San Nicolas 43-101 Report Dec 28 2005 Roscoe Postle

TECHNICAL REPORT ON THE
SAN NICOLAS PROJECT, PERU
PREPARED FOR GOLDMARCA

LIMITED.
RPA ROSCOE POSTLE ASSOCIATES INC.

TECHNICAL REPORT ON THE SAN
NICOLAS PROJECT PERU
PREPARED FOR GOLDMARCA

LIMITED
Authors:
David W. Rennie, P. Eng.
C. Stewart Wallis, P.Geo.
RPA
December 28, 2005
ROSCOE POSTLE ASSOCIATES INC.

Toronto, Ontario.
Vancouver, B.C.
TABLE OF CONTENTS
PAGE
SUMMARY........................................................................................................................ 1
INTRODUCTION AND TERMS OF REFERENCE ........................................................ 6
DISCLAIMER .................................................................................................................... 6
PROPERTY DESCRIPTION AND LOCATION .............................................................. 7
PERUVIAN MINING LAW ............................................................................................ 10
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY............................................................................................................ 10
HISTORY ......................................................................................................................... 13
GEOLOGICAL SETTING ............................................................................................... 14
REGIONAL GEOLOGY............................................................................................ 14
PROPERTY GEOLOGY............................................................................................ 15
DEPOSIT TYPES............................................................................................................. 18
MINERALIZATION ........................................................................................................ 19
EXPLORATION............................................................................................................... 23
DRILLING........................................................................................................................ 25
SAMPLING METHOD AND APPROACH .................................................................... 25
SAMPLE PREPARATION, ANALYSES AND SECURITY ......................................... 26
DATA VERIFICATION .................................................................................................. 26
MINERAL PROCESSING AND METALLURGICAL TESTING ................................ 29
MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES............................ 32
RPA BLOCK MODEL ............................................................................................... 33
WIREFRAME MODELS ..................................................................................... 34
SAMPLE DATABASE ........................................................................................ 35
HIGH GRADE CAPPING.................................................................................... 37
ESTIMATION METHODOLOGY ...................................................................... 38
SEARCH PARAMETERS ................................................................................... 40
BULK DENSITY.................................................................................................. 41
RESOURCE CLASSIFICATION ........................................................................ 42
CUT-OFF GRADE ............................................................................................... 42
BLOCK MODEL VALIDATION........................................................................ 43
MINERAL RESOURCES .................................................................................... 44
MINING OPERATIONS.................................................................................................. 46
Goldmarca Limited San Nicolas Project Peru December 28, 2005
i
ENVIRONMENTAL CONSIDERATIONS .................................................................... 46

INTERPRETATION AND CONCLUSIONS.................................................................. 47
RECOMMENDATIONS.................................................................................................. 47
REFERENCES ................................................................................................................. 50
SIGNATURE PAGE ........................................................................................................ 51
CERTIFICATE OF QUALIFICATIONS......................................................................... 52
CERTIFICATE OF QUALIFICATIONS......................................................................... 54
APPENDIX 1.................................................................................................................... 56
SIGNIFICANT INTERCEPTS................................................................................... 56
LIST OF TABLES
PAGE
TABLE 1 PROPERTY HOLDINGS.................................................................................. 8
TABLE 2 VERIFICATION SAMPLING ........................................................................ 29
TABLE 3 BLOCK MODEL PARAMETERS ................................................................. 33
TABLE 4 LITHO CODES................................................................................................ 35
TABLE 6 VARIOGRAM MODEL PARAMETERS ...................................................... 39
TABLE 7 SEARCH PARAMETERS .............................................................................. 41
TABLE 8 MINERAL RESOURCES 0.5 G/T AU CUT-OFF ...................................... 44
TABLE 9 MINERAL RESOURCES - 1.0 G/T AU CUT-OFF ....................................... 45
TABLE 10 MINERAL RESOURCES - 2.0 G/T AU CUT-OFF ..................................... 45
TABLE 11 PROPOSED PROGRAM & BUDGET ......................................................... 49

ii
LIST OF FIGURES
PAGE
FIGURE 1 LOCATION MAP ............................................................................................ 9
FIGURE 2 REGIONAL GEOLOGY ............................................................................... 12
FIGURE 3 LOCAL GEOLOGY ...................................................................................... 16
FIGURE 4 GEOLOGY SURFACE PLAN MAP............................................................. 17
FIGURE 5 SECTION 675E.............................................................................................. 21
FIGURE 6 SECTION 400E.............................................................................................. 22
FIGURE 7 GEOLOGY OF PROSPERIDAD LEVEL..................................................... 24
FIGURE 8 TONNAGE AND GRADE CURVE.............................................................. 43

iii
SUMMARY
Roscoe Postle Associates Inc. (RPA) was retained by Goldmarca Limited
(Goldmarca) to review the San Nicolas Property, to prepare a resource estimate and a
Technical Report that conforms with NI 43-101. Stewart Wallis visited the property
during the period October 24 to October 26, 2003. Goldmarca reports that no exploration
on the property or mining of the resources have been carried out since the visit.
The property, consisting of four - 30 year exploitation-mining rights, a Beneficiation

Concession and the overlying surface rights, is located in the district of Hualgayoc,
Department of Cajamarca, Peru, 60 km north of the city of Cajamarca. Under an
agreement dated June 26, 2003 between Compania Minera San Nicolas (San Nicolas) and
Compania Minera Goldenmarca SA, a subsidiary of Goldmarca, formerly Hydromet
Technologies Inc., Goldmarca has an option to earn an 80% net profits share in a joint
venture formed to put the property into production. RPA received documentation
indicating the agreement was amended in May 2004. Under the amended agreement
Goldmarca must complete a feasibility study within 30 months and make payments to
San Nicolas totalling US$80,000 by June 28, 2005 and quarterly payments of US$40,000
commencing September 28, 2005 until production commences. Upon production, San
Nicolas receives minimum advance production payments of $240,000 per annum, paid in
quarterly instalments of $60,000. Goldmarca is required to obtain project financing
sufficient to construct a plant capable of producing at a rate of 1,800 tpd, and three
months of working capital. San Nicolas reports that the agreement is in good standing as
of July 15, 2005.
The property is 92 km by road from Cajamarca and is accessible by paved road to

Yanacocha and from there by poorly maintained gravel to dirt roads. The property
elevation varies from 3,500 to 3,800 metres (m) with moderate slopes. The mill, offices
and camps are supplied electricity by diesel generators while a small hydroelectric plant

1
supplies power to the buildings at the mine site which is located 1.2 km from the plant
site. The national power grid is some 20 km to the southeast.
The early history of the San Nicolas Property is not well documented but the recent
precious metal operation commenced in 1983 with the vat leaching of oxide ore. During
the period 1983 to 1996, 1.31 million tonnes of oxide ore grading 4.25 grams of gold per
tonne (g/t Au) and 171.2 g/t Ag were mined from the Colorado open pit and placed in a
vat leaching facility at the San Nicolas plant site. In 1998, San Nicholas commenced
heap leaching of the tailings from the vat leach process and reports that gold recovery
from the pad is about 50% of the estimated tailings grade of 0.8 g/t Au. San Nicolas
developed a series of adits below the open pit in the early 1990s but production was
limited to development ore. In 1997 El Misti Gold Limited (El Misti) optioned the
property and carried out an underground and surface mapping and sampling program in
addition to completing 104 Reverse Circulation (RC) drill holes totalling 10,680 m.
The basement rocks consist of a thick pile of fossiliferous limestones interbedded

with minor calcareous siltstones, shales and sandstones of Middle Cretaceous age. The
limestones strike east west with shallow southerly dips and are commonly thinly bedded
with interbedded shales and siltstones. They are overlain by volcanic rocks varying in
composition from rhyolites to dacites to andesites. The volcanic rocks have been folded
about northeast trending axes and intruded by a coarse grained batholith of dioritic
composition. Later intrusive events include the intrusion of medium-grained diorite to
quartz diorite porphyry stocks prior to the eruption of quartz dacitic domes and associated
rhyolitic flows that intrude all the earlier formations. Diorite dikes represent the final
phases of the igneous activity.
Alteration in the limestones is not extensive and consists of weak silicification, local
pyritization and recrystallization close to the sulphides. Within the limestones, massive
sulphide veins up to 15 m wide and mantos up to 25 m thick have been exposed in the
Colorado open pit. The veins are hosted by the east-southeast fault and the mantos

2
appear to have replaced the limestones adjacent to the veins. The primary vein dips 60O
to 70O south with a strike length of 800 m.
Goldmarca has not carried out any exploration on the property to date. Their
involvement has been limited to compilation of the geological data and metallurgical
testwork carried out in Australia.
RPA has reviewed the sampling and assay methodology as reported by the previous
operators and is of the opinion that the work was carried out according to standard
industry practices. RPA checked the database for errors and found less than 1% errors
which are not considered significant. RPA notes that the over limit assays could not be
verified and that four holes were missing assays.
During the site visit RPA took a number of samples of the mineralization in the pit
and underground. RPA notes that the results compared to the underground samples taken
by San Nicolas show lower values and limited check assays submitted by San Nicolas
show a positive variance. Because of this variance and the fact that the more recent El
Misti underground sampling results are not available, RPA has not used the underground
assays in the resource database. With this exception, RPA is of the opinion that there is
no reason to believe that the assay results reported herein are not representative of the
mineralization in place.
In 1997 Oretest Pty Ltd carried out preliminary testwork on three composites of the
San Nicolas sulphide mineralization. Standard cyanide bottle roll tests indicated that the
gold was not readily leached. Differential flotation and cyanidation of the tails indicated
overall recoveries ranging from 57% to 69.7% for the gold and 44.4 to 90.7% for copper.
Goldmarca completed additional testwork in Australia in 2004 using a low-temperature
pressure leach process that combines fine grinding with an acid leach. Results indicated
satisfactory precious metal recoveries could be achieved using the Albion Process and
further testwork was recommended.

3
Goldmarca is not carrying out any mining operations on the property. San Nicolas is
currently leaching the tailings and has stated that it intends to commence mining
additional oxide material from the Colorado pit in the near future.
During the site visit RPA noted that there was a steady outflow of water from the
Prosperidad adit. The water is being treated with the addition of calcium prior to release
into the river.
RPA reconstructed a block model of the San Nicolas mineralization using Gemcom
software and parameters that matched, as reasonably as possible, those reportedly used by
Goldmarca personnel. The model comprised blocks 2.5m x 2.5m x 2.5m in size, with
grade estimation constrained using 3D wireframe models of the vein, manto and oxide
mineralization. Grade estimation was carried out using ordinary kriging (OK) for Au and
Ag, and Inverse-Distance-Squared (ID2) weighting for Cu, Pb, and Zn. High assays were
capped at 7.0 g/t for Au and 350 g/t for Ag. A cut-off grade of 0.5 g/t Au was used.
Limited test results show that the average density of the mineralized rock ranges from
3.2 to 3.3 g/cc. Goldmarca used bulk densities of 2.35 g/cc for the oxide, 3.00 g/cc for
the vein, and 2.80 g/cc for the manto mineralization that would suggest that the bulk
densities used by Goldmarca are conservative, however, the limited tests were carried out
on crushed material and do not account for the porosity of the rock. Additional testwork
is required to confirm the bulk density used in the resource model.
A maximum search distance of 30 m (down-dip and along-strike) was used in

preliminary block model grade estimations. The search strategy was configured to a
maximum of 16 and a minimum of 3 samples per block, as well as a maximum of 2
samples from any one hole, which forced the estimate to use at least two holes per block.
A number of blocks contained within the wireframes were not estimated using the 30 m
radius. Consequently, the grade estimation was done in two passes, one using the 30 m
radius, and a second using a maximum search of 50 m as well as a strategy that allowed
for only one hole per block.

4
The Indicated Mineral Resources at a 0.5 g/t Au cut-off are estimated at 3.76 million
tonnes at a grade of 1.9 g/t Au, 86.6 g/t silver. 0.26 % Cu, 1.14 % Zn and 0.46% Pb
containing 230,000 ounces of gold and 10.5 million ounces of silver. In addition the
Inferred Mineral Resources at a 0.5 g/t Au cut-off are estimated at 1.35 million tonnes
grading 1.62 g/t au, 75.4 g/t silver, 0.28% Cu, 1.08% Zn, 0.46% Pb containing 73,000
ounces of gold and 3.3 million ounces of silver.
RPA is of the opinion that that the classification of Inferred Resources as reported
meets the definitions as stated by NI 43-101 and defined by the CIM Standards on
Mineral Resources and Reserves definitions and guidelines as adopted by the CIM
Council on August 20, 2002. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability.
RPA recommends additional drilling to increase the tonnage and the confidence level
of the resources to the measured and indicated level. The program should consist of
4,000 m of surface and underground core drilling. The underground workings should be
resampled. A rigorous QA/QC program should be instituted for all samples. The
recommended program is estimated at US $935,000 including the drilling program,
underground sampling, metallurgical testwork and completion of a prefeasibility study.
RPA is of the opinion that the property has sufficient merit to warrant the program
and budget as proposed.

5
INTRODUCTION AND TERMS OF

REFERENCE
Roscoe Postle Associates Inc. (RPA) has been retained by Goldmarca Limited
(Goldmarca) to review the San Nicolas Property, prepare a resource estimate and a
Technical Report that conforms with NI 43-101.
The Qualified Persons for this Technical Report are C. Stewart Wallis P.Geo.,
Consulting Geologist associated with RPA and David W. Rennie, P. Eng., Consulting
Geological Engineer employed by RPA. Stewart Wallis visited the property during the
period October 24 to October 26, 2003. During the visit discussions were held with
Goldmarcas staff on site and in the Lima office on October 27th and 28th. Geologist Jose
Siveroni, consultant for San Nicolas Mine, and mine manager, Guillermo Santolalla
provided information on the geology and operations at the mine.
RPA provided a draft of the report to Goldmarca in January 2004. In March 2005,
Goldmarca requested that the report be completed.
All dollars are United States $ and measurements are Metric unless indicated
otherwise. Standard abbreviations are used, such as copper, (Cu) silver (Ag), gold (Au),
metre (m), tonnes (t), kilometre (km), and degrees Celsius (o C). Grades of silver and
gold are expressed in grams of metal per metric tonne (g/t Au), or parts per billion (ppb)
unless otherwise noted. Copper and other metals in sulphides are expressed as a percent
(%).
DISCLAIMER
This report has been prepared by RPA for Goldmarca. The information, conclusions,
opinions, and estimates contained herein are based on:

6
o information available to RPA at the time of preparation of this report,

o assumptions, conditions, and qualifications as set forth in this report, and,
o data, reports, and opinions supplied by Goldmarca and other third party
sources listed as references.
RPA does not guarantee the accuracy of conclusions, opinions, or estimates that rely
on third party sources for information that is outside the area of technical expertise of
RPA.
RPA relied on Goldmarca for information regarding the legal title and status of the
mining leases, terms of the option agreement and any outstanding environmental
liabilities or non-compliance notices.
PROPERTY DESCRIPTION AND LOCATION

The property is located in the district of Hualgayoc, Province of Hualguac,
Department of Cajamarca, 60 km north of the city of Cajamarca and 600 km north of
Lima, centred at UTM Zone 17, 761500E and 9253300N (Figure 1).
The property consists of four - 30 year exploitation-mining rights and a Beneficiation

Concession (TABLE 1) owned by Santollalla Testamentary Executors and held under a
lease by Compania Minera San Nicolas (San Nicolas) that expires in 2030. A 5%
Royalty on sales is due to the owners. Goldmarca reports that the taxes have been paid as
of June 30, 2005.

