scoping study
play

SCOPING STUDY Longstreet Gold Project, Nye County, Nevada USA - PDF document

Aug 16, 2023 •307 likes •1.42k views

SCOPING STUDY Longstreet Gold Project, Nye County, Nevada USA Prepared for Star Gold Inc. May 27, 2014 A-Z Mining Professionals Limited Table of Contents 1 EXECUTIVE SUMMARY

  1. 9 INFRASTRUCTURE ................................................................................................................................ 61 9.1 Site Access ................................................................................................................................... 61 9.2 Power and Power Distribution .................................................................................................... 61 9.3 Site roads ..................................................................................................................................... 61 9.4 Surface support buildings ............................................................................................................ 61 9.5 Other services .............................................................................................................................. 62 9.6 Area support services .................................................................................................................. 62 9.7 General and administrative ......................................................................................................... 62 9.7.1 Administration ..................................................................................................................... 62 9.7.2 Procurement ........................................................................................................................ 63 9.7.3 Human Resources ................................................................................................................ 63 9.7.4 Security ................................................................................................................................ 63 9.7.5 Manpower ........................................................................................................................... 64 10 HYDROLOGY .................................................................................................................................... 65 10.1 Water Sources ............................................................................................................................. 65 10.2 Water Usage ................................................................................................................................ 66 10.3 Dewatering .................................................................................................................................. 67 11 ENVIRONMENTAL AND PERMITTING .............................................................................................. 68 11.1 Permitting Process ....................................................................................................................... 68 11.1.1 US Forest Service ................................................................................................................. 68 11.1.2 Bureau of Land Management .............................................................................................. 69 11.1.3 Nevada Division of Environmental Protection (and other Agencies as noted) ................... 69 11.1.4 Other Permits ...................................................................................................................... 70 11.2 Timing of Approvals ..................................................................................................................... 70 11.3 Inventoried Roadless Area .......................................................................................................... 70 11.4 Greater Sage-grouse .................................................................................................................... 71 11.5 Cultural resources ....................................................................................................................... 74 11.6 Environmental and permitting conclusions ................................................................................ 74 12 PROJECT DEVELOPMENT SCHEDULE ............................................................................................... 75 13 CAPITAL EXPENDITURES ESTIMATES ............................................................................................... 77 13.1 Basis for estimates ...................................................................................................................... 77 13.2 Mining .......................................................................................................................................... 77 13.3 Heap leach and processing plant................................................................................................. 77 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study iii

  2. 13.4 Infrastructure and support facilities ............................................................................................ 78 13.5 Owners costs ............................................................................................................................... 79 13.6 Total capital expenditures ........................................................................................................... 79 13.7 Sustaining capital ......................................................................................................................... 80 13.8 Closure costs ................................................................................................................................ 80 14 OPERATING COST ESTIMATES ......................................................................................................... 81 14.1 Basis for estimates ...................................................................................................................... 81 14.2 Mining .......................................................................................................................................... 81 14.3 Heap leach and gold recovery plant ............................................................................................ 81 14.4 General & Administration Costs .................................................................................................. 83 14.5 Dore transport and refining charges ........................................................................................... 85 14.6 Project total operating costs ....................................................................................................... 85 14.7 Exclusions .................................................................................................................................... 86 15 ECONOMIC ANALYSIS ...................................................................................................................... 87 15.1 Basis for analysis .......................................................................................................................... 87 15.2 Metal price derivation ................................................................................................................. 88 15.3 Financial returns .......................................................................................................................... 88 15.4 Sensitivity analysis ....................................................................................................................... 91 15.5 Economic interpretations and conclusions ................................................................................. 94 16 PROJECT RISK ASSESSMENT ............................................................................................................ 95 17 CONCLUSIONS AND RECOMMENDATIONS ..................................................................................... 96 17.1 Conclusions .................................................................................................................................. 96 17.2 Recommendations ...................................................................................................................... 97 18 REFERENCES .................................................................................................................................... 99 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study iv

  3. L IST OF T ABLES Table 1.1 Longstreet Project Study Parameters ............................................................................................ 2 Table 1.2 Pre-production Capital Costs ......................................................................................................... 2 Table 1.3 Summary of Operating Costs ......................................................................................................... 3 Table 1.4 Longstreet Project Returns ............................................................................................................ 3 Table 5.1 Mineral Resources - Longstreet Gold Project .............................................................................. 15 Table 5.2 Comparison of Agnerian and Noland Block Models .................................................................... 16 Table 7.1 Floating cone pit optimization parameters ................................................................................. 28 Table 7.2 In-pit Mineral Resource Estimate ................................................................................................ 29 Table 7.3 Mine Schedule ............................................................................................................................. 36 Table 8.1 Metallurgical Testwork Results, (c. 1988) .................................................................................... 38 Table 8.2 Gold Head Assays and Head Grade Comparisons ....................................................................... 44 Table 8.3 Bottle Roll Test Results, 2013 ...................................................................................................... 45 Table 8.4 Summary Metallurgical Test Results ........................................................................................... 47 Table 8.5 Process Design Criteria ................................................................................................................ 51 Table 9.1 G&A Personnel Complement ....................................................................................................... 64 Table 13.1 ADR Plant Capital Expenditure Estimate ................................................................................... 78 Table 14.1 Processing Plant Operating Cost ............................................................................................... 82 Table 14.2 General and Administrative Operating Cost Components ........................................................ 84 Table 14.3 G&A Manpower Costs ............................................................................................................... 85 Table 14.4 Project Operating Cost Summary .............................................................................................. 86 Table 15.1 Cash Flow Model Inputs ............................................................................................................ 87 Table 15.2 Longstreet Gold Project Cash Flow Model ................................................................................ 90 Table 15.3 Cash Flow Summary................................................................................................................... 91 Table 15.4 Pre-Tax Sensitivity Analysis ....................................................................................................... 91 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study v

  4. L IST OF F IGURES Figure 1.1 Pre-tax IRR Sensitivities ................................................................................................................ 4 Figure 1.2 Project NPV Sensitivities ............................................................................................................... 4 Figure 1.3 Project IRR Sensitivity to Gold Price ............................................................................................. 5 Figure 1.4 Project NPV Sensitivity to Gold Price ........................................................................................... 5 Figure 3.1 Longstreet Gold Project Location ............................................................................................... 10 Figure 3.2 Longstreet Gold Project Satellite View (north to top of page) ................................................... 11 Figure 3.3 Longstreet Gold Project - Main Zone ......................................................................................... 12 Figure 3.4 Cross-section through Upper Adit .............................................................................................. 13 Figure 5.1 Sample section of Agnerian geological model ........................................................................... 17 Figure 5.2 Sample section through Noland model (same section) ............................................................. 18 Figure 5.3 Detailed section through Noland geologic model ...................................................................... 21 Figure 6.1 Great Basin Hydrogeology .......................................................................................................... 24 Figure 6.2 Water well search location recommendations .......................................................................... 26 Figure 7.1 Pit shell aerial view ..................................................................................................................... 30 Figure 7.2 Pit shell longitudinal section, 13,935,430E ................................................................................ 31 Figure 7.3 Pit shell longitudinal section 13,935,430E with topography ...................................................... 32 Figure 7.4 Pit shell cross-section 13,934,000N............................................................................................ 33 Figure 7.5 Pit shell cross-section 13,935,145N............................................................................................ 34 Figure 8.1 Location of Underground Adit Samples ..................................................................................... 41 Figure 8.2 Approximate Location of the Three Surface Sampling Pits (shown in red)................................ 42 Figure 8.3 Crush Size Versus Metal Recovery............................................................................................. 46 Figure 8.4 Surface Master composite leach kinetics .................................................................................. 48 Figure 8.5 Underground master composite leach kinetics ......................................................................... 48 Figure 8.6 Master blend composite leach kinetics ...................................................................................... 49 Figure 8.7 Flowsheet block diagram ............................................................................................................ 53 Figure 8.8 Flow sheet diagram .................................................................................................................... 54 Figure 11.1 Greater Sage-grouse habitat .................................................................................................... 73 Figure 12.1 Longstreet Gold Project engineering and development schedule ........................................... 76 Figure 15.1 Gold price trend 2006 -2014 .................................................................................................... 88 Figure 15.2 Pre-Tax IRR Sensitivities ........................................................................................................... 92 Figure 15.3 NPV 10 Sensitivity Analysis ......................................................................................................... 92 Figure 15.4 Project IRR Sensitivity to Gold Price ......................................................................................... 93 Figure 15.5 Project NPV Sensitivity to Gold Price ....................................................................................... 93 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study vi

  5. 1 EXECUTIVE SUMMARY The mineral resources for the Longstreet Project were estimated by Agnerian Consulting Ltd. (and reported in the NI 43- 101 report entitled “ Technical Report on the Longstreet Gold-Silver Property, Nevada ”, dated December 15, 2013). The geological block model developed by Agnerian was used by A-Z Mining Professionals Ltd. (AMPL) to form the basis of the scoping study reported herein. This report has been prepared in Imperial units of measure. Key conversions are: 1 metric tonne = 1.1025 short tons 1 ounce Troy = 31.1035 grams 1 ounce Troy/ton = 34.3 grams/tonne This Scoping Study has identified potentially mineable resources of 4.4 million short tons at 0.022 ounces gold per short ton and 0.53 ounces silver per short ton. The study includes Indicated and Inferred mineral resources that would be contained in a designed open pit shell, as allowed for studies of this nature by Canadian securities regulators. The reader is cautioned that US SEC Industry Guide 7 disallows the economic studies of mineral properties on mineralized material of lesser classification than Proven and Probable Reserves. The deposit would be mined by open pit with the gold and silver extracted by heap leach and a gold recovery plant. Infrastructure facilities would be minimized but include a small surface shop, warehouse, office complex and water treatment facility. The mine would operate at 1 million tons per annum and produce approximately 82,450 ounces of gold and 348,200 ounces silver over its operating life. Based upon metallurgical testwork conducted in 2013, gold recovery is expected to be 86% and silver recovery 15%. Recovered (payable) silver represents only 7% of the total revenue of the mine. The parameters used in the cashflow model are shown in Table 1.1. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 1

  6. Table 1.1 Longstreet Project Study Parameters Component Parameter Potentially Mineable Resource (Indicated & Inferred), 4.4 million tons including mining dilution & recovery Estimated Mining Dilution 5 percent @ 0% grade Average mill head grade, gold 0.022 opt Average mill head grade, silver 0.53 opt Payable gold 82,450 ounces Payable silver 348,200 ounces Average long-term gold price $1,350 per ounce Average long term silver price $24.00 per ounce Pre-Production Capital, including Working Capital $25.4 million Total Sustaining Capital $0 Closure Cost $1 million Royalty 3% NSR Estimated Operating Costs ($/ton) $14.87 Life of Mine 4.4 Years Metal prices were provided by Star Gold. The gold price used in the study is lower than the 3- year trailing average price, a common long-term price indicator, and within 5% of the current price. A summary of estimated capital costs is presented in Table 1.2 Table 1.2 Pre-production Capital Cost s Expenditure Cost Component ($US) Permitting $ 2,000,000 Mine $ 220,000 Heap Leach Pad $ 2,250,000 Processing Plant $ 8,097,000 Surface Infrastructure & Mobile Equipment $ 4,000,000 EPCM, Contractor O/H & Owners Costs $ 2,535,000 Contingency $ 2,565,000 Total Capital Expenditures $21,667,000 Working Capital $ 3,690,000 TOTAL EXPENDITURES $25,357,000 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 2

  7. The heap leach pad and gold recovery plant represent 40% of the estimated total pre- production capital expenditure. The estimate includes $4.2 million in contingency and working capital allocations. The estimated operating cost for mining, ore processing and general and administrative costs are itemized in Table 1.3, expressed in US dollars per short ton processed. The operation is expected to incur a cash cost of US$808 per ounce, exclusive of silver credits, or $760 per ounce net of silver credits. Table 1.3 Summary of Operating Costs Cost Department ($US/ton) Mine $ 9.09 Processing & Environmental $ 3.65 Surface Dept. and G&A $ 2.13 TOTAL $14.87 A 3% NSR royalty is held on the property by MinQuest, the vendor to Star Gold, and has been factored into the cash flow model. Economic analysis has indicated a robust return as shown in Table 1.4, with an estimated IRR of 29% and a present value of $13.3 million at a 10% discount factor, on a pre-tax basis. Table 1.4 Longstreet Project Returns Metric Value Undiscounted Net Revenue $119 million Undiscounted Cashflow $ 29 million NPV (10%) $ 13 million NPV (15%) $ 9 million IRR 29% Payback Period 2.7 years The IRR and NPV sensitivities to variations in key parameters are depicted graphically in Figures 1.1 and 1.2. The IRR is most sensitive to variations in metal prices and mined grades and least sensitive to operating costs. Simulated variations in the potential expected recoveries of payable metals show limited sensitivity but the project will be economically vulnerable to a variations in metal recovery rate. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 3

  8. 50 45 40 35 30 IRR (%) 25 20 15 10 5 0 -15% -10% -5% 0% 5% 10% 15% Percentage Change In Variable (%) Metal Prices Capital Costs Operating Costs Mined Grade Metals Recovery Figure 1.1 Pre-tax IRR Sensitivities Figure 1.2 Project NPV Sensitivities The following figures isolate the sensitivity of the project to variations in the price of gold only. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 4

  9. 50 45 40 35 30 IRR (%) 25 20 15 10 5 0 -15% -10% -5% 0% 5% 10% 15% Percentage Change in Metal Prices (%) Figure 1.3 Project IRR Sensitivity to Gold Price Figure 1.4 Project NPV Sensitivity to Gold Price ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 5

  10. Conclusions 1.1 Based on the study results, conclusions are: 1. The project provides positive and robust returns. 2. Longstreet is a small deposit which can be developed for production at reasonable cost in a near-term horizon, provided regulatory approval and permits are acquired. 3. The mined grade of ore is an important variable for the success of the operation as is mining cost. Operating management efforts during mine production must be focussed on these two parameters. 4. The Project is most sensitive to variations in the price of gold and variations in the mined grade of mineralized material. 5. The economics of the project would be improved with the discovery and exploitation of economically viable satellite deposits. Once the capital investment has been repaid by the Main Zone the operating profits from other deposits would enhance the Project cash flow. 6. Water sourcing is the largest technical risk factor, particularly to capital expenditures and operating cost estimates. Ideally a well source will be identified and thus avoid the added cost of piping water to the site from Five Mile Spring on Clifford Ranch, currently the nearest identified water source, 12 miles from the Project site. It is not known if Five Mile Spring produces adequate volume nor if the owner of Clifford Ranch would agree the sale of water from the spring. Preliminary investigations have identified two potential sources of well water; one mile to the NE in the Monitor Range and approximately five miles east in Stone Cabin Valley. 7. AMPL has reviewed the permitting requirements of the US Forest Service, The Bureau of Land Management and the Nevada Division of Environmental Protection and estimates that, without objection during the public disclosure period of permitting, the Longstreet Project will require from two to four years to secure the permits required to begin constructing and operating the mine. 1.2 Recommendations Based on the results of this Scoping Study, recommendations follow. Geology Recommendations for the next phase of mineral resource estimation include: 1. Consider a drilling program to explore mineralization at depth and test the nearby Central Ridge mineral occurrence. 2. Consider further drilling to better understand the transition zone between oxide & sulfide to determine the maximum extent of leachable gold mineralized material. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 6

  11. Mining 1. Geotechnical work for open pit slope angles optimization is recommended. 2. Firm quotations from qualified local mining contractors is advised for the next phase of study. Heap Leaching & Processing Plant 1. Conduct column test work on the oxide adit material to test the mineralogical variability of the deposit. 2. Conduct column leach tests using finer material in conjunction with high pressure rolls i.e. P 80 ¼-inch (6.3mm) in order to maximize silver recovery. 3. Reduce column leach time to 60 days of leaching based on gold and silver recovery testwork results. 4. Conduct column tests using site water as opposed to laboratory tap water in order to determine the effects of site water on leach kinetics. 5. A HPGR (high pressure grinding rolls) evaluation should be considered to investigate improved silver recovery on the master blend composite ore (generic tests show that HPGR use often leads to the formation of micro cracks in the ore which may improve silver leaching kinetics). This would require a Static Pressure Test (SPT) to be performed. 6. Load/permeability tests are recommended on column leach residue samples to confirm permeability under compressive loading. Infrastructure 1. A hydrological study is recommended to identify proximal water sources of adequate volume to sustain the Longstreet operation. Environment and Permitting 1. Initiate baseline studies as soon as possible as a precursor for applications for permits to construct and operate the Project. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 7

