503 is out of tolerance for both Au and Ag further reinforces the possibility of contamination. MGC has been made aware of this situation. However, considering the relatively low absolute values for Au and Ag under consideration, the rock blank results are interpreted as acceptable for this stage of exploration evaluation. The underground and surface rock field duplicate samples reflect an acceptable reproducibility as portrayed by a linear relationship on the scatter plots (Figure 33). The duplicate pairs for both gold and silver are remarkably consistent, although a couple of outliers may be due to expected geologic

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variability, or nugget effect. MGCs field sampling procedures and protocols have yielded representative and reproducible results as evidenced by the duplicate samples. Figure 31. MGC Rock & Soil CRM QC Plots for Gold and Silver.
0.58 0.56 0.54 Au ppm . 0.52 0.50 0.48 0.46
501 504 7 050 0 051 513 517 519 522 6 010 109 115 565 591 543

MG - OREAS 65a

SGS Assay OREAS Au 0.52 ppm +2 SD -2 SD +3 SD -3 SD

Sample Number

1.60 1.50

MG - OREAS 66a

SGS Assay

1.40 1.30 Au ppm . 1.20 1.10 1.00 0.90 0.80

502 505 8 050 1 051 514 516 520 523 108 111 114 434 554 572

OREAS 1.24 ppm +2 SD -2 SD +3 SD -3 SD

Sample Number

MG - OREAS 65a
11.00 10.00 9.00 Ag ppm . 8.00 7.00 6.00 5.00
501 504 7 050 0 051 513 517 519 522 6 010 109 115 565 591 543

SGS Assay OREAS 7.80 ppm +2 SD -2 SD +3 SD -3 SD

Sample Number

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Figure 32. MGC Rock Blank QC Plots for Gold and Silver.

Figure 33. MGC Rock Duplicate Sampling QC Scatter Plots Gold & Silver.

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10.6

MGC Drill QA/QC Results

The CMC drill core QA samples passed the QC tests for CRM and duplicate samples. The CRM QC charts demonstrate acceptable laboratory accuracy for both gold and silver analyses. The CRMs represented in Figure 34, as well as other CRMs used in the program, consistently assayed within the two standard deviation bounds for gold and silver. However, silver assayed with a bias to the low end of tolerance. The blank samples show inconsistent, but marginally acceptable performance for gold. Low level contamination may be an issue at the Acme sample prep lab (Figure 35). The silver all reported below detection limit for the blank QA samples. The duplicate core sample analyses generally demonstrate linear correlation at the low end, but show a scatter at higher values for both gold and silver (Figure 36). These are especially important to note considering the erratic nature of the vein-hosted gold-silver mineralization represented by MGCs Encanto Zone drilling at Guayabales. The QC results confirm that MGCs drill core gold-silver assays yield reproducible and representative results within the ranges expected for intermediate sulfidation vein hosted mineralization.

10.7

Comments on Umpire Lab Assays

Tresoro-MGC, nor previous operators CMC or CG, have conducted an umpire lab QA program (Turner 2011). Although this is not an absolute requirement, at minimum, Tresoro- MGC drill samples should be routinely assayed at a second ISO certified analytic lab. This check assay program should concentrate on samples from mineralized intervals, but random samples of non-mineralized material should also be included.

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Figure 34. Tresoro-MGC Drill Core Sampling CRM QC Plots for Gold and Silver.

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Figure 35. Tresoro-MGC Drill Core Sampling Blank QC Plots for Gold and Silver.

Figure 36. Tresoro-MGC Drill Core Sampling Duplicate QC Plots for Gold and Silver.

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It is Howes opinion that all Tresoros sample collection was completed in a manner consistent with current industry standard sampling and assaying techniques and that there are no impacts that could affect the results obtained.

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11.0

DATA VERIFICATION

Tresoro has not collected any data to date with respect to the Tresoro Property. All data from the Tresoro Property is derived from work completed by Mercer Gold and CMC from 2006 to 2011. This data was inspected by Howe and is deemed reliable and representative for the Tresoro Property 11.1 Howe Data Verification

Howe conducted a spot check comparison of approximately 10% of Tresoros soil geochemical analytical data against available digital scans/PDF files of laboratory certificates to verify accuracy and completeness. No errors were detected. There was also no limitations to verify the available data. 11.1.1 Howe Tresoro-MGC Drillhole Check Assays Howe collected 11 random pulp samples for check assay and sample preparation analysis work. Pulps from several mineralized intervals plus random individual pulp samples were selected for the independent check sampling program. The selected MGC pulp samples were submitted to ALS Minerals Laboratory (ALS) in Medellin Colombia for sample preparation and analysis. Sample preparation was conducted at ALSs Medellin, Colombia lab, and assay and geochemical analyses at ALSs ISO 9001 certified lab in Lima Peru. The sample preparation and assay method codes are listed in Table 9 below: Table 9. Verification Samples ALS Minerals Analytical Methods
Method code CRU-31 SPL-21 PUL-31 Au-AA25 Ag-AA45 Description Fine Crushing 70% <2mm Split sample riffle splitter Pulverize split to 85% <75 m Ore grade Au 30g FA AA finish Trace Ag aqua regia / AAS finish <0.1 ppm Au <0.2 ppm Ag Lower Detection Limit

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Table 10 summarizes the original versus the Howe check assay results. Table 10 Original MGC Drill Sample Pulp and Independent Duplicate Pulp Sample Au-Ag Results

