B E H RE DO L B E AR G RO UP I NC.

S T AT E ME NT O F Q UAL I FI CAT I O NS CO RPO RAT E O VE RVI E W S CO PI NG , PRE -FE AS I B I L I T Y, AND FE AS I B I L I T Y S T UDI E S

Behre Dolbear Group Inc. Statement of Qualifications Corporate Overview

Behre Dolbear Group Inc. (Behre Dolbear or the Company) is one of the oldest, continuously operating, mineral industry advisory firms in the world. Since 1911, we have specialized in studies for commercial and multilateral financial institutions, mining companies, governments and governmental agencies, legal firms, and other parties with interests in the minerals industry. Behre Dolbears global experience covers the full spectrum of technical, operational, and financial issues in a broad range of commodities including base and precious metals, coal, industrial minerals, diamonds and gemstones, ferrous metals, and construction materials. Our worldwide network of offices allows us to be a truly global company. Behre Dolbear operates from offices in 12 of the mining worlds most important cities: Denver New York Chicago Santiago Beijing Sydney Guadalajara Hong Kong London Toronto Ulaanbaatar Vancouver

We design each project team to specifically meet our clients needs, using professionals with the specific experience needed to successfully complete assignments. For this reason, each office can draw upon personnel from the other offices to assure that the best-qualified professionals are assigned to a client. Behre Dolbear is known internationally as a businessmans consultant. Our people have firsthand experience in senior management and executive-level positions, giving them practical and insightful knowledge and skills. They are commercially experienced mineral industry professionals. The Company possesses unparalleled credibility with the worlds major finance organizations and is familiar with the intricacies of project development, financing, mergers, acquisitions, and privatizations. The international mining and financial communities recognize our reports as being among the most accurate and reliable documents in the industry. By engaging Behre Dolbear, our clients gain access to a world-class consulting group, whose studies and reports have international credibility and acceptability.

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Behre Dolbear Group Inc. Statement of Qualifications Corporate Overview

Behre Dolbear brings to every project a breadth and depth of experience that encompasses the technical, financial, and managerial aspects of the industry. Some examples of Behre Dolbears advisory and consulting services follow: Technical Advisory Services

Financial Advisory Services

Management and Business Advisory Services

Conceptual, scoping, prefeasibility, and feasibility studies Planning and monitoring of mineral exploration programs

Due diligence reviews in support of financings, investment decisions, acquisitions, dispositions, and mergers Valuation of mineral properties, reserves, mines, mineral processing facilities, and chemical plants Independent and owners engineer services Preparation of technical documents required for listings on the various global stock exchanges, including the U.S., Canadian, London, AIM, Australian, and Hong Kong stock exchanges Preparation of pro-forma cash flow projections Risk assessments, including political, financial, and technical

Privatization of government-owned mining companies Strategic business plans for mining companies and individual operations Development of corporate, operating, engineering, and human resource policies, procedures, and organizational structures Development and restructuring of national mining laws Market surveys for mineral products Strategy formulation in connection with preparation or negotiation of contractual agreements, such as mergers, acquisitions, and mineral sales contracts

Technical evaluations and consulting for: Resource and reserve reports Mine plans, including equipment selection Metallurgical and mineral processing flow sheets and equipment Chemical facilities Environmental and sustainability program development and evaluation Optimization reviews of operations to identify opportunities for productivity improvements and cost reductions Expert witness testimony for technical issues

We Know the Business of Mining

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Behre Dolbear and our Associates have extensive backgrounds in the management, preparation, and review of scoping, pre-feasibility, and feasibility studies. We understand the important role feasibility studies play in securing both debt and equity financing, and we have a strong understanding what the financial community requires of a bankable document. Our extensive background in conducting due diligence audits and technical reviews of feasibility studies also gives us insight into the requirements of a feasibility study. Conceptual or scoping-level studies tend to have levels of accuracy of 50 percent, while final, bankable feasibility studies tend to have levels of accuracy of 10 to 15 percent. Regardless of the variation in the level of accuracy between the different levels of study, each study generally encompasses the same disciplines, which include: geology, mineral resources and reserves; mining systems, mine plan(s), mine capital and operating costs; processing systems, flow sheets, plant capital and operating costs; infrastructure requirements and capital costs; markets and pricing for the product(s) produced; manpower requirements and organization; environmental permits and issues; financial analysis; and risk analysis.