7
TABLE 1 PROPERTY HOLDINGS

Goldmarca Limited, San Nicolas Project, Peru
Claim Name Area (ha) 2005 Taxes US$
Mejia 8 24.00
Maria Luz 0.4 1.20
La Gaditana 2.0 6.00
Colorado 6 18.00
Cosin Sa Plant Site 24 72.00
Total 40.4 121.20
Under the original agreement dated June 26, 2003 between San Nicolas and
Compania Minera Goldenmarca SA, a subsidiary of Goldmarca, formerly Hydromet
Technologies Inc. Goldmarca had a two year option to earn an 80% net profits share in
the commercial exploitation of an annual minimum 75,000 ounces of gold or gold
equivalent from the property as described above.
RPA received documentation indicating the agreement was amended May 28, 2004.
Under the amended agreement Goldmarca must complete a feasibility study within 30
months and make payments to San Nicolas totalling US$80,000 by June 28, 2005 and
quarterly payments of US$40,000 commencing September 28, 2005 until production
commences. Upon production, San Nicolas receives minimum advance production
payments of $240,000 per annum, paid in quarterly instalments of $60,000. Goldmarca
is required to obtain project financing sufficient to construct a plant capable of producing
at a rate of 1,800 tpd, (equivalent to production of 75,000 ounces of gold or gold
equivalent per annum), and three months of working capital. San Nicolas reports that the
agreement is in good standing as of July 15, 2005.
Upon production, San Nicolas receives a minimum $240,000 per annum, paid in
quarterly instalments of $60,000.

8
81W 80W 79W 78W 77W
Tertiary and Quaternary

Ecuador sedimentary rocks
Tertiary volcanic rocks
Cretaceous and older intrusive rocks
Jurassic and Cretaceous Rocks:
limestones, quartzites, minor volcanics
Porphyry copper deposit
5S Skarn gold, copper deposit
"Vein" gold deposit
Porphyry gold, copper deposit
80 75 70
N 0
Paved
Equator
Colombia
Equador
Road
MAP AREA
Hualgayoc 5
6S Area Brazil
10
PERU
La Granja N
LIMA
Pa c San Nicolas
Bolivia
ific 15 Pacific
Oc
ean Ocean
Chile
ad
nd
ar yR
o
Yanacocha 76W
7S co
Se
Cajamarca
0 25 50 75 100
Paved Road
kilometres
Figure 1
Goldmarca Limited
SAN NICOLAS PROJECT 8S
Northern Peru
Trujillo Magistral
LOCATION MAP
Aguila
Upon notice of Goldmarca giving notice of exercising the option, San Nicolas has 90
days to increase their participation from a 20% carried interest to a 35% working interest
by reimbursing Goldmarca 35% of all previous expenditures and contributing 35% of the
cost to put the property into production as described in the feasibility study.
PERUVIAN MINING LAW

Mining concessions are granted under the General Mining Law of Peru. The titles are
irrevocable and perpetual, as long as the holder pays the annual maintenance fee of $3 per
ha. After 8 years the owner must maintain commercial production of at least $100 per ha
in gross sales or pay increased rental fees of $14 per ha for years nine through 14 and $10
per ha thereafter. Surface ownership is separate from the mining rights.
The General Mining Law also regulates environmental issues effecting mining.
Depending on the level of activities, the Ministry of Energy and Mines may require an
Environmental Evaluation (EA), an Environmental Impact Assessment (EIA), a Program
for Environmental Management and Adjustment (PAMA) and a Closure Plan.
Exploration programs in excess of 20 drill holes or a disturbance of 10 ha or greater
requires an EA. An EIA is required for mining or processing concessions. The PAMA
sets out the companys plan of compliance with the environmental regulations, including
mining, monitoring programs, waste management and reclamation plans.
ACCESSIBILITY, CLIMATE, LOCAL

RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY
The property is 92 km by road from Cajamarca and is accessible by paved road to
Yanacocha and from there by poorly maintained gravel to dirt roads (Figure 2). The trip
takes about three to four hours by a two-wheel drive truck.

10
The local climate is high altitude temperate and consists of two well-defined seasons.
The dry season, from May to November, has average temperatures of 10 degrees Celsius
during the day and may be below freezing at night. The rainy season, from December to
April, has an average daytime temperature of 15 degrees Celsius and the night time
temperature ranges from 3 to 5 degrees Celsius. During the rainy season, constant rains
may hamper road access.
The property elevation varies from 3,500 to 3,800 metres with moderate slopes. The
plant site is located near the head of the valley, about 1.5 km northwest of the mine. A
small stream drains the mine area and the adits.
The vegetation throughout the valley consists of a variety of grasses with rare low
shrubs growing near water. The villagers use the mountain slopes as pasture for cattle or
cultivation of crops, primarily potatoes. Staff at the mine indicates that the local villagers
are supportive of the mine. The requirements for additional tailings impoundments and
waste-rock dumps will require the purchase of additional surface rights.
The mine mill, offices and camps are supplied electricity by diesel generators while a
small hydroelectric plant supplies power to the buildings at the mine site which is located
1.2 km from the plant site. The national power grid is some 20 km to the southeast.
Cajamarca, the closest major town can supply basic goods, services and
accommodation. Local settlements may provide a limited source of unskilled labour.
The San Nicolas mine currently employs about 40 personnel who are housed at the mine.

11
Roscoe Postle Associates Inc.
SAN NICOLAS
PERU
Figure 2
Goldmarca Limited
SAN NICOLAS PROJECT
PERU
0 10km REGIONAL GEOLOGY
HISTORY
The early history of the San Nicolas Property is not well documented but the recent
precious metal operation commenced in 1983 with the vat leaching of oxide ore. There is
also a flotation mill on site that was used to process ore from other properties in the early
1980s. During the period 1983 to 1996, 1.31 million tonnes of oxide ore grading 4.25
g/t Au and 171.2 g/t Ag (El Misti 1996) were mined from the Colorado open pit and
placed in a vat leaching facility at the San Nicolas plant site (EL Misti 1999). Another
report (El Misti 1997) reports total production 1990-1996 at 1.04 mt at 2.43 g/t Au. The
latter lower gold grade may represent a recovered grade. The average recovery is
reported to be 69% of the gold and 36% of the silver. RPA understands that poor
recovery of the gold in the sulphide ore is due to the refractory nature of the ore, a
combination of silicate occlusion and the presence of possible preg-robbing carbon
material. During this time the underground sulphide zone was developed by drifting
along seven levels
In 1998, San Nicholas commenced heap leaching of the tailings from the vat leach
process. It has been reported that the tailings assay between 0.61 and 0.81 g/t Au (El
Misti 1997). A membrane was laid down in the area below the plant and the tailings
were then loaded onto it. Approximately 60% of the existing tailings have been loaded
onto the pad and are currently under leach. The gold and silver are recovered through a
Merrill-Crowe plant. The pad is currently being expanded in order to treat more of the
tailings. It is reported by the mine manager; Guillermo Santolalla that gold recovery
from the pad is about 50% of the estimated grade of 0.8 g/t Au. The high amount of
copper in the ore (enargite) has allowed the mine to install a copper-cyanide recovery
process that is reported to be working well. There are plans to produce copper sulphate
or copper cement in the near future.
El Misti Gold Limited (El Misti) carried out an underground and surface mapping and
sampling program in addition to completing 104 Reverse Circulation (RC) drill holes

13
totalling 10,680 m in 1997. The drill results are discussed in detail elsewhere in this
report. RPA has not seen the results of the underground or surface sampling program. El
Misti later relinquished all rights to the property and Goldmarca optioned the property in
2003. Goldmarca has stated that no significant work has been carried out on the property
since RPAs visit in 2003. San Nicholas continues to treat the tailings.
GEOLOGICAL SETTING
REGIONAL GEOLOGY
Geologically, the Hualgayoc-Yanacocha district is situated in Tertiary-age volcanic
terrain that extends from Cajamarca to the Ecuadorian border, 225 miles to the north-
northwest. Locally, the basement rocks consist of a thick pile of fossiliferous limestones
interbedded with minor calcareous siltstones, shales and sandstones of Middle Cretaceous
age (Figure 3). The limestones are overlain by volcanic rocks varying in composition
from rhyolites to dacites to andesites. The volcanic rocks have been folded about
northeast trending axes and intruded by a coarse grained batholith of dioritic
composition. Later intrusive events have included the intrusion of medium-grained
diorite to quartz diorite porphyry stocks prior the eruption of quartz dacitic domes and
associated rhyolitic flows that intrude all the earlier formations. Diorite dikes represent
the final phases of the igneous activity.
Mineralization in the district occurs within a major northwest trending structure.

Porphyry stocks, dacitic domes and an andesitic caldera are located at the intersections of
deep-seated northwest and northeast structures. The epithermal vein mineralization
shows a preference for east-southeast structures near the intersection with north-northeast
structures.

14
PROPERTY GEOLOGY
Locally the property is underlain by limestones belonging to the Machay formation of
Mid-Cretaceous age (Figure 4). The limestones strike generally east west with a 25O to
30O south dip. A north-south fault separates the limestones and calcareous sediments
from the intrusive porphyry and volcanics in the west. The limestones strike east west
with shallow southerly dips and are commonly thinly bedded with interbedded shales and
siltstones. The limestones have been subdivided into three units separated by 110o south-
dipping normal faults. To the southeast the limestones are grey to black, finely laminated
with shale interbeds containing disseminated pyrite. This limestone is in fault contact
with the massive light grey limestone that outcrops to the north. The third limestone unit
is interbedded with the other units and consists of finely bedded black limestones
containing grey cherty nodules and cherty interbeds.
A dacite porphyry considered to be a dacitic dome underlies the southwestern part of

the property. In the far west of the property is another dome which has been emplaced
into a sequence of rhyolitic tuffs and volcaniclastics striking east-west and dipping to the
north at 30o.
In addition to the main north-south fault west of the mine area, other major faults are
the east-southeast trending faults along which the alteration and mineralization is located.
These faults vary in dip from subvertical to 60o south with assumed movement to be
south side down. Later northeast faults with subvertical dips may have influenced the
placement of the mineralization by providing dilatant zones where they intersect the east-
southeast faults.
Alteration in the limestones is not extensive and consists of weak silicification, local
pyritization and recrystallization close to the sulphides. The interbedded sandstones and
siltstones have locally been decalcified, pyritized or kaolinized.

15
765 000 mE
760 000 mE
762 500 mE
9 255 000 mN
COLORA
DO
0 500m
9 252 000 mN
Figure 3
Goldmarca Limited
SAN NICOLAS PROJECT
PERU
LOCAL GEOLOGY
Figure 4
SAN NICOLAS PROJECT
DEPOSIT TYPES
Within the Hualgayoc district both mesothermal porphyry style and epithermal high
sulphidation mineralization and alteration are seen in outcrop. The original nature of the
porphyries has been overprinted by advanced argillic alteration associated with high
sulphidation epithermal mineralization. The porphyries are recognized by their
characteristic quartz stockwork and associated gold and copper mineralization.
High sulphidation epithermal mineralization and advanced argillic alteration are

found in all the various rock types in the area. Within the volcanic rocks, structurally
controlled argillic alteration with a core of silica grades outward to phyllic alteration.
The advanced argillic alteration shows a strong ESE trend with the dominant sulphides
being enargite and pyrite.
The San Nicolas mineralization is considered to be of the high sulphidation

epithermal type. Mineralization within the limestones is generally confined to narrow
zones of weak silicification. Near zones of massive sulphide, the intercalated sandstones
and shales show decalcification and pyritization. Typically, this type of mineralization is
characterized by veins, massive sulphide (pyrite-enargite) replacement bodies
accompanied by acid-leached advanced argillic and siliceous alteration. Other local
examples include the nearby Sinchao-Tantahuatay portion of the Hualgayoc district with
locally disseminated 1 to 2 g/t Au gold-silver mineralization bordered by limestone
replacement bodies of pyrite-enargite containing 1 g/t Au that grade outward to gold free
enargite-chalcopyrite ores and further to lead zinc silver mantos.

18
MINERALIZATION
Within the limestones massive sulphide veins up to 15 m wide and mantos up to 25 m
thick have been exposed in the pit. The veins are hosted by the east-southeast fault and
the mantos appear to have replaced the limestones adjacent to the veins. The primary
vein dips 60O to 70O south with a strike length of 800 m. Both the veins and mantos are
thickest at the intersection of the east-southeast trending veins with the northeast faults.
The sulphides are dominantly pyrite with enargite, tetrahedrite, and minor sphalerite and
galena. Significant assays are listed in Appendix 1.
For the purpose of modelling the deposit, RPA has interpreted the mineralization as
one event although there are geologists who have worked at the property that interpret the
manto mineralization as a separate event. The statistics on the gold and silver assays
suggest the possibility of two populations that may reflect two periods of mineralization.
The mineralization has been divided into four different categories as described below:
o Structural or vein mineralization is hosted by east-west structures containing

massive to semi-massive sulphides, predominantly pyrite and enargite in a
matrix of silicified limestone.
o Hanging wall mantos are characterized by lenses of massive sulphide

replacing limestone. This type is best illustrated by the occurrence between
sections 550 E and 650 E where the mineralization is mainly massive to
disseminated pyrite accompanied by galena and sphalerite with minor
enargite, a copper-arsenic sulphide and luzonite, a copper-arsenic-antimony
sulphide.
o Footwall mantos are similar in nature but are commonly thinner and more
common at depth. Mineralization is similar in nature to the hanging wall
mantos.