ORIGINAL DRILL SAMPLE PULP Drill Hole

MGDH-01A MGDH-01A MGDH-01A MGDH-01A MGDH-01A MGDH-01A MGDH-01A MGDH-01A MGDH-03 MGDH-04 MGDH-05 MGDH-05

Samp#
MG1011 MG1012 MG1014 MG1015 MG1016 MG1017 MG1018 MG1019 MG1207 MG1697 MG2263 MG2264

From
24 25.5 30 32 34 37.5 40.5 42 78 442 582 584

To
25.5 28 32 34 37.5 40.5 42 44 80 444 584 586

Au g/t
2.414 0.271 3.971 1.373 0.547 1.285 0.024 6.595 0.07 0.01 0.416 3.747

Ag g/t
8 6 3 1 7 17 1 68 <2 <2 4 6

DUPLICATE PULP SAMPLE Howe Samp# Au g/t Ag g/t

MG1011 MG1012 MG1014 MG1015 MG1016 MG1017 MG1018 MG1019 MG1207 MG1697 MG2263 MG2264 2.61 0.04 2.45 1.28 0.66 1.24 0.03 10.9 0.32 0.01 0.19 2.78 9.0 2.2 2.5 3.0 7.6 16.1 1.2 65.9 0.6 0.8 4.1 7.5

Average

6.838

80.09

4.2091

61.463

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Pulp Duplicate Check Assays of the 2010-2011 Tresoro-MGC Drill Program

Item
Number of Pairs Mean Minimum Maximum Standard Deviation Coefficient of Variation Within +/- 20% of mean

Original
12 1.73 0.01 6.60 2.08 1.20 66.67

Duplicate
12 1.88 0.01 10.90 3.03 1.61 58.33

Units
n g/t Au g/t Au g/t Au g/t Au % Total Mean

Item
Difference of Means Mean HARD Mean HRD Pearson Correlation Regression Slope HARD Values within +/- 20%

Paired
1.80 0.15 22.37 3.52 0.91 0.84 58.33

Units
g/t Au g/t Au % % R2 %

100.00
Abs. Diff. (ppm Au)

Thomson & Howarth Precision Plot

Duplicate Assay (ppm Au)

100% 80% 60% 40% 20% 0% 0%

Rank HARD Plot

10.00

1.00

0.10 0.10 10% 1.00 10.00 100.00 100 % Mean of Assay Pairs (ppm Au) 20% 50%

20% 40% 60% Original Assay (ppm ) Precision: 20%

80%

100%

Mean vs. HARD Plot

100% 80%
HARD %

Mean vs. HRD Plot

100% 60%
HRD %

60% 40% 20% 0% 0.01 0.10 Precision: +/- 20% 1.00 10.00 Mean HARD

20% -20%0.01 -60% -100% Mean of Data Pair (ppm Au) 0.10 1.00 10.00

Mean of Data Pair (ppm Au) Precision: +/- 20% Mean HRD

Scatter Plot
Duplicate Assay (ppm Au)

QQ Plot
Duplicate Assay (ppm Au)

100 10 1 0.1 0.01 0.01

10

1 1 Original Assay (ppm Au) x=y +/-20% 10

0.1

10

100

Original Assay (ppm Au) x=y

Figure 37. Pulp duplicate Au check assay results of the Tresoro-MGC 2010-2011 drilling program

95

Pulp Duplicate Check Assays of the 2010-2011 Tresoro-MGC Drill Program

Item
Number of Pairs Mean Minimum Maximum Standard Deviation Coefficient of Variation Within +/- 20% of mean

Original
12 10.25 1.00 68.00 18.75 1.83 75.00

Duplicate
12 10.04 0.60 65.90 18.16 1.81 75.00

Units
n g/t Ag g/t Ag g/t Ag g/t Ag % Total Mean

Item
Difference of Means Mean HARD Mean HRD Pearson Correlation Regression Slope HARD Values within +/- 20%

Paired
10.15 0.21 14.77 1.20 1.00 0.99 75.00

Units
g/t Ag g/t Ag % % R2 %

100.00
Abs. Diff. (ppm Au)

Thomson & Howarth Precision Plot

Duplicate Assay (ppm Au)

Rank HARD Plot

100% 80% 60% 40% 20% 0% 0% 20% 40% 60% Original Assay (ppm ) Precision: 20% 80% 100%

10.00

1.00

0.10 0.10 10% 1.00 10.00 100.00 100 % Mean of Assay Pairs (ppm Au) 20% 50%

Mean vs. HARD Plot

100% 80%
HARD %

Mean vs. HRD Plot

100% 60%
HRD %

60% 40% 20% 0% 0.01 0.10 Precision: +/- 20% 1.00 10.00 Mean HARD

20% -20%0.01 -60% -100% Mean of Data Pair (ppm Au) 0.10 1.00 10.00

Mean of Data Pair (ppm Au) Precision: +/- 20% Mean HRD

Scatter Plot
Duplicate Assay (ppm Au)

QQ Plot
Duplicate Assay (ppm Au)

100 10 1 0.1 0.01 0.01

10

1 1 Original Assay (ppm Au) x=y +/-20% 10

0.1

10

100

Original Assay (ppm Au) x=y

Figure 38. Pulp duplicate Ag check assay results of the Tresoro-MGC 2010-2011 drilling program

96

Howes 11 pulp duplicate samples provide an independent confirmation of the presence of gold and silver in the drill hole samples. The duplicate pulp sample analyses generally demonstrate linear correlation at the low end but does show a scatter at higher gold values for both gold and silver (Figures 37 and 38). None of the samples returned gold values that would be considered economically significant; however, the tenor of geochemically anomalous values was reproduced. Analytical certificates are presented in Appendix 1. 11.1.2 Underground Muck Check Samples Independent underground muck samples were taken by Howe from the Guayabales mine. At the time of the site visit, access to the other mines was restricted due to locked gates at the portals. At the Guayabales mine, three muck samples were taken from vein material located within the Encanto Zone (Table 11). The purpose in collecting these samples was to determine the presence of gold + silver. Table 11. Independent Muck Samples Guayabales Mine
Sample DCL-1 DCL-2 DCL-3 Type Muck sample Muck sample Muck sample Au g/t 0.41 0.36 0.05 Ag g/t 8.5 27.6 7.4 Sample Description Encanto vein quartz vn with 5%py Encanto vein quartz vn with 5%py Encanto vein quartz vn with 5%py

Of the three samples collected by Howe, two samples (DCL-1 and 2) reported both anomalous gold and silver assay results whereas sample DCL-3 returned a low gold assay result (0.05g/t Au) and anomalous silver result.

