2nd June 2015

Geological setting of the Brasil, Huarato, XV, Callejon and the

Genova vein systems in the Acari Cobrepampa Region, Southern
Peru

nd
Perth, Australia: June 2 , 2015 The Directors of Minera Gold Ltd (Minera Gold or the Company)
(ASX:MIZ) are pleased to announce the results and findings from the first evaluation study completed on the wider
geological settings of the Brasil, Huarato, XV, Callejon and Genova vein systems, and its implication on the
potential for those concession to host large ore bodies containing copper, gold and silver mineralisation. These
concessions are 100% controlled by Minera Gold and located within a 25 km radius of the Companys 100% San
Santiago copper-gold processing plant in Southern Peru.

Based on detailed mapping and systematic sampling of the Brasil vein system and the Callejon vein (previously
th st
announced on the 29 May and 1 June, 2015 respectively) and followed up by a first pass reconnaissance
geological study in the Huarato, XV and Genova concessions; the major findings are set out below:

In the XV concessions, the vein systems such as the San Juan vein, which extends over 800 m in length
and over 250 m in depth, is in the upper parts of a hydrothermal system at an elevation between 1840 m
and 1610 m above sea level. The potential of this system for copper mineralisation is within the
supergene blanket, enrichment and hypogene zones that could extend for 300 m or more at depth. Other
veins in the concession have been only mined less than 20 to 30 meters in the supergene blanket zone,
leaving the remaining ore insitu.
In the Genova concession which hosts the vein systems Chapi I, Chapi II and San Roque, which are at an
elevation of approximately 1,500 m, there is potential for this system to host copper mineralisation in the
supergene blanket, enrichment and hypogene zones that could extend for another 250 m or more at
depth. There is also potential to host gold mineralisation in the oxidised zone of the Chapi II vein.
In Brasil vein system, the reopening of historical shafts and tunnels that were closed by previous operators
is enabling our work to assess the full potential of the copper mineralisation in the enrichment and
hypogene zones. The reopening of the historical gallery and shafts that were driven to mine a parallel
vein to Brasil vein I suggests that there is more hypogene mineralisation at depth, as well as that the vein
remains open to the NW and SE.
In the Huarato concession, in the area known as Huarato Viejo, the opening of two new shafts and
exploration sublevels have identified ore shoots that are currently been assessed by the Companys
geology, with detailed mapping and systematic sampling.
In the Callejon concession the continuation of the main ore shoot (30 m 40 m in length by 1.5 m 3 m in
width) is open at depth.

Detailed mapping and systematic sampling is been currently done at the XV concession main vein system known
as San Juan, Brasil recently reopened shafts and gallery, Huarato concession vein system at Huarato Viejo, and
the Genova Chapi I, II and San Roque veins. Announcements of these results will be made once certified results
are returned and interpreted.

This detailed work program, which will be followed up with a ground magnetic geophysics in the extended areas to
look for the extensions of the known vein system under cover, and IP studies over the existing veins (both on
surface and in the underground galleries) will allow the Company to identify the extension of the existing known
ore shoots and provide high priority drilling targets.

Mr Ashley Pattison, Managing Director of Minera Gold, commented The maiden results of the reconnaissance
work within our wider Cobrepampa concessions provides a lot of encouraging information that will enable our
technical teams to prioritise their exploration programs in the short to medium term, The presence of so many
additional exploration targets certainly justifies the acquisition of the mining rights to this exciting concession
package.
1 Address: 45 Ventnor Avenue, WA 6005
Ph: +61 8 9200 1860 - Fax: +61 8 9200 1861
Email:admin@mineragoldlimited.com
 Minera Gold Limited
Introduction:

The vein systems of the Brasil, Huarato, Callejon, XV and Genova concessions are located in the productive
Acari-Cobrepampa region, which is within a 25 km radius of the Companys 100% owned San Santiago copper-
gold processing plant. Each of the vein systems are currently being evaluated on individual basis. Results for the
Brasil and Callejon systems have been previously announced in mid-March and also yesterday (see ASX
th th st
announcements dated on the 18 March, 28 May and 1 June 2015). This announcement reports the geological
settings of the vein systems across all of the concessions and its implication for hosting copper, silver and gold
mineralisation.

