Metminco Regulatory News (MNC)

7 March 2016

For further information, please contact:

METMINCO LIMITED

Stephen Tainton / Phil Killen

Office: +61 (0) 2 9460 1856

NOMINATED ADVISOR AND BROKER

RFC Ambrian

Australia

Will Souter/ Nathan Forsyth

Office: +61 (0) 2 9250 0000

United Kingdom

Samantha Harrison / Charlie Cryer

Office: +44 (0) 20 3440 6800

JOINT BROKER

SP Angel Corporate Finance LLP UK)

Ewan Leggat

Office: +44 (0) 20 3470 0470

Company

Project

Mineral Resource

(Measured, Indicated & Inferred)

Tonnes (millions)

Grade (g/t)

Moz

AngloGold / B2Gold

Gramalote

372

0.51

6.1

Sunward Resources

Titribi

635

0.52

10.6

Batero

Quinchia

165

0.57

3.0

Bellhaven

La Mina

80

0.62

1.6

Minera Seafield

Quinchia

134

0.65

2.8

AngloGold Ashanti

La Colosa

1,255

0.82

33.1

Gran Colombia

Marmato

489

0.92

14.4

Red Eagle

San Ramon

13

1.78

0.8

Category

kt

Au (g/t)

Ag (g/t)

Au (koz)

Ag (koz)

Measured

38,747

0.68

1.39

847

1,732

Indicated

33,877

0.89

1.67

969

1,823

Total

72,624

0.78

1.52

1,816

3,555

Inferred

3,756

0.51

2.28

62

275

Category

kt

Au (g/t)

Ag (g/t)

Cu (%)

Au (koz)

Ag (koz)

Cu lbs (000's)

Inferred

57,794

0.50

0.60

0.04

921

1,036

56,768

Miraflores Deposit

5.12.1

The source and date of the historical estimates or foreign estimates.

The estimate of mineralization for Miraflores is based on the NI43-101 Technical Report authored by SRK Consulting (US), Inc with contributions by Scott E. Wilson of Metal Mining Consultants Inc. ("MMC") and dated August 2, 2013.

5.12.2

Whether the historical estimates of foreign estimates use categories of mineralization other than those defined in Appendix 5A (JORC Code) and if so an explanation of the differences.

The August 2, 2013 foreign estimate for Miraflores was sub-divided, in order of increasing geological confidence, and categorized as Measured, Indicated and Inferred Mineral Resources as defined by the Canadian Institute of Mining (CIM). The CIM definitions are similar in definition as Appendix 5A (JORC Code)

5.12.3

The relevance and materiality of the historical estimates or foreign estimates to the entity.

The foreign estimate is relevant as it pertains to a project that could be economically viable for the entity.

5.12.4

The reliability of the historical estimates or foreign estimates, including by reference to any of the criteria in Table 1 of Appendix 5A (JORC CODE) which are relevant to understanding the reliability of the historical estimates or foreign estimates.

All criteria in Table 1 of Appendix 5A have been addressed in the foreign estimate.

5.12.5

To the extent known, a summary of the work programs on which the historical estimates or foreign estimates are based and a summary of the key assumptions, mining and processing parameters and methods used to prepare the historical estimates or foreign estimates.

Miraflores was estimated using inverse distance cubed methodology to estimate gold and silver grades. The Mineral Resources are based on 25,884 meters of drilling in 73 diamond drill holes and 236 meters of underground channel samples as of April 2, 2013. This includes 3,624m in 10 drill holes carried out by AngloGold Ashanti and B2Gold in 2006-2007.

Geological boundaries were constructed using modern industry accepted software. The modelled geological boundaries were used to constrain grade estimations appropriately within each geological boundary.

Drill hole assays were composited using two meter down the hole composite lengths. A total of 13,194 two meter composites were constructed. Codes were assigned based on the location of the composite centroid relative to the geological triangulations and were utilized during the estimation process.

Capping was determined for gold composites using statistical histogram and log probability plots. Composites were evaluated individually for each modeled geologic boundary. Silver was not capped as the silver grades are very low.

All required information about the Mineral Resource is captured in a 3D block model. This includes estimated characteristics of gold and silver and statistical characteristics such as number of samples used in an estimate, distances to the nearest samples, number of drill holes used, geological rock codes and dry densities.

QA/QC programs were rigorously monitored to verify database integrity.

5.12.6

Any more recent estimates or data relevant to the reported mineralization available to entity.

