Exhibit 99.2

NI 43-101

TECHNICAL REPORT

ON THE

GÜMÜŞHANE EXPLORATION PROJECT

TURKEY

For

ASLANAY MINING

[gumushane43101draft110812001.jpg]

Robert M. Allender, Jr., CPG, RG

Phoenix, Arizona, USA

TECHNICAL REPORT

R.M.Allender, Jr.,CPG, RG

Report No. 12-28

Effective Date: September 27, 2012

Signing Date:

NI43-101 Gümüşhane Project Technical Report

Page 1

NOTICE

This report was prepared as a Canadian National Instrument 43-101 Technical Report, in

accordance with Form 43-101F1, for Aslanay Mining (“Aslanay”) by Robert M. Allender, Jr.

(“Author”). The quality of information, conclusions and estimates contained herein is consistent

with the level of effort described in the agreement between Aslanay and Author and based on: i)

information available at the time of preparation, ii) data supplied by Aslanay and other outside

sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This

report is intended to be used by Aslanay, subject to the terms and conditions of its contract with

Author. This contract permits Aslanay to file this report as a Technical Report with Canadian

Securities Regulatory Authorities pursuant to National Instrument 43-101, Standards of

Disclosure for Mineral Projects and with the United States Securities Exchange Commission

pursuant to Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant

Mining Operations. Any other use of this report by any third party is at that party’s sole risk.

NI43-101 Gümüşhane Project Technical Report

Page 2

TECHNICAL REPORT

ON THE

GÜMÜŞHANE EXPLORATION PROJECT,

TURKEY

TABLE OF CONTENTS

CONTENTS

PAGE

Title Page

Notice

Date and Signature Page

Table of Contents

Item 1:

Summary

Item 2:

Introduction

Item 3:

Reliance on Other Experts

Item 4:

Property Description and Location

Item 5:

Accessibility, Climate, Local Resources, Infrastructure and Physiography

Item 6:

History

Item 7:

Geological Setting and Mineralization

Item 8:

Deposit Types

Item 9:

Exploration

Item 10: Drilling

Item 11: Sample Preparation, Analyses and Security

Item 12: Data Verification

Item 13: Mineral Processing and Metallurgical Testing

Item 14: Mineral Resource Estimates

Item 15: Mineral Reserve Estimates

Item 16: Mining Methods

Item 17: Recovery Methods

Item 18: Project Infrastructure

Item 19: Market Studies and Contracts

Item 20: Environmental Studies, Permitting and Social or Community Impact

Item 21: Capital and Operating Costs

Item 22: Economic Analysis

Item 23: Adjacent Properties

Item 24: Other Relevant Data and Information

Item 25: Interpretation and Conclusions

Item 26: Recommendations

Item 27: References

Appendix: Havadan License Documents

NI43-101 Gümüşhane Project Technical Report

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TABLE OF CONTENTS - CONTINUED

FIGURES

PAGE

Reference Map of Turkey

Gümüşhane Province Location Map

Gümüşhane Project Location Map

Gümüşhane Licenses Location and Topographic Map

General tectonics of Turkey

Plate Tectonic Features of Turkey

Geologic Map and Sections, Gümüşhane Licenses

TABLES

PAGE

Aslanay Mining Gümüşhane License s

Gümüşhane Project Selected Analytical Results

NI43-101 Gümüşhane Project Technical Report

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CERTIFICATE OF QUALIFIED PERSON

Robert M. Allender, Jr. Certified Professional Geologist (07475)

I, Robert M. Allender, CPG, residing at 5730 East Windrose Drive, Scottsdale, Arizona, USA do

hereby certify that:

1. I am an independent geological consultant contracted by Aslanay Mining;

2. I am a graduate of Colorado State University with a Bachelor of Science degree in Geology

(1978);

3. I am a geological consultant and currently a Certified Professional Geologist (CPG #07475)

by the American Institute of Professional Geologists (AIPG);

4. I have worked as a geologist for a total of 34 years since obtaining my B.Sc. degree;

5. I am responsible for all sections of this technical report entitled “Technical Report on the

Gümüşhane Exploration Project, Turkey for Aslanay Mining” and dated September 27, 2012;

6. I visited the Gümüşhane property on June 2 and 5, 2012;

7. I have had no prior involvement with the Gümüşhane Property that is the subject of this

Technical Report;

8. As of the date of this certificate, to the best of my knowledge, information and belief, the

technical report contains all scientific and technical information that is required to be disclosed to

make the technical report not misleading;

9. 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 and past relevant work experience, I fulfill the

requirements to be a “qualified person” for the purposes of NI 43-101. This report is based on

my personal review of information provided by the Issuer and on discussions with the Issuer’s

representatives;

10. I am independent of the issuer applying the test in Section 1.4 of NI 43-101;

11. I have read NI 43-101 and Form 43-101F1 and the Report has been prepared in compliance

therewith;

Effective Date: September 27, 2012

Signing Date:

{SIGNED AND SEALED}

_______________________________

Robert M. Allender, Jr.