The Acari-Cobrepampa copper-gold-silver mining district is located in the much larger Marcona Iron Oxide-
Copper-Gold (IOCG) province, south-central Peru, about 550 km south of Lima. Although, a description of the
th
district regional geology was provided in the ASX announcement dated 18 March 2015, it is presented again in
this report for ease of reference.

Figure 1 and 2 (Appendix 2) show the location of the Cobrepampa mining district and the approximate location of
the Brasil concession. The Huarato, XV, Callejon and Genova concessions are all in close proximity to the Brasil
concession (Figure 3, Appendix 2).

The Marcona ICOG province hosts one of the biggest and largest concentrations of iron oxide in the central
Andes. Shougang Hierro Peru (Shougang Group subsidiary) operates the Marcona Mine that contains 1.4 Bton of
ore grading 55.4% Fe and uneconomic copper grades (average 0.12% Cu), in 8 open pits at 10 Mtons/year mining
operation (Figure 1 and 2, Appendix 2). Nanjingzhao Group owes the Pampa de Pongo project (Figure 1 and 2;
Appendix 2), the second biggest magnetite deposit, containing about 950 Mton grading 44%Fe, that is located
about 30 km to the southeast of Marcona mine. These iron rich IOCG deposits are thought to have been formed
in Middle Jurassic in a shallow marine environment along northeast striking fault systems that were active as a
major andesitic-dacitic volcanic activity took place.

In the same province, there is also the mid-Cretaceous IOCG copper-rich style mineralisation. The best known
project is the Mina Justa, located about 5 km northeast of the Marcona mine (Figure 1 and 2, Appendix 2). Mina
Justa is owned in a JV between Minsur SAC -70% (a Peruvian listed company) and 30% by KORES-LS Nikko
Copper Inc. The owners of the Mina Justa are currently completing a feasibility study on the project and the last
resource published indicated a JORC compliant indicated resource of 346.6 Mton grading 0.71% Cu, 3.8 g/t Ag
and 0.03 g/t Au at a cut-off grade of 0.3% Cu and inferred resources of 127.9 Mton at 0.6 % Cu.

Copper mineralisation at the large Mina Justa deposit occurs in hydrothermal breccia fillings and stockworks of
copper sulphide that is later than the deposition of magnetite lenses, within low angle faults that transgresses the
host volcanoclastic stratigraphy. A similar feature has been observed at Minera Golds 100% owned Tumi project
as reported to ASX on 19 July 2013, and some of the vein systems in the concessions that the Company leases.

In addition, there are more than 200 Cu-Ag-Au rich vein systems in the province in several districts, among them
the San Vicente-Trancas; Acari-Cobrepampa; La Loza and Machaynioc. The main vein systems in the
Cobrepampa-Cobrepampa district are La Argentina, Brasil, Purisma, San Juan, La Verde, Santa Rosa and Maria
del Carmen.

The IOCG copper-rich mineralisation systems in this area of Peru and further north (like the Raul Condestable
copper mine); and those IOCG copper-rich systems from Chile (e.g.: Candelaria, Punta del Cobre, Mantoverde,
etc), are all related with the emplacement of dioritic to monzo-granitic plutons during the mid-Cretaceous that
forms the Coastal Batholith, and extends along the coast of both countries.

The local geology in the Acari-Cobrepampa region consists of monzonite, monzogranites and granodiorites cut by
aplitic dykes. In some areas, these rocks have intruded Jurassic andesite and dacite volcanic rocks or
volcanoclastic sediments. Outcrops of monzonite, monzodiorite, granodiorite and granite are also observed. All the
outcrops are mostly overlain by rhyodacitic pyroclastic sediments, eluvium and alluvial sand and conglomerate
deposits for the majority of the area of interest.

Tenements Location, Ownership and Concession Holder

Figure 3 shows all the concessions in the Acari Cobrepampa area that are 100% owned by Minera Golds
subsidiaries, and those under mining lease agreements. The area is located approximately 57 km inland from the
Pan American Highway (km 555) at an altitude of between 1,200 m 2,000 m asl. Access is by a paved road to
the town of Acari (22 km), and from there to the town of Otapara (17 km), where the San Santiago plant is located,
is by a consolidated road. The distance from the plant to the various concessions varies between 15 and 25 km
on dirt service roads. The concession package comprises approximately 6,380 hectares.
 Minera Gold Limited
Table 1 provides the details of the concession names, the registration codes, hectares and the name of the
companies which hold contracts of mining lease agreements with the concession owners, as well the San
Santiago plant.