  12. 2 INTRODUCTION Star Gold Inc. (Star Gold) engaged A-Z Mining Professionals Limited (AMPL) of Thunder Bay, Ontario, Canada, to undertake a scoping study of the Longstreet Gold Project, located 50 miles NE of the town of Tonopah in Nye County, Nevada, USA. This study uses the mineral resources estimate prepared by Agnerian Consulting Limited in December 2013 and reported in the NI 43- 101 report entitled “ Technical Report on the Longstreet Gold-Silver Property, Nevada ” , dated December 15, 2013. For this study, the Qualified Persons to have visited the site include Mr. Joe Kantor (Geology), Mr. Reinis Sipols (Mining Engineer and Environmental Specialist) and Mr. Dan Peldiak (Metallurgical Engineer), the latter on a prior study when employed by Coffey Mining. Star Gold has made every effort to provide access to the property and ensure that all current and historical technical data, was available for AMPL to review. In addition, Mr. Richard Kern, a Reno Nevada, USA, based geologist with many years association with Longstreet and vendor of the property, was most helpful in providing access to historical documents, maps and assays as well as hosting a site visit. AMPL appreciates the assistance of all those involved. All measurement units in this report are Imperial unless otherwise stated. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 8

  13. 3 LOCATION & HISTORY The Longstreet Project is located in a historically prolific region of mineral production in Nye County, Nevada, known as Walker Lane. Walker Lane hosts the well-known deposits of Round Mountain, Mineral Ridge, Bell Mountain and Bullfrog, all current or previous producers. The project is located approximately 170 miles northwest of Las Vegas and approximately 50 miles northeast of Tonopah, a town of approximately 2,500 people and the seat of Nye County, in west-central Nevada. The northeast-southwest oriented property is situated within the McCann Canyon and Georges Canyon Rim, covering 7-1/2 topographic quadrangles, and extends approximately two miles along strike within the Monitor Range. The approximate geographic coordinates of the central part of the property are 38° 22’ 00”N Latitude and 116° 40’ 00”W Longitude (Figure 3.1). Figure 3.2 shows an aerial view of the property from satellite imagery. The deposit has been known for many years and the property explored on numerous occasions. Exploration work on the property has included pits, core drilling, RC drilling, an inclined shaft, three adits and limited underground vertical raising. The deposit has never been mined on a commercial scale. Figure 3.3 shows the surface plan of the property and Figure 3.4 shows the underground accesses locations in section view. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 9

  14. Figure 3.1 Longstreet Gold Project Location ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 10

  15. Figure 3.2 Longstreet Gold Project Satellite View (north to top of page) ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 11

  16. Figure 3.3 Longstreet Gold Project - Main Zone (red line = Resource estimate pit shell, after Agnerian) ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 12

  17. Figure 3.4 Cross-section through Upper Adit ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 13

  18. 4 GEOLOGY 4.1 Re Region ional l Geol olog ogy The Longstreet property is located in the Monitor Range, a westward-tilted fault block elevated by normal faults and is part of the Basin and Range Province. The ranges are topographic highs surrounded by thick alluvium-filled valleys. The southern Monitor Range consists mainly of Tertiary age volcanic rock related to the Big Ten Peak volcano and a nearby unnamed 29 Ma caldera intruding and overlying Paleozoic sedimentary and metamorphic rocks. 4.2 Property Geology The Longstreet deposit is a fossil hot-spring related gold-silver deposit hosted in Oligocene-age weakly to moderately welded rhyolite volcanic rock (Unit Tat). Mineralization is controlled by the east-west striking, 40° to 55° north dipping Adit Fault vein and northwest and west- northwest striking steeply north dipping sheeted veins and fractures. The bulk of the gold-silver mineralization, termed the Main Zone, is in steeply dipping multiple sheeted vein sets parallel or sub-parallel to the moderately dipping Adit Fault. Mineralization is associated with quartz- adularia, clay and pyrite with oxide, transition and sulfide zones. The end of the mineralization cycle is expressed as a volcanoclastic and sinter member (Unit Ts) with local anomalous gold- silver values. A barren, post-mineral volcanic unit (Trt) overlies the volcanoclastic and sinter member. Intruding into the Tat unit are unaltered rhyolite intrusive dikes (Trp) which may be the feeder zones to the overlying, younger post-mineral volcanic rocks. Peripheral to the Main Zone deposit are eight target areas with anomalous structure, alteration and/or gold-silver geochemistry. Nearly all have been explored to some extent with either angle and vertical air track drill holes or Reverse Circulation (RC) drill holes. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 14

  19. 5 RESOURCES The basis of this Scoping Study is a resource estimate (Table 5.1) prepared by Agnerian Consulting Limited and reported in National Instrument (NI) 43-101 format (a Canadian reporting standard for the mineral industry). The resource estimate of record is contained in the report, Technical Report on the Longstreet Gold-Silver Property, Nevada , dated December 15, 2013. Table 5.1 Mineral Resources - Longstreet Gold Project Mineral Resources – Star Gold Longstreet Project, Nevada Grade Contained Grade Contained Category Tonnes (g/t Au) Ounces Au (g/t Ag) Ounces Ag Indicated 4,394,000 0.64 90,900 15.64 2,210,000 Inferred 304,800 0.48 4,750 14.56 142,700 From: Agnerian, Dec 2013, p65, Table 14-1 AMPL notes that the Agnerian resource estimate applied economic constraints and a preliminary pit shell, reporting only those resources which were contained by his pit shell. AMPL does not consider this to be best practice in that economic constraints, which are a key variable, may inaccurately portray the totality of the mineral inventory at the resource estimation stage. AMPL was provided with the Agnerian geological block model, which includes the total mineral inventory at Longstreet, and its mining engineer applied current economic parameters to develop an optimized pit shell and thereby estimate a mineable resource. 5.1 Resource Comparison Star Gold had commissioned two separate 43¬101 reports from different firms for the Longstreet Property Main Zone. Each study developed different block models based on different methodologies. The first is that of Agnerian dated Dec 15, 2013 which we have referenced and which forms the basis of this scoping study. The second report is authored by Paul Noland titled “Longstreet Project, Nye County, Nevada Revised Technical Review and Resource Estimate February 16, 2014 (hereafter called t he “Noland Report”). Star Gold requested an analysis of both reports to enable this scoping study to choose the more technically proficient and appropriate block model. 5.2 Block Model Review Star Gold requested a Qualified Persons (QP) geologist from AMPL conduct an independent review of geology block models created independently of each other by Agnerian Consulting Limited and Noland Engineering, for the Longstreet deposit. The following is an evaluation of each model , performed by Alan Aubut, P.Geo. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 15

  20. 5.2.1 Database The quality of any resource estimate is at its most fundamental level dependent on the quality of the data used. AMPL has compared the two block models and the methods used to estimate mineral resources therein. A summary of the key comparisons is provided in Table 5.2. Table 5.2 Comparison of Agnerian and Noland Block Models Elements of a Good Resource Estimate Item Agnerian Noland 1 Mineral Envelop captures just those samples that are part of the mineral Yes No system. 2 Block Size is representative of envisioned Smallest Mining Unit Yes No 3 Complete Variography so that samples can be used to measure the range Yes No (distance) over which they show some correlation. These distances can then be used to select related samples when doing the actual estimation. 4 Select an estimation method that is not prone to conditional bias (grade Yes No too high and tons too low), typically a variant of Kriging. 5 Also do a parallel model, preferably Nearest Neighbour, to establish a base Yes No line for the global mean which can then be used as a first pass during validation as all methods should produce essentially the same global mean. 6 Report Resource using only a cut-off as to do otherwise is in effect defining No ? Reserves which then become invalid if any of the economic criteria have changed or are incorrect. The source database was not provided to AMPL, therefore no specific comments can be made, but two things should be reviewed that can have unsuitable impacts on a resource estimate: 1) Whether to use absent data rather than setting all unsampled intervals to 0 (zero) grade; and 2) Use of grade capping. For 1) where unsampled intervals are present in the estimated mineral domain, the block estimate is biased high, as all samples with absent data will be ignored. The impact is that block grades involving such samples would be too high, thus possibly over estimating the grade. While grade capping is commonly used in the gold mining industry to try and compensate for the nuggety nature of that type of mineralisation, in actual practice it has no statistical validity. Thus it should not be used as it can artificially depress the true grades. One Geostatistical method used to overcome this problem and best suited for highly skewed distributions (a low grade peak with a long high grade tail) is Multiple Indicator Kriging. Note that this is the method that was used by Agnerian and is considered Industry Best Practice. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 16

  21. 5.3 Mineral Wire Framing A critical element of any resource estimate is the definition of the mineral domain through the use of wire frames. These wireframes need to isolate samples that can be considered part of the mineralised system from samples that are not. To do otherwise introduces a serious bias. In the case of the Agnerian model, there are five domains, one for the Main Zone and four for the Footwall Zone. All domains are reasonably well constrained and eliminate large areas barren of mineralisation. On the other hand, the Noland model used a single domain that is far too large and encompasses everything from no grade to high grade. This introduces several serious biases including: Allowing the spreading of grade far beyond where gold would reasonably be expected to occur. Allowing areas to be under estimated because too much low grade material has been used in any one particular block estimate. Sample sections showing the two models are presented in Figures 5.1 and 5.2. Figure 5.1 Sample section of Agnerian geological model Note the domains constrain the model to just those portions that are mineralised. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 17

  22. Figure 5.2 Sample section through Noland model (same section) Note the single domain which does a poor job of constraining the model and allowing trends different than those demonstrated by the Agnerian model as shown by the heavy gray lines. Also note how, in general, the mineralized areas of the Noland model are larger. While the Agnerian domains can be considered up to Industry Standards, the Noland single domain cannot. 5.4 Sample Capture and Compositing The use of 5 foot drill core composites for sampling and assaying is quite reasonable. The Agnerian domains captured only those areas with mineralisation, except where more recent drilling has taken place. Due to its large size the Nolan Domain rejected only a minor number of samples. 5.5 Variography and Variogram Modelling Variograms are the measure of similarity between samples with increasing distance from the drill intercept point. As such, variograms allow the determination of what samples are to be selected based on the samples themselves, rather than an arbitrary number. Likewise, variogram models provide a means of calculating sample weights as determined by the samples and their innate relationship between one another. The use of variograms therefore provides the least biased method of determining sample weights when doing resource estimation. Kriging is the one estimation method that takes full advantage of these characteristics of variograms and as such is considered Industry Best Practice. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 18

  23. The Agnerian report provided examples of variograms for both gold and silver. Several observations can be made: - The variograms are well formed indicating that the drilling density and sampling was adequate for generating reliable variograms, thus confirming there is enough data to allow the use of Kriging. - The variogram models are good with a reasonable nugget effect and all variograms are indicative that Industry Standard Practice, at least, has being followed. The Noland modelling did not use variography, instead relying on “ known geologic trends at the project site, mirroring parameters of a decade of hand-drawn resource calculations ”. While this cannot be considered a “Fatal Flaw” (an error that in itself would invalidate the estimate), it does not meet the threshold of current Industry Standard Practice. 5.6 Block Model Definition A term commonly applied to each individual block in a block model is Smallest Mining Unit, or SMU. The block modelling practitioner, with advice from a mining engineer if available, must make a decision as to what type of mining will likely take place, keeping in mind the amount of selectivity anticipated. The Agnerian model uses blocks that are 20 feet cubed and in line with what would be considered the smallest mining unit for open pit mining. While not considered a fatal flaw, the SMU used by Noland is considered too small as 10 foot square blocks are more appropriate for underground mining where these dimensions would approximate a single blast round. As a result the estimated grade by Noland, especially for the higher grade blocks, is likely to be significantly higher than will be experienced in practice as the deposit is likely to be mined by open pit methods. 5.7 Estimation Search Criteria Any block modelling method is only as good as the search criteria used in the estimation process. A potential source of bias is the use of samples from too few drill holes. This can be alleviated by using an octant search methodology (the search ellipsoid is divided into 8 parts, or “octants” based on the 3 primary planes) and then making sure samples from enough octants are used to ensure suitable distribution in 3D space. The Agnerian and Noland searches used similar ranges with the former being determined from variography. Both used a nested search approach with the latter involving doubling of the initial search ranges. In the case of the Agnerian model too few samples were used. Only samples from a maximum of two holes were used and a maximum of eight samples in total. The octant search method was not used thus allowing results to be biased to isolated parts of the block. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 19

  24. At the time of writing of this review no information was available for the actual search strategy used by Noland, other than the aforementioned search ranges. 5.8 Statistical and Visual Checks of Model Industry Standard Practice is to conduct two estimates using two different estimation methods as the global mean should be essentially the same no matter what method is used. A good starting point for example is to create a Nearest Neighbour model. This method relies on using the nearest sample for estimation and is very similar to the old polygonal method. While locally biased it does provide a reliable source for determining the global de-clusterised mean, yet is a method where it is difficult to make a mistake. The Agnerian model was estimated using Kriging and Nearest Neighbour and the mean grade for each is within 5% of one another, as would be expected, providing confidence in the estimate. Noland, on the other hand, only created an Inverse Distance model so there is nothing to compare the results of this model with to ensure it meets the fundamental requirement of maintaining the global mean. Further, it would be misleading for the reviewer to compare the mean of the model with that of the drill holes as the latter have significant built in bias due to clustering (too many samples in isolated pockets, typically in high grade areas). A standard check is to make sure the block grades are reasonably spread out and honour the grade values ascribed to the relevant drill holes. The Agnerian block model matches the informing holes reasonably well. The Noland model shows significant bias in areas due to the unconstrained nature of the domaining, as well as a result of using the Inverse Distance method. These two issues combine to form “bulls eyes” in areas with poor sample availability, with the high grade core much larger than can be supported by the available drill data (see Figure 5.3). ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 20

  25. Figure 5.3 Detailed section through Noland geologic model The section in Figure 5.3 shows: 1. poor correlation with the informing drillhole; 2. does not honour the established geologic trend due to the use of too large of a domain; and 3. shows a serious bias as illustrated by the “bulls eye” effect common with Inverse Distance and poorly sampled areas. 5.9 Resource Reporting A resource estimate should be the best estimate possible using the available data. Various mineral resource reporting codes around the world specify that a mineral resource must “have reasonable prospects for economic extraction”. The key words here are “reasonable” and “prospects”: Reasonable – as much as is appropriate or fair; moderate. Prospect - the possibility or likelihood of some future event occurring. Note the vagueness of the two definitions! And there is good reason as there are many factors that typically are not known at the time that an estimate is generated that will determine whether or not economic extraction is possible. These factors include metallurgy, access to infrastructure and metal prices, all of which can and will change with time. But a resource estimate should be a snap shot that can stand on its own merits. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 21

  26. It is said that mines are made and not found. The same cannot be said of the resource as a mineral resource can only be found, not manufactured; although the confidence in the resource may be improved through the application of direct testing methods such as diamond drilling and bulk sampling. Thus for a mineral resource to be useful in the future, factors that are beyond the control of the person who generates the estimate should not be applied to defining the resource – factors such as metal price and metal recovery. To do otherwise introduces a serious bias in that the quantities reported will be incorrect if any of these factors change. Agnerian has used an approach that introduces a serious time sensitive bias (though also used by other consultants in open pit resource estimates). The Agnerian report is based on the application of a pit “shell” design that in itself is based on metal prices and recoveries that will most certainly change. The resulting “in - pit” resource thus gives an unclear measure of the entirety of the mineralization – information that is very important if there is a change in commodity prices or gold recovery techniques. This review did not encounter information in the Noland resource report that would indicate the methods employed, or constraints applied, for the resource estimate methodology, therefore no comment is made thereon. 5.10 Conclusion The Agnerian model in general applied Standard to Best Industry Practice methodology. While it is deficient in some areas, specifically the search strategy employed, none of the deficiencies are considered Fatal Flaws that would invalidate the estimate. A number of serious issues were found in the methodology used and the application of block modelling techniques by Noland. These issues include lack of the application of variography, use of Inverse Distance estimation and improper domaining. While none of the issues can be considered a Fatal Flaw in that it resulted in a gross error of the estimate, they do result in a low confidence in the estimate which would relegate the mineral resources to the Inferred category, in the opinion of AMPL. 5.11 Geology and resource estimate recommendations It is recommended that any mine design work be conducted using only the Agnerian model: 1) The table of resources should not use any control other than a grade cut-off, as to do otherwise introduces a time sensitive bias. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 22

