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Report to:

Technical ReportDon Nicols Gold ProjectSanta Cruz, Argentina

Document No. 705-1196070100-REP-R0001-00

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Report to:

TECHNICAL REPORTDON NICOLS GOLD PROJECT

SANTA CRUZ, ARGENTINA

EFFECTIVE DATE: FEBRUARY 14,2012

Prepared by Callum Grant, P.Eng.Hassan Ghaffari, P.Eng.

Andr de Ruijter, Pr.Eng. (RSA), P.Eng.Doug Corley, MAIG, R.P. Geo. (Australia)Carlos Guzmn, Registered Member Chilean Mining Commission

Alistair Cadden, C.Eng. (UK)Anthony Sanford, Pr.Sci.Nat. (South Africa)Steven Osterberg, P.Geo. (USA)

CG/cl

Suite 800, 555 West Hastings Street, Vancouver, British Columbia V6B 1M1, CanadaPhone: 604.408.3788 Fax: 604.408.3722

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REVISION HISTORY

REV.NO ISSUE DATE

PREPARED BYAND DATE

REVIEWED BYAND DATE

APPROVED BYAND DATE DESCRIPTI

0 February 14, 2012 All QPs Hassan Ghaffari Hassan Ghaffari Final to Cli

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NOTICE

This report was prepared as a National Instrument 43-101 Technical Report forMinera IRL Limited (MIRL) and its subsidiary Minera IRL Patagonia S.A. (MIRLP) byWardrop, a Tetra Tech Company (Tetra Tech), Coffey Mining Limited (CoffeyMining), NCL Ingenier y Construccin Limitada (NCL), Golder Associates Argentina(Golder), and Ausenco Vector (Argentina).The quality of information, conclusions,and estimates contained herein is consistent with the level of effort involved in TetraTechs, Coffey Minings, NCLs, Golders, and Ausenco Vectors services, based on:(i) information available at the time of preparation, (ii) data supplied by outsidesources, and (iii) the assumptions, conditions, and qualifications set forth in thisreport. This report is intended for use subject to the terms and conditions of MIRL orMIRLPs contract with Tetra Tech, Coffey Mining, NCL, Golder, and Ausenco Vector.

This contract permits MIRL to file this report as a Technical Report with CanadianSecurities Regulatory Authorities pursuant to National Instrument 43-101, Standardsof Disclosure for Mineral Projects. Except for the purposes legislated under provincialsecurities laws, any other use of this report by any third party is at that partys solerisk.

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TABLE OF CONTENTS

NOTICE ............................................................................................................................................. I1.0 SUMMARY .......................................................................................................................... 12.0 INTRODUCTION ................................................................................................................. 5

2.1 BACKGROUND....................................................................................................................... 52.2 SCOPE OFWORK.................................................................................................................. 62.3 ROLES ANDRESPONSIBILITIES............................................................................................... 6

3.0 RELIANCE ON OTHER EXPERTS ..................................................................................... 94.0 PROPERTY DESCRIPTION AND LOCATION ................................................................. 10

4.1

LOCATION........................................................................................................................... 10

4.2 MINERALTENURE............................................................................................................... 114.3 ROYALTIES,RIGHTS ANDENCUMBRANCES........................................................................... 14

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE ANDPHYSIOGRAPHY .............................................................................................................. 155.1 TOPOGRAPHY,VEGETATION ANDLANDUSE......................................................................... 155.2 CLIMATE............................................................................................................................. 155.3 ACCESS.............................................................................................................................. 165.4 INFRASTRUCTURE ANDSERVICES........................................................................................ 17

6.0 HISTORY ........................................................................................................................... 186.1 HISTORICALBACKGROUND.................................................................................................. 186.2 HISTORICALRESOURCES.................................................................................................... 19

7.0 GEOLOGICAL SETTING AND MINERALIZATION .......................................................... 207.1 REGIONALSETTING............................................................................................................. 207.2 PROJECTGEOLOGY............................................................................................................ 207.3 MINERALIZATION................................................................................................................. 21

8.0 DEPOSIT TYPES .............................................................................................................. 229.0 EXPLORATION ................................................................................................................. 24

9.1 EARLYEXPLORATION.......................................................................................................... 249.2 MIRLEXPLORATION ........................................................................................................... 24

10.0 DRILLING .......................................................................................................................... 2610.1 INTRODUCTION................................................................................................................... 2610.2 DRILLINGHISTORY.............................................................................................................. 26

11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ............................................... 3111.1 TRENCHING........................................................................................................................ 31

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11.2 DRILLING ANDSAMPLEQUALITY.......................................................................................... 3111.2.1 RCDRILLINGNEWCREST................................................................................ 3111.2.2 RCDRILLINGYAMANA..................................................................................... 3111.2.3 DDHDRILLING-YAMANA................................................................................... 3211.2.4 DDHDRILLINGRYSA,HIDEFIELD ANDMIRL ................................................... 3311.2.5 RCDRILLINGMIRL ......................................................................................... 33

11.3 SAMPLERECOVERY............................................................................................................ 3411.4 SAMPLESECURITY.............................................................................................................. 3411.5 ANALYTICAL LABORATORIES................................................................................................ 3511.6 SAMPLEPREPARATION ANDANALYTICALPROCEDURE ......................................................... 35

11.6.1 SGSLABORATORIES(BEMAPOLIMET) ............................................................... 3511.6.2 ACMEANALYTICALLABORATORIES.................................................................... 3611.6.3 ALSCHEMEXARGENTINA.................................................................................. 36

11.7 ANALYTICALQUALITYCONTROLPROCEDURES .................................................................... 3711.8 STANDARDS ANDBLANKS.................................................................................................... 3711.9

LABORATORY

DUPLICATES AND

STANDARDS

........................................................................ 38

11.9.1 SGSANDACME ............................................................................................... 3811.9.2 ALSCHEMEX .................................................................................................... 38

11.10 UMPIRECHECKASSAYS...................................................................................................... 3911.10.1 SGSANDACME ............................................................................................... 3911.10.2 ALSCHEMEX .................................................................................................... 39

11.11 FIELDDUPLICATES.............................................................................................................. 3911.11.1 SGSANDACME ............................................................................................... 3911.11.2 ALSCHEMEX .................................................................................................... 39

11.12 SUMMARY OFQUALITYCONTROLDATA..............................