Minera Gold, is 100% owner of Derivados y Concentrados SAC, Korisumaq SAC, Grupo Cobrepampa SAC and
Compania Minera Cobrepampa SAC. These group companies have in place mining lease agreements until
August 2023 with Insumos Mineros Fenix SAC, Grupo Minero Fenix SAC and Grupo Minero Pampacolca SAC.
They are all private Peruvian mining companies. The mining lease agreements provide the sole right for Minera
Gold to explore and mine within the concessions and also establish a royalty payment commitment of 7% on the
concentrates produced at the San Santiago Plant from these concessions, less transport and ore treatment costs.

TENEMENT NAME
Vi rgen del C rmen 2004 J
Vi rgen del C rmen 2004 R
Vi rgen del C rmen 2004 Q
Vi rgen del C rmen 2005 A
Vi rgen del C rmen 2005 B
Aca r Tri gs i mo 10000226Y01
Aca r Dci mo Qui nto 10000211Y01
Vi rgen del C rmen I 2004
Vi rgen del C rmen 2004 A
Vi rgen del C rmen 2004 H
Vi rgen del C rmen 2004 L
Vi rgen del C rmen 2004 M
Vi rgen del C rmen 2004 N
Vi rgen del C rmen 2004 S
Vi rgen del C rmen 2004 T
Vi rgen del C rmen 2006 A
Vi rgen del C rmen 2005 C
Vi rgen del Ca rmen 2007 A
Ca mi l a VII
Vi rgen del Ca rmen 2004 P
Don Toma s i to de Aca r
Planta San Santiago de Acar
Don Iv n 31 N-1
CONCESSION LIST
CODE Has. CONCESSION OWNER CONCESSION HOLDER
10164704 4.99 GRUPO MINERO FENIX SAC GRUPO COBREPAMPA SAC
10278004 21.30 GRUPO MINERO FENIX SAC GRUPO COBREPAMPA SAC
10164204 27.68 GRUPO MINERO FENIX SAC GRUPO COBREPAMPA SAC
10087805 88.75 GRUPO MINERO FENIX SAC GRUPO COBREPAMPA SAC
10142605 75.93 GRUPO MINERO FENIX SAC GRUPO COBREPAMPA SAC
579.26 GRUPO MINERO FENIX SAC GRUPO COBREPAMPA SAC
998.73 GRUPO MINERO FENIX SAC GRUPO COBREPAMPA SAC
10102504 116.69 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10139104 800.00 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10164804 0.89 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10164004 9.99 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10163804 6.00 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10163904 9.42 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10277904 9.99 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10277804 43.86 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10199506 998.73 INSUMOS MINEROS FENIX SAC KORISUMAQ S.A.C.
10341005 399.49 GRUPO MINERO PAMPACOLCA SAC COMPAA MINERA COBREPAMPA SAC
10138807 250.84 GRUPO MINERO PAMPACOLCA SAC COMPAA MINERA COBREPAMPA SAC
540002311 900.00 DERIVADOS Y CONCENTRADOS SAC DERIVADOS Y CONCENTRADOS SAC
10226104 99.70 DERIVADOS Y CONCENTRADOS SAC DERIVADOS Y CONCENTRADOS SAC
10485706 891.49 DERIVADOS Y CONCENTRADOS SAC DERIVADOS Y CONCENTRADOS SAC
P540000110 36.79 DERIVADOS Y CONCENTRADOS SAC DERIVADOS Y CONCENTRADOS SAC
10227907 10.18 DERIVADOS Y CONCENTRADOS SAC DERIVADOS Y CONCENTRADOS SAC
TOTAL 6380.70

Table 1: Concession details.

Geology setting of the XV, Genova, Brasil, Huarato and Callejon vein systems.

The XV vein systems are emplaced in and along fault systems that strike NW-SE (Figure 3, Appendix 2). The
main vein system is known as the San Juan vein which can be traced on surface for over 800 m in length. On the
surface, at an altitude of 1,840 m asl, open pit mining took place in the 70s and 80s. The main pit has
approximately 100 m in length by about 20 m in width and 25 m in depth (Photos 1 and 2).
 Minera Gold Limited

Photo 1: The San Juan vein is the main vein system at XV concession, it has been mined for Cu carbonates and oxides in the past.