11.2

Independent Drill Hole Data and Assay Database Verification

Turner (2011) supervised an independent verification of gold and silver assays in CMCs drill and rock sample databases. Approximately 10% (over 200 records) of the digital assay records were randomly selected and checked against the laboratory assay reports. The gold-silver assays in the reports were cross-checked by sample number against the entry in the database, with zero errors or discrepancies. Tresoro-MGCs digital drill database (as of February 2011) also underwent a random 10% (over 40 records) check versus the assay lab certificates by Turner (2011). In addition, all assay intervals > 1 g/t Au were vetted by Turner (2011). The checks returned with no errors in the database for either the gold or silver assays. Howe completed a random review of the Tresoro-MGC / CMC digital drill database check / validation of the drill collar, downhole survey, geology and assay databases versus the original hand written drill logs, and assay certificates. The checks returned with no errors in the database for the drill hole statistics or for the gold or silver assays.

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12.0 12.1

ADJACENT PROPERTIES Introduction

The Guayabales property is located within the Middle Cauca Gold Belt, which is credited with more than 16 million ounces of gold that has been produced (Sillitoe, 2008). The Middle Cauca Gold Belt extends approximately 350 kilometers north-south (Figure 39), and contains hundreds of bedrock and placer gold occurrences, including the recently discovered La Colosa deposit, 100% owned by AngloGold Ashanti Limited, and the historic Marmato Gold District that hosts the Guayabales property. The Guayabales property is located immediately adjacent to, and on trend with the mineralized structures of the Marmato mining complex (Figure 40). The Marmato complex contains three mining areas consolidated by Gran Colombia Gold Corp. (GCG). The GCG package, now referred to as simply Marmato, was formerly described as three land parcels: Zona Alta, Zona Baja, and Echandia. The distinction between the Alta (or upper), and Baja (or below) zones, is a road between the two at an elevation of approximately 1300 meters. The Guayabales propertys Encanto gold zone is located less than 2 kilometers to the northwest of these two mining zones.

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Figure 39 Principal Gold Belts and Districts of Colombia (Sillitoe, 2008)

99

Figure 40. Location map of the Guayabales, Marmato and Echandia Properties, Colombia.

TRESORO MINING CORP

12.2

Marmato Gold District - History

Several versions of the source of the name for the Marmato District exist in the literature. The district has been exploited since pre-historic times. The Indians residing in the district at the time of the Spanish Conquest were famous gold miners and metalworkers, and much of this work is on display in Colombian museums. Spanish colonists assumed control of the Marmato mines in 1527, and the area has been in almost continuous production since. The district was so renowned that it was pledged by Simon Bolivar to gain donations and financing for his war of independence from Spain. After the War of Independence against Spain, several English companies operated mines in the Marmato region until 1925. After 1925, the Marmato area was managed by differing agencies and departments of the Colombian government. Various areas and mines were leased or licensed to private companies and individuals. Foreign companies have been involved in exploration in the district again since the late 1970s. In 1993, a 300 tpd mining and processing facility was constructed and operated by Mineros Nacionales, S.A., and this plant has been subsequently expanded and is reported to have a capacity of 800 tpd, although it does not seem to run at this capacity. A review of existing data compilations (completed by Wilson, 2010) accumulated by Colombian Goldfields indicates that production records are incomplete, and only indicative in nature. Notably Wilson reports that incomplete data exists for six widely scattered periods: 1778 1823; 1832 1836; 1909 1914; 1931 1935; 1941 1944; and 1967 to 1998. Total recorded production is 205,834 ounces during 56 of the 100

231 years studied. Average annual gold production was between 1,206 and 12,000 ounces per year. Wilson used an average annual production rate of 3,954 ounces per year yields a value of about 900,000 ounces of gold mined legitimately at Marmato. Additionally, this does not include pre-Colombian gold mined by native peoples and gold mined from 1527-1778 for which there is no record. Wilson estimates this to be conservatively 500,000 ounces of gold. Assuming that recoveries have been historically in the 60% range, this indicates that 2.3 million ounces of gold have been removed from the area by mining. Better records are available for the period 2004 -2009 and are given in Table 12 below: Table 12. Gold Production from the Municipality of Marmato - 2004-09 (from Wilson, 2010). Year 2004 2005 2006 2007 2008 2009 Q1 & Q2 Total Average Gold (oz) 39,728 63,174 44,824 35,523 34,018 16,754 234,021 45,549 Silver (oz) 55,436 63,488 72,088 59,739 62,075 29,175 342,001 62,182