There are no more recent estimates relevant to the reported mineralization.

5.12.7

The evaluation and/or exploration work that needs to be completed to verify the historical estimates or foreign estimates as mineral resources or ore reserves in accordance with Appendix 5A (JORC Code).

The exploration work on the project has been completed to a level that is in accordance with Appendix 5A (JORC Code).

5.12.8

The proposed timing of any evaluation and/or exploration work that the entity intends to undertake and comment on how the entity intends to fund that work.

MMC is not aware of any exploration work or activities planned to be undertaken by the entity.

5.12.9

A cautionary statement proximate to, and with equal prominence as, the reported historical estimates or foreign estimates.

MMC cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

5.12.10

A statement by a named competent person or persons that the information in the market announcement provided under rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The statement must include the information referred to in rule 5.22(b) and (c).

I, Scott E. Wilson, confirm that I authored the information described under rules 5.12.2 to 5.12.7 and that the information is an accurate representation of all information and data to my knowledge. I am not an employee of Metminco nor do I hold any interest with Metminco. I am an employee of Metal Mining Consultants Inc., an international mining and exploration consulting company based in Highlands Ranch, Colorado, USA. I am Certified Professional Geologist with the American Institute of Professional Geologist, Registration Number 10965. The AIPG shares international reciprocity with JORC.

Dosquebradas Deposit

5.12.1

The source and date of the historical estimates or foreign estimates.

The estimate of mineralization for Dosquebradas is based on the NI43-101 Technical Report authored by Metal Mining Consultants Inc. ("MMC") of Denver Colorado with contributions by Scott E. Wilson and dated May 17, 2013.

5.12.2

Whether the historical estimates of foreign estimates use categories of mineralization other than those defined in Appendix 5A (JORC Code) and if so an explanation of the differences.

The May 17, 2013 foreign estimate for Dosquebradas was classified as Inferred Mineral Resources as defined by the Canadian Institute of Mining (CIM). The CIM definitions are similar in rigor as Appendix 5A (JORC Code).

5.12.3

The relevance and materiality of the historical estimates or foreign estimates to the entity.

The foreign estimate is relevant as it pertains to a project that could be economically viable for the entity.

5.12.4

The reliability of the historical estimates or foreign estimates, including by reference to any of the criteria in Table 1 of Appendix 5A (JORC CODE) which are relevant to understanding the reliability of the historical estimates or foreign estimates.

QA/QC programs were implemented and the database integrity can be relied upon. A 3D geological interpretation and model was not completed for Dosquebradas. Metallurgy is not well understood. Further work programs need to be carried out. The data available at the time was sufficient to be relied upon for estimating an Inferred Mineral Resource.

5.12.5

To the extent known, a summary of the work programs on which the historical estimates or foreign estimates are based and a summary of the key assumptions, mining and processing parameters and methods used to prepare the historical estimates or foreign estimates.

The Dosquebradas mineral resource was estimated using ordinary kriging to estimate gold, silver and copper grades. The mineral resource estimate is based on 8,823 meters of drilling in 19 drill holes as of November 2011. This includes two drill holes completed by AngloGold Ashanti.

Geological boundaries have not yet been defined.

Drill hole assays were composited using two meter down the hole composite lengths. A total of 4,687 two meter composites were constructed for geostatistical evaluation and grade estimation purposes. Gold and copper grades were capped and silver was not capped due to the low grades.

The resource block model was constructed using advanced mining software. All required information in deriving the mineral resource captured in the block model. This includes estimated characteristics of gold, silver, copper and statistical characteristics such as number of samples used in an estimate, distances to the nearest sample, number of drill holes used.

5.12.6

Any more recent estimates or data relevant to the reported mineralization available to entity.

There are no more recent estimates relevant to the reported mineralization.

5.12.7

The evaluation and/or exploration work that needs to be completed to verify the historical estimates or foreign estimates as mineral resources or ore reserves in accordance with Appendix 5A (JORC Code).

Geological models need to be constructed and evaluated with 3D modelling software in order to increase the confidence in the resource estimate. Infill drilling is required to increase the geological continuity of the deposit, and upgrade the current resource category. Metallurgical testing needs to be implemented. An exploration drilling program is required to assess the extent of the mineralization.

5.12.8

The proposed timing of any evaluation and/or exploration work that the entity intends to undertake and comment on how the entity intends to fund that work.

MMC is not aware of any exploration work or activities planned to be undertaken by the entity.