NI43-101 Gümüşhane Project Technical Report

Page 5

Item 1:

Executive Summary

Robert M. Allender, Jr. ("Author") was retained by Aslanay Mining, Industry, and Trade Limited

Company (“Aslanay Mining”) to conduct a technical review of the Gümüşhane Project

(the "Project") located in Gümüşhane Province, Turkey and prepare a National Instrument 43-

101 ("NI 43-101") Technical Report. For the purposes of this report, the Author (a Certified

Professional Geologist and Qualified Person) visited the Gümüşhane Project on June 2 and June

5, 2012. The Author also reviewed all available technical information and collected sample of

geologic materials from the site for laboratory analysis.

The Gumushane project is located in the Merkez District, Gümüşhane Province, Northeastern

Anatolia, Turkey about 65 kilometers south of the major Black Sea port of Trabzon. Aslanay

holds two Group 4 exploration licenses on 343.83 hectares approximately ten kilometers

southwest of the town of Gümüşhane. The Group 4 licenses allow Aslanay to explore for and

develop metallic minerals on the licensed area. While there is no apparent historical metal

mining on or near the Project, Gümüşhane has been the center of an historic and extensive

precious and base metal mining region since before Roman times. The town and province derive

their name from the silver (“gümüş” in Turkish) that was historically produced in the area.

The Gümüşhane Project is located within the Eastern Black Sea tectonic region in what is called

the Eastern Pontides province in northeastern Turkey. The Eastern Pontides form part of the

Tethyan metallogenic belt. This belt of highly deformed and mineralized rocks is one of the

world's significant gold and copper bearing belts and extends from Pakistan to the Balkans

through Iran, Azerbaijan, Georgia and Turkey. The Eastern Pontides province has a high level of

geological potential for three major styles of mineralization. Current advanced-exploration

projects and producing mines in the area represent porphyry-style copper-gold deposits,

volcanic-hosted massive sulfides (“VMS”) base/precious metal deposits, and both high-

sulphidation and low-sulphidation epithermal gold-silver deposits.

The Project is in the early exploration stage and Aslanay is in the first phase of exploratory work.

Preliminary sampling by the Author and by Aslanay indicate the presence of metallic mineral

enrichment on the surface in the western portion of the Gumushane No.2 block. This enrichment

is located within an extensive alteration zone that exhibits the characteristics of more deeply

seated metallic deposits. Copper-bearing barite veins on the surface in this area were found to be

anomalous in copper, silver, mercury, antimony, barium, and thallium. One sample contained

0.67% copper and 87.39 grams per tonne silver. These elevated concentrations are typically

indicative of metallic mineralization at depth. Further investigations and study will be necessary

to identify the nature and extent of the mineralized rock mass.

Given the potential for mineral deposits in the area, Aslanay is preparing to conduct detailed

exploration activities on the license area. The Author is recommending detailed geologic

mapping and analysis, geochemical sampling and analysis, geophysical investigations, remote

sensing data acquisition and analysis, and exploration drilling. The initial drilling program will

focus on targets identified based on the results of the mapping, geochemistry and geophysics

testing, and the remote sensing analysis.

NI43-101 Gümüşhane Project Technical Report

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Item 2:

Introduction

This technical report has been commissioned by and prepared for Aslanay Mining, Industry, and

Trade Limited Company (Aslanay Mining) with an address at Emirhan Caddesi, Naki Cendere

Apt. No. 88/4, Besiktas, Istanbul, Turkey. Aslanay Mining is the Turkish entity that holds the

Gümüşhane licenses, Aslanay is a wholly owned subsidiary of TCMI Mining and Minerals, Inc.

This report has been prepared for the purpose of summarizing all available information regarding

the property and providing a baseline of technical and exploration information from which

further examinations and exploration may be commenced.

Information regarding the Gümüşhane

property has been provided by Aslanay

Mining.

Technical information

describing the geology and mineral

deposits in the area of the Gümüşhane

property has come from the preliminary

report prepared by Aslanay in

fulfillment of requirements to obtain the

exploration licenses for the property

(Yazici,2012). Technical information

specific to the Gümüşhane properties is

generally scarce. Preliminary geologic

maps of the area were obtained from the

General Directorate of Mineral Research

[gumushane43101draft110812002.jpg]

Figure 1. Reference Map of Turkey

and Exploration (commonly called the

MTA). All published material utilized in

the preparation of this report are listed in the Reference section at the end of this report. A

personal inspection of the property was conducted by the Author, on Saturday, June 2, 2012 and

on Tuesday, June 5, 2012.