  27. 6 GEOTECHNICAL AND HYDROGEOLOGY 6.1 Regional Hydrogeology The Longstreet Mine is located in the Monitor Range of the Great Basin section of the Basin and Range physiographic region. The Basin and Range is largely an arid region encompassing the majority of the western United States; its topography is characterized by alternating narrow faulted mountain ranges and flat fault bound valleys (basins). The Great Basin, as a section of the Basin and Range region, follows the same topographic characteristics with notable internal surface and subsurface hydrologic drainage. The aquifer system within the Great Basin generally comprises aquifers in unconsolidated alluvial fill, sedimentary and volcanic deposits in fault bounded basins, and in various bedrock lithologies of the mountain ranges that drain into the separate basins. The mountain range bedrock units often underlie the basins. The basic hydrogeologic model is illustrated in Figure 6.1. The mountain range consists of consolidate bedrock with limited unconsolidated alluvial fill. The bedrock in the mountain ranges generally is less porous and permeable rocks compared to the basins’ bedrock. These rocks are characterized by fractured flow conditions. The result ing lower permeability impedes groundwater flow and the fractured flow conditions in many cases limit the groundwater volume available as a resource. (3) One of the limiting factors for water availability in the Great Basin is the low water recharge to the local aquifers due to the limited precipitation in the area (3,4). The Great Basin resides in the rain shadow of the Sierra Nevada Mountains thus precipitation is limited and irregular; the least precipitation occurs in the valleys and the greatest in the mountains (2, 3, 5). Winter precipitation generally consists of snow, and summer precipitation is characterized by localized high intensity rain (4). Geologic evidence and recorded history indicate the intense rain storms may result in flooding of the major rivers and the “dry” washes (4), and due to the arid conditions the evaporation rate is high. Precipitation that does not evaporate either percolates into the subsurface or moves as surface runoff into the valley basins (2, 5) thereby the basin aquifers are recharged. As illustrated in Figure 6.1, both the surface runoff, and the groundwater in the ranges flow into the valley basins, therefore the valleys are the best sources of water. 6.2 Local Hydrogeology Limited information is available regarding the actual water resources that exist within the Monitor Range where the Longstreet project is located. Three springs are mapped on the eastern edge of the Monitor Range: the Painted Rock Spring, Side Hill Spring, and Four Mile Spring. All of the springs are relatively close to the Longstreet deposit. They are located at or near the topographic transition between the Monitor Range and the Stone Cabin Valley. The ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 23

  28. Figure 6.1 Great Basin Hydrogeology existence of springs indicate potential exploitable groundwater in the bedrock, and/or the alluvium of the ephemeral streams that flow east out of the Monitor Range. The volume of water flowing from the springs, and any seasonal variation, is not known. The Side Hill Spring is the closest; it is located approximately 1.5 miles east of the Longstreet mine. The greatest potential source of groundwater is Stone Cabin Valley. The valley has a drainage area of 961 square miles with a net recharge to the basin of 16,000 acre feet of water per year. In 1962, the cumulative ‘loss/use’ via evapotranspiration and reclamation was estimated to be 2,000 acre feet per year (2). Since 1962 no significant development has occurred to alter this ‘loss/use’ estimate. This difference between recharge and discharge rates indicate this groundwater resource could supply a substantial amount of water without significantly lowering the groundwater levels or negatively affecting existing groundwater use within the valley. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 24

  29. Stone Cabin Valley is principally utilized as livestock range. The Clifford Ranch is the only identified active ranch in Stone Cabin Valley. The ranch is located approximately 12 miles south- south east of the mine site. Five Mile Spring is located at this ranch. At Mud Lake, Stone Cabin Valley surficially drains into Ralston Valley. A well field exists in the Ralston Valley supplying water to the City of Tonopah. The water from this field is transported the 15 miles to Tonopah by pipe. 6.3 Mine Site Hydrogeology No information is currently available regarding the presence of water at the mineral project site. Preliminary interpretation regarding the potential availability of water can be predicated with the existing geological maps created by previous mine owners. The maps indicate that the Longstreet property is underlain predominantly by Oligocene Epoch moderately – to poorly- welded tuffs with common lithic and pumice fragments. Four lithologic units have been described at the Site (1): “Welded Ash Flow Tuff (Tat) -This rock is buff to grey, and contains <10% fine-to medium- grained quartz phenocrysts, 15% fine-to medium-grained feldspar phenocrysts, 5% to 15% medium to coarse- grained pumice, and 5% to 20% other “exotic” fragments in an aphanitic groundmass. The rock displays horizontal bedding and may be up to 3,000 feet thick. It exhibits pervasive hydrothermal alteration consisting of argillic alteration (bleaching and clay mineral development), silicification (quartz flooding and/or networks of numerous quartz veinlets), and potassic alteration (adularia in quartz veinlets). Supergene limonitic and goethite alteration overprint the hydrothermal alteration. Rhyolitic Porphyry Dike (Trp) - Rhyolitic porphyry dikes of various orientations intrude the Tat unit, and may be associated with the heat source of the mineralizing fluids at Longstreet. Siliceous Sedimentary Rock (Ts) - A thin unit of white, yellowish and grey, volcaniclastic and siliceous rock (including sinter) intermittently overlies the Tat unit. Silicic alteration is evidenced by sheeted quartz veins. Welded Tuff (Trt) - Black to brown, strongly welded tuff occurs along ridges and overlies the Tat and Ts units. This unit is 330 feet to 400 feet thick and has a distinctive thin (approximately 3 ten-feet ) vitrophyre zone near its base.” This indicates the welded tuffs have a limited capacity to store water (porosity), or allow water to flow (permeability). The welded strength of the tuff affects porosity and permeability: the greater the welding, the lower the porosity and permeability. Therefore the strongly Welded Tuffs, by definition, have low porosity and permeability (6). The Welded Ash flow tuff and the Welded Tuff are interpreted to be dense and relatively impervious rocks. The Siliceous Sedimentary Rock offers a potential porous media for groundwater however its thickness may limit the volume of water that it can store. No information is available regarding the presence of water in these lithologic units. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 25

  30. Suggested locations for potential well sites are identified in Figure 6.2. Figure 6.2 Water well search location recommendations Well Location Option 1 is approximately 0.7 miles from the Longstreet Project. Water is expected but volume and sustainability is unknown. The location is chosen because the surface drainage is at the intersection of three sub-watersheds. Well Location Option 2 is approximately 5 miles from the Longstreet Project. Water is expected with the necessary volume and sustainability. This location is at the valley centre and assumed to be the best location for water production. Other locations can be identified between this site and the entrance to Windy Canyon that could potentially supply the volume and long term sustainability requirements of the Project. 6.4 Hyd ydrog ogeolog logy y con onclu lusion on an and recommendat ation ion Water sourcing is the largest technical risk factor, particularly to capital expenditures and operating cost estimates. Ideally a well source will be identified and thus avoid the added cost of piping water to the site from Five Mile Spring on Clifford Ranch, currently the nearest identified water source, 12 miles from the Project site. It is not known if Five Mile Spring produces adequate volume nor if the owner of Clifford Ranch would agree the sale of water ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 26

  31. from the spring. Preliminary investigations have identified two potential sources of well water; one mile to the NE in the Monitor Range and approximately five miles east in Stone Cabin Valley. A hydrological study is recommended to identify proximal water sources of adequate volume to sustain the Longstreet operation. 6.5 Geotechnical Geotechnical descriptions of the rock at the Longstreet Property were not available for review. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 27

  32. 7 MINING 7.1 Potentially Mineable Mineral Resource – Pit Optimization The potentially economic mineral resources were defined as those blocks falling within an optimized pit shell derived from the economic parameters shown in Table 7.1. The unit costs used in the pit optimization process were based on preliminary estimates and general knowledge of mining, processing and general and administration costs for similar type operations. The pit optimization was conducted using Mintec MineSight Economic Planner 2.60-00 pit optimization software. Table 7.1 Floating cone pit optimization parameters Parameter Value used in Floating Cone Pit Optimization Gold price $1,350/ troy ounce Gold recovery 86% Gold transport and refining charge $4 /troy ounce Silver price $24 Silver recovery 15% Waste mining cost $3.00 / ton Mineralized material mining cost $3.50 / ton Heap leach crush and place cost $3.50 / ton Processing cost $3.65 / ton General and Administration cost $2.01 / ton Assumed pit slope angle 50° Base cone radius 40 feet The potentially mineable mineralization was determined using a breakeven cut-off where revenue is equivalent to marginal costs. The $9.16/ton breakeven cut-off, derived from the sum of the estimated processing and G&A costs, does not include mining costs as all material contained within a shell is considered mined and sent either to the waste dump or the leach pad. The 50° pit slope angle has been assumed and is based on the experiences of other mining operations in the region. There may be an opportunity to steepen the pit slope but this would need to be demonstrated by a geotechnical investigation and assessment as part of future studies. The geological block model developed by Agnerian Consulting Ltd. as reviewed by A. Aubut of AMPL was found suitable for use in this internal scoping study – see also Mining Conclusions and Recommendations. The in-pit potentially mineable mineral resources estimate is shown in Table 7.2 and may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 28

  33. or other relevant issues. The mineral resources estimate takes geologic, mining, processing and economic constraints into account, are confined within a pit shell, and are classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves. Table 7.2 In-pit Mineral Resource Estimate Mineral Resource Short Tons Au Ag Category (oz / ton) (oz / ton) Indicated 3,982,339 0.0219 0.5207 Inferred 225,455 0.0189 0.6076 1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. 2. The quantity and grade of reported Inferred Resources in this estimation is uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. 3. The mineral resources are reported within the optimized pit shell that was used to assess reasonable prospects of economic extraction. The mineral resources estimate excludes external dilution and mining losses. Plans and sections of the pit shell are shown in Figures 7.1 to 7.5. The in-pit potentially mineable mineral resources estimate was prepared using Mintec MineSight Economic Planner pit optimization software, and the geological block model for the Longstreet Star Gold deposit received on January 6, 2014. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 29

  34. Figure 7.1 Pit shell aerial view ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 30

  35. Figure 7.2 Pit shell longitudinal section, 13,935,430E ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 31

  36. Figure 7.3 Pit shell longitudinal section 13,935,430E with topography ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 32

  37. Figure 7.4 Pit shell cross-section 13,934,000N ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 33

  38. Figure 7.5 Pit shell cross-section 13,935,145N ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 34

  39. 7.2 Mining Method The topography at Longstreet is advantageous for open pit mining in that there is very little waste rock that must be stripped prior to the commencement of production mining operations. Year 1 of the mining schedule will deliver the scheduled ROM tonnes and excavate necessary waste rock. There is no requirement for a capital allocation to pre-strip the planned open pit mine. Pre-production work would include establishing the main haul road to the heap leach and surface road to mine facilities including explosives magazines. The open pit would be mined using conventional mining equipment and technologies. Mineralized material and waste rock would be blasted, excavated, loaded and hauled to either the waste rock management area or the heap leach crusher. It is assumed that a contractor would develop and operate the pit, crush the mineralized material, place and spread the mineralized material on the leach pad and prepare the surface of the stacked material using a ripper. The type of equipment used would depend upon the contr actor’s equipment preferences and available fleet. It is envisaged that 20 foot benches would be used in the pit and that the contractor would use conventional mining equipment such as a track-mounted drill, hydraulic excavator, wheel loader, 40-ton class trucks and bulldozers. It is expected that the pit would operate 350 days per year and the mining fleet sized accordingly. It is assumed that the pit would be dry and that a conventional diesel-powered pump would only be required from time to time to dewater the pit sump. This study considers that the mining contractor would supply its own equipment and shop and that the pit access road and minor pre-stripping would be done concurrent with the construction of the leach pad. It has been assumed that the mine owner would manage the project and provide technical services. 7.3 Mining Schedule The mine schedule is based on the optimized pit plus mining dilution (5%) and losses allowances. The total tons of material that would be mined from a designed pit would be expected to add marginally to the strip ratio. The impact on the economics of the operation are minimal. Mining activities have been planned and scheduled to address pre-stripping of waste rock, ore and waste rock mining throughout the life-of-mine (LOM). The design team selected a run-of- mine (ROM) ore production rate of one million short tons per year, forming the basis for the pit design and the processing systems. The mineral resources incorporated into the pit shell are adequate for 4.4 years of ROM production. The LOM strip ratio is a favorable 0.7 tons waste : 1 ton ore. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 35

  40. The mine schedule shown in Table 7.3 makes use of Inferred Mineral Resources. The scoping study is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results indicated in the scoping study will be realized. Table 7.3 Mine Schedule Item Year LOM -1 1 2 3 4 5 Leach pad feed (k ton) A 1,000 1,000 1,000 1,000 418 4,418 0.0217 0.0217 0.0217 0.0217 0.0217 0.0217 Au (oz / ton) B 0.5254 0.5254 0.5254 0.5254 0.5254 0.5254 Ag (oz / ton) B Waste rock 697 697 697 697 291 3,081 (k ton) Strip ratio 0.7 A Leach pad tonnage includes a net 5% allowance for mining dilution and mining losses. B Average grade assumed delivered to leach pad over LOM. 7.4 Mine Closure The regulatory requirements for mine closure and site reclamation are well established in Nevada. A tentative permanent closure plan would need to be submitted at the time of the application for a Water Pollution Control Permit, and the final permanent closure plan would need to be submitted two years before the anticipated closure of the site. The final closure report must be submitted to the Nevada Division of Environmental Protection, Bureau of Mining Regulations and Reclamation following the completion of closure to demonstrate that the Waters of the State will not be degraded, and propose the post-closure monitoring program to regulators. The Longstreet Project is still at the conceptual stage and a tentative permanent closure plan has not yet been developed. The plan would be expected to encompass but not be limited to the collection and responsible treatment and/or the permitted disposal of process solutions, reagents and hazardous wastes, used oil, and non-hazardous materials and wastes; the orderly removal and/or demolition of process equipment and buildings; closure works to ensure that the pit and stockpiled mine materials are left in physically and chemically stable conditions; the access road would be reclaimed; controls would be put in place to prevent inadvertent access into the mined-out pit; run-on interception and diversion ditches; contact water interception and management; dust control measures; and other measures to protect human health and the ecology over the long term; and a monitoring program to provide data to demonstrate the ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 36

  41. effectiveness of the closure works and site reclamation. The cashflow model for the project includes a closure and reclamation cost allowance. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 37

  42. 8 METALLURGICAL TESTWORK and MINERAL PROCESSING 8.1 Historical metallurgical sampling and test work A pre-feasibility study was conducted on the Longstreet project in 1988 by Mining Engineering Services. Metallurgical test work was performed in support of the pre-feasibility study, which consisted of bench scale bottle roll tests on 10 samples composited from 31 drill hole composites. These samples were crushed to -10 Mesh (Tyler Series) and used in the bottle roll tests. Results from the test work indicated that a gold recovery between 82.1% to 87.2% could be achieved along with a silver recovery which ranged between 28.3% to 57.9%. In addition, a large bulk sample was collected from three surface pit sites and four underground sites. It is not known as to how the underground samples were collected. The bulk sample was screened and split into six individual samples for further metallurgical testing. Test work was carried out on +3 inch (+76mm) material for bucket tests, -3 inch material for column tests and - 1/4 inch (6.35mm) material for column tests. Test results indicated that gold recovery for the +3 inch material ranged from 50% to 63%, gold recovery for the -3 inch material ranged from 68% to 87%, and gold recovery for the -1/4 inch material ranged from 86% to 90%. Results are listed in the Table 8.1. Table 8.1 Metallurgical Testwork Results, (c. 1988) Size Days Leached Calculated Head % Recovery Au g/t Ag g/t Au Ag +76 mm(s) 44 0.342 11.51 63.6 <1.0 +76 mm(u) 44 0.995 41.06 50.0 4.6 -76 mm(u) 45 1.275 37.01 87.8 10.9 -76 mm(s) 45 0.778 16.48 68.0 15.1 -6.35 mm(s) 42 0.684 14.93 86.4 25.0 -6.35 mm(u) 42 1.026 33.90 90.9 23.9 (s) -surface (u)- underground For material similar to that tested, Kappes, Cassiday & Associates (KCA) estimated field heap leach recoveries to be 85% for gold and 20% for silver using ¼-inch material. In April of 2012, Paul D. Nol and KCA published a Technical Review and Resource Estimate for Star Gold, in which they reported results obtained from a previous test work program by Harron (2003) and MDA (1988). The test program involved compositing numerous oxide drill intercept cuttings in which bottle roll tests were performed on 10 samples. Average gold recovery results for -10 Mesh samples were 85.4% gold and 37.9% silver recovery in 72 hours. KCA then conducted column tests on three samples to test the responses of low, medium and high grade material from underground. After crushing to -3/4 inch (19 mm) the samples averaged 82% gold ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 38

