Exhibit 99.1

TECHNICAL REPORT

ON THE

HAVADAN EXPLORATION PROJECT

TURKEY

For

ASLANAY MINING

[rnbihavadan43101finalsign001.jpg]

Robert M. Allender, Jr., CPG, RG

Phoenix, Arizona, USA

TECHNICAL REPORT

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

Report No. 12-27

Effective Date: September 27, 2012

Signing Date: September 27, 2012

NI43-101 Havadan 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. Any other use of this report by any third party is at that party’s sole risk.

NI43-101 Havadan Technical Report

Page 2

Technical Report

on the

Havadan 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 Havadan Technical Report

Page 3

FIGURES

PAGE

Turkey Reference Map

Havadan Project Location Map

Havadan License Map

General tectonics of Turkey

Plate Tectonic Features of Turkey

Geology and mineral deposits of the Aladaglar-Zamanti Region

Geologic Map and Sections, Havadan License

TABLES

PAGE

Aslanay Mining Havadan Licenses

Havadan Project Sample Analysis Selected Results

NI43-101 Havadan 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

Havadan Exploration Project, Turkey for Aslanay Mining” and dated August 27, 2012;

6. I visited the Havadan property on May 27, 2012 and again from September 13 to September

20, 2012;

7. I have had no prior involvement with the Havadan 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 25, 2012, 2012

Signing Date: September 27, 2012

[rnbihavadan43101finalsign005.gif]

_______________________________

Robert M. Allender, Jr.

NI43-101 Havadan Technical Report [rnbihavadan43101finalsign008.jpg]

Page 5

Item 1.

Summary

The Havadan Project of Aslanay Mining is located in Central Anatolia, Turkey in an area

geologically characterized by tectonic structures and rock units that have favored the formation

of metallic mineral deposits. The project is located in the Kayseri Province, Develi District

approximately 45 kilometers south of the District capital of Develi. Aslanay holds a Group 4

exploration license on 1046.83 hectares in the Havadan Mining District one kilometer east of the

village of Havadan. The license allows Aslanay to explore for and develop metallic minerals on

the license area.

The Havadan Mining District is an active district with three mining operations currently

extracting lead-zinc ore.

Havadan Region Mining Company has produced several hundred

thousand tons of lead and zinc, and several hundred thousand ounces of silver over the past

several years from an underground mine located approximately 2 kilometers west of the Aslanay

license. Aksu Mining Company licenses border the Aslanay license on the west. Aksu produces

lead, zinc, and silver from two mines on structures that trend onto the Aslanay license. No

production numbers were available for Aksu operations.

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

Mining and metal production has evidently occurred on the license since Roman times. Recent

production by the former license holder, Dedemen Mining, has been limited to several thousand

tons of ore, as reported in Turkish government documents. The tenor of that ore is not

completely understood, although several stockpiles were sampled and laboratory analysis has

shown that these samples contain significant concentrations of metallic minerals. One such hand-

selected stockpile sample analysed contained 14.47% lead, 34.38% zinc, and 254 grams silver

per tonne.

The mineral deposits in the Havadan District are categorized as Mississippi Valley Type (MVT)

deposits. These deposits are hosted in Jurassic-age platform carbonate rocks that have been

repositioned by tectonic forces in the region. These rocks are part of a large area of overlapping

nappe structures whose development has resulted in significant faulting and fracturing of the

carbonate sequence. This fracturing resulted in the development of open space into which

metallic-bearing hydrothermal fluids migrated and deposited the metallic bodies in the veins

present today.

The mineral deposits in the District and on the Aslanay license are classic MVT deposits that

exhibit pinch and swell characteristics. For example, in the Havadan Company mine, workings

encounter veins that pinch out but then swell again to widths of several meters. The veins are

persistent both horizontally and laterally for several hundred meters in the Havadan Mine and

mineralization continues at depth and along strike for an unknown distance.

Aslanay is preparing to conduct detailed exploratory work on the license. Currently no

development work or production is either being conducted or contemplated. No resource or

reserve estimates are possible or warranted for the license. The Author concludes that there is

potential for economic mineral deposits within the Aslanay license. Significant exploratory

work will be required to evaluate the potential for the discovery of a mineral deposit. Significant

NI43-101 Havadan Technical Report

Page 6

additional efforts will be required to identify and develop an economic mineral deposit on site.