12.3

Geology and Mineralization of Marmato

The Marmato mining complex is located one kilometer southeast of Guayabales, and lies within a major northwest trending fracture/shear zone of the Cauca-Romeral fault trend. This trend is credited with more than 16 million ounces of gold has been produced (Sillitoe, 2008). The Marmato trend consists of an extensive set of sub-parallel veins and veinlets over an area in excess of 1 kilometer along strike, and more than 1 kilometer wide, while the Echandia trend consists of a similar set of parallel to sub parallel veins and veinlets explored and developed over an area roughly 1 kilometer along strike and more than 500 meters wide. Two distinct sets of northwest trending mineralized shears are evident in the greater Marmato area. Structures within the Zona Alta and Zona Baja of Marmato, the Marmato Trend, typically range from N45oW to N60oW. Within the area of Mina Echandia, adjacent to and north of the Zona Alta and Zona Baja, the Echandia trend structures range from N60oW to N80oW in strike. Locally important eastwest striking structures are important controls for mineralization and form high grade shoots at intersections with the main trends. Most structures in the district are very steep to sub-vertical. Individual structures and veins range from a few millimeters to more than one meter, and locally coalesce to form wider stockwork zones. The larger structures along both trends have been mined extensively and have demonstrated excellent continuity. High-grade gold-silver mineralization is localized within through-going structures, and at structural intersections. These higher grade zones occur within broad halos of lower grade disseminated stockwork and porphyry-style mineralization that have potential for bulk-mineable exploitation. The precious metal mineralization at Marmato is exposed over a vertical extent of more than 1,000 meters. The host rocks, alteration, geochemistry and mineralization in the Marmato District are characteristic of a bulk tonnage, porphyry-related gold deposit, similar to other recent discoveries in Colombia.

101

12.4

Marmato Resource Estimates

On June 21, 2012, Gran Colombia Gold Corp reported a new Mineral Resource Estimate, prepared by SRK Consulting (UK) Ltd., for its Marmato Operations located in Colombia, containing 11.8 million ounces of gold in the Measured and Indicated categories and an additional 2.6 million ounces of gold in the Inferred category at a cut-off grade of 0.3 g/t gold and 80.3 million ounces of silver in the Measured and Indicated categories and an additional 9.4 million ounces of silver in the Inferred category (see Table 13 below). According to Gran Colombia Gold Corp. this mineral resource represents an 18% increase in Measured and Indicated gold ounces and a 26% increase in Measured and Indicated silver ounces compared to a previous mineral resource estimate, for their Marmato Project dated September 4, 2011. Table 13. Marmato Gold Project Mineral Resources (source: Gran Colombia Gold Corp.) Mineral Resources Gold Tonnes Grade Ounces (million) (g/t) (x1,000) Measured 51.1 1.05 1,725 Indicated 358.5 0.87 10,064 Measured & Indicated 409.7 0.90 11,789 Inferred 79.1 1.02 2,588 Silver Grade Ounces (g/t) (x1,000) 4.87 8,011 6.27 72,319 6.10 80,330 3.71 9,429

As of the effective date of this report, the corresponding updated technical report by Gran Colombia Gold Corp had not yet been filed on Sedar. Howe has not been able to verify the adjacent property information and that the information is not necessarily indicative of the mineralization on the Guayabales Property that is the subject of this report. 12.5 Similarities Between Marmato and Guayabales Gold-Silver Mineralization

The geology exposed at Marmato and Echandia is very similar in character to the Guayabales property, and can be considered analogous, due to its close proximity and geologic similarities, including the same host rocks and structural trends (Lewis, 2006; Turner 2011). The similarities of lithological, structural, alteration, and mineralization characteristics between these three adjacent properties is summarized below: Rock types: Three primary intrusive units and two secondary units are recognized at Marmato. These are dacite porphyry, a later dacite porphyry with bi-pyramidal quartz phenocrysts, and an andesite porphyry with plagioclase metacrysts. The two secondary units occur as dikes and are significantly smaller in volume and are intermittently mineralized. Style of mineralization: High grade vein gold-silver mineralization is localized within throughgoing structures, and at structural intersections. These higher grade zones occur within broad halos of lower grade disseminated stockwork and porphyry-style mineralization that have potential for bulkmineable exploitation. Veins are characterized by their minor amount of gangue material. Vein-hosted sulfides are primarily pyrite and pyrrhotite with minor chalcopyrite, sphalerite, galena, tennantite and tetrahedrite, and occasional bornite and chalcocite. Gold occurs freely as electrum. Silver is contained as exsolutions in sphalerite and chalcopyrite, in electrum, and as solid solution in galena and tetrahedrite.

102

Mineralization is commonly banded. Gangue minerals are silica, calcite, and anhydrite. There are often open space fillings. Structure: Veins are localized by a strong NW-SE trending regional structural tendency and areas of higher grades are often controlled by intersections with roughly east west trending structures. Higher grade shoots often plunge as defined by the intersection of these two structural trends. Alteration: Alteration is propyllitic and intermediate argillic. Propyllitic alteration is characterized by chlorite and epidote in intrusive rocks being developed at the expense of feldspar and biotite. Argillic alteration is characterized by large quantities of sericite and kaolinite. Much of the kaolinite may be secondary or the result of weathering. The above characteristics of the Marmato District are observed in Zona Alta, Zona Baja, Echandia, and Guayabales. Exploration at Guayabales has demonstrated that not only does Guayabales share similar features such as host rock types, structural control, style of mineralization and alteration, but also the potential to host bulk mineable gold-silver mineralized material. Moncayo (Moncayo and others, 2010) observed that the upper exploitation level at Marmato is at an approximate elevation of 1500 m.a.s.l. Yet the Marmato adjacent, southern sector of the Guayabales property is at an elevation above 1800 m.a.s.l. The northwest projection of the Marmato structural trend into Guayabales is characterized by oxidized /sheared rocks, but with no quartz or sulphide minerals as fracture fillings. It follows that the mineralized system evident at Marmato may indeed be at depths +250-300 meters below the current topographic surface at Guayabales. This straight-forward, but extraordinarily important observation may have significant exploration implications. Howe has not been able to verify the adjacent property information and that the information is not necessarily indicative of the mineralization on the Tresoro Property that is the subject of this report.