  43. and 29% silver recovery. Crushing to -6 mesh 0.132 inches (3.6 mm) increased recovery to 93% for gold and 52% for silver. According to the test work conducted those are the expected recoveries for an open pit heap-leach operation at Longstreet. The data was generated 25 years ago, on underground samples only. KCA also conducted agitated cyanide tests on pulverized material and obtained 92% gold and 81% silver recovery. These are the recoveries expected in a conventional mill utilizing a fine grind. Column leach tests were also conducted on behalf of Bacon-Donaldson Engineering on -2 inch (50 mm) material. Recoveries varied from 85% to 90% for gold and 9% to 28% for silver, with underground samples being more amenable to leaching than surface samples. It appears the oxide zone of the Main deposit has reasonable leaching characteristics for gold although silver recovery is poor. The current resource estimate identifies two main types of mineralization near surface: “oxide” mineralization associated with limonitic pseudomorphs of pyrite, and “sulphide” mineralization associated with disseminated pyrite. The oxide mineralization was the focus of the 1988 pre- feasibility study which achieved recoveries of approximately 90% for gold and 25% for silver based on column leach tests utilizing a feed size of ¼ inch (6 mm). Later tests on coarser oxide material of -2 inches (50 mm) resulted in recoveries of 90% for gold and 28% for silver indicating high gold recoveries can be achieved using coarse material. These results contradict current findings as results obtained in lab bottle roll tests indicate that crush size does not have a significant impact on silver recoveries and that current adit samples used in column tests exhibited inferior leaching kinetics as compared to surface test samples. 8.2 2013 Sampling for metallurgical testwork Joseph A. Kantor of JAK Exploration Services, LLC supervised the collection of approximately 1,720 pounds (780 kg) of mineralized samples for the Longstreet project, compliant with NI 43- 101 QA/QC guidelines. The samples that were collected were used for the 2013 metallurgical test program at McClelland Laboratories in Sparks, Nevada. Eighteen large surface samples were collected from three historic test pits (six samples from each). In addition, a total of 13 horizontal and 6 vertical channel samples were collected from the underground Upper Adit. Geologically, the underground and surface samples represent two distinct geological structural domains. One structural domain includes the Longstreet vein (coincident with the Adit Fault) and its hanging wall. The second structural domain is the footwall of the Longstreet vein. The current resource is hosted in both structural domains. Underground sampling started about 180 feet in from the Upper Adit portal. Refer to Figure 8.1 for a diagram of adit sample locations. Horizontal samples are shown in Figure 8.1 as long pencilled lines (along the northwest to southeast drift) and vertical samples shown as short pencilled lines on east-west drift. Continuous 10-foot long horizontal channel samples were ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 39

  44. collected from 180 feet to 310 feet. A series of 6 vertical channel cuts, each approximately 6 vertical feet in length were collected every 10 feet along the vein in the westward drift. A tungsten carbide-tipped saw was used to cut two parallel to sub-parallel two-inch to three- inch deep slices in the adit wall. A sledge hammer and chisel were then used to take a representative channel sample. Horizontal samples were labelled with the footage interval, starting with 180 to 190 feet. From 180 to 270 feet, all samples were collected from the western face of the adit. From 290 feet to 310 feet, sampling continued on the eastern face. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 40

  45. Figure 8.1 Location of Underground Adit Samples ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 41

  46. The 13 continuous horizontal samples are each 10 feet long and the six vertical samples are about six feet long from the back (top) of the drift (tunnel) to the floor of the drift. Surface pit samples #1, #2 and #3 consisted of approximately 70%, 50% and 10% respectively, from in-place pit walls with the remainder from loose blocks. These three pits were the source of the original surface metallurgical samples used during the 1987 KCA testing. Based upon the excavation outline in the pit walls, it appears that the original metallurgical samples consisted of the silicified material with the high-clay content material avoided. For this 2013 bulk sampling campaign, the pit #1 and pit #2 samples included high-clay content material in an amount about equal to the bedrock exposure. Pit # 3 hosted very little clay-rich rock. Except for the clay-rich samples, all samples collected were at least four inches to a maximum of about 10 inches in at least one dimension. The mix of rocks collected at each pit was generally random and is considered representative of the bedrock exposure. Refer to Figure 8.2 for location of surface samples. Figure 8.2 Approximate Location of the Three Surface Sampling Pits (shown in red) ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 42

  47. All of the bulk samples collected were either from surface exposures or at an approximate maximum of 130 feet below the Upper Adit. No bulk samples were obtained from areas that would be considered as the transitional or mixed oxide-sulphide zone. 8.3 Gold-Silver Mineralogy An extensive search using Scanning Electron Microscopy/Energy Dispersive Spectroscopy SEM/EDS indicates silver phases are present in both head and tail samples, however, gold was not identified. Silver sulfide is the main silver phase and occurs as irregularly shaped inclusions in quartz, pyrite and goethite pseudomorphs after pyrite. Cube-like grains are also seen in quartz and likely represent pseudomorphs of acanthite after argentite. Grain size of the silver sulfide is very fine with measur ements that range from 0.5μm up to approximately 5μm. Silver sulfide is also seen as thin rinds around pyrite and as small inclusions in jarosite. Much of the jarosite in these samples analyzed by EDS contains low but detectable silver. The jarosite contained in the samples is potassium jarosite, however, vague bright areas in large masses are discernable using backscatter imaging. These areas are silver rich and likely represent argentojarosite intimately mixed with the more abundant potassium variety. One small grain having a chemistry of Hg, Br, Cl and Ag was identified as an inclusion in quartz with a measurement just over 1 μm (one millionth of a meter). This phase may represent capgaronnite or possibly iltisite. The primary reason for low silver recovery in this material appears to be due to the very fine grained nature of the silver sulfide, which should leach easily if liberated or exposed. In contrast, silver bearing jarosites tend to be refractory and are usually unaffected by leaching. 8.3.1 Sulfide Mineralogy Sulfides are present as a trace with pyrite as the main sulfide. Pyrite occurs as minute cubes and drop-like g rains that vary in size from <1μm up to approximately 20μm. Most grains are unaltered but a small population wear thin goethite jackets. A trace of chalcopyrite is present and shows no apparent decay. 8.3.2 Oxide Mineralogy Both samples contain low amounts of iron oxide with hematite and goethite as the main iron minerals. Hematite occurs as small rosettes, thin strings and small pockets. Goethite is generally seen as euhedral pseudomorphs after pyrite. Yellow limonitic iron oxide is in the form of irregularly shaped masses or intermixed with kaolinite. Secondary rutile forms small aggregates and honey colored prisms in quartz. 8.4 2013 Metallurgical Test Program The 2013 metallurgical test work program was conducted by McLelland Laboratories under the direction of a QP metallurgical engineer contracted by Star Gold. The program included bottle roll tests, column tests and comminution tests and mineralogical examination. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 43

  48. 8.4.1 Section Sample Assays A total of 65 underground adit samples weighing 816 pounds (370kg) and three surface samples weighing 904 pounds (410kg) were collected for metallurgical testing. Each of these samples were crushed to 100% -2 inches (50mm) and assayed for gold and silver in duplicate. Assay results are listed in Table 8.2. Samples were combined to generate surface and underground composites, as well as a blended master composite. Triplicate direct assays were conducted on each composite. Standard deviations between triplicate head assays were high, particularly for the surface master composite. The agreement between the triplicate splits was not good, however the average of the triplicate assays is close to what was expected, based on the section assays. It was noted that the Quality Control samples all checked out as well, which indicates that the assays are good and the gold occurrence in the potentially economic mineralization is just a little “spotty”. Table 8.2 Gold Head Assays and Head Grade Comparisons Longstreet Composites SMC, g/mt UMC, g/mt BMC, g/mt Determination Au Ag Au Ag Au Ag Direct Assay, Init. 0.21 17 0.70 67 0.57 40 Direct Assay, Dup. 0.67 34 0.82 63 0.66 41 Direct Assay, Trip. 0.37 21 1.09 53 0.77 50 Average 0.42 24 0.87 61 0.67 44 Std. Deviation 0.23 9 0.20 7 0.10 6 A total of twenty pieces of rock from both underground and surface were selected for comminution testing. The remainder of the samples were separately stage crushed to 100% -2- inches (-50mm). Each of the underground and surface samples were then blended to form a master composite representing both the underground and surface samples. The blended sample was then split to generate a third master composite. Samples were collected for bottle roll tests. All composites were then further crushed to 80% -3/4 inch (19mm), blended, then split into 75kg lots for column testing. Selection sample assay results and detailed blending procedures are provided in the Appendix to this report. 8.4.2 Bottle Roll Testing A bottle roll test was conducted on each of the three composites at an 80% -10 Mesh (1.7mm) feed size to determine lime requirements for column leach testing. Gold and silver recoveries were similar for all three composites. Gold recoveries ranged from 80.6% to 81.9% and silver recoveries ranged from 17.5% to 20.0%. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 44

  49. Additional bottle roll tests, at a cyanide concentration of 1.0g NaCN/L were conducted on the blended master composite at feed sizes of 100% -2 inches (50mm), 80% -3/4 inches (19mm) and 80% -1/4 inch (6.3mm) to determine sensitivity to feed size. The blended master composite showed a moderate sensitivity to feed size with respect to gold and silver recovery. Recovery was 18.4% higher for gold, and 13.9% higher for silver, at a feed size of 80% -1/16 inches (1.7mm) than at a feed size of 100% -2 inches (50mm). Silver recovery, for each bottle roll test conducted, was low. In order to investigate the cause of the low silver recovery, three additional bottle roll tests were conducted on the blended master composite to determine response to increased cyanide concentration (5.0g NaCN/L) at typical heap leach (80% -3/4 inches, 80% -1/4 inches) and milled (80% -200 Mesh (75µm)) feed sizes. Results showed that increasing the cyanide concentration did not significantly increase silver recovery at heap leach feed sizes, however, silver recovery increased substantially when feed was finely ground. Silver recovery was 60.6% from the bottle roll test conducted on 80% -200 mesh material. Gold recovery was also moderately higher when fine grinding was employed. Mineralogical analysis of head and tail samples of the blended master composite confirm that the primary reason for low silver recovery is due to the very fine grained nature of the silver sulfide, which when exposed, is readily leachable. The silver leach rate at 200 mesh was extremely fast. Silver recovery was complete within the first two hours, which suggests that the silver mineralization is very fast leaching once liberated. In contrast, silver-bearing jarosites tend to be refractory and are usually unaffected by leaching regardless of the grind size. Summary results from bottle roll testing are given in Table 8.3. Detailed bottle roll test data including leach rate figures, are provided in the attached spreadsheet. Table 8.3 Bottle Roll Test Results, 2013 Table 1. - Summary Metallurgical Results, Bottle Roll Tests, Longstreet Mine Composites NaCN Au gAu/mt ore Ag gAg/mt ore Reagent Requirements Feed Conc. Recovery, Calculated Head Recovery, Calculated Head kg/mt ore Composite Size g/L % Extracted Tail Head Assay % Extracted Tail Head Assay NaCN Cons.Lime Added SMC 80%-1.7mm 1.0 80.6 0.25 0.06 0.31 0.42 20.0 5 20 25 24 0.08 2.1 UMC 80%-1.7mm 1.0 81.9 0.68 0.15 0.83 0.87 18.9 10 43 53 61 0.13 3.4 BMC 100%-50mm 1.0 62.9 0.44 0.26 0.70 0.67 3.6 2 54 56 44 0.07 1.3 BMC 80%-19mm 1.0 67.1 0.51 0.25 0.76 0.67 12.8 5 34 39 44 0.07 2.1 BMC 80%-6.3mm 1.0 77.9 0.53 0.15 0.68 0.67 13.6 6 38 44 44 <0.07 3.0 BMC 80%-1.7mm 1.0 81.3 0.52 0.12 0.64 0.67 17.5 7 33 40 44 0.13 2.5 BMC 80%-19mm 5.0 76.4 0.55 0.17 0.72 0.67 14.6 6 35 41 44 0.48 1.0 BMC 80%-6.3mm 5.0 77.6 0.45 0.13 0.58 0.67 14.0 6 37 43 44 0.67 1.0 BMC 80%-75µm 5.0 88.7 0.47 0.06 0.53 0.67 60.6 20 13 33 44 0.91 1.3 Both gold and silver recoveries are slightly improved with increased crush size, the increase in recovery is more pronounced in the silver as compared to gold when a fine grind is applied. Figure 8.3 illustrates this. It is important to keep in mind that in order to reduce the particle size to 80 % passing 75 microns a conventional comminution circuit employing crushing and grinding would be required. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 45

  50. Figure 8.3 Crush Size Versus Metal Recovery 8.4.3 Column Leach Testing Column leach test were conducted on each of the master composites, utilizing a feed size of 80% -3/4 inch (19 mm) in order to determine gold and silver recoveries, recovery rates and reagent requirements under simulated heap leach conditions. Lime additions were based on bottle roll tests. Test columns were sized at 15 cm diameter by 3 meters high using PVC piping with material stacked in the leaching columns in a manner in which to minimize particle segregation and compaction. Leaching was conducted by applying a cyanide solution of 1.0g NACN/L over the charge at a feed rate of 12 Lph/m 2 of column cross sectional area. After leaching, fresh water rinsing was conducted to remove residual cyanide and to recover dissolved gold and silver values. Detail column leach tests data, including screen analysis of the feed and tails and drain down rates can be found in the Appendix, identified as McLelland Report No. 3829 entitled Heap Leach Cyanidation Testing Longstreet Project , dated April 6, 2014. All three composites were leached for 190 days. Gold and silver extractions for the surface master composite (SMC) reached 88.9 % and 20.0 %, respectively. Gold and silver extraction for the underground master composites (UMC) was 84.6 % for gold and 15.4 % for silver. The master blend composite (MBC) achieved gold and silver recoveries of 86.3 and 16.7 respectively. Summary results from column leach testing are provided in Table 8.4. Detailed results, including leach rate figures are provided in the Appendix. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 46

  51. Table 8.4 Summary Metallurgical Test Results Summary Metallurgical Results, Column Percolation Leach Tests, Longstreet Mine Composites, 80%-19mm Feed Size Sample Test Leach/rinse mt/mt g Au/mt ore Average g Ag/mt ore Average NaCN Lime I.D. No. Time, days ore Extracted Head Extracted Head consumed added kg/mt ore kg/mt ore SMC P-1 153 4.8 0.32 0.38 5 24 1.45 1.7 UMC P-2 158 5.3 0.59 0.85 7 60 1.90 2.7 BMC P-3 158 5.2 0.63 0.68 8 45 1.78 2.0 Recovery results by size fraction for all three master composites indicates that finer crushing would not substantially improve gold recovery. Gold recovery was similar throughout the various size fractions with only a slightly elevated recovery in the finest size fraction (-75 microns). Silver recovery on the other hand would benefit from a finer particle size and would require fine grinding in order to maximize recovery. Overall metallurgical results indicate that the Longstreet master composites are readily amenable to simulated heap leach treatment at 80 % -19 mm feed size. Gold recoveries for all three composites were similar and ranged from 84.6 % to 88.9 % in 190 days of leaching and rinsing. Silver recoveries were similar for all three samples, with recoveries ranging from 15.4 % to 20.0%. It is important to note that although the column tests were conducted over a period of 190 days, gold extraction was essentially completed in the first 30 days of leaching. Silver leach rates, on the other hand, were very slow and it is not expected that they would improve beyond the 190 day cycle. Cyanide consumption rates were high and ranged from 1.56 to 1.93 kg NaCN/t of ore. This was due in part to the long leach times. Cyanide consumption rates in a commercial operation are typically much lower. Figures 8.4, 8.5 and 8.6 diagramatically illustrate the leach rates and results for gold and silver. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 47