Item 3:

Reliance on Other Experts

The Author has relied, and believes that he has a reasonable basis to rely, upon Dr. Salih

Bayraktutan, Ph.D. geologist, Exploration Manager of Aslanay who has contributed much of the

geological and mineralization information regarding the Gümüşhane Property. The Author has

also relied upon the legal, environmental, permitting, and business information provided by

Aslanay Mining that has been reviewed by the author and included in this report.

Although copies of the exploration licenses and the preliminary survey reports prepared by

Aslanay were reviewed, an independent verification of land title and tenure was not performed.

The author has not verified the legality of any underlying agreement(s) that may exist concerning

the licenses or other agreement(s) between third parties.

A draft copy of the report has been reviewed for factual errors by Aslanay. Any edits or revisions

made as a result of this review did not involve any alteration to the conclusions made. Hence, the

NI43-101 Gümüşhane Project Technical Report

Page 7

statement and opinions expressed in this document are given in good faith and in the belief that

such statements and opinions are not false and misleading at the date of this report.

Item 4: Property Description and Location

The subject property lies in the Gümüşhane Province (Figure 2), Merkez District approximately

10 kilometers west-southwest of the town of Gümüşhane in northeastern Turkey. The property

blocks are situated along the southern edge of the Dortkonak Upland between the villages of

Aksu (southeast), Ҫamli (east), and Dortkonak (northeast). The location and topography of both

property blocks is shown in Figure 3. Location

and topography of the two license blocks are

shown in Figure 4.

Gümüşhane Block No. 1 is located on a

relative flat highland on the western flank of

Terek Hill. Topographic relief on the block is

low ranging from 2,100 meters at the

[gumushane43101draft110812004.gif]

northwest and southeast corners of the block to

Figure 2. Gumushane Province Location

2,260 meters on Terek Hill (elevation 2,270 meters at UTM Zone 37N, 537000E, 4475000N ) in

the northeast corner of the block. In general, the central portion of the block straddles a low

ridge that runs southwest to northeast through the block.

Gümüşhane Block No. 2 is located on Şorderenintaşi Hill (UTM coordinates 536450E,

4472750N, Zone 37; 2,175 meters elevation) one kilometer south of Gümüşhane Block No. 1.

Topographic relief on the property is high with elevations ranging from 1,600 meters in the

northeast corner of the property to 2,300 meters in the northwest corner. In general, the

topography in the immediate area of the property rises sharply to the west from the drainage

valleys to the east.

Exploration Licenses. The issuer holds two Group 4 Exploration Licenses from the Turkish

Energy and Natural Resources Ministry, General Directorate of Mining, for two separate, nearly

adjacent, blocks of ground in the Gümüşhane area. The total license area is 343.83 hectares.

License details are shown in the following table.

Table 1. Aslanay Mining Gümüşhane Licenses

Gümüşhane

License

Access

Total area

Expiration

Property

Number

(hectares)

Effective Date

Date

No. 1

201200505

3287409

125.00

3 April 2012

3 April 2019

No. 2

201200564

3289062

218.83

8 May 2012

8 May 2019

A Group 4 license entitles the holder to conduct exploration and development activities on the

site and produce minerals from on-site deposits. Group 4 licenses are effective for a period of

seven years. Upon expiration of the license or completion of exploration and resource

NI43-101 Gümüşhane Project Technical Report

Page 8

development a production license may be obtained by application to the Ministry. Production

licenses have a term of 10 years which may be extended for an additional 10 year period.

Further conditions under this license type require a Pre-Exploration period of one year, a

General Exploration period with a term of two years and a Detailed Exploration period of four

years duration.

The Pre-Exploration period is devoted to the collection and analysis of surface rock and

geochemical samples, geophysical investigations, remote sensing data acquisition and

interpretation, and other preliminary investigations designed to determine if further exploratory

work is warranted. The focus of these investigations is to identify possible mineral deposits on

the subject property.

If the results of the Pre-Exploration investigations identify targets warranting further testing then

the General Exploration period may be commenced. This period involves more detailed and

extensive investigations into the geology and mineral deposits on the property. Activities during

this phase of exploration could include topographic mapping, detailed geologic and mineral

deposit mapping, drilling, resource identification and estimation, reserve identification and

estimation, deposit modeling, preliminary economic evaluations, and preliminary mining

engineering studies designed to evaluate the potential feasibility of mining any discovered

deposits.

The Detailed Exploration period may include the refinement and detailed extension of some or

all of the activities undertaken during the General Exploration phase in addition to technical and

economic studies that might lead to mine development and production.

NI43-101 Gümüşhane Project Technical Report

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[gumushane43101draft110812006.gif]

- 4472750

[gumushane43101draft110812007.jpg]

N ^

Figure 3.