Resource and ultimately reserve calculations may follow a focused exploration mapping and

drilling program.

The author recommends detailed geologic mapping and analysis, magnetic and induced

polarization geophysical surveys, and a series of drilling programs focused on targets identified

by mapping and geophysics. Also recommended is the development and implementation of a

quality control and quality assurance program that will allow Aslanay to manage exploration

data and insure high quality data for possible later resource estimation.

NI43-101 Havadan Technical Report

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Item 2: Introduction

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

Trade Company, Ltd. with an address at Emirhan Caddesi, Naki Cendere Apt. No, 88/4 Besiktas

/ Istanbul, Turkey. It 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. It is preliminary in nature and

will be updated as new exploration information is generated.

The property is a recent acquisition for Aslanay and as such has minimal examination or

exploration work results. Past exploration has been limited and not well documented. The focus

of previous activities within the past 10 years has been the production of lead and zinc from the

production licensed areas on site. This work is likewise poorly documented. Mining activities

dating to Roman times are evident at numerous locations within both the license area and the

overall Havadan Mining District.

The license area is prospective for lead, zinc, and silver and represents an excellent exploration

target given its geologic setting, mineralized structures on the property, the past mining activity

on the site, and the current activity within the district. Nevertheless, this is essentially a raw,

early-stage prospect and the company will be starting at the beginning when it commences

exploration activities in the near future.

The Havadan property comprises a continuous

block of land near the village of Havadan in the

Cappadocia region of Central Anatolia, Turkey.

The land holding consists of an exploration and

production license issued by the Turkish

government and acquired by direct purchase

from the previous private mining company

owner. The license allows Aslanay to explore

for and produce metallic products from the

license area which encompasses over 1,000 hectares in the arid Central Anatolia highlands. [rnbihavadan43101finalsign009.jpg]

Figure 1. Turkey reference Map

Information regarding the Havadan property has been provided by Aslanay Mining, mining

company owners of adjacent properties, and publically-available published reports. No new

investigations have been conducted by the author with the exception of surface sampling during

the site visit. General regional geology is well understood and descriptions are abundant in the

literature. Havadan mining district-specific geology and mining information is available to a

degree with one neighboring company providing significant information on geology, ore

deposits, and production. No information was made available to the author by the other

neighboring mining company.

Detailed technical information specific to the Havadan property is generally scarce. Preliminary

geologic maps of the area were obtained from the General Directorate of Mineral Research and

Exploration (commonly called the MTA). Some published papers on the geology and ore

deposits in the Aladaglar-Zamanti region of the Eastern Tauride Mountains, in which the

NI43-101 Havadan Technical Report

Page 8

property is situated, were available and reviewed as a part of this preliminary examination and

report. 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/Qualified Person, on Sunday,

May 27, 2012 and again from Thursday, September 13, through Thursday, September 20, 2012.

The Author observed the topography, physiography, vegetation, infrastructure, climate, geology,

and mining operations at both the Havadan property and the surrounding mining district during

these visits. The Author also collected geologic samples for laboratory analysis to test for the

presence of metallic minerals in the geological units present on the site.

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 Havadan property. For the later site

examinations, the Author was accompanied by Professor Dr. Hüseyin Öztürk and Dr. Nurullah

Hanilçi of the Department of Geological Engineering, Istanbul University. Both of these

geologists have published work on the deposits of this region in international scientific journals

and have extensive knowledge of the geology and the nature and genesis of the lead-zinc

deposits in the area. The Author has relied on their professional analysis and interpretation as

well as their published work in the preparation of this report.

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.

Geologic and mining experts employed by Havadan Region Mining Company, a neighboring

mine operator, and Dedemen Mining, the former owner of the Havadan property, contributed

information about the mining district and the Aslanay-owned Havadan property specifically.

Although copies of the exploration license and the preliminary survey report 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 license 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

statements 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 Havadan property lies in the Kayseri Province, Develi District approximately 45 kilometers

south of the town of Develi in central Turkey (Figure 2). The property block is situated in an area

NI43-101 Havadan Technical Report

Page 9

[rnbihavadan43101finalsign013.gif]

-0729600

[rnbihavadan43101finalsign016.jpg]

N ^

FIGURE 2

HAVADAN PROJECT

UTM Zone 36S

LOCATION MAPS

Datum European 1950

NI43-101 Havadan Technical Report

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characterized by low, rolling limestone hills at the northern edge of the Eastern Tauride

Mountains. The existing buildings on site are approximately one kilometer east of the village of

Havadan, Turkey. The location and topography of the property block and surrounding area is

shown on Figure 3.