  52. Gold and Silver Leach Rate Profiles, Column Leach Test, Longstreet Mine, Surface Master Composite, 80% -19mm Feed Size 100 90 Cumulative Recovery, % of Total 80 70 60 50 40 30 20 10 0 0 30 60 90 120 150 180 210 Leach Time, days Au Ag Figure 8.4 Surface Master composite leach kinetics Gold and Silver Leach Rate Profiles, Column Leach Test, Longstreet Mine, Underground Master Composite, 80% -19mm Feed Size 100 90 Cumulative Recovery, % of Total 80 70 60 50 40 30 20 10 0 0 30 60 90 120 150 180 210 Leach Time, days Au Ag Figure 8.5 Underground master composite leach kinetics ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 48

  53. Gold and Silver Leach Rate Profiles, Column Leach Test, Longstreet Mine, Blended Master Composite, 80% -19mm Feed Size 100.0 90.0 Cumulative Recovery, % od Total 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 0 30 60 90 120 150 180 210 Leach Time, days Au Ag Figure 8.6 Master blend composite leach kinetics 8.4.4 Comminution Tests Sample Preparation A total of twenty competent pieces of rock were taken from the 22 samples for comminution testing. Half of the 20 rock pieces were selected from the underground adit samples, and half were taken from the surface samples. The rock pieces were combined and then submitted for crusher work index and abrasion index testing. No preparation was required for the crusher test sample. Pieces were natural rock and fragments were used for the abrasion test. The abrasion test sample was crushed and screened to extract a ¾ inch x ½ inch size fraction. Crusher Work Index Test The crusher work index test was conducted on natural rock pieces according to test protocol. Sample CWi (kW-hr/st) CWi (kW-hr/mt) Crusher Work Index 10.08 11.11 Abrasion Index Test An abrasion index test was conducted on a -3/4 inch +1/2 inch fraction of the sample according to test protocol yielding a Sample Abrasion Index of 0.2431. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 49

  54. 8.4.5 Mineral Processing Conclusions: AMPL concludes the following from the results of metallurgical testwork and analysis:  Cyanide consumption was high and ranged from 1.56 to 1.93 kg/t, in part due to the long leach time (190 days) used in the column test. Typical cyanide consumption for a heap leach operation would be 25% to 40% of the consumption observed in column leach tests.  Cyanide consumption rates were significantly lower for the bottle roll tests.  Due to the coarse crush size and low amount of generated fines it can be assumed the ore will respond well to permeability testing during the next phase of column tests, thus eliminating the need for agglomeration. However if a finer crush size is tested then it may require incorporating cement in the agglomeration mix.   Column tests indicate that gold dissolution is rapid with very little additional recovery achieved after 30 days of leaching. Silver leach kinetics were slow and continued to increase slightly even after 120 days of leaching.  Results indicate that gold recovery is not particularly sensitive to feed size, given a sufficient leach cycle time.  Each of the three master composite samples exhibited amenability to simulated heap leaching at a particle size of 80% minus ¾-inch (19mm). Gold recoveries in this size fraction ranged from 84.6% to 88.9%.  Column test silver recoveries were low, ranging from 15.4% to 20.0%.  The crusher work index for the ore indicates it to be of low hardness and slightly abrasive.  Increasing cyanide consumption from 1 g/L to 5 g/L in bottle roll tests had little impact on both gold and silver recovery at varying crush sizes. 8.4.6 Mineral Processing Recommendations  Further column test work on the oxide adit material should be performed in order to test the variability of the deposit.  Further column leach tests should be conducted using finer material in conjunction with high pressure rolls i.e. P 80 ¼-inch (6.3mm) in order to maximize silver recovery.  As the leach kinetics for gold are fairly rapid and the silver recovery did not increase dramatically after 190 days of leaching, it is recommended to reduce the column leach time to 60 days for the next phase of the test work.  Further column tests should be carried out using site water as opposed to laboratory tap water in order to determine the effects of site water on leach kinetics.  To investigate improved silver recovery on the master blend composite ore, a HPGR (high pressure grinding rolls) evaluation should be considered as HPGR’s lead to the formation of micro cracks in the ore which may improve silver leaching kinetics. This would require a Static Pressure Test (SPT) to be performed. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 50

  55.  Load/permeability tests are recommended on column leach residue samples to confirm permeability under compressive loading. 8.5 Process Engineering and Design The process layout and equipment selected for the Longstreet heap leach study is based on the 2013 metallurgical test program which was limited to several bottle roll tests, percolation tests, hardness and abrasion index determinations and column tests conducted on three composite sample. AMPL also referenced previous metallurgical results from the 1988 pre-feasibility study. The process plant design, which includes the leach pad, ADR plant, electro-winning circuit and refinery is based on a nominal five year mine life. In order to maximize project efficiencies and minimize capital and operating costs, a plant utilizing modular components should be considered. The proposed crushing facility and leach pad stacking would be operated by an independent contractor with the crushing plant consisting of a two-stage modular design and haul trucks used to stack material on the leach pad. For the sole purpose of this conceptual study, the heap leach pad and processing plant for the Longstreet Project is designed to process 2,800 t/d of low grade gold and higher grade silver run-of-mine (ROM) material. Both the crushing and stacking areas will operate 16 hours per day, seven days per week at 90% availability. The adsorption-desorption-refining (ADR) facility should also be of modular design in order to minimize capital cost and reduce the construction schedule. The life of mine recovery rate for gold is estimated at 86% while silver recovery is estimated at 15%. The metals recovery plant (ADR) facility is designed to treat a solution flow rate of 770 gpm (175 m 3 /h) of pregnant leach solution which will produce approximately 18,700 ounces of gold and 78,800 ounces of silver per year. The ADR plant will operate on a 24 hour per day basis, seven days per week at 90% availability. A summary of the design criteria for the heap leach and ADR facilities is presented in Table 8.5. Table 8.5 Process Design Criteria Design Criteria Design Parameters Ore to leach pad 1,000,000 tpy Maximum rock size to crusher Minus 24 inch Nominal crushing rate 210 t/h Design crushing rate 240 t/h Crusher Work Index 10.08 kWh/short ton Abrasion Index 0.2431 Ore moisture content 3% Ore moisture content during leaching 12% Final crush size to leach pad 80% -3/4 inch ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 51

  56. Annual operating days 365 Crusher availability 90% Crushing – hours per day 16 h/d Stacking – hours per day 24 h/d ADR plant – operating hours per day 24 h/d AR plant availability 90% Carbon tons per column 4.4 Number of CIC columns 5 Tons of carbon transferred per day 2.2 Heap configuration – starter pad 3 lifts – 26 feet per lift Starter pad – Number of cells per year 4 Tons per cell 246,575 Leach cycle – primary and secondary cells 180 days Solution flow to ADR plant 776 USGPM Solution flow to primary leach cell 810 USGPM Solution flow to secondary leach cell 810 USGPM PLS pond capacity – live volume 972,150 US gal BLS pond capacity – live volume 2,138,737 US gal 0.27 US gal/h/ft 2 Solution application rate to leach pad Gold recovery, estimated 86% Silver recovery, estimated 15% A simplified block diagram of the process is shown in Figure 8.7. The heap leach plant will employ two stage crushing with a jaw and a cone crusher. Crushed product will be trucked to the heap leach where cyanide solution will be added. Pregnant leach solution will percolate through the heap and eventually be pumped to the ADR plant which will consist of a series of carbon contactors, elution column, acid column and rotary kiln. The recovery plant will house an electro-winning cell along with a bullion furnace. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 52

  57. Flowsheet Block Diagram Crushed Ore P100= 500 mm Crusher Hopper Stationary Grizzly Oversize material Grizzly Feeder Jaw Crusher Primary Undersize material Double Deck Screen Cone Crusher Undersize material Heap Leach Pad Feed Secondary F100 < 19 mm Lime Addition Heap Leach Pad Pregnant Solution Cyanide Addition Pond Barren Solution Barren CIC Circuit Pond Solution Loaded Carbon Barren Carbon Carbon Carbon Elution Regeneration Circuit Circuit Pregnant Solution Electrowinning Barren Solution Circuit High Grade Sludge Refinery Includes: Calcine Dryer & Bullion Furnace Dore Bars Figure 8.7 Flowsheet block diagram A simplified overall flow sheet of the process is illustrated in Figure 8.8. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 53

  58. Run of mine ore Oversize + 600 mm Crusher Feed Rock Breaker Hooper Grizzly Feeder Primary Jaw Crusher Magnet Double Deck Screen Transfer Conveyor Screen Feed Conveyor Lime Addition Secondary Cone Crusher Screen Product Conveyor Crusher Discharge Conveyor Pregnant Solution Pond Pumps Barren Solution Pond Pregnant Solution Pond To Atmosphere Storm Pond Loaded Carbon Loader Carbon Recovery Screen Furnace and Dryer off Gas Scrubber Carbon Elution Column Calcine Oven Acid Wash Calumn Barren Solution Tank Pregnant Solution Ellectrowinning Cell High Grade Rotary Kiln Slugde Barren Carbon Dore Bar CIC Tank # 1 Bullion Furnace CIC Tank # 2 Carbon Quench Tank Regenerated & Fresh Carbon Fresh Carbon CIC Tank # 3 Carbon Sizing Screen CIC Tank # 4 CIC Tank # 5 Carbon Safety Screen Barren Solution from Electrowinning Cell Cyanide Solution Barren Solution Tank Figure 8.8 Flow sheet diagram ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 54

  59. 8.6 Process Description The process of winning gold from the mined ore involves a number of individual activities, described in detail below. 8.6.1 Crushing It is recommended that the crushing plant be a two-stage closed circuit crushing facility. The crushing facility should be specified to receive ore at 24-inch (600 mm) top size and crush it to 80% passing ¾ inch (19 mm). The design crusher feed rate is based on processing an average of 1,000,000 tons per annum, operating 16 hours per day, 365 day per year, for an operating availability of 90%, which equates to 210 tons per operating hour. The remaining eight hours of the day will be used for maintenance. ROM material will be dumped by haulage trucks into a hopper equipped with a grizzly and rockbreaker (for oversize) or placed in a stockpile situated close to the hopper for reclaim to the hopper by front end loader. 8.6.2 Double Deck Screen Below the hopper a vibrating feeder will feed a double deck screen located above a jaw crusher. Double deck screens are strongly recommended for the crushing circuit due too the high recirculating load and the wide size distribution of material fed to the screen. The screen will divert finer ore away from the jaw crusher to the final product conveyor belt, thus improving crusher efficiency. Screen oversize material will feed a short-head cone crusher for further size reduction and then be recirculated back to the double deck screen. The bottom deck screen undersize is the final crushed product, which is conveyed to the crushed ore stockpile. The bottom deck is sized to produce a heap leach feed size which is specified as 80 percent of the ore being less than ¾ inches in size. 8.6.3 Lime Addition Lime will be stored in a silo adjacent to the belt conveyor where it will be added to the crusher plant output conveyor, where it will be thoroughly mixed with the ore. Lime is used to agglomerate the ore and for pH control in the heap leach. 8.6.4 Heap Leach Pad Stacking The ore is stacked on the pad, using the open pit haul trucks, in a number of lifts in a pyramid type layout. Each lift will have a 26 foot (8 m) setback all around the previous lift. This setback allows a safety berm to catch material that may slough off the lifts placed above and minimizes the risk of spills of cyanide-containing solutions and cyanide soaked ore or spent ore from the containment system. It is estimated that the ultimate heap leach pad will have a foot print of approximately 1,600 feet by 790 feet (490 m by 240 m) and measure approximately 160 feet (48 meters) in height. Pad dimensions need to be ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 55

  60. verified for the next phase of the project. The starter pad will take two years to complete and consist of approximately 2 million tons of ore. Each successive lift will be placed on top of the previous lift and will be setback from the crest inside edges of toe and perimeter berms to provide corridors for solution application pipelines and access. This will provide the second lift and all future lifts with a safe access for heavy equipment while providing extra room in case there is any slumping of the lifts. Initially crushed waste rock would be placed onto the pad to provide a protective layer of material on the pad liner for equipment to operate on, eliminate expansion and contraction of the synthetic liner and prevent damage that may occur due to weather conditions such as sun damage or ripping by winds. Perforated pipe will be placed on the top of the crushed protective layer to aid in the flow of pregnant solution from underneath the leach pad to the solution collection ditches. Heap leach ore is then stacked onto the pad. Stacking will occur in cells which are approximately 270 feet (82 m) in width. Each cell is 790 feet (240 m) in length and represents approximately three months of stacking, assuming 26 feet (8 m) high lifts. As the stacking of the ore retreats from the stacked face and the entire length of the pad has been stacked, ore is again transported to the far end of the leach pad and a second cell or strip of ore is stacked adjacent to the completed cell. Leachate Distribution & Collection 8.8.3 A barren leachate solution distribution line will run along the side of the leach pad. A series of headers with valves will run from the barren line up onto the leach pad. The drip emitters (apply leachate to the ore) will then be connected to the headers (in each direction) and extended across the ore to distribute barren solution over the entire area of the leach pad, for leaching of the precious metals from the ore. Blocks of ore are stacked with lengths equal to the distance between headers on the barren solution distribution line. As soon as a block of ore is stacked, the ore will be placed under leach. Getting ore under leach as quickly as possible is key to maintaining production in a heap leaching operation. As each cell is stacked the headers are extended and fresh ore is placed under leach. Drip emitters are well suited for dry climates as they reduce water losses by evaporation. Barren solution lost to evaporation is replenished with makeup water containing cyanide. Minimizing water consumption is an important aspect of this project. Drip emitters have the added advantages of providing good solution flow rate control, excellent solution penetration of the heap and, generally, more even solution distribution than other methods of solution application. The disadvantage of drip emitters is the susceptibility to blockage by suspended particulates or possible scale formation. Anti-scalant is added to prevent or minimize scale formation. If scale formation from evaporation becomes a problem, the drip emitters can be buried below ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 56

  61. the surface of the stacked ore. Once ore has been under leach for the assumed 180 day leach cycle, it will be removed from leach as additional new ore is placed under leach. In this manner, a constant volume of ore will be under leach at one time and the optimum solution application rate can be maintained. This stacking and piping sequence is continued until the entire leach pad is covered with the first lift of ore. A similar stacking and piping sequence will be followed until the entire pad reaches its ultimate design height. 8.6.5 Solution Ponds A pregnant solution pond will be constructed near the lowest point of the pad to store leachate solution containing gold and silver and storm runoff flows from the pad. The pond will have a bottom corner sump and a leak detection system between the geomembranes and connect to a corner leak detection sump and well system. Solution from the pregnant solution pond will be pumped to the ADR by two pregnant solution pumps, one operating and one spare. Total pond capacity is estimated at approximately 1.3 million USG (5000 m 3 ) of solution. A barren solution pond will also be constructed near the lowest point of the pad to store leachate solution and storm runoff flows from the pad. The pond will have a bottom corner sump and a leak detection system similar to the pregnant solution pond. Solution from the barren solution pond will be pumped to the heap leach. Total pond capacity is estimated to be approximately 2.6 million USG (10,000 m 3 ) of solution. An emergency pond will be constructed adjacent to the pregnant solution pond, to facilitate a major storm event emergency. The storm pond also increases the capacity of the stored solution within the pad area. During storm conditions, all storm water and heap liquor is retained in a closed circuit thus preventing spillage and subsequent solution losses to the environment. This pond would not be used under normal operating conditions. 8.7 Adsorption, Desorption and Refining (ADR) Facility The winning of gold from the pregnant solution occurs in the ADR plant. The steps in the gold-winning process are: 8.7.1 Adsorption circuit The carbon adsorption circuit is based on a five-stage, upflow CIC system, Solution from the pregnant solution pond is fed to the ADR plant. The carbon columns are designed for 100% carbon bed expansion. The carbon adsorption circuit consists of a series of five cascading carbon columns. Each column is designed to contain four tonnes of activated carbon. Solution enters the circuit at the first carbon column and flows counter-current to the flow of carbon. Solution overflows the final column onto the stationary carbon safety screen to catch any entrained carbon. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 57