Gümüşhane

Datum European 1950

Project Location

^{UTM Zone 37N}

Map

NI43-101 Gümüşhane Project Technical Report

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[gumushane43101draft110812008.jpg]

N ^

Datum European 1950

_{UTM Zone 37N}

Figure 4.

Gumushane Licenses

Location and

_{Map prepared by}

Topographic Map

Aslanay Mining

NI43-101 Gümüşhane Project Technical Report

Page 11

Royalties. The Government of Turkey retains the right to a royalty on all mineral production.

The Group 4 category comprises all industrial and metallic minerals including base and precious

metals which are the subject of the exploration licenses for the Gümüşhane properties. The

government royalty amount on Group 4 production is 4%. This amount is reduced by half to 2%

if the issuer constructs and operates a processing plant in Turkey for purposes of processing its

own ore.

The Gümüşhane No. 1 property was acquired from a private owner. Details of the transaction

are not known by the author. According to Aslanay, no royalty is retained by the previous owner

to any production from the property block.

The Gümüşhane No. 2 property was acquired at Government auction in February 2012. Other

details of the acquisition are not known by the author. The royalty retained by the Government is

as discussed above.

Environmental Permits and Liabilities. As far as is known by the author, there are no known

environmental liabilities on either Gümüşhane property block at this time. Since part of the

property is forested, a permit will be required to conduct exploration drilling on the property.

This permit may be secured by application to the Ministry of Environment and Forestry and

efforts in the regard are currently underway by Aslanay.

Item 5:

Accessibility, Climate, Local Resources, Infrastructure and Physiography

The subject property is located approximately 10 kilometers from the urban center at

Gümüşhane, Turkey. Gümüşhane is surrounded by mountain ranges including, the Zigana-

Trabzon Mountains to the north, the Çimen Mountains to the south, the Giresun Mountains to the

west, and the Pulur - Soğanli Mountains to the east. Access to Gümüşhane is possible year round

over a well-traveled and maintained paved road from Trabzon which is 65 kilometers to the

north of Gümüşhane.

Access to the properties is on gravel roads from the main paved highway that runs through the

center of Gümüşhane. The roads appear well maintained at least in the summer months. Wet

weather, however, renders these impassable at times, as witnessed during the site visits in June

2012. These access roads are apparently not maintained during the winter months. Year-round

access to the site will likely require significant upgrades to existing roads or new roads

altogether. Snow clearance will probably also be necessary to maintain winter access.

Gümüşhane has a humid continental climate with cold and snowy winters and hot and humid

summers. The Gümüşhane area averages approximately 461millimeters (18 inches) of

precipitation per year with April and May being the wettest months of the year with a combined

total of approximately 127 millimeters (5 inches) of presipitation. Temperatures vary from an

average high of 27 °C (80 °F) in July to an average of 2 °C (35 °F) in January. Average low

temperatures range from 13°C (55 °F) in July to -5 °C (23 °F) in January (Wikipedia). As noted

previously, winter weather and summer storms could affect access and production activities

unless an all-weather, all-season road is constructed.

Gümüşhane Block No. 1 is located on a relative flat highland on the western flank of Terek Hill.

Topographic relief on the block is low ranging from 2,100 meters at the northwest and southeast

NI43-101 Gümüşhane Project Technical Report

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corners of the block to 2,260 meters on Terek Hill (elevation 2,270 meters at UTM Zone 37N,

537000E, 4475000N ) in the northeast corner of the block. In general, the central portion of the

block straddles a ridge that runs southwest to northeast through the block. The property is rocky

and fairly completely covered with a variety of vegetation. Low grasses and alpine plants are

prevalent.

Gümüşhane Block No. 2 is located on Şorderenintaşi Hill (UTM coordinates 536450E,

4472750N, Zone 37N; 2,175 meters elevation) one kilometer south of Gümüşhane Block No. 1.

Topographic relief on the property is high with elevations ranging from 1,600 meters in the

northeast corner of the property to 2,300 meters in the northwest corner. In general, the

topography in the immediate area of the property rises sharply to the west from the drainage

valleys to the east. The property is heavily wooded in places with pine, fir, oak, and aspen trees

and is generally vegetated with low grasses and alpine plants in the steep, rocky areas of the site.

The property package of two separate but proximal blocks is sufficiently large to accommodate

exploration, development, and limited mining activities depending on the possible extent of

mineral deposits discovered. Power is available locally in the form of a high voltage over-head

line that traverses the area immediately adjacent to the Gümüşhane No. 2 block. Limited

quantities of surface water may be available to mining operations, however, groundwater

resources are apparently very limited in this mountaintop area (Tudes and Ceryan, 2006). The

underlying carbonate, volcanic, and granitic rocks are apparently poor aquifers. There are areas

available on the sites and on adjacent lands that could potentially accommodate waste and

tailings disposal. Potential processing plant sites are also available.