5.12.9

A cautionary statement proximate to, and with equal prominence as, the reported historical estimates or foreign estimates.

MMC cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

5.12.10

A statement by a named competent person or persons that the information in the market announcement provided under rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The statement must include the information referred to in rule 5.22(b) and (c).

I, Scott E. Wilson, confirm that I authored the information described under rules 5.12.2 to 5.12.7 and that the information is an accurate representation of all information and data to my knowledge. I am not an employee of Metminco nor do I hold any interest with Metminco. I am an employee of Metal Mining Consultants Inc., an international mining and exploration consulting company based in Highlands Ranch, Colorado, USA. I am Certified Professional Geologist with the American Institute of Professional Geologist, Registration Number 10965. The AIPG shares international reciprocity with JORC.

Miraflores Deposit

5.16.1

All material assumptions on which the production target is based. If the economic assumptions are commercially sensitive to the mining entity, an explanation of the methodology used to determine the assumptions rather than the actual figure can be reported.

SRK produced an internal unpublished document entitled "Technical Report Miraflores Project Columbia" for RMB Resources, dated February 24, 2015 that is referenced in the press release by Metminco Limited, dated March 7, 2016.

The report was developed based on mineral resource categorized as Measured, Indicated and Inferred Mineral Resources as defined by the Canadian Institute of Mining (CIM). The CIM definitions are similar in definition as Appendix 5A (JORC Code).

The following material assumptions were the basis of the work:

· Only mineralised resources classified as measured and indicated (NI 43-101 basis) were included in the analysis;

· No reserves were not declared as portions of the work were not at PFS level (See Annexure 8);

· The analysis was based on the following:

· Gold Market Price - US$1200/oz

· Silver Market Price - US$18/oz

· Total average life of mine operating cost - US$39.85/tonne ore processed

· Mining Cost - US$20.36/tonne ore processed

· Processing Cost - US$15.12/tonne ore processed

· Tailings Cost - US$0.47/tonne ore processed

· G&A Cost - US$3.90/tonne ore processed

· Refinery, Transportation, and Insurance Cost - US$0.047/tonne ore processed

· Royalty Cost - US$6.81/tonne ore processed

· Gold Recovery - 91%;

· Silver Recovery - 52%;

· Costs were developed on a 2014 basis at various levels of accuracy (Annexure 8);

· The Targeted production included both underground and open pit mining components;

· UG mine design based on 2.2 g/tonne Au cut-off with the addition of 2.0 g/tonne Au cut-off for stope areas which are immediately adjacent to the 2.2 g/t areas that require minimal additional development. Stope optimization was competed using VulcanTM software. Planned dilution width of 0.25 m on stope sides at grade dilution based on the block model was included in the stope optimization with an additional 3% unplanned dilution in the stoping areas. Underground recovery was 95%;

· OP mine design included mineralised material above 0.6 g/tonne Au and optimized with a WhittleTM Pit based on a US1.60/tonne mined operating cost, processing cost of US$18.63/tonne, Gold recovery - 90%; Silver recovery - 50%; Gold Market price-US$1250/oz; Silver market price - US$20/oz

· Geotechnical results of field investigations at the site were analysed and included in both the underground and open pit mine designs to provide for stope design and pit highwall angles.

· A full metallurgical test program was conducted and used to develop the process flowsheet.

· The process design was conducted by a third party engineering firm and has not been updated from the published 2013 PEA other than to update to 2014 base year costs.

· A tailings design was incorporated at a PEA level in the study;

· Geochemical characterization of the waste rock and ore is considered in the study;

· The infrastructure available to the project is not fully developed in the region, but costs were developed at a scoping level in the study;

· Environmental permitting was ongoing and being developed at the time of the study.

5.16.2

A statement that the estimated ore reserves and/or mineral resources underpinning the production target have been prepared by a competent person or persons in accordance with the requirements in Appendix 5A (JORC Code)

SRK notes that no ore reserves have been declared on the project as not all work is at a level to state the mineralized material as reserves.

SRK cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources or reserves in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

5.16.3

The relevant portions of:

· Probable ore reserves and proved ore reserves;

· Inferred mineral resources, indicated mineral resources and measured resources;

· An exploration target; and

· Qualifying foreign estimates,

underpinning the production target.

SRK notes that no ore reserves have been declared on the project as not all work is at a level to state the mineralized material as reserves.