  62. The counter current flow allows the carbon in the first adsorption tank to reach optimum metal loading. Design loadings are 3,500 g/t gold and silver, but actual loadings will be a function of the solution grades reporting to the ADR circuit. Two tonnes of loaded carbon are advanced per day from the first CIC tank to the acid wash circuit. The barren solution that discharges from the final carbon column drains to the carbon column surge tank via a carbon safety screen. From this tank, barren solution is pumped back to the barren solution pond of the leach pad. Loaded carbon is passed over a loaded carbon recovery screen prior to entering the acid wash tank, allowing the solution to return to the CIC circuit. Fresh and regenerated carbon will be introduced into the CIC circuit via the last carbon column at the same rate the loaded carbon is removed, thus maintaining a constant carbon inventory. 8.7.2 Carbon acid washing Loaded carbon is passed over the loaded carbon recovery screen into the acid wash tank where any scale buildup on the surface of the carbon is removed . A 3% w/w hydrochloric acid (“HCI”) solution is circulated through the vessel at a rate of two bed volumes per hour for 120 minutes. Upon completion of the acid rinse, the carbon is soaked in the HCI solution for an additional 60 minutes. After soaking, the spent acid and carbon are neutralized with sodium hydroxide (NaOH) solution. The spent acid solution is sent to the CIC circuit, and the acid washed carbon is pumped to the carbon elution column. 8.7.3 Desorption circuit A barren strip solution (used to remove gold and silver from the carbon) is heated to approximately 80°C in a diesel-fired single-pass indirect solution heater. Enough sodium cyanide and sodium hydroxide is added to the heated barren solution so that a 1% by weight sodium cyanide and 1% by weight sodium hydroxide solution is obtained. The barren strip solution temperature is then increased to approximately 115°C, prior to entering an elution column where metals stripping is completed. In order to enhance the desorption of the gold and silver from the loaded carbon, the loaded carbon is also soaked 30 minutes in the 1% sodium cyanide and 1% sodium hydroxide solution. After soaking, the carbon and solution are sent to the elution column. During the metals stripping process, 40-bed volumes are passed through the bed of loaded carbon in the elution column. During the stripping cycle, the loaded strip solution is continuously circulated from the elution column to the electro-winning circuit. It will take approximately 21.5 hours to complete one strip cycle which includes carbon transfers, acid washing, carbon stripping and electro-winning. The final stage of elution will include an unheated wash water cycle that will displace the last bed volume of pregnant strip solution and, in turn, cool off the barren carbon. The pregnant strip solution is sent to electro-winning cells for further processing. The cooled carbon is transferred to the horizontal rotary kiln for thermal regeneration. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 58

  63. 8.7.4 Carbon thermal regeneration The carbon regeneration circuit is sized to handle a carbon transfer rate of 2 tonnes per day, with all barren carbon thermally regenerated prior to reuse in the CIC circuit. Carbon is dewatered with a static sieve bend screen before entering the drying kiln at a rate of approximately 330 lbs (150 kg) per hour. The horizontal kiln is designed to have a retention time of 20 minutes and a bed temperature of 1560°F (850°C). The majority of organic compounds fouling the barren carbon will be removed in this process. When the regenerated carbon exits the kiln, it is immediately deposited below water in the carbon quench tank. Regenerated and fresh carbon are transferred back to the CIC circuit. All carbon is screened prior to reuse in the CIC circuit in a static sieve bend screen located over top of the No. 5 CIC tank. Under sized barren carbon is collected in a barrel for recycling. 8.7.5 Refining Pregnant strip solution, stored in the loaded solution tank, is pumped to a single electro-winning cell. Each electro-winning cell has eleven 316 stainless steel wool cathodes and twelve 304 stainless steel sheets to be used as the anodes. Gold and silver are plated onto the steel wool cathodes in the electro-winning cell. The cathodes are removed periodically from the electro-winning cells and the gold and silver sludge is washed off using a high pressure spray. Sludge collected from washing the cathodes and from the bottom of the electro-winning cells is first passed through a plate and frame filter press in order to remove excess water and then dried in an oven. The dried sludge is mixed with flux and charged into a diesel fired melting furnace for smelting. The dore is poured out of the tilting furnace and collected in four cascade style molds. The slag exits the melting furnace first and is later displaced by the heavier gold and silver dore. The slag ultimately collects in the slag pot which is placed below the cascading molds. The mineralogy report indicated an absence of mercury in the sampled material. Therefore a mercury retort furnace is not required. Electro-winning tails solution is returned to the barren strip solution tank with barren strip solution is periodically bled from the barren strip solution tank and replaced with fresh solution. This controls impurity levels in the barren strip solution. The barren strip solution is returned to the carbon columns circuit. 8.7.6 Water services Raw water will be pumped from wells to the water tank prior to distribution throughout the plant. Potable water will be sourced from the RO plant. The total raw water consumption will depend on seasonal evaporation rates which can range from 4% to 10%. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 59

  64. 8.7.7 Reagents All applicable safety considerations will be made, including separation of acids and cyanide, provision of safety showers and eye wash stations, and designated sump pumps. Hydrochloric acid will be delivered to site in 50-gallon (200L) drums and diluted with water in a tank. Sodium hydroxide will be delivered to site in 50 pound bags and mixed with raw water in a tank. Cyanide will be delivered to site as solid briquettes of sodium cyanide in 1 tonne bulk bags. Cyanide will be stored in the dry reagent storage area prior to mixing with water in a tank to obtain a 20% w/w solution. Activated carbon will be delivered in 500kg bulk bags and will be emptied into the carbon quench tank to be mixed with raw water and newly regenerated carbon. Hydrated lime will be delivered to site in 20 tonne trucks and transferred to a lime silo for storage. 8.7.8 Assay laboratory It is assumed that all exploration and process plant samples will be sent to an external laboratory for analysis. 8.8 ADR plant manpower The process plant will require 15 people including maintenance personnel. Contractors are not included in the total man power requirement. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 60

  65. 9 INFRASTRUCTURE The Longstreet Gold Project lies in a relatively remote region of Nevada with sparse human population and few towns, highways or power lines. 9.1 Site Access The project site has a reasonable gravel road access adequate for an exploration project but will have to be upgraded if the project advances to production. A paved county road runs E- W approximately 27 miles south of the Project, connecting the site to the nearest town of size, Tonopah, which lies 48 miles to the southwest. Most of the Longstreet Exploration Project is located within the Georges Canyon Inventoried Roadless Area (IRA), which topic is discussed in Section 11, below. 9.2 Power and Power Distribution At present, there is no electric power, telephone or internet service on or close to the site. Therefore, required electrical power will have to be generated with diesel-powered generators. Approximately 700 kW installed power is required for the proposed heap leach operation. A single 1.0 MW heavy fuel oil (“HFO”) driven generator would be able to supply the heap leach and ADR plant. It is assumed that the power for the crushing plant will be supplied by the contractor. Electricity will be distributed across the complete site via 6.6 kV overhead power lines. Power is not distributed to the water well intake pumps due to the distance from the power plant. Mobile generators will be used for powering this facility. 9.3 Site roads An allowance for site roads connecting surface support facilities at the open pit and heap leach site have been included. The roads would be built from open pit waste rock, gravel top covered and wide enough to accommodate 2 way vehicle traffic. A haul road from the open pit top the heap leach pad would be constructed from open pit waste rock with a gravel cover and wide enough to accommodate 2 way haul truck traffic. 9.4 Surface support buildings Office space for the limited technical, surface support and administrative staff of the company would be housed in several office trailers placed on site and provided with electricity, water and sewage services. Conference room and washroom facilities would also be provided for the office space. A prefabricated building or converted shipping containers with concrete floors would be equipped as a mine equipment maintenance shop and warehouse for servicing the project. An explosives magazine for powder and detonators will be constructed at acceptable distance ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 61

  66. from the mining operations and other surface buildings and facilities. All entry and exit from the property would be via a security trailer located bythe office complex. It would house an area with turnstiles, a room for searching people to minimize theft and a first aid room. 9.5 Other services Telephone and internet communication infrastructure will have to be constructed and utilize satellite communications systems. The site will be provided with computer servers and desktop or laptop computers. A fuel storage area equipped with diesel tanks and storage for oils will be constructed near to the open pit. Garbage will be hauled by contractor to the nearest licenced disposal site. For this study water supplies have assumed to be from wells. The area is known to contain springs and water at depth. Project water requirements need to be estimated and the source of the required water determined, as this will be critical to project advancement. Water management will include collection ditches and ponds and a water treatment plant. Sewage will be processed in a septic and filtration system. 9.6 Area support services Tonopah exhibits some support infrastructure for an open pit mining operation, including a local workforce, some support contractors, shipping facilities, etc. Other required services can be sourced within the region. 9.7 General and administrative General and administrative (G&A) costs are those primarily associated with the general management and administration of the project. G&A is associated with surface facilities and personnel not included under the mining, product preparation or maintenance groups and in addition to the surface department comprise of: administration; procurement; human resources; and security. 9.7.1 Administration Administration comprises senior and general management, accounting, third party environmental support and information technology functions. In addition to employee salaries and benefits, other components include employee relocation, travel expenses for business away from the property, insurance (property and business interruption), permits and licences, fees for mining rights, professional fees, and operating surface vehicles for the personnel. Accounting functions include payroll, accounts payable, accounts receivable, budgeting, forecasting and other corporate cost accounting. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 62

  67. Information technology comprises all components associated with operating and maintaining the telephone, computer network, internet, fax and radio systems for the mine site. Allowances for long distance telephone charges are also included. Environmental costs are associated with monitoring of the mine’s environmental perform ance and reclamation work. 9.7.2 Procurement Procurement encompasses all functions associated with on and off site procurement of materials and supplies; warehousing and inventorying; transportation from point of origin to site and other associated support services. Actual freight costs for items required by the mine, processing plant and maintenance departments are included in those department’s costs. The main cost components are comprised of employee salaries and benefits and warehouse supplies (such as personal protective equipment). Also included is small equipment (pallet lifters, forklifts, etc.) and parts used for warehousing, purchasing and logistics. Surface support includes loading and unloading of trailers and shipping containers, movement of materials on site and maintenance of the warehouse and associated facilities. 9.7.3 Human Resources Human resources encompass all functions associated with personnel, union relations, health and safety, training and community relations. Personnel and industrial relations costs include salaries and benefits for employees to recruit required personnel, manage Company salary and benefits policies, manage hourly employees and oversee the Company’s policies and procedures. Health and safety includes salaries, benefits, on-site first aid personnel, first aid supplies and vehicles required by this group. Community relations costs include funds to aid in supporting local community efforts and facilities. 9.7.4 Security Mine site security is provided on a contract basis by a third party security firm. Security surveillance equipment will be provided to the security firm by the mine. Other minor security equipment for the security personnel (such as metal detectors, etc.) would be provided by the contractor. Thesecurity facility would be constructed at the entrance to the mining areas and by the office complex,to prevent inadvertent access to the mine site. All personal vehicles will be parked at security and transportation by bus will be provided to the mine site for the work force. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 63

  68. 9.7.5 Manpower The G&A manpower required for the mine after commercial production starts is estimated to be 13 employees with the cost structure based on expected salaries paid in the US mining industry. The G&A manpower is presented in Table 9.1. Table 9.1 G&A Personnel Complement Position Complement Mine manager 1 Senior engineer 1 Accountant 1 Engineering/Geology technicians 2 Purchasing/warehouse manager 1 Environmental co-ordinator 1 Medical contract 1 Security guard 4 Site services 1 Total 13 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 64

  69. 10 HYDROLOGY 10.1 Water Sources Due to the limited information on the available water within the Monitor Range and at the Longstreet Project site, a hydrogeologic evaluation of water availability from sources both on and off the Project site is strongly recommended. The hydrogeologic evaluation would consist of three sections: 1) Onsite hydrogeologic evaluation 2) Offsite hydrogeologic evaluation 3) Stone Cabin Valley hydrogeologic evaluation The proposed outline of the hydrogeologic evaluation follows: 1) The onsite hydrogeologic evaluation will include at a minimum: a. Perform detailed structural mapping of fracture, fault and/or joint system(s) associated with each of the lithologic units described in Section 4 of this document. b. The rock quality designation (RQD) determined of the diamond cores from previous mineral investigations to measure the degree of jointing or fracture in the various lithologies. c. Utilize structural mapping to create a hydrogeologic model of the mine site to predict potential locations for groundwater. d. Install test wells to perform pumping tests to evaluate the volume of available water at the mine site; and predict the available volume of water for sustained mine and plant operation. e. Sampling the groundwater to establish a water quality baseline, and confirming the quality for mine and plant operation. 2) The offsite hydrogeologic evaluation will include at a minimum: a. Geologic/hydrogeologic mapping to evaluate possible production well locations within 1.5 miles of the Longstreet Mine site. b. Evaluate the Side Hill Spring area; including if the water source is the unconsolidated alluvium or the bedrock. c. Install a test well at Side Hill Spring to perform a pumping test to evaluate what effects pumping the spring would have. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 65

  70. d. Sample the spring water and the groundwater to establish a water quality baseline, and confirm the suitability for mine and plant operations. e. If, in the course of these evaluations, other potential water sources are identified, the same evaluations should be applied. 3) The Stone Cabin Valley hydrogeologic evaluation will include at a minimum: a. Identify potential well(s) locations. b. Permit requirements. c. Test well installation and pumping test to ascertain the number of wells necessary to provide water for the mine and plant operation. d. Detailed cost estimate of well installation, operation, and pipeline installation. The estimated cost to perform the necessary hydrogeologic evaluation ranges from US$200,000 to $325,000. It is dependent upon the number of wells installed, tested, and sampled. Current information indicates that Stone Cabin Valley is the only known source available for long term groundwater use. Due to the Valley’s distance from the mine, it may be the most expensive option. The location of the well(s) is an important factor to evaluating costs; it is also critical to secure long term water production that is not affected by variations in annual recharge. The location for the first test/production well(s) in Stone Cabin Valley is the centre of the valley; this is approximately 5.5 miles from the mine site. The hydrogeologic study and the testing may indicate that a production well is feasible approximately 1 to 2 miles closer to the mine site: An obvious reduction in pipeline construction costs, and maintenance. The estimate for the installation of a pump station (2), well, pump, electrical supply, storage tank and pipeline ranges from $1.4 m to $2.65 m depending on the distance from the mine (3 miles to 5.5 miles). 10.2 Water Usage Water usage at a mine comprises mine operations (drilling, dust control, core shack, equipment cleaning, etc.) use, plant operations use, and human consumption (drinking, showers and toilets) use. Currently no demand estimates have been provided for mine operations or human consumption use; the estimate provided for plant operations use follows: The water demand for the heap leach plant operation is estimated to range from 20 to 45 m 3 /hour (includes reagent requirements and make up water). The operation and maintenance costs for pumping and transporting water include energy, operator and equipment from Stone Cabin valley is estimated to be $230/day or a range of $0.21 to $0.48/m 3 . Addition information is required for a complete water demand costs. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 66

  71. 10.3 Dewatering The available information indicates that mine water management and dewatering does not appear to be an issue at the Project site. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 67