The Havadan license area is located in an area of rolling limestone hills east of the Zamanti

River gorge (Figure 3). Topographic relief on the license block is relatively low, ranging from

1,575 meters at the southwest corner of the license near the village to 1,800 meters atop Sarikaya

Mountain in the northern half of the license area. The main topographic feature of the licence is a

long, rounded ridge that runs from Tekke Hill (elevation 1,715 meters) in the south to Sarikaya

Mountain in the north. In general, the southwestern portion of the site slopes to the south while

the northeastern portion slopes to the east and north. The major drainage feature in this arid area

is Demirci Creek which occupies a fault-controlled valley along the southwestern flank of the

Sarikaya-Tekke ridge (Figure 3).

N ^

[rnbihavadan43101finalsign027.jpg]

Figure 3. Havadan License Location Map

NI43-101 Havadan Technical Report

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Exploration and Production License. The issuer holds a Group 4 Exploration License from

the Turkish Energy and Natural Resources Ministry, General Directorate of Mining. The total

exploration license area is 1046.83 hectares. As a part of this exploration license, the holder has a

license to extract zinc and lead from four limited areas within the license area. These four areas

total 41.57 hectares. License details are shown in the following table.

Table 1. Aslanay Mining Havadan Licenses

Property

License

Access

Total area

Effective Date

Expiration

Number

(hectares)

Date

Havadan

Exploration

69102

1039223

1046.83

13 December

2006

2016

Havadan

Production -

69102

1039223

41.57

13 December

Zinc

2006

2016

Havadan

Production -

69102

1039223

41.57

13 December

Lead

2006

2016

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

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. Under

normal license conditions, the exploration license for this property would have expired in 2013

after a 7-year exploration period. However, since the transaction transferring ownership of the

license from Dedemen Mining to Aslanay Mining was completed in 2012, the license would

have only been effective for another year, Aslanay has ask for and received a 4-year extension of

the exploration license. It now will expire in 2016 and can be extended for another 4-year period

if necessary.

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

NI43-101 Havadan Technical Report

Page 12

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.

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 and production licenses for the Havadan property.

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 Havadan exploration and production license was acquired from a private owner. Dedemen

Mining has no further rights to the property nor to any royalty on production from the license.

Environmental Issues. The author is unaware of any environmental liabilities affecting the

Havadan license area. According to Aslanay, no other permits are required for either exploration

or production on the license. At this early stage, there do not appear to be any other impediments

to exploration and mining of the license..

Item 5:

Accessibility, Climate, Local Resources, Infrastructure and Physiography –

The subject property is located approximately 45 kilometers south-southeast from the town

center at Develi. Develi, with a current population of 37,400, is the district center (equivalent to

the county seat). The town is well stocked with the ordinary support materials and supplies that

might be needed for operations at Havadan.

Materials, equipment, and supplies of a more mining-specific nature would probably have to

come from the regional capital in Kayseri. Kayseri is located approximately 70 kilometers north

of Havadan. Turkish Airlines operates multiple daily domestic flights from Istanbul and Ankara.

Access to Havadan is possible year round over a well-traveled and fairly well maintained paved

road from Kayseri to Develi and then Develi to Havadan. The final four kilometers into

Havadan is over a poorly-maintained paved road. Access to the property is by a rough,

unmaintained dirt road north from the main road into Havadan. The existing buildings on site are

approximately one kilometer uphill on this road. The access road is 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 could be necessary to maintain winter access.

The Havadan area is characterized by a dry, continental steppe climate with semi-arid conditions

year-round. Precipitation is low especially during the hot, dry summer months. Winters are

generally cold and relatively dry. Snow fall can be heavy at times and access to the property

may be adversely affected by snow accumulation and windy conditions.