Photo 2: The San Juan vein is the main system at XV concession, it has been mined for Cu carbonates and oxides in the past. Part of the vein
that has been mined and the arrow points to one of the many shaft was sunk following the vein. This shaft is reported to have over 60 m in
depth; however, other shafts are reported to be deeper than 100 m. In all of them, only Cu carbonates and oxides have been mined with grades
reported above 10% Cu and as high as 25% Cu.

Several veins in the XV concession have also been mined for Cu carbonates and oxides by small open pit
workings. These veins, in some cases, can be traced on surface for hundreds of meters (Photos 3, 4 and 5) and a
few have shafts sunk; however none of them are reported to be deeper than 50-60 m. Old miners in the area
have indicated that historical mined grades varied between 10% Cu to well above 25% Cu; however it has not
been possible to ascertain these claims.
 Minera Gold Limited

Photo 3: This vein is in front of the main San Juan vein, it runs for over 400 m and it has been mined for Cu carbonates and oxides. The
arrows points to the geologist in the main pit (see Photo 4) and the pick-up truck for scale.

A detailed mapping and systematic sampling program of some of these pits will allow the Company to assess the
potential for further Cu carbonate and oxide mining, which could be processed at the leaching Cu processing circuit
at San Santiago plant.

Photo 4: This photo shows one of the open pits, where Cu carbonates and oxides were mined in the vein showed in Photo 3. The pit is
approximately 20 m in length, 10 m wide and 20 m deep, with a shaft that has been sunken in the middle of the pit (arrow).
 Minera Gold Limited

Photo 5: This photo shows one of the open pits of the San Juan vein in the back, with the black arrow pointing to the main open pit. It can be
seen that the San Juan vein can be traced over 600 m on the surface (the entrance to the underground works is on the other side of the hill),
There is another vein, that has been also mined and that runs almost parallel, separated by about 4 km (blue arrows). This vein can be traced
for about 300 m.

The San Juan vein can be traced for well over 800 m (Photos 5 and 8) and over 250 m in depth. The copper
mineralisation occurs as copper carbonates (mostly chrysocolla) and oxides in the upper part of the vein that has
been mined from the surface at an elevation of 1,836 m. The alteration assemblage around the veins is
undifferentiated clays, chlorite, and specular hematite (specularite). The vein splits in two in the open pit, and they
are separated by about 15 m 20 m; with the area between the two branches fractured and filled by chrysocolla
(Photo 6 and 7). This observation has important implications, as detailed mapping and systematic sampling of the
pits at the San Juan vein will allow to assess if open pit mining is a viable alternative for mining the copper
supergene blanket.

Photo 6: Chrysocolla filling fractures and open spaces. Photo 7 Chrysocolla filling fractures and open spaces.

At about 170 m below the open pit, there is an adit that extends for about 800 m that runs along the vein structure
(Photo 8). At about 535 m from the adit entrance three shafts were sunk, the first one is about 16 m deep, then
after another 20 m the second shaft is sunk and it is about 65 m deep, a third is sunk at about 20 m from the
second and it is about 50 m deep.
 Minera Gold Limited

Photo 8: This photo shows the entrance to the San Juan underground works (yellow arrow) and the open pit at the top of the hill (red arrow).
There is about 250 m from the yellow to the red arrow in straight line and about 170 m difference in elevation.

In these two last shafts, sublevels are been driven in order to allow better air ventilation and pre-developing of the
vein structure. The copper mineralisation is hosted in a hydrothermal breccia fillings (similar to Mina Justa) in the
transition zone between supergene blanket and enrichment zone, with bornite and minor chalcopyrite and
moderate amounts of covellite, chalcocite and quarts with an argillic alteration of undifferentiated clays; however,
the angular granite clasts of the hydrothermal breccia are altered to K-feldspar (Photo 9). The mineralised breccia
is up to 2 m in width.

Photo 9: San Juan mine mineralised hydrothermal breccia. Bornite and minor chalcopyrite and moderate amounts of covellite and chalcocite
are the main Cu minerals; while quarts and undifferentiated clay minerals are the gangue. There are also patches of chrysocolla.
 Minera Gold Limited
At the Genova concession, mining by artisanal groups is undertaken in 3 veins; the Chapi I, Chapi II and San
Roque (Figure 3, Appendix 2 and Photo 10).

Photo 10: The Genova vein systems; the Chapi I vein (red arrow), San Roque (blue arrow) and Chapi vein (yellow arrow).