19
o Oxide mineralization consisting of limonite, jarosite and goethite, is

developed in both the vein and manto mineralization to a depth of 10-15 m.
Oxidation has been noted at greater depth, up to 40 m along structures.
In the review of the cross-sections, RPA noted that were areas where manto
mineralization was shown to crosscut the vein mineralization. On a geology map of the
Prosperidad adit, vein mineralization is shown to abruptly change into manto
mineralization. For the purposes of this report, RPA has considered the vein to be the
dominant structure and to crosscut the mantos. Two typical sections are shown in
Figures 5 and 6.

20
Figure 5
SAN NICOLAS PROJECT
Figure 6
SAN NICOLAS PROJECT
EXPLORATION
Modern exploration on the property has consisted of surface and underground
mapping and sampling carried out by San Nicolas Mines and later by El Misti. There are
seven levels accessed from the surface by adits. They include the Miracles level at 3,710
m ASL, the Don Eloy, Totora, and Maria Luz at 3,668 m ASL, Renacimiento at 3,650 m
ASL, Sauco 3,627 at m ASL, Tingo at 3,616 m ASL Intermediate at 3,607 m ASL, and
the main Prosperidad at 3,556 m ASL. The Prosperidad consists of a main footwall drift
with 14 crosscuts and a drift along the vein in addition to 14 raises driven in the
mineralization (Figure 7). The Don Eloy and Prosperidad adits were sampled by the
mine staff in 1991. RPA has the results of these samples but notes that they were
analyzed in the mine assay office and are of unknown reliability. In 1997 El Misti
mapped and resampled the existing open pit surface and several of the adits as part of
their exploration program. These results are currently not available.
Goldmarca has not carried out any exploration on the property to date. Their
involvement has been limited to compilation and metallurgical testwork carried out in
Australia and described in the Section on Metallurgy.

23
9 253 500 N
761 800 E
761 700 E
762 000 E
762 100 E
761 500 E
761900 E
761 600 E
761 400 E
N
9 253 400 N
XC - 1
N210/40SW XC - 2
N320/40SW XC - 3
9 253 300 N N310/35SN N310/50W

XC - 4
N300/35SW N312/45SW
N310/35W
XC - 5
N120/40S (( ( N210/30SE XC - 6
N305/50SW (((
((( ((
N320/84SW
( ((((
N310/45SW
( (
( (
N320/45SW
( XC - 7
N120/75S
(( (
( ( (
( (( XC - 8
N310/70S N330/40SW
((
N330/35SW
XC - 9
N310/79SW N280/70SW XC - 10
N310/50SW
N110/70SW XC - 11
XC - 12
N310/70SW
N325/65SW
XC - 13
9 253 200 N XC - 14
N290/60SW
N310/60SW N110/56SW
N300/60SW
N330/60SW N310/60SW N110/70SW
N310/6 N110/72SW
0SW
N310
/60S N105/75SW
W
N300
/6 0SW
N295/73SW
9 253 100 N
SIMBOLOGY
Figure 7
LEGEND 0 100m
FAULT
SULPHIDE VEIN Goldmarca Limited
SULPHIDE MANTO
SAN NICOLAS PROJECT
LIMESTONE
N110/55SW STRIKE/DIP PERU
GEOLOGY of PROSPERIDAD LEVEL

DRILLING
El Misti carried out a RC drilling program during the period March to June of 1997
(Figure 4). A total of 10,690 m was completed in 104 holes. Much of the deposit was
drilled on a nominal 25 m by 25 m spacing but RPA notes that there are many sections
that are not drilled to this specification. Representative chips were collected for each 2 m
sample interval and stored in plastic chip trays. The geologist on site logged the holes
and noted alteration, mineralization and lithology and structures. During the visit to
Goldmarcas office, the author inspected a number of the chip trays and compared them
to the graphic logs. RPA is of the opinion that the logging has been carried out in a
professional manner using standard industry practices.
The drill hole collars have been surveyed by transit using UTM co-ordinates but there is
no evidence of downhole surveys. As the holes average 100 m in depth and the deepest
holes are in the 170 to 190 m range the lack of down hole surveys may not have a
significant effect on the modeling, especially as there are additional controls from the
underground mapping and sampling. However, RPA recommends that all holes be
surveyed downhole during the next phase of drilling, and if possible, the deeper RC holes
from the 1997 program should be re-entered if possible and surveyed.
SAMPLING METHOD AND APPROACH

The exact sampling methodology of the RC drill program is not recorded but is
reported by the geologists that were on site that it was carried out using standard industry
practices. Two-metre sample intervals from the drill were split using a Jones splitter to
obtain a 5-10 kg sample to be sent to the laboratory. The entire hole was sampled and
assayed in 2 m intervals. The rejects, weighing up to 50 kg, were stored in Cajamarca in
a locked facility but were thrown out sometime in 2002. Goldmarca has made an attempt
to recover as many as possible and more than 50% are currently stored in Cajamarca in a

25
locked facility but they are not suitable for confirmation assaying as their integrity is
unknown.
SAMPLE PREPARATION, ANALYSES AND

SECURITY
The procedure for transporting the samples to the laboratory is unknown. Samples
were sent to Bondar Clegg in Lima for sample preparation and were assayed for gold,
silver, copper, lead, and zinc. The gold and silver were determined by standard 30-gm
fire assay with an atomic absorption finish or gravimetric finish. Samples over 10,000
ppb gold were reassayed using gravimetric finish. The base metals were assayed using
wet chemical methods and atomic absorption techniques. Samples of the base metals that
ran over 10,000 ppb were rerun with the results expressed in percent. There is no record
of security measures taken with the samples after leaving the drill rig.
El Misti reports (anonymous 1997) that no standards were submitted due to the
difficulty in obtaining a reliable split at 150 mesh from the San Nicolas mineralization.
EL Misti also reports that at least three holes were reassayed but RPA has not seen the
data. Bondar Clegg, now a part of the ALS Chemex Group was an accredited laboratory
and RPA assumes that the laboratory maintained its normal procedure of internal
standards and reassays.
DATA VERIFICATION
During the visit the author reviewed the drill logs and assay database for data entry
errors. A few of the paper drill logs were missing survey coordinates but these were
recorded in the digital database and where checked, no errors were found.

26
RPA was able to compare the electronic assay results from Bondar Clegg for Holes
CCR 1 to CCR 84. Assay sheets were not available for Holes CCR 84 to CCR 104
inclusive and the over limit assays, those above 10,000 ppb Au, 20,000 ppm Zn, and
10,000 ppm Pb, for all of the holes. RPA checked 522 assay entries in 8 holes, 10% of
the database. Excluding the over limit assays, which could not be verified, RPA found
five errors in the database entries which is approximately 1% and is not considered
significant. RPA also notes that assay results for Holes CCR 98 to CCR 101 were not
available. The lack of verification of the assay over limits is of concern, as these samples
could affect the resource estimate. Attempts should be made to obtain these sheets in
paper or digital form. RPA recommends that the missing assay sheets be obtained and
the database be validated.
During the site visit the author took eight samples as described below and in Table 2
in order to verify the tenor of the mineralization. RPA sample locations have not been
surveyed and can be considered as approximate, within 10 m on surface and 3 m
underground. The original underground sample location numbers are illegible and RPA
did not have access to the more recent 1997 El Misti sample results from underground.
o Sample #2563, taken in the pit, is a 1.5 m chip sample of dark black limestone
containing 5% to 10% pyrite with local silicification. The sample site is close
to an opening of the Intermedio Level, elevation 3607 m ASL.
o Sample #2564 is a 2 m chip sample adjacent to #2563 and consists of silicified
limestone containing 30% to 50% pyrite.
o Sample #2565 is a random chip sample across 5 m of massive pyrite exposed
in the pit wall (8 m high by 50 m in length) just below the collar of DH CRC-
49 on section 475E.
o Sample #2566 is a 1 m chip sample from the wall of the Don Eloy adit,
elevation, 3667 m ASL. The sample corresponds closely to mine sample #328
that is reported to assay 2.65 g/t Au.
o Sample #2567 is a 2 m chip sample from the wall of the Prosperidad adit,
elevation 3553 m ASL, near crosscut #3 and corresponds closely to mine
sample #425.
27
o Sample #2568 is a 2 m chip sample adjacent to #2567

o Sample #2569 is a 2 m chip sample 7.5 m east of #2568
o Sample #2570 is a 1.8 m sample from the wall of the Prosperidad adit near
crosscut #10 and corresponds closely to mine sample #1346.
All samples were placed in sealed security plastic bags and remained under the
control of the author until delivered to the representatives of Actlabs in Lima. Actlabs is
a recognized international laboratory and an ISO 9002 accredited laboratory.
The samples were crushed to 70% -10 mesh, riffle split to obtain a representative
sample which was then pulverized to 95% 150 mesh. Gold was determined by standard
one assay ton fire assay with an atomic absorption finish. The other elements were
determined using a 4-acid digestion with analysis by atomic absorption techniques.
The samples confirm the presence of mineralization but RPA notes that in most cases
the mine assays are higher in gold than the recent RPA samples. RPA carried out
statistical analyses of assays taken from a San Nicolas mine map reportedly comparing
assays carried out at the mine assay office from the Don Eloy and La Prosperidad adits
with checks done at Alex Stuart Laboratories in Lima (Pers. Com.). The statistics show a
very definite positive bias for the Alex Stuart results. Because of this apparent bias, and
the lack of standards and blanks, RPA does not recommend using the underground
samples in the database for the resource estimate.

28
TABLE 2 VERIFICATION SAMPLING

Goldmarca Limited San Nicolas Project Peru
Mine Assay RPA Assays
Sample
Easting Northing Au Ag Au Ag Cu Pb Zn
No
g/t g/t g/t g/t ppm ppm ppm
2563 761460 9253300 NA NA 3.456 83.6 1191 533 58
2564 761462 9253300 NA NA 1.183 113.0 2777 493 344
2565 761475 9253275 NA NA 1.491 199.7 668 484 81
2566 761870 9253210 2.65 126 3.723 37.0 4842 1734 6824
2567 761515 9253270 11.6 127 8.310 118.7 1925 685 225
2568 761517 9253270 17.6 126 5.177 113.7 2534 799 149
2569 761524 9253270 13.4 101 7.283 215.0 3.1% 384 263
2570 761877 9253173 3.25 173 1.269 143.3 554 2.2% 6849
MINERAL PROCESSING AND

METALLURGICAL TESTING
In 1997 Oretest Pty Ltd carried out preliminary testwork on three composites of the
San Nicolas sulphide mineralization. Grades ranged from 3.01 g/t to 10.3 g/t Au, 71 g/t
to 292 g/t Ag and 0.26% to 1.03% Cu. Testwork included determination of specific
gravity, bond ball and rod millwork index, abrasion index, and grind times. Standard
cyanide bottle roll tests indicated that the gold was not readily leached with recoveries
ranging from 17.9% to 23.8% for gold, 0.5% to 49% for silver and 4.4% to 40% for
copper. A series of low PH/low cyanide preleach tests to preferentially leach the copper
showed a slight improvement in recoveries but still precluded straight leaching as a
processing option. Differential flotation and cyanidation of the tails indicated overall
recoveries ranging from 57% to 69.7% for the gold and 44.4 to 90.7% for copper. An
additional test was run on a San Nicolas composite formed by blending the three separate
composites and using fine-grinding followed by an Activox pre-treatment stage followed
29
by direct cyanidation which resulted in a recovery of 51.9% of the gold, 37.5 % of the
silver and 79.6% of the copper.
In 2004, Goldmarca submitted samples to Hydrometallurgy Research Laboratories to

evaluate the recoveries of the refractory gold and silver using the Xstrata-patented Albion
Process. The following is taken from the report dated October 22, 2004.
Five composite sulphidic ore samples were provided for the testwork program. One
of the samples (Prosperidad) was high grade (12.9g/t) in gold; the other four samples
had gold head grades between 1.7g/t and 2.9g/t. The silver head grades varied from
61g/t to 180g/t.
Cyanidation tests confirmed the refractory nature of the samples, with gold
recoveries ranging from 27% to 41%, and with silver recoveries ranging from 15% to
41%. Flotation tests resulted in very high sulphur recoveries (in excess of 97%
throughout). Silver recoveries were also in excess of 91% for all samples; however the
gold recoveries were lower, at 73% to 88%.
The flotation conditions were employed to produce bulk concentrate samples for the
sulphide oxidation testwork using the Xstrata proprietary Albion Process. The Albion
Process consists of a fine grinding stage followed by an atmospheric leach stage and
cyanidation of the residue. Fine grind alone was insufficient to produce high gold and
silver recoveries, as tested on one of the composite samples.
Three variants of the Albion Process flowsheet were tested during the course of the
testwork program. These variants differ principally in the type of alkali used in the
neutralisation / iron removal stage of the leach flowsheet, and in the type of iron
precipitate sought. The Caustic variant, essentially a diagnostic tool, produced the
highest levels of sulphide oxidation, high to very high silver recoveries throughout, and
high to very high gold recoveries for all but one of the samples. A diagnostic leach
procedure was applied to this sample Prosperidad which concluded that
30
approximately 40% of the gold in this sample will not be amenable to recovery using the
Albion Process, being neither free milling, associated with sulphides, or liberated by fine
grinding. Fine gold locked in silicates was suspected for this sample. Gold and silver
recoveries ranged from 60% to 90% and 85% to 99% respectfully. The Caustic variant
is unlikely to represent an economic flowsheet due to the use of high cost caustic soda as
the neutralisation agent.
The Goethite variant, a more generic flowsheet, and lower cost in terms of
neutralising reagents, produced from an unoptimised flowsheet, silver recoveries from
74% to 97% for all samples expect for Prosperidad, and gold recoveries ranging from
75% to 91% for the same samples. For Prosperidad, the gold recovery was 34% to 55%,
and silver 50% to 59%. Further optimisation of this flowsheet on the Don Eloy sample
increased the gold recovery to almost 91%. In general, this variant produced the lowest
cyanide consumption figures.
The Lime/Limestone variant is a flowsheet more specifically suited to refractory

gold / silver ores. This variant produced gold recoveries ranging from 68% to 82% for
the Superior, Intermedia, Inferior and Don Eloy samples, and 36% of the gold for the
Prosperidad sample. The silver recoveries ranged from 49% for Prosperidad to 86% for
Intermedia and Don Eloy. There is scope for optimisation of this flowsheet, and it should
be possible to match the metallurgical performance of the Goethite variant. As a single
stage leach flowsheet, and with similar alkali requirements, the Lime/Limestone variant
should represent a lower cost option than the Goethite variant.
The laboratory concluded that:

The San Nicolas sulphide ore, as represented by the five composite samples
tested, is refractory to conventional CIP/CIL processing
The presence of preg-robbing constituents within the ore is indicated, and so
CIL operating conditions are required for cyanide leaching

31
Bulk sulphide flotation resulted in very high recoveries of sulphide, good

recoveries of silver, and reasonably high recoveries of gold. High mass
recoveries resulted in a relatively low upgrading of the Au and Ag grades
Refractory gold in silicates is indicated. Some of this material reported to the
flotation concentrate
Treatment of the flotation concentrates using the Albion Process resulted in
gold recoveries of 34% to 91% and silver recoveries from 50% to 95%.
Additional testwork was recommended.
MINERAL RESOURCE AND MINERAL

RESERVE ESTIMATES
Goldmarca carried out a block model estimate for the San Nicolas property in 2003.
The estimate was reported to have been done using Datamine software, employing a
model comprising 2.5 m x 2.5 m x 2.5 m blocks constrained by 3D wireframe solids of
the principal mineralization types (i.e. vein, manto and oxide). Grade was estimated for
Au only using Inverse-Distance-Squared weighting. The assays included just the RC
drill data, and no underground sampling.
Goldmarca staff in Peru provided RPA with a database consisting of the RC drill
data, wireframe geology models, and topography data. The drill data comprised collar
surveys, hole orientations, and assays (Au, Ag, Cu, Pb, and Zn) but no lithology.
Wireframe models of the veins, oxide mineralization and mantos were included as both
DXF and Gemcom BT2 files that had been translated from Datamine. RPA notes that,
these wireframes were invalid and could not be used for volumetrics or to constrain block
models.
An ASCII dump of the Datamine block model coordinates, lithology code, and Au
grades was included with the database. However, this file appeared to be incomplete, as

32
only a small proportion of the reported tonnage and grade could be accounted for by the
blocks listed in the ASCII file. Consequently, RPA was unable to inspect and validate
the Datamine block model.
The Goldmarca estimate was reported to contain 8.13 million tonnes grading 1.32 g/t
Au. However, this estimate is unclassified, and does not appear to have been subject to a
cut-off grade. As such, the estimate does not conform to National Instrument 43-101,
and cannot be relied upon.
RPA BLOCK MODEL

RPA reconstructed a block model of the San Nicolas mineralization using Gemcom
software and parameters that matched, as reasonably as possible, those reportedly used by
Goldmarca personnel. The model comprised blocks 2.5 m x 2.5 m x 2.5 m in size, with
grade estimation constrained using 3D wireframe models of the vein, manto and oxide
mineralization. Grade estimation was carried out using ordinary kriging (OK) for Au and
Ag, and Inverse-Distance-Squared (ID2) weighting for Cu, Pb, and Zn. High assays were
capped at 7.0 g/t for Au and 350 g/t for Ag. The assay database comprised RC drill hole
sampling only.
The block model dimensions and orientation were the same as that reportedly used by
Goldmarca, and these parameters are listed in Table 3.
TABLE 3 BLOCK MODEL PARAMETERS

Origin 761310E 9253150N 3800m asl
Block Size 2.5m x 2.5m x 2.5m
Rotation 0degrees
Columns 282
Row 140
Level 128
33
WIREFRAME MODELS
As mentioned above, the 3D wireframe models provided to RPA were invalid and
could not be used for grade estimation or volumetrics. Three-dimensional wireframe
solids must be topologically sound, and represent entirely enclosed volumes. An invalid
solid model is one that intersects itself, is not closed, or contains some other
inconsistency that makes it impossible for the software to evaluate it.
RPA reconstructed the wireframe models of the veins, mantos and oxide bodies using
the sectional geological interpretations supplied by Goldmarca. The vein models were
reasonably easy to construct, as the veins are relatively simple, steeply dipping tabular
bodies. The oxide bodies were also relatively straightforward to construct.
The mantos are considerably more complex and vary in geometry quite significantly
from section to section. RPA could not expeditiously construct the wireframes of the
mantos using the conventional method of linking sectional outlines of the bodies. Solid
models constructed using this method resulted in wireframes with a large number of
inconsistencies and invalid geometries. Reconciliation of these inconsistencies would
have required a prohibitive amount of time so it was decided to approximate the manto
solids using a method of extrusion of the sectional outlines. In this method, individual
manto outlines are extrapolated outwards from each section half the distance to the next
section. The resulting solids represent polygonal volume estimates that provide a
reasonable global estimate on the tonnage. RPA notes that there will be local
inaccuracies in geometry resulting from the crude way in which the solid models
represent the manto volumes. In RPAs opinion, however, these models will produce a
reasonable estimate. RPA recommends that, when time allows, the manto wireframe
bodies be more accurately reconstructed.
A digital terrain model (DTM) of topographic surface was included in the database
along with survey information, and a contour map of the project area. RPA compared the
DTM to surface models generated from the contour map as well as from the survey data.
RPA notes that there were some significant differences in the surfaces, as in places they
34
differed by several metres in elevation. This could affect the Mineral Resource estimate
although it appears as though the overall impact will be small. RPA recommends that the
surface surveying be reviewed and corrected where necessary.
SAMPLE DATABASE
RPA used only the RC drilling data. The database comprises records for 103
drillholes, with a total of 5,033 non-zero assay records. The collar locations, hole
orientations, and assays were provided to RPA in the form of ASCII files. These ASCII
files were imported into Gemcom. As noted above, the lithological information for the
drill samples was not provided. Consequently, a lithological rock code was assigned to
each of the samples using the wireframe models. The rock codes and their corresponding
rock types are listed in Table 4.
TABLE 4 LITHO CODES

Code Rock Type
1 Air
99 Waste
100 Vein
110 Manto
120 Oxide
A Gemcom utility was used to determine the downhole intervals for each rock type
according to where the holes intersected the wireframe solids. Sample mid-point
locations relative to the downhole intervals were used to determine the sample rock code
assignment.
Samples were consistently taken over 2 m intervals and so it was not deemed
necessary to composite them. Assay statistics for each rock type are summarized in
Table 5.

35
TABLE 5 ASSAY STATISTICS

Vein Au Ag Cu Pb Zn
Number 669 669 669 669 669

Mean 2.25 80.15 0.46 0.25 0.60
Median 1.71 54.00 0.16 0.09 0.15
SD 2.33 144.64 0.78 0.55 1.58
Coef. Var. 1.03 1.80 1.70 2.18 2.62
Max. 15.83 2957.80 9.00 5.84 15.00
Min. 0.00 0.00 0.00 0.00 0.00
Manto Au Ag Cu Pb Zn
Number * 978 979 979 979 979

Mean 1.33 91.23 0.20 0.61 1.47
Median 0.86 57.00 0.05 0.18 0.36
SD 1.47 181.07 0.48 1.20 2.97
Coef. Var. 1.10 1.98 2.47 1.96 2.03
Max. 12.27 3857.10 6.10 11.11 23.90
Min. 0.00 0.00 0.00 0.00 0.00
Oxide Au Ag Cu Pb Zn
Number 132 132 132 132 132

Mean 1.02 70.81 0.21 0.26 0.39
Median 0.66 49.35 0.06 0.12 0.17
SD 1.04 74.08 0.36 0.98 1.05
Coef. Var. 1.02 1.05 1.75 3.78 2.69
Max. 4.32 317.00 2.40 11.13 11.30
Min. 0.00 0.00 0.00 0.00 0.00
*Note that one Au sample is missing.
Histograms, cumulative frequency plots, and probability diagrams were generated for
all of the datasets. RPA notes that the grade distributions for all elements in all rock
types are positively skewed and that there are often individual outliers to the
distributions. This can lead to overestimation of the resource grade if appropriate steps
are not taken. This is discussed in greater detail in the section of this report entitled High
Grade Capping.

36
RPA notes that assays from the underground workings at San Nicolas were either not
available, or not appropriate for use in grade estimation. However, it appears as though
the underground sampling was used to provide some guidance for geological
interpretation. In RPAs opinion, sampling of the workings and underground diamond
drilling should be carried out in order to further define the extent of the mineralization.
Most of the drillholes were either vertical or drilled in a northerly direction to

intersect the mineralized bodies. RPA notes that for the most part the holes are oriented
in an appropriate fashion for the strike and dip of the mineralization. However, there are
one or two instances of holes that were drilled vertically down the vein structure. One
hole appeared to have been improperly surveyed and was discarded prior to block
modeling.
HIGH GRADE CAPPING

The positive skewness of the assay grade distributions and the presence of high-grade
outliers to the distribution can often lead to overestimation of resource grades. The
highest-grade samples can often exert an inordinately large influence on the overall
average and it is usually appropriate to apply some means of moderating this effect. A
number of methods of dealing with this problem have been developed. These include, in
order of complexity, cutting (or capping) high samples, limiting the range of influence of
the high-grade samples, transformation of the sample grades to a normal distribution
prior to kriging, or using a non-linear kriging method such as multiple indicator kriging
(MIK). Each method has its strengths and weaknesses. In general, the more
sophisticated methods such as MIK produce a better estimate but require more time (and
cost) to carry out.
Of these methods, capping of high grades is the oldest and probably most widely
used. It is simple and quick to perform but is difficult to apply without some production
experience to calibrate the cutting level(s). In addition, cutting often overly penalizes the
high grades while leaving the lower grade portion of the distribution unaffected. This
leads to underestimation of the high-grade portions of a deposit and overestimation of the
37
grade of the lower grade portions. For the purpose of this review, RPA considered
capping to be the most expeditious method to apply. However, RPA recommends that as
the project advances that more sophisticated methods of dealing with the high-grade
assays be applied.
In RPAs opinion, the cutting of high assays for all elements is warranted but because
the project economics are less sensitive to base metal grades, only Au and Ag were cut.
Assay values were capped at 7.0 g/t Au and 350 g/t Ag. These values were derived from
inspection of the sample histograms and probability plots. Cutting of high Au assays
resulted in a 5.3% reduction in average sample grade for the veins, 1.8% for the mantos,
and had no affect on the oxide. Cutting high Ag values to 350 g/t reduced the average
sample grade 8.9% in the veins, 12.4% in the mantos, and 0.0% in the oxide. In RPAs
opinion, the reduction in average Au and Ag grades incurred by cutting is within a
reasonable range. However, RPA considers this to be a preliminary attempt at cutting
and recommends that if Goldmarca chooses to continue to apply high-grade capping, that
additional work be done to refine the capping levels.
ESTIMATION METHODOLOGY
RPA used OK for the Au and Ag and ID2 for the base metals. OK was selected for
the precious metals because it provides a marginally better estimate than ID2. However,
kriging requires additional time relative to ID2 for development of the variogram models
and so, in order to expedite the process, only Au and Ag were estimated with OK.
The sample database was flagged with the litho codes from the solids, and the search
parameters for each rock type were configured to limit the grade estimation for each rock
type to those samples with that particular rock code. Grade estimation was constrained to
the 3D volume models only. A Gemcom percentage model was used to account for
partial blocks located on the boundaries of the wireframe models.
RPA carried out a geostatistical analysis of the assay database. Preliminary

variogram models were developed for Au and Ag from the vein and manto datasets. The
oxide datasets were too small to allow for generation of coherent semi-variograms. Since
38
the oxide bodies were observed to reside primarily in the vein structures, the vein
variogram model was used for the oxides. RPA notes that the variogram models were
created hastily and could be refined with additional work. The orientations of the
principal variogram axes were not rigorously defined and in some cases there does not
appear to be good agreement between the observed variography and the interpreted
geology. RPA recommends that additional analytical work be done to refine the
geostatistical model.
Variogram models used for grade estimation are summarized in Table 6.
TABLE 6 VARIOGRAM MODEL PARAMETERS

Ag Nugget (c0) c1 c2 R1 R2 Orientation (Az/Plunge)

X Y Z
Manto 0.2 0.4 0.4 X 10 42 135/00 45/45 225/45
Y 25 30
Z 2 15
Vein 0.2 0.6 0.2 X 30 120 105/00 15/45 195/45

Y 15 30
Z 1 25
Oxide (same as Vein)
Au Nugget (c0) c1 c2 R1 R2 Orientation (Az/Plunge)

X Y Z
Manto 0.2 0.35 0.25 X 20 50 180/-60 90/00 180/30
Y 3 25
Z 3 25
Vein 0.2 0.65 0.15 X 20 110 75/00 345/60 165/30

Y 15 48
Z 2 10
Oxide (same as Vein)

39
SEARCH PARAMETERS
The RC drilling has been carried out at a nominal intercept spacing of 25 m x 25 m.
However, RPA observes that there is some variation in the intercept spacing owing to the
geometry of the mineralized bodies and the orientation of the holes. A maximum search
distance of 30 m (down-dip and along-strike) was used in preliminary block model grade
estimations. This search distance was supported to a certain extent by the variography, as
well as by the drill pattern. The search strategy was configured to a maximum of 16 and
a minimum of 3 samples per block, as well as a maximum of 2 samples from any one
hole, which forced the estimate to use at least two holes per block. However, it was
found that a number of blocks contained within the wireframes were not estimated using
the 30 m radius. Consequently, the grade estimation was done in two passes, one using
the 30 m radius, and a second using a maximum search of 50 m as well as a strategy that
allowed for only one hole per block. A lower level of confidence has been assigned to
blocks estimated in the second pass.
RPA notes that the maximum search directions were derived from the geological
interpretation and not from the variogram analysis. As stated above, the variogram
model orientations did not appear to match the geological interpretation, and RPA
recommends carrying out further work to resolve this issue.
Search parameters are summarized in Table 7.

40
TABLE 7 SEARCH PARAMETERS

Pass 1 Dist. Orientation (Az/Plunge)

X Y Z
Manto X 30 200/-45 110/0 200/45
Y 30
Z 15
Vein X 30 200/-75 110/0 200/15

Y 30
Z 10
Oxide (Same as Vein)
Samples 3 min. 16 max.

Max/hole 2 (2 hole min.)
Pass 2 Dist. Orientation (Az/Plunge)

X Y Z
Manto X 50 200/-45 110/0 200/45
Y 50
Z 25
Vein X 50 200/-75 110/0 200/15

Y 50
Z 20
Oxide (Same as Vein)
Samples 2 min. 16 max.