SRK cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources or reserves in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

5.16.4

If a proportion of the production target is based on inferred mineral resources, a cautionary statement proximate to, and with equal prominence as, the reported production target, stating that:

"There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in determination of indicated mineral resources or that the production target itself will be realised".

SRK notes that no ore reserves have been declared on the project as not all work is at a level to state the mineralized material as reserves.

SRK cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources or reserves in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

5.16.5

If a proportion of the production target is based on an exploration target, a statement of the factors that lead the entity to believe that it has a reasonable basis for reporting a production target in that context, and a cautionary statement proximate to, and with equal prominence as, the reported production target, stating that:

"The potential quantity and grade of an exploration target is conceptual in nature, there has been insufficient exploration to determine a mineral resource and there in no certainty that further exploration work will result in the determination of mineral resources or that the production target itself will be realised".

SRK notes that no ore reserves have been declared on the project as not all work is at a level to state the mineralized material as reserves.

SRK cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources or reserves in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

5.16.6

If the production target is based solely on inferred mineral resources;

· A statement of the factors that lead the entity to believe that it has a reasonable basis for reporting a production target based solely on inferred mineral resources;

· The level of confidence with which the inferred mineral resources are estimate and the basis for that confidence level;

· A technical report of sufficient level of confidence to support the production target The technical report must be prepared by, or under the supervision of a named independent competent person or persons and include the information referred to in rule 5.22 (b) and (c); and

· A cautionary statement proximate to, and with equal prominence as, the reported production target, stating that:

"There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result the determination of indicated mineral resources or that the production target itself will be realised. The stated production target is basis on the company's current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

SRK notes that no ore reserves have been declared on the project as not all work is at a level to state the mineralized material as reserves.

SRK cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources or reserves in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

5.16.7

If a proportion of the production target is based on qualifying foreign estimates have not been verified and reported as mineral resources or ore reserves in accordance with Appendix 5A (JORC Code) after 3 years from the date the qualifying foreign estimates were initially reported, the statement and explanation referred to in rule 5.14.2.

SRK notes that no ore reserves have been declared on the project as not all work is at a level to state the mineralized material as reserves.

SRK cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources or reserves in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

Geology

All

FS

Scott Wilson's scope of work. Appears all work completed with exception of final rock type characterization.

Open Pit Mining

Pit Optimization

FS

At Feasibility Study level

Pit Design

FS

Supported by Feasibility Study geotechnical parameters

Waste Dump Design

PFS

Ramps, Slope angles. Stability analysis for valley dump recommended

Pre-Production Schedule

PFS

Scheduled volumes not supported by detailed design volumes

Mine Production Schedule

FS

Haul profiles calculated to Feasibility Study level

Fleet Estimate Cost

PFS

Would be Feasibility Study if quotes, taxes and import duties updated through 2015

Mine Operating Cost

PFS

Would be Feasibility Study with updated labor, consumable and burdens

Underground Mining

Mine Design

PFS

To confirm PFS level:

Additional detail on development such as ramps, ventilation, etc.

Checking stope detail of the optimizer shapes to ensure mineability.

Infrastructure

PEA

Ventilation models should be completed simulating the underground production schedule to ensure adequate airflows to all parts of the mine.

Electrical loads need to be further evaluated and an adequate system should be designed.

Additional dewatering

Production Schedule

PFS

To confirm PFS level:

More complete productivity estimates which are used in the schedule. Scheduling methodology would remain the same.

Underground Operating Cost

PFS

To confirm PFS level:

Further refinement of first principle costing and tie back to production schedule.

Updated cost quotes to 2014

Underground Capital Cost

PFS

Could refine auxiliary equipment and utility costs.

Geomechanical

Characterization

FS

Unless additional resources are identified outside the current volume then the conducted characterization programs to date should be at a Feasibility Study level.

Open Pit Stability

FS

Unless additional weathering with depth is identified with new infill drilling then the stability analyses conducted to date should be at a Feasibility Study level, with the exception of checking stability under earthquake conditions.

Underground Stability

FS

Unless the cut-off grade significantly changes mineable vein widths or infill drilling identifies additional high grade areas that could be mined early in the sequence then the stability analyses conducted to date should be at a Feasibility Study level.

Backfill

PEA

Quantity of cement in the cemented backfill requires testing.

Environmental

Permitting (incl. EIS)

PFS

PFS requires a comprehensive overview and listing of required permits, as well as the initiation of the EIS, but not necessarily submission of the EIS to the regulatory authorities.