103

13.0

MINERAL PROCESSING AND METALLURGICAL TESTING

There is no mineral processing and/or metallurgical testing data and information on the Tresoro Property to report.

104

14.0

MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

There is no mineral resource or reserve compliant with the CIM Standards on Mineral Resources and Reserves (CIM, 2000) and, therefore no NI 43-101- compliant resource/reserve for the Tresoro Property.

105

15.0

OTHER RELEVANT DATA AND INFORMATION

There is no other relevant data and information on the Tresoro Property to report.

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16.0

INTERPRETATION AND CONCLUSIONS

The mineralization at Guayabales, and the Marmato District in general, is related to the emplacement of porphyry stocks of late Miocene age. Structure is an important control on the mineralization, particularly along northwest trending shear zones. Guayabales hosts a porphyry gold (copper) system and related intermediate sulfidation gold-silver mineralization within a northwest trending structural corridor that projects across the property from the Marmato-Echandia mining complex to the southeast (Figures 41 and 42). Tresoro-MGCs mapping of argillic-intermediate to argillic-potassic overprinted by +- phyllic alteration assemblages, coupled with a coincident suite of zoned geochemical anomalies, has clearly established the 750 by 400 meter porphyry gold target. Road chip channel sampling across the gold-enriched porphyry has consistently yielded average grades in the range of 0.24 to 0.28 g/t gold. The Encanto Zone gold-silver mineralization has long been established as a viable exploration target through the work of small scale miners, as well as substantial underground sampling programs (over 1,000 meters of chip channeling) by previous operators Colombian Gold and Colombian Mines Corporation. Taken together, the CMC and CG mine area sampling delineated a west-northwest trending, gold-silver mineralized corridor centered along the Encanto Zone, with dimensions of 650 meters northwest-southeast by 350 meters northeast-southwest, and averaging 1.38 g/t gold and 27.2 g/t silver. The Encanto Zone proper ranges from 20 to 40 meters in width, strikes N50-60W, and has a subvertical dip. CMCs 17 hole diamond drill program increased the Encanto Zones down dip extent to 200 meters, with intercepts such as 21.85 meters (9.18m est. true thickness) averaging 2.43 g/t gold and 16.5 g/t silver, including 3.15 meters (1.32m est. true thickness) at 11.0 g/t gold and 43 g/t silver from GDH07. MGCs Encanto Zone drill program, has completed 4,067.90 metres of drilling in eleven drill holes. The majority of the Tresoro-MGCs holes intersected the Encanto Zone, with results similar to those reported by CMC, including 21.7 meters (18 m est. true thickness) averaging 1.70 g/t gold and 28.43 g/t silver in MGDH-01 and 12.0 metres (10 m est. true thickness) averaging 2.14 g/t gold and 12.83 g/t silver in MGDH-05. From the CMC and MGC drilling, the Encanto Zone remains open along strike and to depth, with additional exploration potential within in-parallel mineralized zones in the hanging and footwall rocks. Taken together, the geologic mapping, property-wide geochemistry, drilling, and underground and road cut sampling define a 1,100 meter wide northwest trending corridor of porphyry gold (Portada and Mills Zones) and intermediate sulfidation gold-silver (Encanato Zone) mineralization. This northwest corridor is on trend with the Marmato mining complex to the southeast. Gran Colombia Gold Corp.s Marmato gold project is located one kilometer southeast of Guayabales, and is known to lie within a major northwest trending fracture/shear zone that controls mineralization. The host rocks, alteration, geochemistry and mineralization in the Marmato District are characteristic of a bulk tonnage, porphyry-related gold system, similar to other recent discoveries in Colombia. At Marmato, high grade gold-silver mineralization is localized within through-going structures, and at structural intersections. These higher grade zones occur within broad halos of lower grade disseminated stockwork mineralization that have potential for bulk-mineable exploitation. At Guayabales, the high grade goldsilver mineralization of the Encanto Zone, as well as the lower grade porphyry gold mineralization of the Mill and Portada Zones are similar in style and grade to the adjacent Marmato and Echandia mines. The precious metal mineralization at Marmato is exposed over a vertical extent of more than 1,000 meters. To date, exploration at Guayabales has been limited from the surface to the upper 100-200 meters of the mineralized system. Moncayo (Moncayo and others, 2010) observed that the upper exploitation level at Marmato is at approximately 1500 m.a.s.l., yet the southern sector of the Guayabales property is at an elevation above 1800 m.a.s.l. It follows that the mineralized system evident at Marmato may indeed be at depths +250-300 meters below the current topographic surface in the southern sector of the Guayabales 107