NI43-101 Havadan Technical Report

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In general, the Havadan property is rocky and covered only sparsely with a variety of dry-land

vegetation. Low grasses and shrubs are prevalent. Several copses of small, scrub oak trees

occupy depressions on the southern, lower slopes of the property. Two large poplar-like trees

grow immediately adjacent to the buildings on site reflecting the presence of shallow

groundwater in the area.

The property package is sufficiently large to accommodate exploration, development, and

mining activities depending on the extent of any mineral deposits discovered. Power is available

locally in the form of a high-voltage overhead line that traverses the area immediately to the west

of the property boundary. This is a multi-wire overhead line that runs through the village and the

Havadan Valley in a north-south direction. The mines of Aksu Mining and Havadan Company

south of the Aslanay license are both connected to this line. A connection to this source and a

power line to the property can be arranged and constructed.

Water is an issue in the Havadan area, given its semi-arid conditions. No surface water is

available to mining operations. The nearest perennial source of surface water is the Zamanti

River which runs north to south in a gorge approximately 5 kilometers west of the Havadan

property. As noted earlier, groundwater resources are not readily apparent. The underlying

karst-forming limestone units may contain water at depth but only drilling will be able to identify

a feasible source.

There are plentiful and appropriate areas within the license that could accommodate logistical

needs, equipment and supply storage, and maintenance areas as well as mining waste and tailings

disposal. Potential processing plant sites are also available.

Item 6:

History

Information about the history of mining and exploration in the license area was provided by the

previous owner of the license, Dedemen Company and by Havadan Company both of Develi.

Numerous test pits, surface mine areas, and underground openings within the license area, as

well as the entire district, attest to the mining history of the area. Evidence of past production of

lead, dating from Roman times and perhaps before, is present in the area and at several locations

on site. Mining artifacts including tools and skeletal remains have been recovered by local

residents that indicate Roman-era activities. Apparent underground mining techniques and

support methods can be observed in several locations on site.

More recently, small-scale underground mining has occurred at several different locations within

the license. Lead and zinc have been reported by the previous owner to have recovered from

these areas. Production ore grades are not documented. However, reports filed with the Ministry

of Mines, indicated that small scale production was accomplished by Dedemen between 2007

and 2012. Underground workings within the license area were used to extract 4,773.45 tons of

lead/zinc ore during 2007 and 2008. The amount of metal extracted from that ore is not recorded.

Mineralized material stockpiled by Dedemen amounts to approximately 2000 tons near several

mine openings. These were sampled and analysed as part of this evaluation. The analytical

results for this material returned metal concentrations of 14.47% lead, 34.38% zinc, and 254

grams silver per ton.

NI43-101 Havadan Technical Report

Page 14

Mining activities have been minor in scale with most of the open surface pits and observed

underground workings clearly having been excavated by hand methods. The recent mining

utilized mechanical assistance in removing ore and waste from workings. A diesel-powered

hoist is still in place over a shallow decline shaft on the west edge of the license. Evidence of

battery-powered locomotive used to pull ore cars from a long adit is present at another location.

Item 7:

Geological Setting and Mineralization

Regional Geologic Setting.

The Havadan license area is located in the Eastern Tauride Mountains, of Central Anatolia. This

region is comprised of several major tectono-stratigraphic units that are part of the Anatolian

microplate which is considered to be a remnant of the African Plate or Gondwana (Figure 4.)

After rifting during the Late Triassic and the growth of what

is called the Neo-Tethyan Ocean, the plates in this area began

to regroup. The Anatolian microplate eventually attached

itself to the Eurasian Plate during the closure of the ocean in

which these present tectono-stratigraphic units accumulated

(Hanilçi and Öztürk, 2011).

[rnbihavadan43101finalsign028.jpg]

Figure 4. General Tectonics of Turkey

The Anatolian microplate is bordered by several major

tectonic structures. On the north it is bordered by the still-active North Anatolian Fault or Suture

Zone and on the south by the Bitlis-Zagros Suture and the East Anatolian Fault Zone (Figure 5).

The sedimentary units, consisting mostly of platform carbonates, were deposited in relatively

shallow marine environments indicative of an orogenic foreland basin. Ophiolitic rocks present

in the region were originally deposited in the Neo-Tethyan Ocean and then intensely deformed

during subduction of the oceanic crust. Subsequent obduction during the suturing of the plate

boundaries and then significant overthrusting during later nappe development resulted in

outcrops of ophiolite complexes throughout the region.