Max/hole 2 (1 hole min.)
The same search parameters were used for all five elements.
BULK DENSITY
Goldmarca used bulk densities of 2.35 g/cc for the oxide, 3.00 g/cc for the vein, and
2.80 g/cc for the manto mineralization. These densities were derived from metallurgical
test work carried out by 1997 Oretest Pty Ltd. The results show that the average density
of the material tested ranged from 3.2 to 3.3 g/cc, which would suggest that the bulk
densities used by Goldmarca are conservative. However, RPA notes that the density tests

41
were conducted on pulverized material and that any original porosity of the in situ rock
mass would not be taken into account. In RPAs opinion, additional study on this issue is
warranted and RPA recommends that a program of bulk density measurements of intact
samples (e.g. drill core) should be carried out.
RESOURCE CLASSIFICATION
The two-pass grade estimation methodology was configured such that there would be
two levels of confidence in the block grade estimates. Indicated Resources are
considered to be blocks estimated using the 30 m maximum search and minimum of 3
samples per estimate, with samples from a minimum of 2 drillholes contributing to the
estimate. Inferred Resources are blocks estimated with the 50 m-search radius, a
minimum of 2 samples, and no constraint on the minimum number of holes.
CUT-OFF GRADE
In order to comply with NI43-101, a Mineral Resource estimate must include the
application of a cut-off grade. Detailed determination of an economic cut-off grade for
San Nicolas has not been done as yet. However, an estimate can be made by comparing
the property with similar deposits under development in the region and worldwide. In
RPAs opinion, assuming that the Mineral Resources would be mined by open pit, a
reasonable preliminary cut-off grade to apply at San Nicolas would be in the order of 0.5
g/t Au. As mentioned above; however, at the time of writing of this report, metallurgical
testing is underway and the results of this testing could have a significant impact on the
economic cut-off for this deposit. RPA further notes, that no consideration has yet been
given to the depth of the mineralization. When costs, pit design parameters, and stripping
ratios are defined, there is a possibility that some of the Mineral Resources will not be
economically mineable by open pit.
A tonnage and grade curve for the entire block model (i.e. both Indicated and Inferred
blocks) is provided in Figure 8.

42
7,000 7.00
6,000 6.00
5,000 5.00
Au Grade (g/t)
4,000 4.00
Tonnes
Kt
Au Grade
3,000 3.00
2,000 2.00
1,000 1.00
0 0.00
5.00 4.00 3.00 2.00 1.00 0.50 0.00
Au Cut-Off (g/t Au)
FIGURE 8 TONNAGE AND GRADE CURVE
BLOCK MODEL VALIDATION

RPA inspected the block model in plan and section and compared the block grades to
the drill hole grades. The overall block grade averages were checked against the sample
data, and no evidence of global bias was found (i.e. the block and sample means were
very close to one another).
Cross validation was performed on the variogram model for Au and it was found that
there was a conditional bias consistent with the treatment of the data (i.e. high-grade cap).
Conditional bias is a systematic error in the estimation that varies depending on the
grade. For many kriged estimates, the higher grades are overestimated and the lower
grades are underestimated, even though the overall (global) average grades are the same.
In the case of this cross validation exercise, the higher grades appear to be
underestimated while the lower grades are overestimated, which is counter to the general
case for kriging. However, this is an expected result for grade estimates using capped
data, as the highest-grade samples will have a diminished influence on the grade
estimation.
43
RPA carried out an ID2 estimate for the Au and Ag and compared it to the kriged
estimate and found that the two estimates agreed quite closely to one another.
MINERAL RESOURCES
The Mineral Resource estimate for San Nicolas is summarized for a variety of cut-off
grades in Tables 8 through 10 below:
TABLE 8 MINERAL RESOURCES 0.5 G/T AU CUT-OFF

Tonnes Au Ag Cu Zn Pb Au Ag
(t) (g/t) (g/t) (%) (%) (%) (oz) (oz)
Indicated
Manto 1,888,000 1.52 91.8 0.15 1.57 0.65 92,000 5,574,000
Oxide 104,000 1.55 98.8 0.32 0.26 0.19 5,000 330,000
Vein 1,771,000 2.33 80.3 0.36 0.74 0.27 133,000 4,570,000
Total Indicated 3,763,000 1.90 86.6 0.26 1.14 0.46 230,000 10,474,000
Inferred
Manto 559,000 1.31 73.4 0.23 1.24 0.61 24,000 1,318,000
Oxide 72,000 1.61 105.5 0.20 0.31 0.24 4,000 244,000
Vein 721,000 1.95 75.8 0.33 0.96 0.31 45,000 1,756,000
Total Inferred 1,352,000 1.62 75.4 0.28 1.08 0.46 73,000 3,318,000

44
TABLE 9 MINERAL RESOURCES - 1.0 G/T AU CUT-OFF

(t) (g/t) (g/t) (%) (%) (%) (oz) (oz)
Indicated
Manto 1,338,000 1.84 101.1 0.17 1.52 0.64 79,000 4,349,000
Oxide 75,000 1.87 115.5 0.40 0.21 0.18 5,000 278,000
Vein 1,614,000 2.48 83.5 0.37 0.76 0.28 129,000 4,334,000
Total Indicated 3,027,000 2.18 92.1 0.28 1.08 0.44 213,000 8,961,000
Inferred
Manto 300,000 1.82 85.1 0.27 1.16 0.70 18,000 821,000
Oxide 54,000 1.91 122.7 0.22 0.28 0.25 3,000 213,000
Vein 596,000 2.19 84.2 0.36 1.06 0.33 42,000 1,613,000
Total Inferred 950,000 1.62 75.4 0.28 1.08 0.46 63,000 2,647,000
TABLE 10 MINERAL RESOURCES - 2.0 G/T AU CUT-OFF

(t) (g/t) (g/t) (%) (%) (%) (oz) (oz)
Indicated
Manto 405,000 2.72 114.4 0.17 0.82 0.41 35,000 1,489,000
Oxide 25,000 2.63 142.3 0.51 0.29 0.23 2,000 114,000
Vein 1,055,000 2.99 89.4 0.39 0.80 0.28 101,000 3,032,000
Total Indicated 1,485,000 2.91 97.1 0.33 0.80 0.31 138,000 4,635,000
Inferred
Manto 82,000 2.73 93.6 0.30 0.61 0.41 7,000 247,000
Oxide 22,000 2.48 156.0 0.22 0.31 0.28 2,000 110,000
Vein 265,000 3.07 89.3 0.44 1.20 0.33 26,000 761,000
Total Inferred 369,000 2.97 91.6 0.40 1.02 0.35 35,000 1,118,000
RPA is of the opinion that that the classification of Indicated and Inferred Resources
as reported meets the definitions as stated by NI 43-101 and defined by the CIM
Standards on Mineral Resources and Reserves definitions and guidelines as adopted by
45
the CIM Council on November 14, 2004. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability
MINING OPERATIONS
Goldmarca is not carrying out any mining operations on the property. San Nicolas
Mines is currently leaching the tailings and has stated that it intends to commence mining
additional oxide material from the Colorado pit in the near future. From a visual
inspection of the pit and the cross sections, there does not appear to be a significant
amount of oxide mineralization easily available.
ENVIRONMENTAL CONSIDERATIONS
RPA has not carried out an environmental audit. Goldmarca reports that the
permitting is in place and that there are no outstanding compliancy issues. During the
site visit RPA noted that there was a steady outflow of water from the Prosperidad adit.
The water flows into a pond where it appears that the water is being neutralized with the
addition of calcium. Although the mineralized material in the adit consists of massive
pyrite, the net acid generation may not be significant due to the presence of the limestone
host rock. RPA did not observe any other obvious environmental concerns but notes that
San Nicolas has recommenced the heap leach operation and is in the process of
expanding the pad. RPA recommends that acid generation tests be carried out on the
waste rock and that an environmental audit be carried out by a qualified person prior to
the exercise of the option.

46
INTERPRETATION AND CONCLUSIONS

The San Nicolas property is underlain by a sequence of marine sediments that host
the Colorado Deposit. Mineralization consists of veins and mantos containing precious
metal and base metal mineralization.
The Indicated Mineral Resources at a 0.5 g/t Au cut-off are estimated at 3.76 million
tonnes at a grade of 1.9 g/t Au, 86.6 g/t silver. 0.26 % Cu, 1.14 % Zn and 0.46% Pb
containing 230,000 ounces of gold and 10.5 million ounces of silver. In addition the
Inferred Mineral Resources at a 0.5 g/t Au cut-off are estimated at 1.35 million tonnes
grading 1.62 g/t au, 75.4 g/t silver, 0.28% Cu, 1.08% Zn, 0.46% Pb containing 73,000
ounces of gold and 3.3 million ounces of silver.
RPA is of the opinion that that the classification of Inferred Resources as reported
meets the definitions as stated by NI 43-101 and defined by the CIM Standards on
Mineral Resources and Reserves definitions and guidelines as adopted by the CIM
Council on August 20, 2002. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability
The current mineralization is open at depth and there is some potential along strike to
increase the tonnage.
RECOMMENDATIONS
RPA makes the following recommendations:
o Carry out additional drilling to increase the confidence level of the resources
to the measured level. The program should consist of surface and
underground core holes. A rigorous QA/QC program that includes the use of
standards, blanks and duplicate samples is required for this program. A

47
minimum 5% of all samples should be sent to another independent lab for

check assaying.
o All holes should be permanently marked and surveyed in addition to
downhole surveys. If possible, the deeper RC holes from the 1997 program
should be re-entered and surveyed.
o The underground workings should be resampled.
o The surface surveying should be reviewed and corrected where necessary.
o Upon completion of drilling, re-estimate resources. Additional work is
required to refine the capping levels of the high-grade gold assays and the
geostatistical model.
o A program of bulk density measurements of intact samples (e.g. drill core)
should be carried out.
o Acid generation tests should be carried out on the waste rock and a qualified
person should carry out an environmental audit prior to the exercise of the
option.
o Continue with metallurgical testwork to optimize recoveries.
o Carry out the program and budget as shown below in Table 9 preparatory to
completing a feasibility study on the property.
RPA is of the opinion that the property has sufficient merit to warrant the program
and budget as proposed in Table 11.

48
TABLE 11 PROPOSED PROGRAM & BUDGET

Item Unit Cost $
Drilling 4500 m @ $100 450,000

Underground sampling 20,000
Assaying 2000 @ $30 60,000
Geology & supervision 50d @ $400 20,000
Metallurgical testwork 50,000
Prefeasibility Study 250,000
Contingency 10% 85,000
Total 935,000

49
REFERENCES
Anonymous (June, 1997): Preliminary Resource Estimate of San Nicolas: Unpublished

Report for El Misti Gold Limited.
Anonymous (Nov 1997): Informe Geologico Proyecto San Nicolas Hualgayoc

Cajamarca: Report for El Mist gold Limited.
Anonymous: (November 1998): Proyecto de Ampliacion de la Capacidad de la Planta de

Lixiviacion Para El Retratamiento de Material Residual (Ripios) a 1200 tm/dia.
Goldfields Annual Report, On-line, October 2005
Noone, Dan (June 1997): San Nicolas Prospect Geological Report.
Oretest Pty Ltd. (July 1997): Preliminary Metallurgical Testwork on San Nicolas Ore
Composites: Report for El Mist gold Limited.
Silver, Douglas B. (2003): A Comparison between MPT Capital Costs and Feasibility
Studies for International Gold Projects. Unpublished Report for Hydromet Technologies
Limited.
Willis, J. (2004): Metallurgical Testwork Summary, San Nicolas Project. Technical

Memorandum No. 0786. Unpublished report for Goldmarca Limited.

50
SIGNATURE PAGE
This report titled Technical Report on the San Nicolas Project, Peru and dated
December 28, 2005 was prepared and signed by the following authors:
signed and sealed

_______________________
Dated at Vancouver British Columbia David W Rennie P. Eng.
December 28, 2005 Consulting Geological Engineer
signed and sealed

________________________
Dated at Vancouver British Columbia C. Stewart Wallis P.Geo.
December 28, 2005 Consulting Geologist

51
CERTIFICATE OF QUALIFICATIONS
Charles Stewart Wallis
Roscoe Postle Associates Inc
304 595 Howe Street
Vancouver BC V6C 2T5
1. I, C. Stewart Wallis, P. Geo, am a professional geoscientist, employed by Roscoe

Postle Associates Inc.
2. I am a graduate of the Geological program of McMaster University, Hamilton,

Ontario and hold a Bachelors of Science Degree Geology Major, granted in 1967.
3. I am a member of the Association of Professional Engineers and Geoscientists of

British Columbia and Saskatchewan, a Professional Geologist registered in the
State of Wyoming, a Certified Professional Geologist as recognized by the
American Institute of Professional Geologists.
4. I have practiced my profession continuously for over 35 years and have examined
and reported on numerous epithermal precious metal deposits throughout the
world.
5. I have read the definition of Qualified Persons set out in NI 43-101 and as a
result of my experience, education and registration; I am a Qualified Person as
defined in NP 43-101.
6. I am responsible for the overall preparation of the Technical Report titled

Technical Report on the San Nicolas Project, Peru, dated December 28, 2005.
The information contained in this report was obtained from reports provided by
Goldmarca Limited, various public documents, and a visit to the property on
October 24 - 26, 2003. This information is to the best of my knowledge and
experience correct.
7. I have had no previous involvement with the property.
8. I am not aware of any material fact or material change with respect to the subject
matter of the Technical Report that is not reflected in the report, the omission to
disclose which would make the report misleading.
9. I am an Independent Person as defined by NI 43-101.
10. I have read NI 43-101 and Form 43-101F1 and this report has been prepared in
compliance with National Instrument 43-101 and Form 43-101F1.