Item 6:

History

The Gümüşhane No. 1 property was acquired from a Murat Nebioglu of Trabzon in April, 2012.

Nebioglu had produced some coal from the property in the recent past and had conducted some

exploration drilling for coal on the block. The license was transferred to Aslanay and a new

Exploration License issued to Aslanay on April 30, 2012. The Gümüşhane No. 2 block was

acquired through government auction in early May 2012 and the Exploration License was issued

to Aslanay on May 8, 2012.

Item 7:

Geological Setting and Mineralization

Regional Geologic Setting.

The Gümüşhane property is located within the Eastern Black

Sea tectonic region. It is further located in the Eastern

Pontides volcanic province in northeastern Turkey, which

forms part of the Tethyan metallogenic belt. This belt of

deformed and mineralized rocks is one of the world's

[gumushane43101draft110812010.gif]

Figure 5. General Tectonics of Turkey

significant gold and copper bearing belts and extends from

Pakistan to the Balkans through Iran, Azerbaijan, Georgia and Turkey. The regional tectonic

setting is shown in Figures 5 and 6.

The Eastern Pontides province has a high level of geological potential for three major styles of

mineralization:

NI43-101 Gümüşhane Project Technical Report

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 porphyry-style copper-gold deposits;

 volcanic-hosted massive sulphides (“VMS”) base/precious metal deposits;

 and both high-sulphidation and low-sulphidation epithermal gold-silver deposits.

The major operating mines within the Tethyan Tectonic Belt contain porphyry copper deposits

that are some of the largest sources of copper in the world and also yield significant quantities of

gold and molybdenum. The Eastern Pontides province contains numerous historically mined

deposits (e.g.Giresan-Lahanos, an underground copper mine owned by Demir Export AS),

advanced projects (e.g. Altintepe, a high-sulfidation epithermal deposit owned by Stratex

International), and currently producing mines (e.g. Cayeli, Murgul and Mastra). Cayeli is a

significant VMS deposit with reserves of 9.0 million tonnes at 3.2% copper, 4.3% zinc, 0.5g/t

gold and 41g/t silver (Inmet Mining 2011 annual report); Murgul with resources of 80 million

tonnes at 1.1% copper; and Cerateppe (Teck Resources, Ltd.) with reserves of 1.6 million tonnes

at 8.8% copper, 1.1% zinc, 1.4g/t gold and 33g/t silver. The Mastra Gold Mine (KEFI Minerals),

developed on a low sulphidation epithermal vein system, has reserves of 0.87 million tonnes at

9.8g/t gold and 5.3g/t silver.

The major lithologic units in this region

are representative of Paleozoic-Lower

Mesozoic granitic intrusions, Jurassic

volcanism, Cretaceous limestone, and

Lower Tertiary calc-alkalic island arc

volcanism.

The structural geology of the province is

highly complex. Intense tectonic activity

related to the collision of several crustal

plates in this area of the Middle East and

[gumushane43101draft110812011.jpg]

Figure 6. Plate tectonic features of Turkey

Europe has resulted in the development of

large, active faults and suture zones as

well as extensive volcanism and deformation.

Characteristics of the lithologic units outcropping in the Gumushane District are summarized as

follows from the oldest to the youngest in stratigraphic order.

The oldest rocks in the area are Upper Paleozoic Gümüşhane Granitoids. This formation covers

vast areas in the Eastern Black Sea region. It forms the deep foundation of the Gümüşhane

Mountains. Compositions vary and include granodiorite, quartz diorite and similar rocks. Large

holocrystalline, phaneritic texture and massive structure is dominant.

Jurassic volcanic rocks outcrop on broad areas of the Gümüşhane District. These rocks represent

submarine volcanism and are characterized by lava flows and pyroclastic or agglomerate

formations. The formations consist of spilitic pillow basalts, basaltic andesite and similar rocks

These units have a semi-layered structure and a crystalline texture in dark green, black, dark

NI43-101 Gümüşhane Project Technical Report

Page 14

brown and grey colors. Pyroclastic flows (agglomerates) cover thicker and wider areas compared

with lavas. Diabase and dacitic dyke-sill networks in this unit are present in the area.

Early Cretaceous neritic limestone, precipitated in shallow coastal waters form much of the

surface terrain in the Gumushane area. It was apparently precipitated discordantly on an irregular

submarine topography developed at the beginning of Cretaceous era. This carbonate sequence is

up to 400 meters think in places. Dark grey and beige colors are dominant. Silicification of the

limestone in the form of quartz veins and flooded masses of silicified limestone are also present.