The Chapi I vein is at an elevation of 1,458 m and the entrance adit cuts the vein after 80 m. The Chapi I vein
strikes N303 and it is almost dipping vertically. There is a gallery to the NW following the vein structure of about
30 m, while to the SE the gallery is about 80 in length. At the end of the longer gallery, a shaft is being sunk and it
is reaching the 60 m in depth. In the access gallery, the vein width varies between 0.50 m and 0.90 m and is
formed by chrysocolla veinlets and covellite with moderate hematite and calcite (Photo 11), while at about 40 m
below the gallery the vein reaches about 1 m in width.

0.80 m0.65 m

Photo 11: Close up of the Chapi I vein, which is about 0.85 m in width in this sector where the phot was taken. The vein contains chrysocolla
and covellite veinlets (greenish and blueish minerals, respectively) hematite and calcite (yellow arrow).

At that depth, the vein is still formed by chrysocolla and covellite veinlets; however disseminated fine grained
bornite with moderate hematite and specular hematite are observed. The hosting rock, a granodiorite is
moderately altered by K-feldspar.
 Minera Gold Limited
The San Roque vein is at 1,484 m of elevation and the vein strikes N295. It is thought to be the NW extension of
the Chapi I vein. The copper mineralisation is similar to Chapi I, with chrysocolla and covellite veinlets and
hematite. Minor actinolite and magnetite are observed.

The Chapi II vein is at higher elevation, 1,500 m. An adit was driven 110 m to cut the vein that strikes N310 and
dips NE76, which is the similar strike and dip of the Brasil I vein. From where the adit cuts the vein, there is a 100
m gallery to the NW that have been driven along the vei, while to the SE is only 10 m in length. The gallery to the
NW has been mined above the entry level, all the way up for more than 30 m. The vein is over 1 m in width and
contains chrysocolla, minor covellite, hematite and actinolite.

A shaft is been sunk, about 30 m from the entrance to the gallery, and it is reaching a depth of 70 m. The vein,
here, is 1.50 m in width and is formed by chrysocolla and disseminated bornite and chalcopyrite (both are rimmed
by chrysocolla and covellite, suggesting that the enrichment zone is close); while the gangue is actinolite, calcite
lenses and minor magnetite. The granodiorite host rock is moderately altered by K-feldspar.

On surface it can be seen more than 10 small shafts that are about 6-10 m deep (Photo 10). The contractor
reported that gold mining took place many years ago on the surface and up to the first few meters. No
assessment has been done about this report, however sampling will be done on the Chapi II vein to test this
information.

The vein systems at the Huarato concession, which are currently mined by contractors, are known as the Huarato
Viejo sector (Figure 3, Appendix 2; Photo 12). They are more or less at the same elevation and with a similar
strike to the Brasil vein I system. The area mined is in the limited between other concessions and there is a need
to define with survey the tenement limits of the various mine works. This is been done at this moment and it is
followed up with a detailed mapping and systematic channel sampling.

Photo 12: The Huarato Viejo vein system, the yellow arrows point to the veins that are in the concession under Mineras lease agreement, the
other are not in the tenements.

Like at the Brasil vein I system, in the Huarato Viejo vein system is emplaced in granodiorite K-feldspar altered
rocks (Photo 13), and they contain chalcopyrite, bornite and minor pyrite; with moderate magnetite, chlorite and
secondary biotite. Two shafts have been sunk in these veins, and both have intersected mineralised ore shoots at
depth between 40 and 80 m from the main gallery entrances. More details will be announced shortly after the first
pass exploration work is completed and assay results are received.
 Minera Gold Limited

Photo 12: K-feldspar altered granodiorite host rock. Note the veinlet with magnetite and in the middle chalcopyrite and pyrite.

Detailed reports of the geological settings of the Brasil vein I system and the Callejon vein have been provided in
th th
several previous announcements (please refer to the 18 March, 2015 and the 28 May, 2015.