Compressional forces during Cretaceous to Eocene times resulting in a period of extensive

overthrust belt genesis in the region with the attendant development of classic nappe structures.

There are six identified nappe units in the

Eastern Taurides as mapped by Hanilçi

and Öztürk (2011), including four

sedimentary sequences of various ages and

two ophiolite formations. The rock

assemblages in each nappe reflect different

depositional environments and basin

conditions during their accumulations

(Özgül, 1976). Most of these units are

allocthonous, meaning that they are no

longer situated in the original location

[rnbihavadan43101finalsign031.jpg]

where they were formed. Several of these^{Figure 5. Plate tectonic features of Turkey}

NI43-101 Havadan Technical Report

Page 15

nappe units have been overthrusted by compressional forces for many hundreds of kilometers.

Carbonate-hosted lead/zinc deposits in the Taurides occur exclusively in the Siyah Aladağ and

Yahyali nappe units. Both of these nappe units consist mainly of carbonates deposited on the

northern slope of the passive margin of the Anatolian microplate. They were deposited on the

flanks of the basin and were redistributed during the foreland thrust belt development that

resulted in the nappe structures evident today. The Yahyali unit has been subjected to low-grade

greenschist facies metamorphism and is considered to be the metamorphic equivalent of the

unaltered Siyah Aladağ unit (Hanilçi and Öztürk, 2011). The tectono-stratigraphic units in the

region, their relationship to each other, and the location and size of some of the mineral deposits

in the region are shown in Figure 6.

[rnbihavadan43101finalsign035.gif]

Figure 6. Geology and mineral deposits of the Aladaglar-Zamanti Region (from Hanilçi

and Öztürk, 2011 with permission)

NI43-101 Havadan Technical Report

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Property Geology.

The Havadan license geology is characterized primarily by surface outcrop of carbonate units of

the Siyah Aladag Nappe. A thin section of the Aladag Ophiolitic Nappe overlying the Siyah

Aladag rocks and the overthrusted Beyaz Aladag Nappe unit both crop out along the southern

edge of the license. The stratigraphy is relatively simple. The structural geology of the area is,

however, fairly complex. Siyah Aladag Nappe carbonate rocks crop out over the entire license.

Some of these rocks are host to Mississippi Valley Type (MVT) base metal deposits.

The Siyah Aladag unit is composed of Late Devonian to late Cretaceous carbonates and clastic

rocks that, as stated earlier, are not in their original location (they are allocthonous). Only the

lower section of the Jurassic-age sequence of carbonate rocks and part of the overlying,

nonmineralized, Cretaceous-age limestones within the nappe unit are present on the surface in

the license area. This Jurassic section of the nappe is composed of a thick sequence of limestone

and dolomitic limestone. The important ore deposits in the Aladaglar-Zamanti Region occur

within the lower portion of this Jurassic sequence (Figure 6).

The rocks that form the lower part of the Jurassic sequence which are present over the southern

half of the license area are divided into three distinct formations - thin-bedded limestones

overlying massive and thick-bedded limestones which in turn overlie thin-bedded bituminous

limestones. The thin-bedded limestone in the upper part of this sequence grades into a lighter-

colored thin-bedded Cretaceous sequence that is not mineralized. The bottom of this Jurassic

section is overlain by a thin section of ophiolitic rocks of the Aladag Ophiolitic Nappe along the

southern border of the license area. The ophiolite is, in turn, overthrust by thick sequence of

light-colored, cavity-forming limestones of the Hacilardag Formation that is part of the Beyaz

Aladag Nappe unit.

A rather crude geologic map is included here (Figure 7). It is preliminary in nature and derived

by Aslanay from several sources including MTA maps and observations by Aslanay geologists.

It is not entirely accurate in several respects but is included here to introduce the general geology

of the Havadan District and the license area. A detailed geologic mapping project for the

property is one of the recommendations made later in this report.

Mineralization.