Boudinage structures have been noted in the upper layers of the limestone indicated deformation

of the unit at some time after deposition. Siltstone, mudstone, sandy limestone, and sandstone

may also be present locally as interbeds in the limestone (Yilmaz, et al, 2008).

The second largest volcanism in Gümüşhane region is represented by Middle-Upper Eocene

andesitic volcanic rocks They form the surface on broad areas in the north Gümüşhane District.

This unit consists of lava and pyroclastic flows (agglomerate) with compositions ranging through

andesite, basaltic andesite, trachyte-andesite, and trachyte. This volcanic complex is

characteristic of island arc volcanism with a calc-alkaline geochemistry.

There are areas of Pliocene-age lake and stream sedimentary formations throughout the district.

These are relative small in areal extent. Coal and petrified wood are present in some of these

sediments.

Quaternary alluvium fills most of the valley floors in the District and represents the youngest

geologic units in the region.

Property Geology.

A preliminary geologic map of the project area is shown in Figure 8. Upper Paleozoic

Gümüşhane Granite and associated granitoids outcrop over most of the western portion of the

Gümüşhane No.2 block. It occurs at lower elevations south and east of the property and

composes most of the lower slopes in the drainage valleys to the south. Locally the unit is grey

to brown colored intrusive with a massive structure that has been intensely altered. It’s joint and

fracture system has been completely intruded and filled by silica. Advanced alteration or

kaolination has occurred in the component feldspars.

Unaltered, reasonable fresh Gümüşhane Granite crops out beneath the highly altered granitoid

and volcanics in which the sampled, copper-bearing barite alteration zone is located. This granite

is pink in many places owing to the high potassium feldspar content of the rock.

The Jurassic volcanic complex forms the foundation underlying most of both blocks of the

property. Andesite is the dominant composition. Andesite, basaltic andesite, trachytic andesite

are local composition variations. Lava and pyroclastic flows of this compositional character are

the dominant rock types of this formation. Silica and clay alteration has developed in parallel

with the fracture system.

NI43-101 Gümüşhane Project Technical Report

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LEGEND

SYMBOLS

[gumushane43101draft110812012.jpg]

Figure 7. Geologic Map and Sections, Gümüşhane Project

These two older units – granite/granitoid and volcanics - form the foundation underlying the site.

Younger rocks composed of Cretaceous neritic limestone and Pliocene detrital sediments

dominate the relatively flat topography in the upper elevations of the property. The contact

between the limestone and underlying volcanics and intrusives appears to be unconformable and

may be the result of tectonics.

Mineralization.

The Gümüşhane property and the surrounding region lie within the Eastern Black Sea or Eastern

Pontides metallogenic zone that extends from Ordu through Giresan and Gümüşhane eastward to

Artvin . This structurally-controlled zone of magmatic, volcanic and metamorphic activity is ripe

for mineral deposit development and is one of the richest regions in Turkey in terms of metallic

mineral deposits (Taylor, et al, 2009). Geologic and structural conditions are conducive to the

development of porphyritic disseminated deposits (Guilbert and Park, 1986), epithermal vein

deposits (Demir, et al, 2008), and volcanogenic massive sulfide deposits (Mosier, et al, 2009), all

of which occur at numerous locations in the Eastern Black Sea Region and specifically in the

NI43-101 Gümüşhane Project Technical Report

Page 16

Gümüşhane area. The Paleozoic Rize Batholith (granite and granitoids) is the conjectured source

for mineralizing fluids in the region.

Item 8:

Deposit Types

Three types of metalliferous deposits are indicated by the property location within the Eastern

Pontides metallogenic belt as well as field observations and the random sampling of selected

locations within the property. Alteration types and patterns may indicate the presence of

disseminated porphyry-style mineralization at depth. Extensive clay alteration and the presence

of supergene copper minerals in barite veins on the surface indicate the presence of an

epithermal mineral deposit at depth below the property. Observed secondary copper-silver

enrichment at the surface may be an indication of a near surface enriched copper-silver deposit

and a more complex disseminated porphyry copper-gold mineralization at depth. The presence

of carbonate rocks on the surface in close proximity to altered volcanic rocks and intrusive

granitic rocks also suggest the possibility of skarn-type copper-lead-zinc-gold-silver deposits

underlying the properties and more extensive VMS deposits.

The sequence of Piocene sedimentary rocks present on the surface throughout the Gumushane

No. 1 block contains a section of thin coal seams interbedded with carbonaceous shales beds.

The coal sections appears to be about two meters thick. This coal section is contained within an

island of detrital sediments surrounded by older silicified limestone, and volcanic rocks. Analysis

of the heat content of the coal section indicates that the entire zone is of lignite quality with low

caloric value.