Interpreted Mineralisation Potential

Based on the copper mineralisation and alteration zonation observed in the main vein systems of the XV, Genova,
Brasil, Huarato Viejo (which it is approximately the same altitude of the Brasil vein I system) and Callejon, a
schematic section has been drawn to illustrate the alteration zonation identified within the Companys concessions
(Figure 4, Appendix 2). The potential for the San Juan vein system and other veins in the XV concession are
considered very good to host considerable copper, silver and gold mineralization at a depth of up to 300 m or
more (Figure 4, Appendix 2). The San Juan vein system has an alteration assemblage of specular hematite
(specularite), chlorite, undifferentiated clays and quartz. It was also observed that the breccia zone intercepted at
depth by artisanal miners is in the transition zone between the supergene alteration zone and the enrichment
zone, and still surrounded in a halo of argillic alteration. This is interpreted to be many meters above the actinolite
zone assemblage (actinolite + specularite + quartz + calcite) observed in the Genova concession Chapi II vein
(Figure 4, Appendix 2).

Another point to consider for the Chapi I and II, in the Genova concession is that mining is occurring in the
interpreted copper supergene zone, and the topography would allow for an access adit at a lower elevation, about
to 200 m below the present entrance to intercept, mine and develop the transition, enrichment and hypogene
zones. Chapi II appears to be the best of the 3 veins in the Genova concession, as it can be traced on surface for
well over 500 m. There is also the good potential for gold mineralisation in the oxidised zone near neat the
surface and this needs to be further assessed.

It should also be noted that the mining development at Chapi II vein is still well above, the potassic alteration zone
observed in the Brasil and Huarato concession vein systems (fine grained magnetite, chlorite, secondary biotite
and K-feldspar altered host granite) as suggested in the schematic cross section shown in Figure 4, Appendix 2.
However, the Huarato and Brasil vein system are still higher than the Na-Ca alteration zone of the Callejon vein
(actinolite, albite, chlorite, magnetite after hematite -mushketovite texture- and calcite), which so far is the deepest
seen within the Companys concessions, and is still producing copper sulphide ore at a depth of 90 m below the
portal entrance (e.g.: below 1,350 m).
th
Regarding the potential of the Brasil vein I system, it has been described in the reports dated on the 18 March,
th
2015 and 28 May, 2015. Nevertheless it is important to emphasise that the reopening of the historical gallery and
shafts needs to be properly explored by the Company, since the vein systems extend at depth for at least another
100 m, and there is a need to continue to the exploration to the NW and SE, where the vein system remains open
in both directions.

One observation that needs to be considered and further investigated, is the distribution and relationship between
hematite and magnetite, since understanding it will help to interpret the geophysical studies completed to date. It
has been observed that, although magnetite is always present in the hydrothermal system, the abundance is
 Minera Gold Limited
however minor at higher levels in the system, where hematite is by far the dominant Fe-bearing oxide mineral
(mostly as specular hematite or commonly known as specularite). Similarly, the dominant Fe-bearing oxide
mineral deeper in the system is magnetite that starts showing as the replacement of hematite (in a mushketovite
radial texture) accompanied by actinolite and calcite.

Also, it was noted that in the areas where the biggest ore shoots occur, the amount of magnetite is minor
compared to the amount of the Cu-Fe bearing minerals (chalcopyrite and bornite). This observation may allow the
Company to more easily identify the ore shoots at different elevations (magnetic lows against magnetic highs).

Further detailed exploration work that involves further mapping and channel sampling in these vein systems, is
intended to be followed up with a ground magnetic geophysics in extended areas to look for the extensions of the
known vein system under cover. IP studies over the existing vein (both on surface and in the existing
underground galleries) will also allow the Company to identify the extension of the ore shoots and provide more
reliable drilling targets.

For and on behalf of the Board,

Ashley Pattison
Managing Director
nd
2 June 2015

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information
reviewed by Dr Alex Losada-Calderon who is a Member of the Australasian Institute of Mining and Metallurgy. Dr
Losada-Calderon is employed by TAE Resources Pty Ltd, who acts as a consulting geological firm to Minera Gold
Limited. Dr Losada-Calderon has sufficient experience which is relevant to the style of mineralisation and the type
of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves. Dr Losada-Calderon consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.
 Minera Gold Limited
Appendix 1

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary

Sampling Nature and quality of sampling (eg cut No sampling is reported in this announcement.
techniques channels, random chips, or specific
specialised industry standard
measurement tools appropriate to the
minerals under investigation, such as
down hole gamma sondes, or handheld
XRF instruments, etc). These examples
should not be taken as limiting the broad
meaning of sampling.
Include reference to measures taken to No sampling is reported in this announcement.
ensure sample representivity and the
appropriate calibration of any
measurement tools or systems used. No sampling is reported in this announcement.
Aspects of the determination of
mineralisation that are Material to the
(Public Report.
Drilling Drill type and details. No new drilling is reported in this release
techniques