Observed mineralization in the license area is associated with a series of prominent faults that

trend generally in a North 45⁰ East direction. The producing mines in the Havadan District are

all developed on structures with this orientation. These are not bedding plane faults but rather

they cut across the strike of the bedding planes at an oblique angle. The faults are all nearly

vertical, however local variation in the dip of the fault is evident in underground workings

ranging between 75⁰ and 85⁰. The mineral deposits are structurally controlled veins in the fault

zones. However, they do only occur in favorable carbonate lithologies where open space was

developed during faulting and karstification and where host rock composition is favorable for

deposition. For instance, the lower bituminous section of limestone in the Siyah Aladag unit is

not mineralized.

NI43-101 Havadan Technical Report

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The mineralization pinches and swells irregularly along both strike and dip of the vein. This

feature can be quite significant. In the Havadan Mine, the author observed the vein pinching in

one drift to about 2 centimeters and then swelling to a vein width of 2 meters within the next 5

meters. This condition should be expected in veins throughout the district and on the Aslanay

license.

The observable mineralization is confined to the oxidized zone where sulfide minerals have been

converted to carbonate minerals. Minor amounts of some sulfide minerals, primarily sphalerite

(ZnS) and galena (PbS), are present but the bulk of the mineralization is composed of carbonates

of lead, zinc, and iron. Metallic sulfides in MVT deposits near the surface are commonly

converted to oxides and carbonates. Cerussite (PbCO₃), smithsonite (ZnCO₃), siderite (FeCO₃),

and minor hydrozincite (Zn₅(CO₃)₂(OH)₆) are the primary metallic carbonate minerals reported

NI43-101 Havadan Technical Report

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[rnbihavadan43101finalsign038.jpg]

Figure 7. Geologic Map and Sections, Havadan License

in the deposits. Predominant oxides minerals are hematite (Fe₂O₃), limonite (FeO(OH)-nH₂O),

and goethite (FeO(OH)) with minor amounts of zincite (ZnO) reported. Sulfate minerals may

also be present locally in the form of anglesite (PbSO₄) and gypsum (CaSO₄). Calcite (CaCO₃)

and aragonite (CaCO₃) are the primary gangue minerals

According to information made available by representatives of the Havadan Company, derived

from a study of the deposits in the Havadan Mine (approximately two kilometers to the west of

the Aslanay license area), the deposits are zoned with depth. Deposits of heavy iron oxides

containing 12-14% lead carbonates are prevalent from the surface to a depth of approximately 30

NI43-101 Havadan Technical Report

Page 19

to 35 meters. The deposits transitions to primarily a lead carbonate zone containing 18-22% lead

approximately 60 to 90 meters thick to a depth of up to 125 meters. Below this lead zone is a

transition zone about 10 meters thick characterized by mixed lead carbonate and zinc carbonate

mineralization containing up to 22% lead and 27% zinc. Below this zone the deposits are

dominated by zinc carbonate mineralization containing 28-30% zinc that is 40 to 50 meters thick

to a depth of up to 175 meters. Below this series of carbonate deposits the mineralization

presumably transitions to sulfide mineralization, although no operation in the area has as yet

encountered the sulfide zone of mineralization either in mining or exploration drilling.

Item 8:

Deposit Types

Carbonate-hosted base metal deposits in the Aladaglar-Zamanti region have been generally

categorized as Mississippi Valley Type (MVT) deposits (Hanilçi and Öztürk, 2011). The

producing deposits are located in carbonate (limestone formations) rocks and exhibit all of the

characteristics of MVT deposits (Leach and other, 2010). The most important characteristics of

the Eastern Tauride Mountains MVT deposits (and those which result in their classification as

MVT deposits) are:

(1) they are epigenetic, in other words they were formed at a time much later than their host

rocks;

(2) they are not associated with igneous activity;

(3) they are hosted mainly by dolostone and limestone, rarely in sandstone;

(4) the dominant minerals are sphalerite, galena, pyrite, marcasite, dolomite, and calcite, whereas

barite is typically minor to absent and fluorite is rare;

(5) they occur in platform carbonate sequences commonly at flanks of basins or foreland thrust

belts;

(6) they are commonly stratabound but may be locally stratiform;

(7) they typically occur in large districts;

(8) the ore fluids were basinal brines with significant salt concentrations (approximately 10 to

30 weight percent salts);

(9) they have crustal sources for metals and sulfur;

(10) temperatures of ore deposition are typically 75°C to about 200°C;

(11) the most important ore controls are faults and fractures, dissolution collapse breccias, and

lithological transitions;

(12) sulfides are coarsely crystalline to fine grained, massive to disseminated;

(13) the sulfides occur mainly as replacement of carbonate rocks and to a lesser extent, open-

space fill; and

(14) alteration consists mainly of dolomitization, host-rock dissolution and karstification, and

brecciation (Leach and others, 2010).

