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Memorandum
To: Gold Mask Ventures Ltd. From: E. Trent Pezzot Date: October 7, 2011 Re: Sirs: Results from the 3D Induced Polarization (3DIP) survey completed by SJ Geophysics Ltd. (SJ) in May, 2011 on the northern portion of the East Grid of the GM property have been compared to the earlier interpretation based on the 2006 Frontier Geosciences Inc. (Frontier) and 2008 SJ surveys. The main goal of this latest survey was to confirm the 2006 Frontier results and quantify the results to the same standards applied to the 2008 SJ survey. An interpretation of the 2011 SJ survey is documented in a report authored by Douglas MacLean and Shawn Rastad, dated June/July 2011. This memo extends this interpretation by comparing it to the previous work. The resistivity component of the SJ survey produced very similar inversion models to those presented by Frontier in 2006, particularly with respect to the very high amplitude anomaly (RH1) centred near grid coordinates 1600S / 200W. Both inversions reveal a north-south striking resistive zone, approximately 600 metres long and 300 metres wide. Both inversions suggest a similar anomaly amplitude of approximately 4 times the background level; Frontier maps a 270 ohm-m zone over a 60 ohm-m background and SJ maps a 400 ohm-m over 100 ohm-m base. Lower amplitude resistivity features are also similar but there are subtle differences in the way these weaker zones appear to be connected. The SJ inversion gives the impression of NW striking background trends, perpendicular to the survey line orientation and conforming to the assumed Re-evaluation of drill recommendations for GM Property

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geology while the Frontier background trends appear to parallel the survey lines. This effect is most obvious in the vicinity of the Cherry Creek Fault, which appears to have a resistivity signature on the SJ results. The most striking difference is in the location of the second strongest resistivity anomaly, flagged on the Frontier data as RH2. Both the SJ and Frontier surveys detected this resistive body as a N-S striking feature, extending from line 2200S to 1800S. Frontier places the centre of the body immediately north of line 2000S while SJ places the centre of the body immediately south of line 2000S.

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Frontier Resistivity Inversion Depth Slice at 75 m depth.

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SJ Resistivity Inversion Depth Slice at 100 m depth. Outline of Frontier resistivity anomalies at 75m depth.

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The chargeability inversions do not agree as well as the resistivity. One of the most obvious differences is in the absolute amplitude of the responses however this variation is not as important as one might think. The recorded chargeability values will vary dramatically between different surveys. This is usually due to changes in the method of measuring the decay curves (different time windows can be used to measure the decay) and there are different methods available to calculate the chargeability parameter. Even more variations and level shifts can be generated by the inversion. The most meaningful comparison between different surveys comes from estimating the relative amplitude of anomalies in relation to the background levels. In this respect, the inversions are much more similar. The Frontier inversion mapped the outline of the strongest anomaly (C1) at the 75m depth level with an amplitude of ~ 14 ms over a background value of ~ 10.5 ms (factor of 1.3). The same anomaly was outlined on the SJ inversion by the 5 ms contour, over a background value of 4 ms (factor 1.25). These anomaly:background ratios become the same (1.5:1) when comparing the maximum values of the C1 anomaly. The major difference between the Frontier and SJ results are associated with the shape and location of the main chargeability anomaly C1. At shallow depth (75-100 metres) both inversions map C1 as an east-southeast elongated anomaly some 600 metres long and 300 metres wide but the SJ inversion centers the anomaly some 350 metres east of the Frontier inversion. At greater depths (150+ metres) the SJ inversion shows C1 as a part of a northerly trending band of high chargeability that includes the C3 anomaly. The SJ inversion delineates a series of very weak chargeability features that lie along the western edge of the Cherry Creek Fault. There are only weak hints of anomaly C2 mapped at the edge of the SJ survey.

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Frontier Chargeability Inversion Depth Slice at 75 m depth.

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SJ Chargeability Inversion Depth Slice at 100 m depth. Outline of Frontier chargeability anomalies at 75m depth.