Item 9:

Exploration

Little exploration work has been completed on the Gümüşhane properties. Several site visits of

limited duration have been conducted and random surface outcrop samples have been collected

and analyzed in the laboratory. These sample results are not representative of mineral deposits

on the property rather they are indications of the potential for mineral deposits,

Collected samples are of the random, grab sample type and were not expected to be

representative. Sampling was accomplished in order to identify potential mineralized rock and

determine whether further investigations on the property were warranted.

The author collected seven (7) samples from outcrop areas and road cut exposures during the site

visits in June 2012. These were random grab samples of rock that exhibited potential for base

and/or precious metal mineralization. These were intended as pre-exploration samples to

determine whether the site warranted further more detailed exploration. As such, these are not

representative samples and no field QA/QC procedures were implemented during this phase of

pre-exploration. The laboratory did, however, employ standard QA/QC methods.

The area sampled along the western end of Gümüşhane No. 2 returned interesting and anomalous

results from the metals analysis. Selected results of sample analysis are shown in Table 2.

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Table 2. Selected Analytical Results for Preliminary Evaluation Sampling, Gumushane No. 2

Analyte Mo

Ag Mn Fe

Units

ppm

ppb

ppm

ppb

ppm

ppb

ppm

MDL

0.01

0.1

0.01

0.1

0.2

0.02

0.5

0.02

0.01

809422

0.07

0.62

18.88

36.3

215

1.17

1.4

<0.2

0.04

17.8

0.22

0.09

809423

0.26

3.86

26.75

52.4

404

2.46

1.4

<0.2

<.02

0.19

0.56

809424

1.49

1.07

26.19

37.3

262

1.48

1.7

0.3

0.04

89.9

0.33

0.06

809425

0.42

6718

600.7

629.6

87389

0.46

2863

<0.2

0.11

200.6

>50,000

278.7

0.13

809426

17.28

19.64

95.04

22.8

656

0.19

18.6

<0.2

0.13

2438

317

3.61

0.11

809429

0.09

94.02

4.08

84.1

896

4.54

5.6

2.2

0.18

2808

470

0.32

4.08

809430

0.59

1.59

1.14

0.17

1.1

<0.2

<.02

3.9

0.14

26.47

Sample 809425 (collected at UTM coordinates 4472600N and 536120E at an elevation of 2260

meters) was composed of rock fragments from a shear zone in the road cut at this location. The

rock was a white, intensely hydrothermally altered zone containing supergene copper minerals in

what appeared to barite veinlets on the surface. This type of alteration zone and secondary

enrichment of copper with barite could be indicative of a copper-silver enrichment zone on the

surface overlying a porphyritic, disseminated mineralized mass or epithermal mineralization at

depth. This sample was anomalous for copper (0.67%) and silver (87.39 grams per tonne or 2.8

ounces per ton). Barium, antimony, and thallium concentrations are anomalous as is the high

mercury concentration in this sample. These are indicative of the geochemical signature for

buried mineralization.

Other samples collected in the same road cut over several hundred meters (running from

northeast to southwest) from similar altered rocks showed elevated concentrations of copper and

silver. Elevated gold concentrations were found in samples 809424 and 809429 of 0.3 ppb and

0.9 ppb respectively. Samples 809426 and 809429 returned elevated silver concentrations of

0.66 grams per tonne and 0.39 grams per tonne respectively. Copper and barium concentrations

in these two samples were also anomalous. These results indicate the presence of a mineralized

rock mass and certainly warrant further investigations.

Item 10: Drilling

No documented drilling has been complete on either portion of the Gümüşhane property. There

is, however, evidence in the form of debris and cuttings on site of drilling on Gümüşhane #1

apparently exploring for coal in the Pliocene sedimentary rock sequence. However, no drilling

report, drillhole logs or any other documentation is available for this drilling.

Item 11: Sample Preparation, Analyses and Security

Samples were collected and prepared for shipment by the Author/Qualified Person. The samples

were shipped to Acme Laboratories in Ankara under chain-of-custody procedures. The

laboratory in Ankara prepared the samples and packaged them for shipment to Acme

Laboratories in Vancouver, British Columbia, Canada for chemical analysis and report

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preparation. Samples were digested using Aqua Regia solution and then analysed for ultratrace

element concentrations by ICP-MS method. Standard laboratory QA/QC methods were

employed.

Sample collection, preparation, security, analytical procedures and QA/QC procedures are

adequate at this stage of exploration and development. A suitable data management and QA/QC

program need to be developed for subsequent phases of exploration.

Item 12: Data Verification

This item is not relevant at this time given the stage of property development and exploration

since no data has been generated.

Item 13: Mineral Processing and Metallurgical Testing

No testing of this nature has yet been initiated for the Gümüşhane properties.

Item 14: Mineral Resource Estimates

The properties are in an early exploration phase. As such, no mineral resource estimates are

possible or warranted at this time.