Item 9:

Exploration

Despite clear evidence mining has occurred on the license no mineral exploration work has been

documented on the Havadan license. Several site visits of limited duration have been conducted,

random surface outcrop and mine dump samples have been collected by Aslanay and the Author,

and samples have been 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.

NI43-101 Havadan Technical Report

Page 20

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 ten (10) samples from outcrops, open mine pits, and mine dumps during

the site visit in May 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. Blanks,

duplicates, and standards were all used in the laboratory procedures. An examination of the

results shows that the laboratory program was effective and sample concentration variations

between field, blank, duplicate, and standard samples was within standard deviation limits

applied to sampling of this type. The results for metals analysis for each sample are shown in the

following table.

Table 2. Havadan Project Sample Analysis Selected Results

Sample

Location

Analyte

Number

Type

Northing

Easting

(%)

(ppm) (ppb) (ppm)

(%)

(ppm) (ppm) (ppm)

(ppm)

809401

Grab,

vein

4225533

0729990

0.60

46.18

19.01

4.59

9.6

72.3

3.5

0.389

809408

Grab,

dump

4225825

0730165

14.47

34.38

254

2.1

109.8

8.51

11.6

115.1

64.2

17.506

809409

Grab,

dump

4255530

0729982

2.59

4.65

4.9

54.78

31.50

2.2

32.9

6.5

1.959

809410

Grab,

vein

4225534

0729980

0.31

47.25

1.3

16.58

3.80

8.1

37.3

2.4

0.396

809411

Grab,

test pit

4229153

0731868

3.78

0.32

5.8

28.84

2.68

1.6

852.4

80.3

0.274

809412

Grab,

dump

4226554

0731148

0.01

0.16

0.5

1.38

0.39

0.5

2.7

19.6

0.011

809413

Grab,

dump

4226577

0731184

80.5

0.01

303

1.5

60.89

0.03

<0.1

1.9

50.7

12.304

809414

Grab,

dump

4226577

0731184

0.26

0.03

<0.2

1.67

0.08

0.4

1.9

5.9

0.089

809415

Grab,

dump

4226577

0731184

0.87

0.02

<0.2

2.12

0.72

2.3

39.1

20.2

0.300

809416

Grab,

dump

4225834

0730289

27.22

2.14

<0.2

70.20

30.43

2.4

164.5

282.4

0.838

Item 10: Drilling

No drilling has as yet been conducted on the license. Limited exploratory drilling is being

recommended at selected license sites by the Author later in this report.

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

preparation. Samples were digested using Aqua Regia solution. The digested or dissolved

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samples were then analysed for ultra-trace element concentrations by the high resolution

Inductively Coupled Plasma procedure with a Mass Spectrometer finish (ICP-MS). Standard

laboratory QA/QC methods were employed.

As stated earlier, no field QA/QC procedures were implemented during this phase of pre-

exploration. The laboratory did, however, employ standard QA/QC methods. Blanks, duplicates,

and standards were all used in the laboratory procedures. An examination of the results shows

that the laboratory program was effective. Sample concentration variations between field, blank,

duplicate, and standard samples were within standard deviation limits typically applied to

sampling of this type.

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 needs 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 Havadan license.

Item 14: Mineral Resource Estimates

The property is 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

Havadan property develops.

Item 15: Mineral Resource Estimates

Item 16: Mineral Reserve Estimates

Item 17: Mining Methods

Item 18: Recovery Methods

Item 19: Project Infrastructure

Item 20:

Market Studies and Contracts

Item 21:

Environmental Studies, Permitting and Social or Community Impact

Item 22:

Capital and Operating Costs

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Item 23: Economic Analysis

Item 24: Adjacent Properties

Two other companies are producing lead, zinc, and silver from mines in the Havadan District.