property. This straight-forward, but extraordinarily important observation may have significant exploration implications. Tresoro-MGCs 2010 exploration program focused on three principal goals: a) perform a property-wide assessment based upon geological mapping and geochemical sampling in order to provide context for the intermediate sulfidation gold-silver and porphyry gold styles of mineralization, as well as to define new exploration targets, b) conduct detailed road cut geological mapping and sampling to further refine the porphyry alteration and geochemical models and their relationship to gold mineralization, and c) initiate a drill campaign in the Encanto Zone to confirm previous CMC results, as well as to test for extensions along strike and down dip. Tresoro-MGCs 2010 work achieved these primary objectives. As a whole, the exploration database that has resulted from Tresoro-MGCs 2010 programs, and previous work spanning from 2005 (Colombia Gold) through 2009 (Colombian Mines Corporation) is extensive from the perspective of early-stage mineral property evaluation. These data are judged to be reliable, as three different companies, working independently, have generated similar results over time. Former consultants and Howes independent sampling and database checks, and review of Tresoro-MGCs and CMCs sample methods, preparation, analysis and chain of custody have further validated these results. In the case of Encanto Zone related exploration, the underground sampling has now been augmented by CMCs and Tresoro-MGCs initial drill testing. While this drilling has verified, from an exploration vantage, the continuity of Encanto gold-silver mineralization along strike and to depth, detailed geologic and grade modeling will require a tighter drill spacing (i.e., 25 m or less), careful surveying, and increasing recovery rates in the mineralized zones before a NI 43-101 compliant resource can be estimated. Further work on determining the structural controls and three dimensional geometries of the high grade zones should be a priority. The Encanto Zone remains open along strike and down dip, with additional, but lower priority targets occurring in the hanging and footwalls of the zone. Road cut mapping and sampling north of the underground mining area has delineated a broad zone of lower grade porphyry gold mineralization. The work to date has been conducted at a density, and is of a type to identify a viable porphyry exploration target. This is especially so considering the cover of soil and vegetation that conceals the mineralization over +95% of the property. However, additional work, including geophysics (IP, magnetics, VLF-R) and drill testing will be needed to delineate the porphyry gold zones and to further determine the distribution and grade of the mineralization. Tresoro-MGC has identified a number of priority exploration targets at Guayabales. The exploration targets identified by MGC define Guayabales as a property of merit, and justify a significant follow-up work program as discussed in Section 17 of this Report.

108

Figure 41. Porphyry-style Alteration with Rock Gold Results on Geology.

TRESORO MINING CORP

109

Figure 42. Porphyry-style Alteration with Rock Gold Results on Gold-in-Soil.

TRESORO MINING CORP

110

17.0

RECOMMENDATIONS

The geologic relationship of gold-silver intermediate sulfidation to porphyry gold mineralization provides a metallogenic context for the exploration targets and 2011 program for the Guayabales project. TresoroMGCs principal exploration target is a bulk-tonnage, porphyry precious metals deposit that will be potentially amenable to open-pit mining. A second target type with upside exploration potential is the long recognized, higher-grade vein zones amenable to selective, underground mining exploitation. The potential for defining economic gold-silver mineralization of this style is clearly manifested by the presence of a number of small scale mining operations on the property. General recommendations for the 12 month Guayabales work program are listed below: 1. A system of umpire lab check assays should be implemented to provide additional confidence in Tresoro-MGC drill sample results. This QA program should concentrate on samples from mineralized intervals, but random samples of non-mineralized material should be included. 2. A study to determine if there is a recovery versus grade sampling issue for Encanto mineralized drill intervals should be conducted. Efforts to improve core recoveries at the rig should continue. 3. A study of whether a coarse gold component can be identified with screen fire assay analysis of coarse rejects from mineralized Encanto Zone intervals should be conducted. 4. Mineralized and altered zones from the CMC drilling should be re-logged and results confirmed by re-assaying the available coarse rejects. 5. A survey network on the property should be established as a base to accurately locate current and past drilling, all mine openings and other works related to ongoing mining, as well as to provide a reference for field mapping and setup a grid for future geophysical surveying. 6. An updated, photogrammetrically accurate topographic base should be generated, most likely from satellite stereo imagery. The imagery must be tied to the local ground survey . 7. The completion of the 2010-2011 Tresoro-MGC drill program should be completed in order to test priority targets (3,000m) followed up by an additional 3,000m drill program based on the results of the Tresoro-MGC 2010-2011 drill program. 8. Underground workings should be surveyed, re-mapped and check sampled to confirm earlier results. Furthermore, additional underground channel sampling should be conducted for tunnels with limited CMC or CG data and where new drifts have been developed. 9. A metallurgical testing program should be carried out on fresh samples from recent drilling to characterize recoveries from gravity techniques, direct cyanidization, flotation with cyanidization, etc. 10. All exploration data should be compiled into an integrated 3-D model in order to review results to date, and plan future work.

111

The one year Guayabales exploration program is budgeted at US$2,182,610, including land payments until the end of 2012 is listed below. Diamond drilling program (6,000m @ US$240/m all inclusive) Diamond Drill Programme Assays(6,000 samples @ $20/sample ) Metallurgical testwork Underground and surface survey program Exploration Capital Costs (camp, vehicles etc.) Subtotal Contingency (approx. 10%) Total $1,821,000 $ 120,000 $ 100,000 $ 30,000 $ 90,000 $2,161,000 $ 21,610 $2,182,610

The 2012-2013 work program is initially focused on completing the 2010-2011 Tresoro-MGC drill program and further drill testing of the Encanto related mineralization. Accurate surveying of drill hole and underground working locations in the Encanto mining area will allow a 3-D model of the gold-silver mineralization to be developed. Check assaying of CMC drill results, as well as underground confirmation sampling will provide additional confidence in using these data for the Encanto modeling exercise. Further, underground geologic mapping will very likely provide important new and detailed information on the mineralizing controls of the system. Beyond the Encanto related mineralization, the geophysical surveys will provide important information on the porphyry gold system. Based upon these results, targets can be selected for drill follow-up. From the historical drill program results and future 2012-2013 drill campaign results, it is anticipated that a NI 43-101 mineral resource model can be developed for the Guayabales project.