Items 15 through 22 are not relevant at this stage of property development and are

reserved for additional requirements for advanced property technical reports as the

Gümüşhane property develops.

Item 15: Mineral Reserve Estimates

Item 16: Mining Methods

Item 17: Recovery Methods

Item 18: Project Infrastructure

Item 19: Market Studies and Contracts

Item 20: Environmental Studies, Permitting and Social or Community Impact

Item 21: Capital and Operating Costs

Item 22: Economic Analysis

Item 23: Adjacent Properties

No relevant information concerning exploration, mineralization, or mining on any adjacent

property was found or made available.

Item 24: Other Relevant Data and Information

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Include any additional information or explanation necessary to make the technical report

understandable and not misleading.

Item 25: Interpretation and Conclusions

The results of the limited pre-exploration phase work on the Gümüşhane property are

encouraging. Additional more detailed and invasive exploration techniques are warranted given

the results of the limited sampling and analysis at Gümüşhane. Remote sensing, geophysical and

geochemical investigations, and ultimately drilling of identified targets have reasonable potential

to identify mineralized rocks in the Gümüşhane property and may identify mineral deposits and

eventually ore deposits on site.

This is an early stage exploration target. As such, the risks of pursuing this type of project are

high. Exploration expenditures and implementations could lead to the conclusion that no mineral

resource or reserve exists on the site. As with any project of this type, the potential return on

investment could be great. On the other hand, the risk of losing part or all of the invested funds

is also great.

Item 26: Recommendations

The Author recommends a phased approach to evaluation of the Gümüşhane Property for

further development. The first phase corresponds to the Pre-Exploration and part of the General

Exploration terms as specified by exploration license requirements.

1. Geologic mapping; Complete a detailed geologic map of the properties and surrounding

area at 1:1,000 scale.

2. Geochemical sampling and analysis over the entire #2 block to delineate the mineralized

alteration zone observed on the surface and identify possible drilling targets for the next

phase of exploration.

3. Geophysical investigations: Conduct airborne and surface magnetic and electromagnetic

surveys of the property blocks to identify metallic targets for possible future drilling.

4. Remote sensing analysis: Conduct an analysis of satellite and other remote sensing data

to delineate rock types and areas of hydrothermal alteration that could guide further

exploration and drilling.

The second phase would include an initial drilling program, dictated by positive results of the

first phase investigation. Additional phases of drilling could follow upon positive results of the

initial program.

5. Drilling: Design and implement an exploration drilling program to test any targets

indentified during geochemical, geophysical, and remote sensing investigations.

6. Additional drilling phases to delineate any discovered mineral deposits.

7. Develop resources and reserves, if feasible.

NI43-101 Gümüşhane Project Technical Report

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Item 27: References

Demir, Y., Uysal, I., Sadiklar, M.B., and Sipahi, F., 2008. Mineralogy, Mineral Chemistry, and

Fluid Inclusion Investigation of Kostere Hydrothermal Vein-type Deposit, Gumushane,

Northeast Turkey: European Journal of Mineralogy, Vol. 185/2, p. 215–232, Stuttgart,

November 2008, published online 2008.

Guilbert, J.M. and Park, Jr., C.F., 1986. The Geology of Ore Deposits, 4^th edition W.H. Freeman

and Company, New York, New York, 985 pp.

KEFI Minerals website http://www.kefi-minerals.com/turkey.html accessed 9/10/2012.

Mosier, D.L., Berger, V.I., and Singer, D.A., 2009, Volcanogenic massive sulfide deposits of the

world; database and grade and tonnage models: U.S. Geological Survey Open-File Report 2009-

1034 [http://pubs.usgs.gov/of/2009/1034/].

Taylor, C.D., Schulz, K.J., Doebrich, J.L., Orris, G.J., Denning, P.D., and Kirschbaum, M.J.,

2009. Geology and nonfuel mineral deposits of Africa and the Middle East: U.S. Geological

Survey Open-File Report 2005–1294-E, 246 p.

Tudes, S. and Ceryan, S., 2006. Urban geology of Gumushane: IAEG Paper No. 832, The

Geological Society of London, 10 p.

Wikipedia contributors. "Gümüşhane." Wikipedia, The Free Encyclopedia, 31 Aug. 2005. Web.

8 Aug. 2012.

Yilmaz, C., Carannante, G., and Kandemir, R., 2008. The rift-related Late Cretaceous drowning

of the Gümüşhane carbonate platform (NE Turkey): Italian Journal of Geosciences, v. 127, no.1,

Feb. 2008, p. 37-50

Yazici, D., 2012. Preliminary survey and exploration project report, Aslanay Mining Gümüşhane

Licenses, unpublished, 18 p.

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APPENDIX

Gümüşhane Project License Documents

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