The accompanying table presents an outline of the level of detail for each type of study. Behre Dolbears approach to performing feasibility studies is based on the internal capabilities within the Company. Behre Dolbear does not claim to be an engineering and design firm; typically, that work is sub-contracted to firms that specialize in such work. Our approach, accordingly, is to oversee and manage the feasibility effort to assure that the work performed meets accepted industry and financing standards. A senior-level professional from Behre Dolbear is assigned to each discipline within the study to coordinate the work performed by Behre Dolbear and sub-contracted professionals. Recent feasibility-type studies undertaken and completed by Behre Dolbear include: APDR Paz del Rio coal mine (851014) Mustavaara magnetite, vanadium and ilmenite mine, Finland (848928) Hollister gold mine, Nevada, United States (847943) Sutter gold mine, California, United States (847388) Anzas zinc project, Australia (846028) Avebury nickel project, Tasmania (845346) El Arco copper project, Mexico

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Gallatin lime mine, Kentucky, United States (845470) Golden Grove Mine, Australia (786680) Gleneagles gold project, Australia (781181) Sydvaranger iron ore mine, British Columbia, Canada (779308) Amessmesa gold mine, Algeria (314078) Atlanta gold mine, Idaho, United States (312600) Angangueo silver, lead, zinc project, Mexico Sunshine silver mine, Idaho, United States (847511) Mount Emmons molybdenum project, Colorado, United States (845594)

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies

Poten tial A reas of I n ves tigation for S cop in g, Pre-feas ib ility, an d Feas ib ility S tu d ies
Property Information Location, topography, and climate Land ownership and royalties Property history Current status Geology and Resources Geological description Mineralogy Drilling, sampling, and assaying Evaluation techniques Mineral resource estimate Mining Ore reserve estimate Mining method and plans Mining equipment Material handing Material handling equipment Historical and forecast production Consumables Mining capital estimates Mining operating cost estimates Processing Ore sampling and test work Processing method Other required processes Process equipment Historical and forecast production Consumables Processing capital estimates Processing operating cost estimates Infrastructure Industrial infrastructure facilities Social infrastructure facilities Utilities, power, and water Infrastructure capital estimates Infrastructure operating cost estimates Management and Labor _ Management organization requirements _ Labor requirements _ _ _ _ Products, Markets, and Sales Products Markets Prices Sales Environmental and Permitting Permit list Environmental impact Compliance costs Compliance cost timing Reclamation expenses Financial Issues Taxes Royalties Fees Licenses

_ _ _ _ _

_ _ _ _

Development Costs and Schedule _ Development cost estimate _ Development schedule _ Development methodology Political and Social Considerations _ Economic benefits and costs _ Government considerations _ Other issues Project Economics Economic parameters Discount rate determination Cash flows Investor returns Debt analysis Sensitivities

_ _ _ _ _

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Comparison of Scoping, Pre-feasibility, and Feasibility Study Content
Category Introduction Location, Topography and Climate Site location map Ownership and Royalties Claims list Claims map Current Status and History Historical chronology Information on past production, if any Geology and Resources Geological Description Geological map Geological cross-sections Drilling, Sampling and Assaying Parameters Drill hole location map Sampling/assaying flow diagram and assessment Assay check assessment and graph Mineral Resource Estimate Resource methodology determination and approach Geologic model limits Lithology/tonnage factors/code Cumulative frequency of samples verses grade Variograms Resource Estimate Conceptual Study/Scoping Study Pre-feasibility Study Feasibility Study

Yes No No No No

Yes No Yes No No

Yes Yes Yes Yes Yes

Yes No Yes Yes No No

Yes Yes Yes Yes Yes Yes

Yes Yes Yes Yes Yes Yes

Yes Yes No No No Industry Standards (SME, AUSMIN, etc.)

Yes Yes Yes Yes Yes Industry Standards (SME, AUSMIN, etc.)

Yes Yes Yes Yes Yes Industry Standards (SME, AUSMIN, etc.)

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Comparison of Scoping, Pre-feasibility, and Feasibility Study Content
Category Mining Ore Reserve Estimate Reserve and resource calculation parameters Cutoff grade equations Reserve and resource estimate Conceptual Study/Scoping Study Assumed Values No Industry Standards Pre-feasibility Study Feasibility Study

Test-Based Values Yes Industry Standards

Test-Based Values Yes Industry Standards

Mining Method and Plans Mining parameters Hydrology/geotechnical parameters Mining equipment list Consumables list Material handling systems Material handling equipment Personnel list Surface mining Final pit and dump outlines Incremental pit and dump outlines Underground mining General mine development Mining approach (stoping, cut & fill, etc.) Production Schedule Historical production, Annual ore and waste tonnage and grade

Yes, minimal engineering basis No No No No No No

Yes, some geotechnical data Yes Yes Yes Yes Yes Yes

Yes Yes Yes Yes Yes Yes Yes

Yes, simple outline No Yes, general outline Yes, general approach

Yes Yes Yes Yes

Yes Yes Yes Yes

Yes, if any Yes, division of total

Yes, if any Yes

Yes, if any Yes

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Comparison of Scoping, Pre-feasibility, and Feasibility Study Content
Category Mining Capital and Operating Cost Estimates Mining operating cost estimates Mining capital cost estimates Processing Ore Sampling and Test work Test work data Processing Methods and Plans Processing methods Processing parameters Equipment list Consumables list Personnel list Material balance Flow diagram Site plan General arrangement drawings Production Schedule Historical production Annual production tonnage and grade Off-site Processing Cost Estimates Concentration charges Smelting and refining charges Other Charges Conceptual Study/Scoping Study Yes, factored 45% Yes, factored 45% Pre-feasibility Study Feasibility Study