Baseline Data

PFS

PFS requires the collection and review of available environmental data from existing databases for environmental studies, assessments or audits; regulatory inspections, waste handling practices; management plans.

Geochemistry

FS

Unless that there are significant changes in the beneficiation process, or the cut-off grade has changed, then the geochemical evaluations conducted to date should be at a Feasibility Study level.

Hydrogeology

PFS

Hydrogeology baseline is very close to Feasibility Study level, but would need some additional analysis given the new location of the tailings impoundment.

Management Plans

PFS

PFS requires preparation of environmental plans and monitoring programs; preliminary sediment and erosion control plan; conceptual reclamation plan; evaluation of acid rock drainage; geotechnical stability review of waste dumps and tailings dam; preliminary impact mitigation plan; preliminary spill and emergency response plan.

Socioeconomics

PFS

PFS generally requires the initiation of social baseline data gathering, some community engagement and training, and health /safety programs identified.

Process Design

Design

PFS

Lyntek scope of work. Substantial drawings exist. Would need further review and re-confirmation by an alternate firm.

Capital Cost

PEA

Lyntek scope of work. Capital equipment was updated with quotes however installation and other costs were not updated. A complete capital cost estimate was not compiled by Lyntek.

Operating Cost

PEA

Lyntek scope of work. An operating cost was not provided by Lyntek. The PEA cost was used with adjustments by SRK to account for labor, power, and inflation.

Tailings Facility

Design

PEA

Leachate storage facility is at Feasibility Study level and a Feasibility Study report was developed. Updated location for the flotation tailings impoundment presented herein is at a PEA level. Field characterization and more detailed design is required for PFS for the flotation tailings embankments. Scheduling of the borrow material quantities needs to occur.

Capital/Operating Cost

PEA

Flotation tailings costs needs to be re-estimated based on quantities of a PFS level design. Leachate costs need to be re-estimated based on quantities in the current Feasibility Study level design.

Metallurgy

All

FS

A Feasibility Study level metallurgical report was completed.

AISC

All in sustaining costs include direct operating costs; third party smelting, refining and transport costs; by-product credits; royalties and production taxes; and, sustaining capital

Cash Operating Costs

All in sustaining costs include direct operating costs; third party smelting, refining and transport costs; by-product credits; and, royalties and production taxes

Competent Person

Competent Person must be a Member or Fellow of the Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a 'Recognised Professional Organization'. A Competent Person must have a minimum of five years' experience working with the style of mineralisation or type of deposit under consideration and relevant to the activity which that person is undertaking

Environmental impact study (EIS)

A written report, compiled prior to a production decision that examines the effects proposed mining activities will have on the natural surroundings.

Feasibility Study (FS)

A feasibility study is an evaluation of a mineral resource to determine whether it can be mined effectively and profitably. It includes the detailed study of reserve estimation, mining methods evaluation, processing technique analysis, capital and operating cost determination and the process effect on the environment and community. This detailed study forms the basis for capital estimation, and provides budget figures for the development of the project. It requires a significant amount of formal engineering work and an accuracy within 10 to 15%

g/t

grams per tonne.

Ha

Hectares

Indicated Resource

That part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit.

The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed

Inferred Resources

That part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes

JORC Code

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended

Measured Resource

That part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve

Mineral Resource

Mineral Resources are sub divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource

Moz

Million ounces

Mt

Million tonnes

NI 43-101

Is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. The National Instrument 43-101 is broadly comparable to the Joint Ore Reserves Committee Code (JORC Code) which regulates the publication of mineral exploration reports on the Australian Stock Exchange (ASX)

Preliminary Economic Assessment (PEA)

a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources

Pre-Feasibility Study (PFS)

A preliminary assessment of the technical and economic viability of a proposed project. Alternative approaches to various elements of the project are compared, and the most suitable alternative for each element is recommended for further analysis. Costs of development and operations are estimated. Anticipated benefits are assessed such that some preliminary economic criteria for evaluation can be calculated. Preliminary feasibility studies are completed by a small group of multi-disciplined technical individuals and have an accuracy within 20 to 30%

Qualified Person

The person must have 5 years' experience relevant to the deposit type or style of mineralization for the purposes of NI 43-101

Quinchia Portfolio

6,043Ha of granted concessions and an additional 3,792Ha of pending applications, and contains a number of deposits and exploration targets including Miraflores, Dosquebradas and Tesorito

RMB

RMB Australia Holdings Limited

SRK

SRK Consulting (U.S.), Inc