52
11. I consent to the filing of this Technical report with any stock exchange, and other
regulatory authority and any publication by them for regulatory purposes,
including electronic publication in the public company files on their websites
accessible to the public.
Dated at Vancouver, BC this 28th day of December 2005
signed and sealed

___________________________
C. Stewart Wallis, B.Sc., P.Geo. (BC.)

53
CERTIFICATE OF QUALIFICATIONS
I, David W. Rennie, P.Eng., do hereby certify that:
1. I am currently employed as a consulting geological engineer by:

304 595 Howe Street
Vancouver, British Columbia, V6C 2T5.
2. I graduated with a Bachelor of Applied Science degree in Geological Engineering

from the University of British Columbia in 1979.
3. I am a member of the Professional Association of Professional Engineers and

Geoscientists of British Columbia (Reg. No. 13,572).
4. I have worked as a geological engineer for a total of 24 years since my

graduation from university.
5. I have read the definition of "qualified person" set out in National Instrument
43-101 ("NI 43-101") 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.
6. I am responsible for the preparation of the resource sections of the technical

report titled Technical Report on the San Nicolas Project; Peru prepared for
Goldmarca Limited and dated December 28, 2005 (the "Technical Report"). I
have not visited the property.
7. I have not had prior involvement with the property that is the subject of the
Technical Report.
8. I am not aware of any material fact or material change with respect to the subject
matter of the Technical Report that is not reflected in the Technical Report, the
omission to disclose which makes the Technical Report misleading.
9. I am independent of the issuer applying all of the tests in section 1.5 of National
Instrument 43-101.
10. I have read National Instrument 43-101 and Form 43-101FI, and the Technical
Report has been prepared in compliance with that instrument and form.
11. I consent to the filing of the Technical Report with any stock exchange and other
regulatory authority and any publication by them, including electronic
54
publication in the public company files on their websites accessible by the public,
of the Technical Report.
Dated this 28th Day of December 2005
signed and sealed

_______________________
David W. Rennie, P. Eng.

55
APPENDIX 1
SIGNIFICANT INTERCEPTS
SECTION HOLE DEPTH FROM TO INTERVAL AU AG CU PB ZN
RC # M M M METRES G/T OZS/T % % %
323E 94 110 22 44 22 1.90 4.31 0.66 0.19 0.03
56 60 4 0.33 3.31 1.03 0.02 0.09
74 78 4 0.23 1.19 0.03 0.70 1.80
103 40 0 2 2 0.56 1.57 0.13 0.36 0.26
24 28 4 0.36 2.35 0.01 1.98 4.10
104 52 36 52 16 0.28 2.00 0.79 0.02 0.03
348E 96 16 0 16 16 0.18 6.10 0.17 0.07 0.17
97 70 0 8 8 2.48 0.91 0.14 0.08 0.11
34 56 22 1.03 1.98 0.31 0.03 0.04
373E 95 40 2 4 2 0.64 2.12 0.37 0.15 0.22
8 16 8 0.94 8.81 0.13 0.08 0.06
400E 48 80 0 52 52 1.44 2.62 0.73 0.10 0.12
43 14 30 16 1.01 1.69 0.90 0.16 0.14
420E 44 80 0 44 44 2.50 2.07 0.49 0.04 0.02
88 120 0 2 2 1.05 2.41 0.08 0.31 0.44
38 52 14 0.47 2.11 1.36 0.07 0.23
64 70 6 1.72 1.41 0.95 0.02 0.16
72 74 2 1.32 1.19 0.48 0.03 0.07
86 90 4 0.88 20.25 0.24 0.18 0.49
92 104 12 2.14 3.32 2.41 0.03 0.11
445E 37 137 0 2 2 0.75 1.96 0.27 0.20 0.44
52 54 2 2.91 3.18 0.45 0.06 0.12
56 80 0 2 2 0.98 2.64 0.55 0.12 0.18
8 22 14 2.02 5.09 0.45 0.08 0.10
28 54 26 3.24 2.19 1.58 0.04 0.12
58 60 2 1.47 1.10 0.04 2.76 7.50
471E 34 140 0 6 6 0.80 1.95 0.15 0.38 0.95
12 24 12 1.90 7.00 0.26 1.56 3.97
86 90 4 3.77 4.95 0.05 0.11 0.12
98 102 4 0.81 0.59 0.03 0.20 0.70
112 118 6 0.53 5.12 2.44 0.06 0.31
45 80 0 2 2 2.14 3.60 0.17 0.29 0.53
4 10 6 1.98 4.16 0.25 0.05 0.07
16 28 12 3.07 3.55 0.07 0.22 0.16
30 50 20 6.06 1.44 0.59 0.09 0.02
49 100 0 4 4 0.74 2.11 0.48 0.18 0.39
38 42 4 0.33 0.84 0.03 0.74 2.57
44 64 20 5.57 2.32 0.58 0.07 0.22
89 150 0 4 4 0.80 1.46 0.12 0.41 1.11
6 16 10 0.45 1.42 0.07 0.26 0.55
56

471E 89 18 26 8 0.34 0.87 0.09 0.68 2.21
80 82 2 0.10 0.46 0.01 1.06 2.90
102 104 2 0.67 0.53 0.01 1.48 6.20
130 136 6 1.38 25.97 2.16 1.07 1.59
140 150 10 0.69 5.53 0.37 0.90 5.17
495E 32 150 14 32 18 0.90 1.80 0.18 0.07 0.12
96 98 2 3.46 3.66 0.07 0.34 0.30
106 108 2 1.31 1.15 0.06 0.08 0.14
116 118 2 2.04 3.05 1.08 0.04 0.11
35 120 2 12 10 1.13 3.95 0.55 0.05 0.06
14 20 6 0.67 3.80 1.07 0.06 0.10
22 28 6 0.80 2.08 0.66 0.12 0.33
50 68 18 2.92 1.80 0.47 0.05 0.03
72 74 2 3.96 1.80 0.10 2.14 11.40
76 88 12 4.29 1.85 0.75 0.04 0.09
57 40 0 6 6 3.17 11.75 2.04 0.22 0.35
8 10 2 2.36 8.04 1.48 0.43 0.82
18 22 4 0.74 1.62 0.79 0.31 1.23
521E 28 170 0 68 68 1.21 2.71 0.19 0.08 0.16
74 90 16 1.38 1.58 0.27 0.50 1.61
132 156 24 0.60 0.91 0.02 0.27 1.02
30 159 6 38 32 1.84 4.78 0.18 0.21 0.29
38 40 2 0.23 0.41 0.01 0.67 2.10
64 76 12 2.64 3.03 0.03 0.80 1.68
86 98 12 6.87 1.20 0.32 0.75 2.39
46 50 14 18 4 0.66 1.93 1.36 0.08 0.28
55 100 14 20 6 1.84 3.54 0.09 0.32 0.63
90 135 0 2 2 0.60 1.74 0.09 0.41 1.09
10 38 28 1.41 3.98 0.06 0.51 0.50
12 36 24 1.62 4.55 0.06 0.58 0.54
40 44 4 0.91 1.03 0.01 1.07 3.50
46 50 4 0.18 0.52 0.01 0.71 2.63
68 74 6 3.04 6.37 0.21 1.23 3.54
98 102 4 6.37 6.57 1.03 0.17 0.53
118 126 8 0.84 1.25 1.04 0.04 0.16
545E 22 150 0 2 2 1.00 3.05 0.17 0.36 0.78
14 62 48 1.29 2.71 0.07 0.60 1.49
94 108 14 5.32 2.62 0.20 0.14 0.25
0 2 2 1.20 2.57 0.14 0.51 0.90
16 18 2 0.79 2.60 0.07 0.17 0.25
48 54 6 1.44 3.40 0.34 1.32 3.54
84 94 10 1.83 4.90 0.31 1.65 4.47
47 70 4 16 12 1.48 5.60 0.17 0.24 0.37
50 140 0 4 4 1.52 3.36 0.34 0.13 0.33
6 16 10 0.49 1.42 0.07 0.22 0.48
18 26 8 0.52 1.21 0.06 0.38 0.64
57

545E 50 26 68 42 2.57 1.82 0.07 0.51 2.40
92 102 10 2.17 2.24 0.03 0.83 2.14
106 108 2 4.04 0.26 0.00 0.14 0.45
114 126 12 6.72 1.64 0.16 0.20 0.57
128 140 12 0.91 1.28 0.69 0.21 0.58
91 24 2 4 2 1.40 2.70 0.17 0.14 0.31
12 16 4 0.39 0.98 0.05 0.31 0.76
18 22 4 0.38 1.19 0.08 0.43 0.78
92 90 0 28 28 0.52 1.44 0.07 0.27 0.58
569E 17 150 8 12 4 0.54 1.40 0.12 0.37 0.61
28 74 46 2.21 8.77 0.11 0.71 0.85
80 100 20 2.10 1.76 0.05 0.16 0.08
108 118 10 8.12 0.91 0.14 0.16 0.37
26 100 6 16 10 2.31 2.81 0.05 0.06 0.04
20 28 8 1.23 1.86 0.48 0.03 0.02
30 52 22 1.58 1.53 0.32 0.18 0.19
54 62 8 0.57 2.49 1.12 0.15 0.34
74 76 2 0.62 1.55 0.02 1.39 3.60
87 105 0 4 4 0.96 3.39 0.22 0.33 0.41
10 14 4 0.57 47.60 0.11 0.44 0.92
30 70 40 1.00 4.84 0.03 1.73 3.65
90 92 2 0.34 1.54 0.01 0.90 1.95
108 110 2 0.43 2.28 0.06 0.59 1.52
597E 24 120 2 4 2 1.00 2.48 0.06 0.09 0.14
8 12 4 1.11 3.10 0.26 0.41 1.25
14 30 16 1.85 3.55 1.09 0.17 0.48
51 100 0 6 6 0.44 0.57 0.12 0.67 3.02
18 20 2 0.18 0.62 0.06 0.63 2.60
32 42 10 2.83 3.99 0.03 0.08 0.07
44 94 50 2.47 3.35 0.63 0.11 0.13
52 140 0 6 6 2.60 6.64 0.71 1.24 2.48
40 42 2 0.39 0.18 0.00 1.03 3.60
56 126 70 2.80 2.74 0.09 0.16 0.36
53 110 0 2 2 0.60 1.24 0.11 0.36 0.75
50 56 6 2.16 2.67 0.07 0.64 0.98
62 72 10 1.51 3.85 0.19 1.86 6.69
624E 1 120 0 14 14 1.26 5.61 0.26 0.74 0.43
0 16 16 1.00 4.67 0.22 0.75 0.54
22 24 2 0.48 4.15 0.01 0.49 1.15
38 68 30 2.33 3.36 0.17 0.35 0.65
74 76 2 0.60 2.09 0.02 1.08 2.80
84 86 2 3.47 0.56 0.04 0.03 0.01
102 104 2 1.24 3.05 0.06 0.06 0.09
118 120 2 2.66 7.14 0.13 0.09 0.05
2 140 4 6 2 0.51 0.32 0.01 2.88 7.70
10 18 8 3.43 4.47 0.12 0.71 0.97
58

624E 2 20 26 6 2.20 6.56 0.10 0.20 0.12
38 42 4 0.42 0.82 0.01 2.19 7.85
44 98 54 3.18 4.46 0.15 0.38 0.87
18 127 0 26 26 2.30 4.32 0.42 0.84 1.60
34 38 4 0.34 1.02 0.00 0.93 3.54
46 76 30 1.42 1.96 0.03 0.96 2.63
20 100 2 6 4 2.62 4.36 0.02 0.75 0.60
18 42 24 4.39 5.18 1.33 0.17 0.39
58 60 2 0.50 0.44 0.01 0.53 2.60
82 90 8 1.23 20.01 0.18 5.22 9.87
92 94 2 0.69 3.05 0.03 2.13 10.20
21 120 0 22 22 1.49 2.78 0.38 0.46 1.28
30 62 32 1.99 3.32 0.51 0.20 0.34
94 96 2 0.37 4.76 0.07 3.33 7.30
54 90 0 22 22 1.83 4.38 0.35 1.24 2.80
52 58 6 1.61 3.29 0.02 0.99 2.08
62 68 6 0.59 82.93 0.02 4.40 6.33
93 140 0 26 26 1.79 5.13 0.49 0.64 2.05
34 38 4 0.44 1.84 0.01 2.44 5.90
56 84 28 2.03 2.56 0.06 0.22 0.55
92 98 6 0.35 1.44 0.01 0.40 1.27
120 126 6 3.35 1.43 1.30 0.03 0.06
648E 3 130 4 10 6 0.18 0.35 1.55 0.10 0.53
14 20 6 0.54 1.45 0.09 1.48 7.22
20 46 26 1.37 6.64 0.06 0.37 0.70
48 94 46 3.45 3.96 0.18 0.65 1.42
4 118 0 4 4 1.33 2.72 0.02 1.05 1.87
6 8 2 3.52 0.56 0.02 0.31 0.65
10 24 14 2.02 5.59 0.25 0.36 0.57
30 34 4 0.59 2.90 0.02 0.99 1.83
38 42 4 0.30 1.69 0.01 1.20 3.05
44 70 26 2.77 3.01 0.34 0.22 0.45
102 104 2 0.22 1.70 0.03 0.45 1.39
14 117 0 6 6 1.07 2.71 0.17 0.27 0.31
12 30 18 0.93 3.45 0.03 1.10 2.68
60 78 18 1.64 4.71 0.04 1.11 2.63
19 80 4 10 6 3.07 1.57 0.01 0.12 0.05
673E 5 140 0 96 96 1.92 2.95 0.15 1.64 3.50
0 10 10 0.81 0.66 0.02 2.88 7.22
18 48 30 1.83 4.27 0.08 3.39 5.62
58 96 38 3.09 3.60 0.32 0.34 0.63
6 100 6 52 46 2.18 3.95 0.64 0.40 0.86
7 98 10 20 10 1.44 2.21 0.14 2.10 5.70
28 30 2 0.45 4.24 0.03 1.53 2.30
34 62 28 2.75 2.38 0.32 0.31 0.73
61 100 0 2 2 0.73 1.99 0.05 0.25 0.54
59

673E 61 12 20 8 2.85 2.61 0.67 0.07 0.09
22 24 2 1.11 0.56 0.44 0.06 0.32
32 34 2 0.18 0.15 0.01 1.00 4.70
36 46 10 1.63 3.74 0.26 0.31 0.96
50 72 22 2.33 3.44 0.30 0.21 0.83
102 130 14 20 6 0.11 13.98 0.09 3.49 5.70
70 74 4 0.52 0.76 0.01 0.38 1.87
112 116 4 0.91 1.09 0.16 0.10 0.17
700E 8 140 0 2 2 0.93 2.35 0.68 0.25 0.36
48 52 4 0.17 0.55 0.00 1.13 4.50
56 86 30 2.44 3.49 0.18 0.79 2.42
15 120 20 32 12 1.12 3.69 0.01 2.47 6.81
92 94 2 0.26 0.54 0.00 1.70 6.80
27 120 6 20 14 1.54 2.09 0.20 2.25 9.44
26 48 22 1.43 2.32 0.16 1.30 3.59
52 74 22 2.99 6.30 0.27 0.75 1.19
58 29 4 14 10 1.85 4.56 0.57 0.19 0.50
16 29 13 3.10 3.85 0.82 0.17 0.43
59 50 2 8 6 1.63 3.95 0.59 0.21 0.45
10 32 22 2.51 3.67 0.65 0.13 0.22
86 66 2 4 2 1.11 1.60 0.18 0.09 0.16
16 26 10 0.40 1.49 0.00 3.22 9.01
727E 16 120 0 4 4 1.70 2.84 0.13 0.23 0.20
20 26 6 0.23 0.81 0.01 2.05 5.90
80 112 32 1.15 2.79 0.41 1.43 3.73
25 120 54 58 4 0.57 5.55 0.05 1.31 4.25
64 82 18 5.41 4.92 0.61 1.27 3.29
38 150 10 12 2 0.91 1.10 0.18 0.07 0.26
14 18 4 0.16 0.26 0.00 0.50 2.39
38 44 6 1.56 4.95 0.04 0.38 0.86
48 72 24 2.19 6.63 1.25 0.18 0.69
751E 23 120 0 2 2 1.20 2.57 0.14 0.51 0.90
16 18 2 0.79 2.60 0.07 0.17 0.25
48 54 6 1.44 3.40 0.34 1.32 3.54
84 94 10 1.83 4.90 0.31 1.65 4.47
29 180 40 42 2 0.57 0.29 0.01 4.75 7.20
44 72 28 2.79 2.58 0.80 0.48 1.60
76 82 6 1.19 0.98 0.12 0.66 1.96
36 130 0 6 6 1.06 3.02 0.10 0.22 0.28
20 22 2 0.18 0.88 0.06 0.42 3.00
50 54 4 1.54 3.52 0.08 2.53 4.05
70 86 16 1.69 7.88 0.27 0.57 1.07
88 92 4 0.47 2.07 0.02 0.34 0.84
114 116 2 0.24 2.28 0.03 0.33 0.67
60 67 12 16 4 1.47 3.36 0.03 0.45 0.11
28 34 6 1.09 3.36 1.47 0.79 7.53
60