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18.0

SOURCES OF INFORMATION

Bermundez, Omayara -Lugo, 2000, Mineral Industry of Colombia 2000, USGS. Calle, B., Gonzalez, H., de la Pena, R., Escorce, E. and Durango, J., 1984, Mapa Geologico Preliminar. Plancha No. 186 (Riosucio). Instituto Nacional de Investigacion Geologico Minera, Informe 1878 (1980), 1 map at 1:1,000,000 scale. Cinits, Robert, 1993, Report No. 740: Geological Report on the Cordoba Joint Venture Properties, Departments of Antioquia and Caldas; for Conquistador Mines. Columbia Goldfields, Inc., 2006, Zona Alta press release dated December 19, 2006. Cuellar, J.V. and Mora, M., 1985, Estudio geologico del yacimiento de oro de Marmato. In: Wagner, J. V., (ed), Sexto Congresso Latinoamericano de Geologia, Vol. 3, p. 342-377. Duran, R., et al., 2005, Complementacion Geologica, Geoquimica y Geofisica (Magnetometrica) de las Planchas 166, 167, 186 y 187, Escala 1:100,000, IGAC, Zona de Influencia del Sector Caucal-Romeral. Report by Union Temporal Dunia ATG (Dunia Consoltores Ltda. Y Asesorias Tecnicas Geologicas), Bogota, 23 November 2005, 391p. Emmons, W.H., 1937, Gold Deposits of the World, First Edition, McGraw-Hill Book Co. Inc., in Shaw, Rober P., Gold Mineralisation in the Northern Andes: magmatic setting vs. metallogeny, XI International Mining Congress, Bogot, Colombia, Oct., 2000 Technical Abstracts. Feinger, Tomas, 1973, Geology and mineralization of an area in the Departments of Antioquia and Caldas (Subzone IIB), Colombia, USGS Open File Report 73-69. Gonzalez, H., 1980: Geology of the Sheets 167 (Sonson) and 187 (Salamina); INGEOMINIAS, Geology Bulletin, No. 23, 174 pp. Gonzalez, H., 1993: Generalized Geologic of the Department of Risaralda; INGEOMINAS, Explanatory Memorandum, 55 pp. Gonzalez, H., 1996: Geologic Map of the Department of Antioquia Mineral Resources and Potential Threats; INGEOMINAS, Explanatory Memorandum, 232 pp. Hall, Robert B., 1973, Geology and Mineral Resources of Central Antioquia and Part of Caldas department (Zone IIA), Colombia, USGS Open File Report -73-97. Hall, R. B., Feininger,T., Barrero, D., Ricoh, H. y Alvarez, J., 1970, Recursos Minerales de Parte de Antioquia y Caldas. Boletin Geologico, Bogata. 18 (2), 90p. Hedenquist, J. W., Sillitoe, R. H. and Arribas, A., 2004, Characteristics of and exploration for high sulfidation epithermal gold-copper deposits. In: Cooke, D. R., Deyell, C., and Pongratz, J., 24ct Au Workshop. Tasmania Centre for Ore Deposit Research (CODES) Special Publication 5, p.99-110. Laskowski, K.A. 2010, Summary of Surface Rock Sampling and Drilling Results at Guayabales, Internal company report for Mercer Gold Corporation.

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Lewis, W. J., 2006, NI 43-101 Technical Report on the Marmato and Caramanta Projects, Departments of Caldas and Antioquia, Republic of Colombia, Report by MICON International Ltd., for Colombia Goldfields, Ltd. Ministerio de Minas y Energia, Colombia, 1999-2006, Annual Reports Mineral Resources Development Inc. (MRDI), (1998), Scoping Study, Marmato gold/Silver Project, Colombia. Report for Conquistador Mines Ltd., October 1998, 184 p. Orrego, A., and Paris, G., 1991: Geology, Geochemistry, and Mineral Occurrences Quadrangle N-6, Popayan; INGEOMINAS. Moncayo, C., Rosero, G., Villegas, F., Garces, H., 2010, Mercer Gold Corp. Guayabales Project 2010 Annual report December 2010. Perez, G., 1980: Geologic Evolution of the Upper Patia Subbasin, Department of Cauca, Colombia; INGEOMINAS, Geologia Norandina, No. 2, pp 3-11. Pinzon, F. D., and Tassinari, C. C.G., 2003, Ages and Sources of the Gold Mineralization in the Marmato Mining District, NW Colombia: Based on Radiogenic Isotope Evidence. South American Symposium on Isotope Geology. IRD (Institut de Recherche pour le Development) Salvador, Bahia, Brazil, 24-27 August, 2003, p. 758-761. Rendon, J. E. Lopez, 1993: Geology , Mineralogy, and Genetic Aspects at La Maruja Mining District, Caldas Department, Colombia. (Private Company Report). Mine, Marmato

Restrepo, J. J. and Toussaint, J. F., 1974: Cretaceous Obduction in West Colombia; Universidad Nacional, Anales, Fac. De Minas, Medellin, No. 58, p 73-105. Restrepo, J. J. and Toussaint, J. F., 1975: Radiometric Ages Restrepo, V., 1952, Estudio sobre las minas de oro y plata de Colombia. Ediciones 1885, 1888, 1937 and 1952. Digital copy of 1952 edition on internet at Biblioteca Luis Angel Arango del Banco de la Republica de Colombia Rossetti, P. and Colombo, F., 1999, Adularia-sericite gold deposits of Marmato, Caldas, Colombia: field and petrographic data. In: McCaffrey, K. J. W., Longeran, L. and Wilkinson, J. J., editors, Fractures, Fluid Flow and Mineralization. Geological Society, London, Special Publications, 155, p. 167-182. Rubiano, M., 1986, Presencia de Mackinawita, Cubanita II y Melnicovita en los depositos de ore de Marmato, Caldas, Colombia. Geologia Norandina, #10, p. 29-34. Shaw, Robert P., 2000, Gold Mineralisation in the Northern Andes: magmatic setting vs. metallogeny, XI International Mining Congress, Bogot, Colombia, Oct., 2000 Technical Abstracts. Sillitoe, R. H., 2008, Major gold deposits and belts of the North and South American Cordillera: Distribution, tectonomagmatic settings, and metallogenic considerations. Economic Geology, v.103, p. 663-687.

