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First Year Assessment Report

Freshwater Pond, Avalon Peninsula, Gold Property Licence No. 015800M

NTS 01N/10 Newfoundland and Labrador

Submitted by Gordon Cooper & Kevin Ryan

for

Kevin P. Ryan

(Licence Holder)

June, 2010

Work Year: 1

Total Claims: 7

Total expenditures: $2,700.00

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Table of Contents

Page

Introduction 3 Location and Access 3

Previous Work 3

Geology 4, 5

Prospecting 2009 5

Results 5

Conclusion and Recommendations 6 References 7

List of Figures

Fig. 1, Property Location – NFLD Fig. 2, Claims Location Map Fig. 3, Topographic Map Fig. 4, Map Staked Claims Fig.5, Reconnaissance Maps; 1, 2A & 2B

List of Appendices Appendix 1. Personnel and Man Days 1 page Appendix 2. Statement of Expenditures 1 page

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Introduction Licence 015800M consisting of 7 claims is owned by Kevin Ryan of Hopedale Crescent, St. John’s, NL A1B 0B3. The objective is to locate epithermal gold – silver deposits on this property. Future exploration work will consist of a soil sampling program.

Location and Access

The Freshwater Pond Property is located on the Avalon Peninsula, some 15 kms Northwest of St. John’s, NL. (Fig.1 and 2). The town of Portugal Cove – St. Philips is located southwest of the property. The main access to the property is via Route 21; thence south along the Indian Meal Line. Most of the property lies west of the Indian Meal Line; the eastern border straddles the Indian Meal Line.

Previous Work

Previous work in the region includes academic, government and mining exploration programs.

• Government and Academic:

- Regional geological mapping was carried out by the Geological Survey of Canada. Rose, (1952), on a scale of 1:50,000.

- A 1:250,000 compilation of the Geology of the Avalon Peninsula was produced by King (1988).

- A Lake Sediment Survey was conducted over the Avalon Peninsula by Davenport (1990).

• Industry Programs: - The first, third and fifth year Assessment reports by Rubicon Minerals Corporation on the Grog Pond Property (2004), (Project NF 615 which covers the Freshwater Pond Property), is the major exploration effort by industry on this area.

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Geology

• Regional Geology: The Freshwater Pond Property is located within the Avalon Techno – Stratigraphic Zone of the Newfoundland Appalachians (Williams 1979 Fig.-----). This Zone consists of arc-related Volcanic and Plutonic rocks and their Sedimentary cover sequences and are of Late Proterozoic Age. A flat to gently dipping Paleozoic plat-formal cover sequence unconformably overlies the late Proterozoic rocks in the eastern Avalon Zone region. The Freshwater Pond Property is situated in the east fault block of the Avalon Zone (McCartney 1969). The eastern block defined by the region east of the Topsail Fault consists of dominantly submarine basaltic flows and associated breccias marine siliciclastic material, and minor plutonic and felsic volcanic rocks. The western margin of this zone defined by the Topsail Fault consists of a moderately to strongly defined north-south trending Strain Zone.

• Property Geology (Bedrock): The geological setting of the Freshwater Pond Property is believed to be similar to that of the Grog Pond Prospect (Simplified geological map of the Avalon Peninsula – Sparkes report on the Grog Pond Property 2004). The geology of the Freshwater Pond – Grog Pond Belt is in turn broadly similar to the Steep Nap and Bergs Prospect Zone in the Manuals Area of Conception Bay South. These similarities include:

1. Epithermal veins and breccias are hosted within mainly sub aerial felsic volcanic rocks of Neoproterozoic age.

2. Gold / silver is associated with banded quartz and breccias. 3. Gold / silver mineralization is associated with The Topsail Fault and /

or related structures. This zone is referred to as the Eastern Avalon High Alumina Belt (EAHAB), an extensive zone of epithermal style hydrothermal alteration (dated at 590 – 570 Ma) along with Gold / Silver deposition. The hydrothermal alteration produced zones of argillic and massive silicic alteration locally affected by hydrothermal brecciation.

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• Pleistocene Geology: Prospecting in the area of Freshwater Pond produced mineralized float (Sparkes, 2004), that consisted of massive white quartz veins and quartz breccias cutting mafic volcanic rocks. These veins carried visible galena and a yellowish mineral (greenrockite?). Assay values taken from the float produced values up to 2.89 and 2.21 g/t Au, and up to 2.01% Pb. A sample of float containing a white crystalline quartz vein in filled with a dark green chalcedonic material. This sample assayed 765 ppb Au and 7.54 ppm Cd.

Work 2009 - 2010 Field visits were made to the subject property for limited prospecting and exploration during the summer of 2009. Exposed bedrock and large glacial boulders were noted and grab samples were collected for examination. Some of the samples were brought to the Matty Mitchell Room at Mines and Energy but assays were not done. Results During traverse and recon of the property a general examination of exposed bedrock and large glacial boulders was carried out and included the collection of grab samples for examination. Some of the samples were brought to the Matty Mitchell Room at Mines and Energy for general examination. Research of previous work results from government, academic and industry exploration programs supports further field work including sample assays and further drilling to firmly establish the potential for precious and base metal on this property.

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References Sparkes, G.A. 2004 First, Third, and Fifth Year Assessment Report of Geological Mapping, Rock Sampling, trenching, Diamond Drilling and Geochemical Investigations on Grouped licence 10109M (includes former licences 8564M, 8781M and 8782M) Grog Pond Property NTS 1N/10 Rubicon Minerals Corp. and IAM Gold Corp. Unpublished Report. Sparkes, B.A., 2004 Fourth Year Assessment Report of prospecting, geological mapping, trenching, channel sampling and geochemical investigations on grouped licence 10111M. Steep Nap and Berg Properties Rubicon Minerals Corp. Bay Bulls (1N/07) and St. John’s (1N/10) Map Sheets Unpublished Report

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Appendix 1

Personnel and Man Days

Name: Address: Number of days worked: Gerry Butler St. John’s 1 Paul Ryan St. John’s 1 Gordon Cooper Mt. Pearl 4 Kevin Ryan St. John’s 9

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Appendix 2

Statement of Expenditures Expense Rate/day Totals Field work: Gerry Butler 1 @ 200.00 $200.00 Paul Ryan 1 @ 200.00 200.00 Kevin Ryan 2 @ 100.00 100.00 Meals: 4 @ 20.00 80.00 Gasoline 2 Trips 20.00 Research & Report Prep.: Gordon Cooper 4 @ 350.00 1,400.00 Kevin Ryan 7 @ 100.00 700.00

Total $2,700.00