  72. 11 ENVIRONMENTAL AND PERMITTING Star Gold has staked and maintains 75 unpatented mineral exploration claims on United States Forest Service (USFS) and Bureau of Land Management (BLM) lands. The Company had an active Plan of Operations for its recent exploration work which included core drilling, surface prospecting and gathering of bulk samples. The company is in the process of applying for a new Plan of Operations for future exploration activity. Permits have yet to be applied to facilitate full mining operations. Past engineering work had proposed to locate the required leach pads on claims in a small canyon adjacent or in close proximity to three potential ore zones. These claims are on USFS lands. It has been noted that permitting on USFS lands is generally considered more difficult versus BLM lands. Additionally water and pregnant solution management is more difficult in the canyon versus flat terrain. To mitigate these potential hurdles, Star Gold staked a series of claims on adjacent BLM lands that are flat and could be used for the leach pads if necessary. This provides Star Gold with two possible options for leach pad location and we have assumed this operating scenario in discussing the permitting process for the Longstreet Project. 11.1 Permitting Process The Star Gold project is of modest size and the area where it is located is largely undisturbed or has naturally reclaimed itself from past man-made disturbance. There are no pre-existing environmental issues or liabilities on the site. To assist the permitting process for mining and exploration activities in Nevada, a Memorandum of Understanding (MOU) exists between the Nevada Division of Environmental Protection (NDEP), the USDA Forest Service (USFS) and the US Bureau of Land Management (BLM). It has been in place since 2008 and helps to coordinate the responsibilities of the Agencies pertaining to the administration and reclamation of lands disturbed by exploration or mining operations. Although this agreement expired in November 2013, AMPL has investigated and been assured by the Bureau Chief of Mining Regulation and Reclamation of NDEP that the various agencies are working on a renewal of this agreement and that any changes are expected to be minor. The following permits will be required from the USFS, BLM and NDEP for the mine to go into production: 11.1.1 US Forest Service  Approval of a Plan of Operations;  Approval for upgrading access roads;  Approval of a reclamation plan for USFS lands with notice to NDEP (the reclamation plan is part of the Plan of Operations);  Approval of a reclamation cost estimate for USFS lands for bonding purposes; and ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 68

  73.  An Environmental Impact Statement (EIS) (triggered by a request for the above approvals). It is presumed that the BLM would be a Cooperating Agency or a joint Lead Agency. 11.1.2 Bureau of Land Management  Approval of a Plan of Operations;  Approval for upgrading existing roads or granting rights-of way for new roads;  Approval of a reclamation plan (part of Plan of Operations) in a format that has been developed jointly with NDEP;  An Environmental Impact Statement (EIS) (triggered by a request for the above approvals). The EIS should be prepared in cooperation with the USFS as noted above;  Approval of a reclamation cost estimate for bond purposes. (The cost estimate is separately reviewed by NDEP); and  If a single bond is to be issued, the MOU noted above states that “…an interagency agreem ent may be executed as necessary.” 11.1.3 Nevada Division of Environmental Protection (and other Agencies as noted)  Water Pollution Control Permit. This is a major permit in Nevada, required whether or not there is any water discharge contemplated. Much of the information required for Federal EIS purposes will serve as input for the application for this permit. Analysis of the acid generating potential of all types of rock to be disturbed is an important part of this permit. Also required for the permit application are descriptions of the geological and hydrogeological conditions, proposed operating plans, proposed monitoring plans, detailed descriptions of leach pads and ponds, etc.;  Reclamation Permit. This permit application must utilize guidelines prepared by NDEP and BLM (the USFS has its own guidelines). Cost estimates for carrying out the plan by a contractor will be used to determine bond amounts. As noted above, this is usually done in conjunction with the BLM and USFS. Bonding must be obtained before construction can begin;  Storm Water Permit. This permit is a general permit requiring only application to obtain coverage, but requires preparation of a Storm Water Pollution Prevention Plan;  Air Quality Operating Permit. As pertaining to the Longstreet Gold Project, this permit covers emissions from diesel generators, rock crushing and mining operations;  A permit to appropriate water must be obtained from the Nevada Division of Water Resources; and  An Industrial Artificial Pond Permit must be obtained from the Nevada Department of Wildlife. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 69

  74. 11.1.4 Other Permits There are several other permits which would be expected to be issued rather routinely with minimal input from the applicant, as opposed to the above-listed permits, most of which will require significant scientific and engineering input. Other required permits include:  Permits to store explosives and cyanide;  Permits to treat sanitary waste and dispose of plant and office trash on-site;  Permit if a drinking water system is to be installed;  County permits such as business license and building permits; and  Registration with various agencies. Once mining commences, a Toxic Release Inventory must be filed annually with the US EPA and the Nevada State Emergency Response Commission. 11.2 Timing of Approvals Based on some recent permitting in Nevada the time required to secure permits prior to the construction of facilities and mine pre-stripping is estimated as two-to-four years from the beginning of the environmental baseline studies. This assumes no significant objections are raised by members of the public including indigenous peoples, environmental groups or other government agencies (note that the US EPA conducts a review of all environmental impact statements). It also assumes that no significant issues arise with respect to cultural resources or endangered or sensitive species. (Note that no endangered or threatened species or cultural resource issues were identified in site surveys conducted to receive USFS approval for the exploration drilling program, although some restrictions were imposed due to the possibility of the presence of sage-grouse. The sage-grouse issue is discussed further on in this section.) 11.3 Inventoried Roadless Area According to the USFS Decision Memo of August, 2011, most of the Longstreet Exploration Project is located within the Georges Canyon Inventoried Roadless Area (IRA). While noting that the project area is open to entry under the mining laws, the USFS states that effects to the IRA and its potential wilderness values are protected because no new roads are to be built and minimal overland travel will occur. In a discussion with the USFS Geologist in their Tonopah office he could only say that any decision to approve a mining plan would be made in Washington. The project site has good existing road access but currently any approval of new roads within the IRA would be a significant issue. The entire subject of Roadless Areas has given rise to a great deal of litigation over the past several years, which may have ended in October 2012 with the Supreme Court refusing to hear an appeal brought by the state of Wyoming and the Colorado Mining Association which sought ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 70

  75. to have the entire Roadless Area designation overturned because the Forest Service had created de facto wilderness areas, which was argued could only be enacted by Congress. We have researched the issue of mines approved in IRAs in recent years, and so far have found none that have been approved or denied, although a number of exploration projects have been approved including some in Nevada (almost always referred to in news articles as “mining projects”). It is important that the Company deal with this issue in a proactive manner and begin the process to build support for the project locally and at the state level. Developments regarding this issue should be monitored as it has the potential of becoming an obstacle to USFS approval of a plan of operations. 11.4 Greater Sage-grouse Another issue that potentially could have a significant impact on the permitting schedule and costs, and in the worst case might prevent USFS and/or BLM approval of the Plan of Operations is the potential listing of the Greater Sage-grouse as an endangered species. The greater sage-grouse has been for several years subject to efforts by environmental groups to see that this it is placed on the Endangered Species List. At this time the environmental groups appear to be nearing success. In March, 2013 the US Fish and Wildlife Service announced the availability of a final report dated February, 2013 entitled Greater Sage-grouse, Conservation Objectives: Final Report. In this announcement the following statement is made: “After a thorough analysis of the best available scientific information, the Fish and Wildlife Service has concluded that the Greater Sage-grouse warrants protection under the Endangered Species Act. However, the Service has determined that proposing the species for protection is precluded by the need to take action on other species facing more immediate and severe extinct ion threats.” This statement recites the same finding made in the Federal Register March 23, 2010. (This Federal Registry entry discusses the sage-grouse situation extensively in 105 pages.) The Fish and Wildlife Service is not moving expeditiously on this finding but may formally propose the listing in 2014 or 2015. The US BLM issued a document in November 2013 entitled Nevada and Northeastern California Greater Sage-Grouse Draft Land Use Plan Amendments and Draft Environmental Impact Statement. (Notice of availability published in the November 1, 2013 Federal Register). If this Land Use Plan were to be adopted as proposed, severe restrictions would be placed on mineral development in Nevada and many projects now contemplated would be unable to obtain needed governmental approvals. The American Exploration and Mining Association (formerly the Northwest Mining Association) is preparing extensive comments on numerous technical and legal aspects of this document. If sufficient changes are not made by BLM, litigation is expected. This issue should be closely monitored by Star Gold. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 71

  76. The Nevada Department of Wildlife (NDOW) has produced a map entitled Greater-sage grouse Habitat Categorization which as nearly as can be determined on a map of this scale (approximately 1 inch = 39 miles on the copy below) places the Longstreet Project near habitat areas classified as Habitat of Moderate Importance or Low Value Habitat/Transitional Range. Depending on the exact project location it may be just outside the Population Management Unit (PMU) boundary. A downloaded copy of this map is attached (a much better copy is available on the internet as noted in the key on the page following the map.) The site specific baseline studies of the Longstreet site will better define the actual population of sage-grouse (if any) and suitability of habitat, it is important that early contact be made with NDOW to see if any more information has been developed for the Longstreet Project region and to be sure that the baseline study design meets with their approval. Early discussions of the sage-grouse issue should also be held with the BLM and USFS, again to review study design. At this stage of the development the Greater Sage-grouse issue appears to not have a significant impact on the project. No other endangered, or proposed-to-be-endangered, species are known to exist on the Longstreet site. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 72

  77. Figure 11.1 Greater Sage-grouse habitat Longstreet Project ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 73

  78. No warranty is made by the Nevada Department of Wildlife as to the accuracy, reliability, or completeness of these data for individual use or aggregate use with other data. This map is available for download at www.ndow.org/wild/conservation/sg 11.5 Cultural resources The site of the Star Gold claims has seen previous mining operations dating back to approximately 1904 and concluding in 1929. Small scale milling operations were conducted on the site and a small community is known to have existed in close proximity to the old mine. Little remains of the past operations or community but there are the ruins of a cabin thought to have belonged to the original prospector, Mr. Longstreet, within the project boundaries. There are also some non-significant Native American camp locations and artefacts within the project boundaries. If the cultural resources assessment designates any of these areas as worthy of preservation the proposed mining and leaching activities will not be impacted. 11.6 Environmental and permitting conclusions The permitting of mining operations within the United States is never a simple process and is always time consuming and expensive. Nevada is considered one of the most favourable jurisdictions to permit a heap leach gold operation due to the long history of operations in the state. Given the current information regarding this project it is estimated that the permitting timeline for this project could be two to four years. This is largely due to having to permit operations on USFS and BLM lands, which may be mitigated somewhat by the modest size of the proposed operation. The permitting timeline can be reduced by proactively proceeding with the likely required baseline studies that include hydrology, flora and fauna and cultural resources. These studies could largely be accomplished during the continued advanced exploration and engineering phase of the project. The USFS and BLM as well as local experts should be consulted on specific studies and their scope before work is undertaken so as to optimize this effort. The IRA issue needs to also be proactively dealt with to get clarity on what developments will or will not be allowed to occur on the site. AMPL concludes that there are no recognized potential environmental or permitting fatal flaws regarding this project. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 74

  79. 12 12 PROJE JECT DEVELOPMENT SC SCHEDULE The schedule for developing a mine at Longstreet remains uncertain. Figure 13.1 provides a timeline for additional engineering studies, the EIS and permit acquisition, project construction and commissioning to reach commercial production in three years. Opportunities exist to fast- track the Project. This Scoping Studywould be followed by a Preliminary Feasibility Study which would necessitate additional data collection, broader field investigations and more detailed engineering, to address the major issues identified in this study, while ensuring study expenditures are optimized. A PFS for a project of the scope of Longstreet can be expected to require 6-12 months, depending on the amount of data that is required to be collected. Following the delivery of a positive PFS, time and funding must be sought to complete a Feasibility Study to the standards demanded by mine financiers. The Feasibility Study could take from six months to a year to complete. Processing equipment lead times will be on the critical path of constructing the ADR plant thus consideration should be given to ordering long-lead time items as early as possible. Investigation of a modular ADR plant to suit the processing throughput criteria of the Longstreet Project is recommended The construction period for the Longstreet Project will be relatively short. Main construction components would be earthworks (site road construction, leach pad foundation, pond dams, ROM pad). Additional construction activities will include the mining equipment maintenance facility (by the mining contractor), office structures, services, installation of the leach pad liner and the ADR plant. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 75

  80. Year Year -3 Year -2 Year -1 Year 1 Activity Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Initiate PFS PFS study In-fill core drilling Sample & assay program Revise resource estimate Geotechnical drilling Geotechnical testing Metallurgical testwork Process engineering TSF design Mining study EIA EIS filed with Regulators PFS report PFS complete Finance DFS FS study FS delivered Execution financing Project construction Commisioning period Commercial production Figure 12.1 Longstreet Gold Project engineering and development schedule ______________________________________________________________________________________________Star Gold Inc. Longstreet Project Scoping Study 76

  81. 13 CAPITAL EXPENDITURES ESTIMATES 13.1 Basis for estimates The capital expenditures estimates are based on budget pricing from suppliers for critical components, consultants, contractors and a review of other projects. Smaller equipment and facilities component costs were factored based on industry norms for the type of facility being constructed and, where possible, adjusted to reflect local conditions. Capital expenditure estimates have an accuracy of +- 50%. All expenditure estimates are in 2014 constant US Dollars. 13.2 Mining Mine capital expenditures are primarily related to mine services. The total mine pre-production expenditures are expected to be approximately $US0.22 million. These expenditures are included in the mine and surface services infrastructurecosts as they are mainly related to site roads and power. No pre-stripping expenditures are included as the initial mineralized material can be accessed directly. All mining equipment and related facilities would be provided by a contractor. No mine sustaining capital expenditures are envisaged because of the short mine life. A contingency of 15 percent is included in the capital expenditures estimate. 13.3 Heap leach and processing plant The processing capital cost estimate covers the design and construction of the heap leach and ADR plant, together with certain on-site and off-site infrastructure. A contingency of 15% was incorporated into the total cost of the project for the pre-production expenditures. The initial heap leach pad construction capital expenditures total $US2.25 million. The expenditures would be for the heap pad and liner, initial drip piping, pregnant solution collection and water diversion and collection ditches around the base of the pad. The construction of a gold recovery plant would require capital expenditures of approximately $8.10 million. Table 13.1 presents the ADR plant capital expenditures. For the processing plant, equipment pricing is based on the equipment list, which is generated from the process flow diagram. Other direct costs (eg. earthworks, concrete, structural, piping, electrical, instrumentation, etc.) were factored based on the total installed cost of process equipment ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 77

  82. Table 13.1 ADR Plant Capital Expenditure Estimate Area TOTAL ($US) Lime Bin $175,000 Carbon Absorption $1,189,364 Elution & Carbon Regeneration $2,183,381 Electrowinning & Refinery $357,388 Reagents $185,000 Services, Air & Water, Tanks, RO Plant $314,620 Processing Plant Equipment Sub-total $4,404,753 Factored Direct Costs Sub total $3,692,124 Total ADR Expenditures $8,096,877 13.4 Infrastructure and support facilities The costs for the infrastructure are primarily allowances based on in-house experience from other similar projects. The cost in the estimate is based on the assumption of a 2-year starter pad. This area needs input from a specialist geotechnical company at the next stage of the project to develop more accurate costs. Total pre-production capital expenditures for project infrastructure and surface department are estimated to be approximately $US4.2 million. Table 13.2 provides the infrastructure and support services capital expenditures breakdown. Major expenditure components are for water supply, power generation and an office/shop/warehouse complex. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 78

  83. Table 13.2 Infrastructure Capital Component Total Cost ($US million) Site Preparation 0.097 Access Roads 0.162 Process Water 2.000 Water Reclaim 0.202 Power Supply 0.900 Fuel Storage & Distribution 0.081 Water & Sewage Treatment 0.081 Service Complex Buildings 0.324 Water Supply & Distribution 0.162 Mobile Equipment/Power Supply 0.162 Communication 0.049 Total Infrastructure Expenditures $4.220 13.5 Owners costs Project in-directs are all estimated expenditures for the project (such as EPCM and project management personnel) borne directly by Star Gold in completion of the project construction. These estimated expenditures total $US4.54 million (including US$2.00 million for permitting) over the 1 year pre-production period. Owner`s costs also include all equivalent General and Administration costs which would be incurred during the construction phase. 13.6 Total capital expenditures The estimated project pre-production capital expenditure, inclusive of contingencies and working capital, is approximately $US25.4 million. The total expenditures include EPCM, contractor overheads and a 15% contingency on all estimated expenditures. A summary of project pre-production capital expenditures is presented in Table 13.3. A working capital allowance of $US3.7 million, representing 3 months operating costs, is estimated to be required. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 79