Drill sample Method of recording and assessing core No new drilling is reported in this release
recovery and chip sample recoveries and results
assessed.
Measures taken to maximize sample
recovery and ensure representative nature
of the samples.
Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have been No sampling is reported in this announcement.
geologically and geotechnical logged to a
level of detail to support appropriate
Mineral Resource estimation, mining
studies and metallurgical studies.
Whether logging is qualitative or No sampling is reported in this announcement.
quantitative in nature. Core (or costean,
channel, etc) photography.
The total length and percentage of the No sampling is reported in this announcement.
relevant intersections logged.

Sub-sampling If core, whether cut or sawn and whether No core sampling is reported in this release.
techniques quarter, half or all core taken.
and sample If non-core, whether riffled, tube sampled, No sampling is reported in this announcement.
preparation rotary split, etc and whether sampled wet
or dry.
For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
Quality control procedures adopted for all
sub-sampling stages to maximise
representative samples.

Measures taken to ensure that the

sampling is representative of the in situ
material collected, including for instance
results for field duplicate/second-half
 Minera Gold Limited
Criteria JORC Code explanation Commentary

sampling.
Whether sample sizes are appropriate to
the grain size of the material being
sampled.
Quality of The nature, quality and appropriateness of No sampling is reported in this announcement.
assay data the assaying and laboratory procedures
and used and whether the technique is
laboratory considered partial or total.
For geophysical tools, spectrometers, No geophysical tool used to generate results.
tests
handheld XRF instruments, etc, the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations factors
applied and their derivation, etc.
Nature of quality control procedures No sampling is reported in this announcement.
adopted (eg standards, blanks, duplicates,
external laboratory checks) and whether
acceptable levels of accuracy (ie lack of
bias) and precision have been established.
Verification of The verification of significant intersections No drilling is reported.
sampling and by either independent or alternative
assaying company personnel.
The use of twinned holes. No drilling of twinned holes has been used.
Documentation of primary data, data entry Primary data is collected by using standard
procedures, data verification, data storage Excel templates in laptop computers with
(physical and electronic) protocols. lockup codes

Discuss any adjustment to assay data. No adjustment has been made.

Location of Accuracy and quality of surveys used to Mine portal location surveyed in UTM PSAD56
data points locate drill holes (collar and down-hole Zone 18S.
surveys), channels, mine workings and
other locations used in Mineral Resource
estimation.
Specification of the grid system used. UTM PSAD56 Zone 18S.

Quality and adequacy of topographic Topographic survey was done using a Total
control. Station and were tied to known control
government stations.
Data spacing Data spacing for reporting of Exploration No sampling is reported in this announcement.
and Results.
distribution Whether the data spacing and distribution No sampling is reported in this announcement.
is sufficient to establish the degree of
geological and grade continuity
appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and
classifications applied.
Whether sample compositing has been Sampling compositing has not been applied.
applied.
Orientation of Whether the orientation of sampling No sampling is reported in this announcement.
data in achieves unbiased sampling of possible
relation to structures and the extent to which this is
geological known, considering the deposit type.
structure If the relationship between the drilling No drilling is reported.
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
Sample The measures taken to ensure sample No sampling is reported in this announcement.
security.
 Minera Gold Limited
Criteria JORC Code explanation Commentary

security

Audits or The results of any audits or reviews of No sampling is reported in this announcement.
reviews sampling techniques and data.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary

Mineral Type, reference name/number, location Full details are provided in in the text under
tenement and and ownership including agreements or heading Tenements location, ownership and
land tenure material issues with third parties such as concession holder in Table 1. Figure 3
status joint ventures, partnerships, overriding (Appendix 2) shows the location of the
royalties, native title interests, historical tenements.
sites, wilderness or national park and
environmental settings.
The security of the tenure held at the time The tenements are in good standings and not
of reporting along with any known known impediments exist.
impediments to obtaining a licence to
operate in the area.
Exploration Acknowledgment and appraisal of No formal exploration work has been done in
done by other exploration by other parties. the area. The Geological pages 31N and 32 N
parties from INGEMMENT, Peruvian Geological
Survey, cover this area.
Geology Deposit type, geological setting and style The mineralisation is hosted in Jurassic
of mineralisation. volcanic and sedimentary Formations, which
are intruded by the Coastal Batholith on central
Peru. Both Jurassic and Cretaceous rocks are
covered, in some areas, by Neocene
continental and felsic pyroclastic rocks
Formations.
The Cu-Ag-Au mineralisation occurs in vein
systems that are thought to be driven by a
much bigger IOCG system. The system is
similar to those occurring in the Coastal
Batholith IOCG provinces of Peru and Chile.
Drill hole A summary of all information material to The location of the Brasil, Huarato, Callejon,
Information the understanding of the exploration Genova and XV concessions is provided in
results including a tabulation of the Figure 3 in Appendix 2.
following information for all Material drill No drilling is reported.
holes:
o easting and northing of the drill hole
collar
o elevation or RL (Reduced Level
elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
If the exclusion of this information is
justified on the basis that the information is
not Material and this exclusion does not
detract from the understanding of the
report, the Competent Person should
clearly explain why this is the case.
 Minera Gold Limited
Criteria JORC Code explanation Commentary

Data In reporting Exploration Results, weighting No weighting average is reported in this

aggregation averaging techniques, maximum and/or release.
methods minimum grade truncations (eg cutting of No maximum and/or minimum grade
high grades) and cut-off grades are usually truncations have been applied.
Material and should be stated.
Where aggregate intercepts incorporate No aggregate intercepts is reported in this
short lengths of high grade results and release.
longer lengths of low grade results, the
procedure used for such aggregation
should be stated and some typical
examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of No metal equivalent is reported in this release.
metal equivalent values should be clearly
stated.

Relationship These relationships are particularly No sampling is reported in this announcement.

between important in the reporting of Exploration
mineralisation Results.
widths and If the geometry of the mineralisation with
respect to the drill hole angle is known, its
intercept
nature should be reported.
lengths If it is not known and only the down hole
lengths are reported, there should be a
clear statement to this effect (eg down
hole length, true width not known).
Diagrams Appropriate maps and sections (with See Figure 1 to Figure 4 in Appendix 2.
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These should
include, but not be limited to a plan view of
drill hole collar locations and appropriate
sectional views.
Balanced Where comprehensive reporting of all No sampling is reported in this announcement.
reporting Exploration Results is not practicable,
representative reporting of both low and
high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other Other exploration data, if meaningful and All information is provided in the body of text. .
substantive material, should be reported including (but
exploration not limited to): geological observations;
data geophysical survey results; geochemical
survey results; bulk samples size and
method of treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
Further work The nature and scale of planned further Further mapping, channel sampling and
work (eg tests for lateral extensions or geophysical studies (magnetometry and IP
depth extensions or large-scale step-out survey) are been planned, to define drilling
drilling). targets.

Diagrams clearly highlighting the areas of See Figure 1 to Figure 4 in Appendix 2

possible extensions, including the main
geological interpretations and future
drilling areas, provided this information is
not commercially sensitive.
 Minera Gold Limited
Appendix 2
Figures

Figure 1: Location map and regional geology, the area in the rectangle is shown in detail in Figure 2. This map is from H. Chen, A. Clark, K.
Kyser, T. Ullrich, R. Baxter, Y. Chen and T. Moody (Econ Geo, v 105, pp. 155-185)
 Figure 2: Regional geological map of the Marcona ICOG province with the location of the Marcona mine, Mina Justa, Pampa de Pongo, Cobrepampa, Argentina vein and Brasil concession. The Huarato, XV,
Callejon, and Genova concessions are in close proximity to Brasil concession and they are not not depicted at this scale. This map has been modified from H. Chen, A. Clark, K. Kyser, T. Ullrich, R. Baxter, Y. Chen
and T. Moody (Econ Geo, v 105, pp. 155-185)
Minera Gold Limited
 Minera Gold Limited

Huarato Viejo

Figure 3: Google earth satellite image with georefernce showing the locations of the Brasil, Huarato, Callejon, XV and Genova tenements with
the vein systems that are described in this announcement. The location of the San Santiago plant in the town of Otapara, is also shown for
reference.
Figure 4: Schematic cross section illustrating the observed alteration zoning in the IOCG vein system at the XV (San Juan vein), Genova (Chapi II), Callejon, and Brasil vein I system.

The Huarato Viejo vein system is more or less at the same elevation of the Brasil vein system.
Minera Gold Limited