Yes, 30% Yes, from engineering manuals 30% No, preliminary data Yes Yes Yes No Yes Yes Yes Yes No Yes, if any Yes

Yes, 15% Yes, from vendor quotes & take-offs 15% Yes

No, assumed values Yes, general approach Yes, minimal engineering basis No No No No Yes, simple block diagram No No Yes, if any Yes, division of total

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes, if any Yes

No No No

Yes, preliminary estimate Yes, preliminary estimate Yes, preliminary estimate

Yes, quote Yes, quote Yes, quote

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Comparison of Scoping, Pre-feasibility, and Feasibility Study Content
Category Material handling and transport Insurance and sales charges Processing Capital & Operating Cost Estimates Processing operating cost estimates Processing capital cost estimates Infrastructure Industrial Infrastructure Facilities Facilities list Power and water parameters Full site plan Social Infrastructure Facilities Facilities list Housing Schools Hospitals Other Infrastructure Capital & Operating Cost Estimates Consumables list Personnel list Infrastructure operating cost estimates Infrastructure capital cost estimates Conceptual Study/Scoping Study No No Pre-feasibility Study Yes, preliminary estimate No Feasibility Study Yes, quote Yes, quote

Yes, factored 45% Yes, factored 45%

Yes, 30% Yes, from engineering manuals 30%

Yes, 15% Yes, from vendor quotes & take-offs 15%

Yes, with minimum detail Yes, preliminary No Yes, with minimum detail No No No No

Yes Yes Yes Yes Yes, preliminary Yes, preliminary Yes, preliminary Yes, preliminary

Yes Yes Yes Yes Yes Yes Yes Yes

No No Yes, factored 45% Yes, factored 45%

Yes Yes Yes, 30% Yes, from engineering manuals 30%

Yes Yes Yes, 15% Yes, from vendor quotes & take-offs 15%

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Comparison of Scoping, Pre-feasibility, and Feasibility Study Content
Category Management, Labor and Administration Personnel Personnel lists Training requirements Personnel Capital & Operating Cost Estimates Consumables list Personnel operating cost estimates Personnel capital cost Markets, Products and Sales Markets, Products & Sales Products Volume Prices Sales organization Sales Related Capital & Operating Cost Estimates Personnel list Consumables list Sales related operating cost estimates Sales related capital cost estimates Conceptual Study/Scoping Study Pre-feasibility Study Feasibility Study

No No

Yes Yes

Yes Yes

No Yes, factored 45% Yes, factored 45% Yes, preliminary Yes, preliminary Yes, preliminary No

No Yes, 30% Yes, 30%

Yes Yes, 15% Yes, 15%

Yes Yes Yes Yes, preliminary

Yes Yes Yes Yes, preliminary

No No Yes, factored 45% Yes, factored 45%

Yes No Yes, 30% Yes, 30%

Yes No Yes, 15% Yes, 15%

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Comparison of Scoping, Pre-feasibility, and Feasibility Study Content
Category Environmental and Permitting Environmental Permit list Environmental Impacts Environmental Compliance Cost Estimates Personnel list Environmental related operating cost estimates Environmental related capital cost estimates Development Schedule and Costs Development Schedule Development methodology Development schedule Development Costs Personnel list Development related operating cost estimates Development related capital cost estimates Conceptual Study/Scoping Study No Yes, preliminary Pre-feasibility Study Feasibility Study

Yes Yes

Yes Yes

No Yes, factored 45% Yes, factored 45%

Yes Yes, 30% Yes, 30%

Yes Yes, 15% Yes, 15%

Yes, preliminary Yes, preliminary

Yes Yes

Yes Yes

No No No

Yes Yes, 30% Yes, 30%

Yes Yes, 15% Yes, from vendor quotes and takeoffs 15%

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Behre Dolbear Group Inc. Statement of Qualifications Scoping, Pre-feasibility, and Feasibility Studies
Comparison of Scoping, Pre-feasibility, and Feasibility Study Content
Category Project Economics Financial Issues Taxes Royalties Fees Licenses Economic Issues Economic parameters Discount rate determination Cash flows Investor returns Debt analysis sensitivities Summary and Recommendations Operational Parameters Title and ownership Geology Ore reserves Mining and processing rates Development period and mine life Metal/mineral recoveries Sales Operating cost estimates Capital cost estimates Financial Parameters Cash Flows NPV, IRR & ROI Mostly assumed and factored Yes Some engineering basis Yes Some engineering basis Yes Conceptual Study/Scoping Study Yes, preliminary Yes, preliminary Yes, preliminary Yes, preliminary Yes, preliminary Yes, preliminary Yes, preliminary Yes, preliminary No Pre-feasibility Study Feasibility Study

Yes Yes Yes Yes Yes Yes Yes Yes Yes, preliminary

Yes Yes Yes Yes Yes Yes Yes Yes Yes

Mostly assumed and factored Yes Yes Yes Yes Yes Yes Yes Yes

Some engineering basis Yes Yes Yes Yes Yes Yes Yes Yes

Some engineering basis Yes Yes Yes Yes Yes Yes Yes Yes

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