Aksu Mining Company operates two mines immediately to the west of the Aslanay license. No

information could be obtained from Aksu relating to production details or resource specifics for

these mines. On the other hand, Havadan Region Mining Company was helpful in providing

information specific to their mine and the Havadan District. Havadan Mining produces 40 to 50

tonnes lead, 6 to 7 tonnes zinc, and approximately 85,000 troy ounces silver per annum,

according to information provided by Abdullah Malkoçoglu, General Manager. The amount of

ore extracted from which this production is derived is not clear. However, Mr. Malkoçoglu

stated that economic grades typically run 12-15% lead, 24-32% zinc, and 350-450 grams silver

per tonne. Low-grade ore that runs less than about 20% zinc is placed on a stockpile to await

higher metal prices.

The Author was conducted on a tour of the mine and made the following observations. The ore is

extracted from a vein in a fault structure that strikes approximately North 40⁰ East and dips

steeply to the northwest. This is the same orientation as the structures measured on the Aslanay

license. The vein in the mine pinches and swells in classic MVT fashion. At the current limit of

the mine at 120 meters depth and along strike 130 meters, the ore is still within predominantly

oxide zone mineralization. The sulfide zone has yet to be encountered. Further deep

development is planned with a 20-meter extension of the internal shaft to reach addition blocks

of ore beneath current mine workings.

Item 25: Other Relevant Data and Information

No additional information or explanations are necessary at this time. As further investigations

progress and additional information is available, amendments will be made to this report to

clarify and expand on the information given here.

Item 26: Interpretation and Conclusions

The results of the limited pre-exploration phase work on the Havadan property are encouraging.

Additional more detailed and invasive exploration techniques are warranted given the results of

the limited sampling and analysis at Havadan as well as the history of mining and metal

production in the surrounding Havadan District. Geologic mapping, geophysical surveys, and

drilling of identified targets have reasonable potential to identify mineralized zones within

favorable limestone lithologies on the Havadan license. This is the first phase of a series of

exploration periods that should be designed to 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.

NI43-101 Havadan Technical Report

Page 23

Item 27: Recommendations

The Author recommends a phased approach to evaluation of the Havadan 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. Each phase should derive

its scope and specific plan from the results of the previous phase.

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

area at 1:1,000 scale. Mapping of geology, structures, and mineral deposits on the

surface and in accessible underground workings should be included. Estimated cost:

US$30,000.

2. Geophysical investigations: Conduct surface magnetic and induced polarization surveys

of the license to identify metallic targets. The focus of initial investigations should be on

those areas identified by surface and underground mapping as likely targets for

exploratory drilling. Estimated cost: US$50,000.

3. Drilling: Conduct an exploratory drilling program targeting those areas identified by

mapping and geophysical anomalies as having potential for metallic mineralization.

Drilling costs in Turkey are currently about 220TL per meter. At current exchange rates

that equates to roughly US$37 per foot of drilling. At that rate, an initial limited,

exploratory drilling program totaling 2,000 meters would cost an estimated US$250,000.

4. Additional drilling phases to delineate any discovered mineral deposits and develop

resources and reserves, if feasible.

5. Develop a Quality Control/Quality Assurance program including policies and procedures

to insure the quality of data for eventual resources and/or reserve estimations.

Item 28: References

Hanilçi, Nurullah, and Öztürk, Hüseyin, 2011. Geochemical/isotopic evolution of Pb-Zn deposits

in the Central and Eastern Taurides, Turkey: International Geology Review, vol.53, No. 13,

November 2011. p. 1478-1507.

Hanilçi, Nurullah, and Öztürk, Hüseyin, 2008. The geology and formation of the Aladaglar-

Zamanti (Kayseri) region Pb-Zn deposits: in Öztürk, H., Hanilçi, N., Kahriman, A., and Özkan,

S., eds.,The geology, mining, and existing problems of Turkish Pb-Zn deposits: Istanbul,

Istanbul University, p. 184-299.

Leach, D.L., Taylor, R.D., Fey, D.L., Diehl, S.F., and Saltus, R.W., 2010. A deposit model for

Mississippi Valley-Type lead-zinc ores: in Mineral Deposit Models for Resource Assessment,

United States Geological Survey Scientific Investigations Report 2010–5070–A, Chapter A. 52

pages.

Özgül, N., 1976. Some geological aspects of the Taurus orogenic belt (Turkey): Bulletin of the

Geological Society of Turkey, v. 19, p. 65-78.

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APPENDIX

Havadan License Documents

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