751E 60 36 38 2 0.82 2.60 0.75 1.00 6.00
40 56 16 2.22 2.67 0.36 0.60 5.37
62 67 5 1.93 4.65 0.65 0.07 0.19
778E 31 120 0 6 6 0.80 2.46 0.07 0.21 0.31
30 34 4 0.26 0.98 0.40 0.22 1.60
50 64 14 2.79 2.35 0.38 0.29 0.98
66 70 4 1.55 1.42 0.08 0.73 3.10
33 77 0 4 4 1.55 4.00 0.06 0.20 0.21
16 44 28 2.69 4.14 0.27 0.57 0.87
58 68 10 2.08 1.17 0.20 0.07 0.22
64 60 2 4 2 1.14 2.03 0.05 0.15 0.32
14 22 8 1.63 1.76 1.23 0.10 0.15
84 140 80 82 2 8.04 1.28 0.11 0.05 0.03
100 114 14 2.42 2.48 0.67 0.06 0.20
802E 12 120 16 32 16 1.32 3.08 1.22 0.07 0.31
66 68 2 0.47 2.80 0.16 0.54 1.08
74 84 10 0.60 2.55 0.25 1.01 3.56
98 100 2 0.76 0.76 0.01 0.84 1.56
13 83 64 68 4 1.59 8.29 1.94 0.42 0.67
76 82 6 1.16 1.03 0.06 1.40 3.79
39 150 0 6 6 1.23 2.39 0.08 0.12 0.17
88 108 20 2.92 2.55 0.64 2.62 3.77
108 134 26 0.13 0.48 0.01 0.58 1.34
138 150 12 0.21 1.56 0.01 0.94 2.24
62 110 0 6 6 0.68 1.82 0.05 0.18 0.27
63 56 34 46 12 3.43 3.04 0.91 0.26 0.23
828E 9 100 20 26 6 1.09 1.40 0.14 0.09 0.48
38 50 12 2.15 7.17 0.95 0.26 0.58
82 94 12 0.49 0.99 0.16 1.49 2.47
10 100 50 64 14 2.88 2.64 0.92 0.26 0.15
40 150 76 90 14 2.37 5.17 0.73 0.29 0.97
41 150 58 62 4 1.46 1.35 0.03 2.31 6.95
64 66 2 0.22 0.29 0.00 0.85 2.40
82 110 28 2.82 3.42 0.50 0.35 1.41
42 120 4 8 4 1.97 6.30 0.37 0.29 0.50
18 20 2 0.78 2.12 0.01 0.19 0.22
26 28 2 0.67 1.43 0.02 0.34 0.33
36 38 2 0.24 0.48 1.06 0.08 0.33
854E 11 110 62 74 12 1.94 1.72 0.10 0.66 0.09
86 88 2 1.56 1.99 0.10 1.84 0.16
880E 65 90 62 68 6 1.63 1.85 0.22 0.16 0.31
72 74 2 0.57 5.85 0.06 3.91 5.10
66 70 38 44 6 0.42 1.01 0.04 0.75 2.15
52 56 4 2.23 10.83 2.49 0.26 0.56
62 64 2 1.32 4.50 0.54 0.18 0.21
83 124 58 60 2 1.14 11.73 2.20 1.33 2.10
61

880E 83 92 98 6 3.50 6.30 1.93 0.35 0.20
106 120 14 6.14 2.31 0.35 0.18 0.19
905E 68 90 0 4 4 0.50 1.36 0.03 0.47 1.66
69 130 6 8 2 2.03 0.92 0.01 0.51 0.49
932E 71 80 18 22 4 0.68 0.99 0.05 1.01 1.62
81 110 20 22 2 1.10 0.36 0.00 1.68 2.10
30 32 2 3.10 11.12 0.60 1.75 1.20
82 172 66 68 2 4.22 5.37 0.14 0.68 1.05
96 98 2 1.59 0.61 0.00 1.44 4.10
108 110 2 1.38 2.35 0.74 0.17 0.40
112 114 2 2.18 2.28 0.80 0.64 1.71
116 118 2 1.46 1.31 0.53 0.27 0.47
146 158 12 1.88 4.77 0.87 0.31 0.56
956E 73 75 8 30 22 2.23 27.56 0.51 1.28 0.68
76 190 96 100 4 2.61 2.01 0.06 0.56 1.11
112 122 10 2.36 4.12 0.52 0.40 0.55
144 164 20 1.99 2.08 0.21 1.76 2.58
1009E 75 130 80 82 2 0.12 0.23 0.00 2.00 6.10
94 98 4 2.21 0.79 0.00 3.14 3.85
79 28 34 36 2 1.01 0.07 0.00 0.91 1.98
323E 94 110 22 44 22 1.90 4.31 0.66 0.19 0.03

56 60 4 0.33 3.31 1.03 0.02 0.09
74 78 4 0.23 1.19 0.03 0.70 1.80
103 40 0 2 2 0.56 1.57 0.13 0.36 0.26
24 28 4 0.36 2.35 0.01 1.98 4.10
104 52 36 52 16 0.28 2.00 0.79 0.02 0.03
348E 96 16 0 16 16 0.18 6.10 0.17 0.07 0.17
97 70 0 8 8 2.48 0.91 0.14 0.08 0.11
34 56 22 1.03 1.98 0.31 0.03 0.04
373E 95 40 2 4 2 0.64 2.12 0.37 0.15 0.22
8 16 8 0.94 8.81 0.13 0.08 0.06
400E 48 80 0 52 52 1.44 2.62 0.73 0.10 0.12
43 14 30 16 1.01 1.69 0.90 0.16 0.14
420E 44 80 0 44 44 2.50 2.07 0.49 0.04 0.02
88 120 0 2 2 1.05 2.41 0.08 0.31 0.44
38 52 14 0.47 2.11 1.36 0.07 0.23
64 70 6 1.72 1.41 0.95 0.02 0.16
72 74 2 1.32 1.19 0.48 0.03 0.07
86 90 4 0.88 20.25 0.24 0.18 0.49
92 104 12 2.14 3.32 2.41 0.03 0.11
445E 37 137 0 2 2 0.75 1.96 0.27 0.20 0.44
52 54 2 2.91 3.18 0.45 0.06 0.12
56 80 0 2 2 0.98 2.64 0.55 0.12 0.18

62

8 22 14 2.02 5.09 0.45 0.08 0.10
28 54 26 3.24 2.19 1.58 0.04 0.12
58 60 2 1.47 1.10 0.04 2.76 7.50
471E 34 140 0 6 6 0.80 1.95 0.15 0.38 0.95
12 24 12 1.90 7.00 0.26 1.56 3.97
86 90 4 3.77 4.95 0.05 0.11 0.12
98 102 4 0.81 0.59 0.03 0.20 0.70
112 118 6 0.53 5.12 2.44 0.06 0.31
45 80 0 2 2 2.14 3.60 0.17 0.29 0.53
4 10 6 1.98 4.16 0.25 0.05 0.07
16 28 12 3.07 3.55 0.07 0.22 0.16
30 50 20 6.06 1.44 0.59 0.09 0.02
49 100 0 4 4 0.74 2.11 0.48 0.18 0.39
38 42 4 0.33 0.84 0.03 0.74 2.57
44 64 20 5.57 2.32 0.58 0.07 0.22
89 150 0 4 4 0.80 1.46 0.12 0.41 1.11
6 16 10 0.45 1.42 0.07 0.26 0.55
18 26 8 0.34 0.87 0.09 0.68 2.21
80 82 2 0.10 0.46 0.01 1.06 2.90
102 104 2 0.67 0.53 0.01 1.48 6.20
130 136 6 1.38 25.97 2.16 1.07 1.59
140 150 10 0.69 5.53 0.37 0.90 5.17
495E 32 150 14 32 18 0.90 1.80 0.18 0.07 0.12
96 98 2 3.46 3.66 0.07 0.34 0.30
106 108 2 1.31 1.15 0.06 0.08 0.14
116 118 2 2.04 3.05 1.08 0.04 0.11
35 120 2 12 10 1.13 3.95 0.55 0.05 0.06
14 20 6 0.67 3.80 1.07 0.06 0.10
22 28 6 0.80 2.08 0.66 0.12 0.33
50 68 18 2.92 1.80 0.47 0.05 0.03
72 74 2 3.96 1.80 0.10 2.14 11.40
76 88 12 4.29 1.85 0.75 0.04 0.09
57 40 0 6 6 3.17 11.75 2.04 0.22 0.35
8 10 2 2.36 8.04 1.48 0.43 0.82
18 22 4 0.74 1.62 0.79 0.31 1.23
521E 28 170 0 68 68 1.21 2.71 0.19 0.08 0.16
74 90 16 1.38 1.58 0.27 0.50 1.61
132 156 24 0.60 0.91 0.02 0.27 1.02
30 159 6 38 32 1.84 4.78 0.18 0.21 0.29
38 40 2 0.23 0.41 0.01 0.67 2.10
64 76 12 2.64 3.03 0.03 0.80 1.68
86 98 12 6.87 1.20 0.32 0.75 2.39
46 50 14 18 4 0.66 1.93 1.36 0.08 0.28
55 100 14 20 6 1.84 3.54 0.09 0.32 0.63
63

521E 90 135 0 2 2 0.60 1.74 0.09 0.41 1.09
10 38 28 1.41 3.98 0.06 0.51 0.50
12 36 24 1.62 4.55 0.06 0.58 0.54
40 44 4 0.91 1.03 0.01 1.07 3.50
46 50 4 0.18 0.52 0.01 0.71 2.63
68 74 6 3.04 6.37 0.21 1.23 3.54
98 102 4 6.37 6.57 1.03 0.17 0.53
118 126 8 0.84 1.25 1.04 0.04 0.16
545E 22 150 0 2 2 1.00 3.05 0.17 0.36 0.78
14 62 48 1.29 2.71 0.07 0.60 1.49
94 108 14 5.32 2.62 0.20 0.14 0.25
0 2 2 1.20 2.57 0.14 0.51 0.90
16 18 2 0.79 2.60 0.07 0.17 0.25
48 54 6 1.44 3.40 0.34 1.32 3.54
84 94 10 1.83 4.90 0.31 1.65 4.47
47 70 4 16 12 1.48 5.60 0.17 0.24 0.37
50 140 0 4 4 1.52 3.36 0.34 0.13 0.33
6 16 10 0.49 1.42 0.07 0.22 0.48
18 26 8 0.52 1.21 0.06 0.38 0.64
26 68 42 2.57 1.82 0.07 0.51 2.40
92 102 10 2.17 2.24 0.03 0.83 2.14
106 108 2 4.04 0.26 0.00 0.14 0.45
114 126 12 6.72 1.64 0.16 0.20 0.57
128 140 12 0.91 1.28 0.69 0.21 0.58
91 24 2 4 2 1.40 2.70 0.17 0.14 0.31
12 16 4 0.39 0.98 0.05 0.31 0.76
18 22 4 0.38 1.19 0.08 0.43 0.78
92 90 0 28 28 0.52 1.44 0.07 0.27 0.58
569E 17 150 8 12 4 0.54 1.40 0.12 0.37 0.61
28 74 46 2.21 8.77 0.11 0.71 0.85
80 100 20 2.10 1.76 0.05 0.16 0.08
108 118 10 8.12 0.91 0.14 0.16 0.37
26 100 6 16 10 2.31 2.81 0.05 0.06 0.04
20 28 8 1.23 1.86 0.48 0.03 0.02
30 52 22 1.58 1.53 0.32 0.18 0.19
54 62 8 0.57 2.49 1.12 0.15 0.34
74 76 2 0.62 1.55 0.02 1.39 3.60
87 105 0 4 4 0.96 3.39 0.22 0.33 0.41
10 14 4 0.57 47.60 0.11 0.44 0.92
30 70 40 1.00 4.84 0.03 1.73 3.65
90 92 2 0.34 1.54 0.01 0.90 1.95
108 110 2 0.43 2.28 0.06 0.59 1.52
597E 24 120 2 4 2 1.00 2.48 0.06 0.09 0.14
8 12 4 1.11 3.10 0.26 0.41 1.25
64