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Sillitoe, R. H., Jaramillo, L., Damon, P. E., Shafiqullah, M. and Escovar, R., 1982, Setting, Characteristics and Age of the Andean Porphyry Copper Belt in Colombia. Economic Geology, v. 77, p. 1837-1850. Stonehouse, J. M., 2010, A Narrative Description of the Various Sample Techniques Used to Date at Mercer Golds Guayabales Project., Internal Report Mercer Gold Corporation, 3p. Stonehouse, J. M., 2010, Sampling and Chain of Custody Protocol., Internal Report Mercer Gold Corporation, 3p. Tewalt, N.A. and Carrington, R.G., 2006 personal correspondence on the results of surface sampling, and unpublished internal reports and presentation material. Thompson, R. J., 2007 NI 43-101 Guayabales Project Technical Report April,5 2007, Torres, Ivette, 2002, Mineral Industry of Colombia, 2002, USGS Torres, Ivette, 2003, Mineral Industry of Colombia, 2003, USGS Torres, Ivette, 2004, Mineral Industry of Colombia, 2004 USGS Turner, D. 2011. Guayabales Project Technical Report, Department of Caldas, Republic of Colombia, Latitude: 5.48o North, Longitude: 75.61o West for Mercer Gold Corporation. Exploration Geotechnologies Inc. 193 pages. Turner D. 2010. Guayabales Project Technical Report, Department of Caldas, Republic of Colombia, Latitude: 5.48 North, Longitude: 75.61 West for Uranium International Corp. Exploration Geotechnologies Inc. 144 pages Warden, A. J., and Colley, H.. 1990, Field investigation of the Marmato gold deposits of Caldas and Risaralda, Colombia. Transactions, Institute of Mining and Metallurgy, Section B, 99, B52-B54. Wilkinson, J. J., editors, Fractures, Fluid Flow and Mineralization. Geological Society, London, Special Publications, 155, p. 167-182. Wilson, S. E., 2010, NI 43-101 Technical Report Medoro Resources LTD., Marmato Project Department of Caldas, Republic of Colombia, March 2010. p269.

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DATE AND SIGNATURE PAGE

This report titled "Technical Report on the Guayabales Gold Project, Department of Caldas, Republic of Colombia" for Tresoro Mining Corp. dated July 31 , 2012 was prepared and signed on August 16, 2012 by the following author:

Dated at Toronto, Ontario August 16, 20 12

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CERTIFICATE OF QUALIFIED PERSON DANIEL C. LEROUX, P. GEO 2001 rue du Clairon St-Lazare, QC J7T 0C2 Telephone: +1-514-862-3884 Email: dcleroux@acahowe.ca I, Daniel C. Leroux, B.Sc., P. Geo. (ON, QC, SASK), do hereby certify that: 1. I am a Vice President with the firm of A.C.A. Howe International Limited, Mining and Geological Consultants (Howe) located at 365 Bay St., Suite 501, Toronto, Ontario, Canada, M5H 2V1. This certificate applies to the technical report titled Technical Report on the Guayabales Gold Project, Department of Caldas, Republic of Colombia for Tresoro Mining Corp. dated July 31, 2012. (the Technical Report) with an effective date of July 31, 2012 and a signing date of August 16, 2012. 2. I graduated with a Bachelor of Science, Geology degree from Laurentian University in 1993 and have practiced the profession of geoscience since graduation. I have been employed with Howe since 1993; since 2007 as Vice President, from 2005 to 2007 as a Senior Consulting Geologist, from 1999 to 2004 as an associate consulting geologist and from 1993 to 1999 as Project Geologist. I have a total of 21 years experience in the mining industry including a background in international mineral exploration, evaluation and valuation studies for precious metals, base metals, diamonds and industrial minerals projects. Additional experience includes the completion of various National Policy 2A and NI 43-101 technical reports for copper projects located worldwide. 3. I am a Professional Geoscientist (P. Geo.) registered with the Association of Professional Geoscientists of Saskatchewan (APEGS, No. 10475) and with the Association of Professional Geoscientists of Ontario (APGO, No. 742), a member of the CIMM and of the Society of Economic Geologists. 4. I have read the definition of qualified person set out in National Instrument 43-101 (NI 43101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a qualified person for the purposes of NI 43-101. 5. I have completed a site visit to the Tresoro Property in question on June 27, 2012. 6. I am the author of the technical report entitled Technical Report on the Guayabales Gold Project, Department of Caldas, Republic of Colombia, for Tresoro Resources Inc. I am responsible for the summary and Sections 1.0 to 19.0 of the Technical Report. 7. I am independent of issuer applying all of the tests in section 1.5 of National Instrument 43-101. 8. I have had no prior involvement with the Tresoro Property that is the subject of this report. I have read NI 43-101 and Form 43-101F1 and the Report has been prepared in compliance therewith.

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9.

As of the effective date of this report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

I 0. I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them, including electronic publication in the public company files on their websites accessible by the public, of the Technical Report.

Effective Date: July 31 , 2012 Signed Date: August 16, 2012

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APPENDIX 1 ALS MINERALS CHECK ASSAY CERTIFICATE

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