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The two SJ surveys show excellent correlation with each other although there is still a slight background shift of the chargeability responses between the 2011 (lower amplitude) and the 2008 surveys. However, both surveys outline the same trends in the overlap area. When combined, they show the C1 and C3 anomalies as being localized high bodies contained within a northerly trending finger of elevated chargeability values that is traced for ~ 1.4 km, from line 1300S to 2700S. This finger plunges at a shallow angle from north to south and includes another localized high (C9) at depth some 350 metres south of C3. Anomaly C1 is centred below 1800S / 100W at approximately 150m depth; C3 is centred below 2200S / 300W at 195m depth and C9 is below 2500S / 400W at close to 300m depth. Although these anomalies are considered viable exploration targets, they are significantly smaller and lower amplitude than the C4 anomaly to the southeast, centred on line 3200S.

Paraview Image Chargeability Isosurfaces Green mesh (5.0 ms), light green translucent solid (6.0 ms), dark green solid (14 ms) View from Top

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Paraview Image Chargeability Isosurfaces Green mesh (5.0 ms), light green translucent solid (6.0 ms), dark green solid (14 ms) View from Side Looking northeast At this time, the C1 anomaly is considered the highest priority target because there is collaborating evidence from geochemical test pits and magnetic data available. Recommendations made for these additional surveys across the southern portion of the survey grid have not been followed. The C1 anomaly is a localized, ESE elongated chargeability high, located at the northern end of northerly trending and southerly plunging finger of elevated chargeabilities. The anomaly is centred at approximately 150 metres depth and overlain by a flat-lying high resistivity lens (RH1). These anomalies are located above the southerly flank of a southerly plunging high magnetic susceptibility body. These geophysical signatures are consistent with both the porphyry and epithermal silicification styles of mineralization proposed for this property. The magnetic high could represent a small intrusion or increased magnetite mineralization around a feeder system. The overlying high chargeability zones and near surface resistive layer could represent sulphide and silica alteration zones respectively.

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Paraview (subset C1 anomaly) 3D models elevated view looking SW Green Isosurface (Chargeability 6.1 ms) Yellow Isosurface (Resistivity 250 ohm-m) Red Isosurface (Magnetic 0.055 SI).

Paraview (subset C1 anomaly) 3D models side view looking SW Green Isosurface (Chargeability 6.1 ms) Yellow Isosurface (Resistivity 250 ohm-m) Red Isosurface (Magnetic 0.055 SI).

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Based on the shift of the C1 anomaly indicated by the 2011 SJ survey, the drill program recommendation presented in the 43-101 report (dated January 15, 2011) has been revised. The same philosophy of covering the C1 anomaly with a rectangular pattern of angled drill holes is maintained. Some of the western drill holes (1, 6 and 7) are included to test the core of the Frontier anomaly, however most of the drill collars are shifted to the east to intersect the SJ defined target.

Drill Hole Recommendations for Anomalies C1 and RH1

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The following table identifies the collar location, azimuth and dip for the recommended drill program.

Hole # 1 2 3 4 5 6 7 8 9 10 11 12 13 14

UTM (NAD 83, Z 10N) Easting Northing 679575 5610200 679725 5610200 679875 5610200 680025 5610200 680175 5610200 679500 5610050 679650 5610050 679800 5610050 679950 5610050 680100 5610050 680250 5610050 679875 5609900 680025 5609900 680175 5609900

East Grid Coordinates Azimuth Inclination Depth Line (northing) Station (easting) (degrees) (degrees) (metres) 1320S 350W 90 60 350 1400S 220W 90 60 350 1500S 110W 90 60 350 1600S 0E 90 60 350 1700S 110E 270 60 500 1380S 510W 90 60 350 1480S 380W 90 60 350 1580S 270W 90 60 350 1680S 150W 90 60 350 1780S 40W 90 60 350 1880S 70E 270 60 500 1730S 310E 90 60 350 1830S 190W 90 60 350 1930S 80W 270 60 500 Total Depth 5350

Recommended Drill Holes to test targets C1 and RH1 As stated in the 43-101 report, it is expected that the stronger chargeability anomaly to the south (C4) will also warrant drilling however this should be preceded with a program of magnetometer surveying and test pit geochemistry.

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