597E 24 14 30 16 1.85 3.55 1.09 0.17 0.48
51 100 0 6 6 0.44 0.57 0.12 0.67 3.02
18 20 2 0.18 0.62 0.06 0.63 2.60
32 42 10 2.83 3.99 0.03 0.08 0.07
44 94 50 2.47 3.35 0.63 0.11 0.13
52 140 0 6 6 2.60 6.64 0.71 1.24 2.48
40 42 2 0.39 0.18 0.00 1.03 3.60
56 126 70 2.80 2.74 0.09 0.16 0.36
53 110 0 2 2 0.60 1.24 0.11 0.36 0.75
50 56 6 2.16 2.67 0.07 0.64 0.98
62 72 10 1.51 3.85 0.19 1.86 6.69
624E 1 120 0 14 14 1.26 5.61 0.26 0.74 0.43
0 16 16 1.00 4.67 0.22 0.75 0.54
22 24 2 0.48 4.15 0.01 0.49 1.15
38 68 30 2.33 3.36 0.17 0.35 0.65
74 76 2 0.60 2.09 0.02 1.08 2.80
84 86 2 3.47 0.56 0.04 0.03 0.01
102 104 2 1.24 3.05 0.06 0.06 0.09
118 120 2 2.66 7.14 0.13 0.09 0.05
2 140 4 6 2 0.51 0.32 0.01 2.88 7.70
10 18 8 3.43 4.47 0.12 0.71 0.97
20 26 6 2.20 6.56 0.10 0.20 0.12
38 42 4 0.42 0.82 0.01 2.19 7.85
44 98 54 3.18 4.46 0.15 0.38 0.87
18 127 0 26 26 2.30 4.32 0.42 0.84 1.60
34 38 4 0.34 1.02 0.00 0.93 3.54
46 76 30 1.42 1.96 0.03 0.96 2.63
20 100 2 6 4 2.62 4.36 0.02 0.75 0.60
18 42 24 4.39 5.18 1.33 0.17 0.39
58 60 2 0.50 0.44 0.01 0.53 2.60
82 90 8 1.23 20.01 0.18 5.22 9.87
92 94 2 0.69 3.05 0.03 2.13 10.20
21 120 0 22 22 1.49 2.78 0.38 0.46 1.28
30 62 32 1.99 3.32 0.51 0.20 0.34
94 96 2 0.37 4.76 0.07 3.33 7.30
54 90 0 22 22 1.83 4.38 0.35 1.24 2.80
52 58 6 1.61 3.29 0.02 0.99 2.08
62 68 6 0.59 82.93 0.02 4.40 6.33
93 140 0 26 26 1.79 5.13 0.49 0.64 2.05
34 38 4 0.44 1.84 0.01 2.44 5.90
56 84 28 2.03 2.56 0.06 0.22 0.55
92 98 6 0.35 1.44 0.01 0.40 1.27
120 126 6 3.35 1.43 1.30 0.03 0.06

65

648E 3 130 4 10 6 0.18 0.35 1.55 0.10 0.53
14 20 6 0.54 1.45 0.09 1.48 7.22
20 46 26 1.37 6.64 0.06 0.37 0.70
48 94 46 3.45 3.96 0.18 0.65 1.42
4 118 0 4 4 1.33 2.72 0.02 1.05 1.87
6 8 2 3.52 0.56 0.02 0.31 0.65
10 24 14 2.02 5.59 0.25 0.36 0.57
30 34 4 0.59 2.90 0.02 0.99 1.83
38 42 4 0.30 1.69 0.01 1.20 3.05
44 70 26 2.77 3.01 0.34 0.22 0.45
102 104 2 0.22 1.70 0.03 0.45 1.39
14 117 0 6 6 1.07 2.71 0.17 0.27 0.31
12 30 18 0.93 3.45 0.03 1.10 2.68
60 78 18 1.64 4.71 0.04 1.11 2.63
19 80 4 10 6 3.07 1.57 0.01 0.12 0.05
673E 5 140 0 96 96 1.92 2.95 0.15 1.64 3.50
0 10 10 0.81 0.66 0.02 2.88 7.22
18 48 30 1.83 4.27 0.08 3.39 5.62
58 96 38 3.09 3.60 0.32 0.34 0.63
6 100 6 52 46 2.18 3.95 0.64 0.40 0.86
7 98 10 20 10 1.44 2.21 0.14 2.10 5.70
28 30 2 0.45 4.24 0.03 1.53 2.30
34 62 28 2.75 2.38 0.32 0.31 0.73
61 100 0 2 2 0.73 1.99 0.05 0.25 0.54
12 20 8 2.85 2.61 0.67 0.07 0.09
22 24 2 1.11 0.56 0.44 0.06 0.32
32 34 2 0.18 0.15 0.01 1.00 4.70
36 46 10 1.63 3.74 0.26 0.31 0.96
50 72 22 2.33 3.44 0.30 0.21 0.83
102 130 14 20 6 0.11 13.98 0.09 3.49 5.70
70 74 4 0.52 0.76 0.01 0.38 1.87
112 116 4 0.91 1.09 0.16 0.10 0.17
700E 8 140 0 2 2 0.93 2.35 0.68 0.25 0.36
48 52 4 0.17 0.55 0.00 1.13 4.50
56 86 30 2.44 3.49 0.18 0.79 2.42
15 120 20 32 12 1.12 3.69 0.01 2.47 6.81
92 94 2 0.26 0.54 0.00 1.70 6.80
27 120 6 20 14 1.54 2.09 0.20 2.25 9.44
26 48 22 1.43 2.32 0.16 1.30 3.59
52 74 22 2.99 6.30 0.27 0.75 1.19
58 29 4 14 10 1.85 4.56 0.57 0.19 0.50
16 29 13 3.10 3.85 0.82 0.17 0.43
59 50 2 8 6 1.63 3.95 0.59 0.21 0.45
10 32 22 2.51 3.67 0.65 0.13 0.22
66

700E 86 66 2 4 2 1.11 1.60 0.18 0.09 0.16
16 26 10 0.40 1.49 0.00 3.22 9.01
727E 16 120 0 4 4 1.70 2.84 0.13 0.23 0.20
20 26 6 0.23 0.81 0.01 2.05 5.90
80 112 32 1.15 2.79 0.41 1.43 3.73
25 120 54 58 4 0.57 5.55 0.05 1.31 4.25
64 82 18 5.41 4.92 0.61 1.27 3.29
38 150 10 12 2 0.91 1.10 0.18 0.07 0.26
14 18 4 0.16 0.26 0.00 0.50 2.39
38 44 6 1.56 4.95 0.04 0.38 0.86
48 72 24 2.19 6.63 1.25 0.18 0.69
751E 23 120 0 2 2 1.20 2.57 0.14 0.51 0.90
16 18 2 0.79 2.60 0.07 0.17 0.25
48 54 6 1.44 3.40 0.34 1.32 3.54
84 94 10 1.83 4.90 0.31 1.65 4.47
29 180 40 42 2 0.57 0.29 0.01 4.75 7.20
44 72 28 2.79 2.58 0.80 0.48 1.60
76 82 6 1.19 0.98 0.12 0.66 1.96
36 130 0 6 6 1.06 3.02 0.10 0.22 0.28
20 22 2 0.18 0.88 0.06 0.42 3.00
50 54 4 1.54 3.52 0.08 2.53 4.05
70 86 16 1.69 7.88 0.27 0.57 1.07
88 92 4 0.47 2.07 0.02 0.34 0.84
114 116 2 0.24 2.28 0.03 0.33 0.67
60 67 12 16 4 1.47 3.36 0.03 0.45 0.11
28 34 6 1.09 3.36 1.47 0.79 7.53
36 38 2 0.82 2.60 0.75 1.00 6.00
40 56 16 2.22 2.67 0.36 0.60 5.37
62 67 5 1.93 4.65 0.65 0.07 0.19
778E 31 120 0 6 6 0.80 2.46 0.07 0.21 0.31
30 34 4 0.26 0.98 0.40 0.22 1.60
50 64 14 2.79 2.35 0.38 0.29 0.98
66 70 4 1.55 1.42 0.08 0.73 3.10
33 77 0 4 4 1.55 4.00 0.06 0.20 0.21
16 44 28 2.69 4.14 0.27 0.57 0.87
58 68 10 2.08 1.17 0.20 0.07 0.22
64 60 2 4 2 1.14 2.03 0.05 0.15 0.32
14 22 8 1.63 1.76 1.23 0.10 0.15
84 140 80 82 2 8.04 1.28 0.11 0.05 0.03
100 114 14 2.42 2.48 0.67 0.06 0.20
802E 12 120 16 32 16 1.32 3.08 1.22 0.07 0.31
66 68 2 0.47 2.80 0.16 0.54 1.08
74 84 10 0.60 2.55 0.25 1.01 3.56
98 100 2 0.76 0.76 0.01 0.84 1.56
67

802E 13 83 64 68 4 1.59 8.29 1.94 0.42 0.67
76 82 6 1.16 1.03 0.06 1.40 3.79
39 150 0 6 6 1.23 2.39 0.08 0.12 0.17
88 108 20 2.92 2.55 0.64 2.62 3.77
108 134 26 0.13 0.48 0.01 0.58 1.34
138 150 12 0.21 1.56 0.01 0.94 2.24
62 110 0 6 6 0.68 1.82 0.05 0.18 0.27
63 56 34 46 12 3.43 3.04 0.91 0.26 0.23
828E 9 100 20 26 6 1.09 1.40 0.14 0.09 0.48
38 50 12 2.15 7.17 0.95 0.26 0.58
82 94 12 0.49 0.99 0.16 1.49 2.47
10 100 50 64 14 2.88 2.64 0.92 0.26 0.15
40 150 76 90 14 2.37 5.17 0.73 0.29 0.97
41 150 58 62 4 1.46 1.35 0.03 2.31 6.95
64 66 2 0.22 0.29 0.00 0.85 2.40
82 110 28 2.82 3.42 0.50 0.35 1.41
42 120 4 8 4 1.97 6.30 0.37 0.29 0.50
18 20 2 0.78 2.12 0.01 0.19 0.22
26 28 2 0.67 1.43 0.02 0.34 0.33
36 38 2 0.24 0.48 1.06 0.08 0.33
854E 11 110 62 74 12 1.94 1.72 0.10 0.66 0.09
86 88 2 1.56 1.99 0.10 1.84 0.16
880E 65 90 62 68 6 1.63 1.85 0.22 0.16 0.31
72 74 2 0.57 5.85 0.06 3.91 5.10
66 70 38 44 6 0.42 1.01 0.04 0.75 2.15
52 56 4 2.23 10.83 2.49 0.26 0.56
62 64 2 1.32 4.50 0.54 0.18 0.21
83 124 58 60 2 1.14 11.73 2.20 1.33 2.10
92 98 6 3.50 6.30 1.93 0.35 0.20
106 120 14 6.14 2.31 0.35 0.18 0.19
905E 68 90 0 4 4 0.50 1.36 0.03 0.47 1.66
69 130 6 8 2 2.03 0.92 0.01 0.51 0.49
932E 71 80 18 22 4 0.68 0.99 0.05 1.01 1.62
81 110 20 22 2 1.10 0.36 0.00 1.68 2.10
30 32 2 3.10 11.12 0.60 1.75 1.20
82 172 66 68 2 4.22 5.37 0.14 0.68 1.05
96 98 2 1.59 0.61 0.00 1.44 4.10
108 110 2 1.38 2.35 0.74 0.17 0.40
112 114 2 2.18 2.28 0.80 0.64 1.71
116 118 2 1.46 1.31 0.53 0.27 0.47
146 158 12 1.88 4.77 0.87 0.31 0.56
956E 73 75 8 30 22 2.23 27.56 0.51 1.28 0.68
76 190 96 100 4 2.61 2.01 0.06 0.56 1.11
112 122 10 2.36 4.12 0.52 0.40 0.55
68

956E 76 144 164 20 1.99 2.08 0.21 1.76 2.58
1009E 75 130 80 82 2 0.12 0.23 0.00 2.00 6.10
94 98 4 2.21 0.79 0.00 3.14 3.85
79 28 34 36 2 1.01 0.07 0.00 0.91 1.98

69

San Nicolas 43-101 Report Dec 28 2005 Roscoe Postle

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TECHNICAL REPORT ON THE

SAN NICOLAS PROJECT, PERU

PREPARED FOR GOLDMARCA

RPA ROSCOE POSTLE ASSOCIATES INC.

PREPARED FOR GOLDMARCA

ROSCOE POSTLE ASSOCIATES INC.

ENVIRONMENTAL CONSIDERATIONS .................................................................... 46

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Goldmarca Limited San Nicolas Project Peru December 28, 2005

The property, consisting of four - 30 year exploitation-mining rights, a Beneficiation

The property is 92 km by road from Cajamarca and is accessible by paved road to

Goldmarca Limited San Nicolas Project Peru December 28, 2005

The basement rocks consist of a thick pile of fossiliferous limestones interbedded

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Goldmarca Limited San Nicolas Project Peru December 28, 2005

A maximum search distance of 30 m (down-dip and along-strike) was used in

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Goldmarca Limited San Nicolas Project Peru December 28, 2005

INTRODUCTION AND TERMS OF

Goldmarca Limited San Nicolas Project Peru December 28, 2005

o information available to RPA at the time of preparation of this report,

PROPERTY DESCRIPTION AND LOCATION

The property consists of four - 30 year exploitation-mining rights and a Beneficiation

Goldmarca Limited San Nicolas Project Peru December 28, 2005

TABLE 1 PROPERTY HOLDINGS

Claim Name Area (ha) 2005 Taxes US$

Total 40.4 121.20

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Tertiary and Quaternary

PERUVIAN MINING LAW

ACCESSIBILITY, CLIMATE, LOCAL

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Mineralization in the district occurs within a major northwest trending structure.

Goldmarca Limited San Nicolas Project Peru December 28, 2005

A dacite porphyry considered to be a dacitic dome underlies the southwestern part of

Goldmarca Limited San Nicolas Project Peru December 28, 2005

High sulphidation epithermal mineralization and advanced argillic alteration are

The San Nicolas mineralization is considered to be of the high sulphidation

Goldmarca Limited San Nicolas Project Peru December 28, 2005

o Structural or vein mineralization is hosted by east-west structures containing

o Hanging wall mantos are characterized by lenses of massive sulphide

Goldmarca Limited San Nicolas Project Peru December 28, 2005

o Oxide mineralization consisting of limonite, jarosite and goethite, is

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Goldmarca Limited San Nicolas Project Peru December 28, 2005

9 253 300 N N310/35SN N310/50W

GEOLOGY of PROSPERIDAD LEVEL

SAMPLING METHOD AND APPROACH

Goldmarca Limited San Nicolas Project Peru December 28, 2005

SAMPLE PREPARATION, ANALYSES AND

Goldmarca Limited San Nicolas Project Peru December 28, 2005

o Sample #2568 is a 2 m chip sample adjacent to #2567

Goldmarca Limited San Nicolas Project Peru December 28, 2005

TABLE 2 VERIFICATION SAMPLING

MINERAL PROCESSING AND

In 2004, Goldmarca submitted samples to Hydrometallurgy Research Laboratories to

The Lime/Limestone variant is a flowsheet more specifically suited to refractory

The laboratory concluded that:

Goldmarca Limited San Nicolas Project Peru December 28, 2005

Bulk sulphide flotation resulted in very high recoveries of sulphide, good

Additional testwork was recommended.

MINERAL RESOURCE AND MINERAL