  84. Table 13.3 Project Pre-Production Capital Expenditures Expenditure Cost Component ($US) Permitting $ 2,000,000 Mine $ 220,000 Heap Leach Pad $ 2,250,000 Processing Plant $ 8,097,000 Surface Infrastructure & Mobile Equipment $ 4,000,000 EPCM, Contractor O/H & Owners Costs $ 2,535,000 Contingency $ 2,565,000 Total Capital Expenditures $21,667,000 Working Capital $ 3,690,000 TOTAL EXPENDITURES $25,357,000 The capital estimates include the following conditions and exclusions: • The crushing plant and supporting infrastructure capital expenditures are not included in the capital cost estimate as it will be provided by the mining contractor; • Qualified and experienced construction labour will be available at the time of execution of the project; • There is no detailed geotechnical and drainage assessment of the site, therefore no allowance for special ground preparation has been made; • A water supply capable of supplying the required demand of the processing plant is assumed to be available; • No extremes in weather have been anticipated during the construction phase; and • No allowances have been included for construction-labor stand-down costs. 13.7 Sustaining capital No sustaining capital expenditures are estimated because of the relatively short mine life. 13.8 Closure costs Closure costs have been estimate at $1 million at the end of the project life, shown on the cash flow model as a reduction in working capital credit. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 80

  85. 14 OPERATING COST ESTIMATES 14.1 Basis for estimates Operating costs are based on US and other country norm prices from suppliers and other similar type projects, for consumables and parts. The cost of power is based on diesel generated power. Critical operating cost components are based on the following costs:  The diesel fuel price is assumed to be $0.94 / litre.  The electrical power cost is assumed to be $0.22 per kWh. Labour costs for the operating period are based on the manpower schedules presented for each department and the associated labour costs. The costs include a burden component of approximately 35 percent. Labour rates are based on local rates where available and/or contractor costs in the region and country, for similar types of work. Where costs were either not available or irrelevant, costs from other similar projects were used. The rates used include all cost and profit components payable to contractors. All costs are quoted in constant 2014 US Dollars. 14.2 Mining The mine operating cost estimates were developed from a cost base of similar types of projects and conditions. The average total mine operating costs are estimated to be $US9.09 per ton of potentially economic mineralization. Potentially economic mineralization unit mining costs are estimated to be $US7.00 per ton, which includes trucking to and dumping at the heap leach pad and waste unit mining costs are approximately $3.00 per ton. 14.3 Heap leach and gold recovery plant The heap leach operating cost includes crushing, stacking the leach pad, installation and repair of drip piping, reagents for leaching and collection and pumping of pregnant solution to the gold recovery plant. The gold recovery plant costs comprise gold absorption from pregnant solution systems, gold electro-winning and refining costs, carbon regeneration and return of cyanide solution to the heap leach operation. The total operating cost would be approximately $US3.65 per ton of potentially economic mineralization. A breakdown of the cost is presented in Table 14.1 and includes labour, consumable supplies, electrical power usage, maintenance supplies, and other applicable costs. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 81

  86. Table 14.1 Processing Plant Operating Cost Unit OPEX Function ($US/t) Labour – Metallurgy & Production 0.81 Labour - Maintenance 0.28 Power 0.68 Maintenance Materials 0.24 Reagents & Consumables 1.33 Miscellaneous 0.31 TOTAL $3.65 The operating costs for the processing plant are based on the following criteria:  Labour: Around the clock operations are based on a two shift rotation of 12-hour shifts using a 7 days on, 3 days off, 7 days on 4 days off cycle. Non-shift labour is based on a 40-hour work week, working 5-8 hour shifts.  The man power costs for this Project were estimated using other mining projects in Western United States, based on labour rates and payroll burdens (35% overhead).  Commodity usage rates were developed from recent test work. Unit pricing for commodities was taken from a data base of similar projects. No premium or transportation fees on the costs of consumables were added. This will need to be investigated and discussed with reagent vendors during the next phase of the project.  Electrical power consumption and estimates were based on equipment connected loads. A factor of 80% was used to estimate the operating load from the connected load.  Maintenance supplies for stationary equipment are based on 3.5% of installed mechanical and electrical equipment costs. For piping, electrical, and instrumentation, a factor of 1.5% was used to estimate maintenance supplies. Factor rates are based on experience.  The crushing plant will be operated by contractors who will be responsible for providing electrical power, staffing and consumables required for operating the plant. As such the estimated operating costs do not incorporate any costs associated with the crushing plant. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 82

  87. 14.4 General & Administration Costs The estimates for G&A costs encompass all operating costs associated with operating the offices and providing materials and supplies for staff functions. Administration operating costs include costs and taxes for maintaining the property in good standing, land taxes, and resource usage fees (water, etc.). The total yearly G&A costs are estimated to be approximately $2.0 million (presented in Table 14.2), of which approximately $1.0 million is for salaries and benefits. Employee burdens account for approximately 35% of the total salary for each employee. Annualized site G&A costs are estimated at $2.01 per ton of ore processed. However, the life- of-mine G&A cost will be $2.13 per ton as a result of the partial final year of operations and fixed costs to maintain production. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 83

  88. Table 14.2 General and Administrative Operating Cost Components Component Annual Cost ($US) Salaries & Overhead $951,000 Training $10,000 Safety Equipment $5,000 Medical, Health & Safety $50,000 Government Relations $20,000 Power $296,000 Travel & Accommodations $20,000 Marketing $25,000 Legal and Accounting $30,000 Consultants $150,000 Shipping, Courier and light freight $30,000 Communications $25,000 Office Supplies $15,000 Computer Supplies $20,000 Light Vehicles Operation $25,000 Roads and Yards Maintenance $30,000 Insurance $100,000 Human Resources $30,000 Bank Costs $10,000 Surface ITC $50,000 Buildings Maintenance $5,000 Electrical Distribution Repair $5,000 Water Supply & Water Treatment $50,000 Office Equipment Leases $12,000 Security Supplies $5,000 Cleaning contract $20,000 Dues & Subscriptions $5,000 PR $20,000 TOTAL G&A COSTS $2,014,000 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 84

  89. The mine management and administration roster and costs have been estimated in Table 14.3. A total of 13 people will be employed in this area, most of which will be staff positions. They will be responsible for the management, administration, personnel, accounting, purchasing needs, and distribution of material to the operation, site security, health and safety, and environmental issues. The total costs for G&A labour is US$0.95 per ton of ore processed. Table 14.3 G&A Manpower Costs Position Complement Annual Fringe Total Salary Benefits Cost ($US) 35% ($US) Mine Manager 1 125,000 35% $169,000 Senior Engineer 1 66,600 35% $90,000 Accountant 1 52,000 35% $70,000 Eng/Geo technicians 2 55,000 35% $149,000 Purchasing/Warehouse Manager 1 70,000 35% $95,000 Environmental Coordinator 1 62,400 35% $84,000 Medical Contract 1 52,000 35% $70,000 Security Guard 4 31,200 35% $168,000 Site Services 1 41,600 35% $56,000 Grand Total 13 $951,000 14.5 Dore transport and refining charges Transport and refining costs of $US4.00 per ounce gold have been included in the cashflow model and are based on relative norms. 14.6 Project total operating costs The estimated total average operating cost (excluding smelting and refining) for the mine is approximately $14.87 per ton of potentially economic mineralization. Table 14.4 presents a summary table of life of mine average operating costs for each department on a cost per ton of potentially economic mineralization. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 85

  90. Table 14.4 Project Operating Cost Summary Cost Department ($US/t Mined) Mine $ 9.09 Processing & Environmental $ 3.65 Surface Dept. and G&A $ 2.13 TOTAL $14.87 14.7 Exclusions For the purpose of this study, value added taxes and other taxes, along with import duty costs, have not been included. Crushing costs along with transportation and refining charges for gold bullion bars are not included in the operating costs but are considered in the financial model as are rehabilitation costs (included in deferred capital schedule), land tenure and claim fees, exploration costs and all costs associated with areas beyond the property limits. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 86

  91. 15 ECONOMIC ANALYSIS 15.1 Basis for analysis The expected base case cash flow estimates have been made using a forecast long-term gold price of $US1,350 per ounce. A summary of the expected parameters used for the financial analysis is presented in Table 15.1. Table 15.1 Cash Flow Model Inputs Component Parameter Potentially Mineable Resource (Indicated & Inferred), 4.4 million tons including mining dilution & recovery Estimated Mining Dilution 5 percent @ 0% grade Average mill head grade, gold 0.022 opt Average mill head grade, silver 0.53 opt Payable gold 82,450 ounces Payable silver 348,200 ounces Average long-term gold price $1,350 per ounce Average long term silver price $24.00 per ounce Pre-Production Capital including Working Capital $25.4 million Total Sustaining Capital $0 Royalty 3% NSR Closure Cost $1 million Estimated Operating Costs ($/ton) $14.87 Life of Mine 4.4 Years The cash flow analysis has been conducted on the assumption of 100% equity investment and excludes any element or impact of financing arrangements. All exploration and acquisition costs incurred prior to the production decision are also excluded from the cash flows. Capital expenditures, as shown in the capital section, would be incurred over a one year period, which is reflected in the discounted cash flow calculations. The cash flows include sustaining capital and capital expenditures contingency of approximately 15%. Revenue is based on payments for gold by gold refiners. Costs for metal sales and shipping are included in the deductions that the refiner makes. The expected cash flow analysis used the metal prices indicated above. The discounted cashflow analysis has been based on 2014 Constant US Dollar values. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 87

  92. 15.2 Metal price derivation It is common practice to consider the long-term average price of gold when deriving a price to evaluate a mineral deposit. Neither AMPL nor Star Gold are able to forecast the price of gold. The price of gold has exhibited strong variability for some years, rising until mid-2011, fluctuating above $1,600 per ounce until the end of 2012, then eroding to its current level in the $1,300 - $1,400 per ounce range. The trends and 36 month moving average gold price (red line in graph) shown in Figure 15.1 present the gold price variability since 2006 and underscore the selection of a US$1,350 price per ounce of gold for this evaluation of the Longstreet Project. Figure 15.1 Gold price trend 2006 -2014 Courtesy Kitco 15.3 Financial returns The levels of accuracy for this study are +/- 30% to 50%. This Scoping Study relies on Indicated Mineral Resources but also Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 88

  93. The summary cashflow model for the Longstreet project is presented in Table 15.2 using the expected project parameters. The expected investment and returns based on the estimated cash flow for the Project are shown in Table 15.3. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 89

  94. Table 15.2 Longstreet Gold Project Cash Flow Model Description Unit Unit Rate Year Total -1 1 2 3 4 5 Mineable Resources Start of Period tons 4,418,183 4,418,183 3,418,183 2,418,183 1,418,183 418,183 Mined tons 0 1,000,000 1,000,000 1,000,000 1,000,000 418,183 4,418,183 End of Period tons 4,418,183 3,418,183 2,418,183 1,418,183 418,183 0 Production Mineralization Mined tons 1,000,000 1,000,000 1,000,000 1,000,000 418,183 4,418,183 Stripping Ratio 0.7 0.7 0.7 0.7 0.7 Waste Mined tons 697,351 697,351 697,351 697,351 291,620 3,081,023 Mineralization to Leach Pad tons 0 1,000,000 1,000,000 1,000,000 1,000,000 418,183 4,418,183 Grade gold gpt Au 0.022 0.022 0.022 0.022 0.022 0.02 Grade silver gpt Ag 0.53 0.53 0.53 0.53 0.53 0.53 Heap Leach/ADR Gold Recovery % 86% 86% 86% 86% 86% 86% 86% Heap Leach/ADR Silver Recovery % 15% 15% 15% 15% 15% 15% 15% Gold Produced Ounces 0 13,997 18,662 18,662 18,662 12,470 82,452 Silver Produced Ounces 0 59,108 78,810 78,810 78,810 52,659 348,197 Revenue Gold price $/oz $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 Silver price $/oz 24.00 $24 $24 $24 $24 $24 $24 Gold Revenue $ $18,895,000 $25,194,000 $25,194,000 $25,194,000 $16,834,000 $111,311,000 Silver Revenue $ $1,418,580 $1,891,440 $1,891,440 $1,891,440 $1,263,827 $8,356,727 Transport & Refining $/oz $4.00 $0 $56,000 $75,000 $75,000 $75,000 $49,878 $330,878 Net Revenue $ $0 $20,257,580 $27,010,440 $27,010,440 $27,010,440 $18,047,949 $119,336,849 Operating Costs Mine - O/P Ore $/t $7.00 $0 $7,000,000 $7,000,000 $7,000,000 $7,000,000 $2,927,000 $30,927,000 Mine - O/P Waste $/t $3.00 $2,092,000 $2,092,000 $2,092,000 $2,092,000 $875,000 $9,243,000 Heap Leaching & Gold Recovery $/t $3.65 $0 $3,653,000 $3,653,000 $3,653,000 $3,653,000 $2,440,871 $17,052,871 General & Administration $ $2,014,000 $2,014,000 $2,014,000 $2,014,000 $2,014,000 $1,345,720 $9,401,720 Total Operating Cost $ $0 $14,759,000 $14,759,000 $14,759,000 $14,759,000 $7,588,591 $66,624,591 Operating Profit $0 $5,498,580 $12,251,440 $12,251,440 $12,251,440 $10,459,358 $52,712,258 Royalty - MinQuest 5 3% $0 $164,957 $367,543 $367,543 $367,543 $313,781 $1,581,368 EBITDA $0 $5,333,623 $11,883,897 $11,883,897 $11,883,897 $10,145,577 $51,130,890 Capital Expenditures Permitting $ $2,000,000 $2,000,000 $2,000,000 Mine & Surface Services Infrastructure $ $2,219,791 $0 $2,219,791 Process Water $ $2,000,000 $2,000,000 $2,000,000 Indirects & Project Management $ $2,535,093 $0 $2,535,093 Heap Pad Construction $ $2,249,562 $2,249,562 Gold Recovery Plant $ $8,096,877 $8,096,877 Contingency $2,565,198 $2,565,198 Working Capital $ $3,689,750 -$3,689,750 $0 Mine Closure $ $1,000,000 $1,000,000 Total Capital Expenditures $ $21,666,522 $3,689,750 $0 $0 $0 -$2,689,750 $22,666,522 Project Pre-Tax Cashflow $ -$21,666,522 $1,643,873 $11,883,897 $11,883,897 $11,883,897 $12,835,327 $28,464,368 Project Cumulative Cashflow $ -$21,666,522 -$20,022,649 -$8,138,752 $3,745,144 $15,629,041 $28,464,368 IRR 29% NPV 5% $19,788,000 10% $13,331,000 15% $8,469,000 ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 90

  95. Table 15.3 Cash Flow Summary Undiscounted Net Revenue $119 million Undiscounted Cashflow $ 29 million NPV (10%) $ 13 million NPV (15%) $ 9 million IRR 29% Payback Period 2.7 years 15.4 Sensitivity analysis Sensitivity analysis was performed for metal prices, capital expenditures, operating costs, mined grades and heap leach recoveries using 15 percent positive and negative variations, except for recoveries which were limited to +/- 5% (as this is realistically the range that recoveries could be expected to vary). The project is very sensitive to changes in metals prices and reasonably sensitive to changes in all the other variables. The results of the sensitivity analysis are presented in Table 15.4. Table 15.4 Pre-Tax Sensitivity Analysis NPV @ IRR Variable Variation 10% (%) ($millions) Metal Prices +15% 25 46 Metal Prices -15% 1 12 Capital Expenditure +15% 10 24 Capital Expenditure -15% 16 36 Operating Costs +15% 6 19 Operating Costs -15% 20 40 Mined Grades +15% 25 45 Mined Grades -15% 1 12 Metals Recovery +5% 17 35 Metals Recovery -5% 9 24 The IRR and NPV sensitivities to variations in key parameters are depicted graphically in Figures 15.1 and 15.2. The IRR is most sensitive to variations in metal prices and mined grades and least sensitive to operating costs. Potential expected metals recoveries variations show limited ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 91

  96. sensitivity but should the recoveries fall to a greater percentage the viability of the operation could quickly be rendered uneconomic. 60 50 40 IRR (%) 30 20 10 0 -15% -10% -5% 0% 5% 10% 15% Percentage Change In Variable (%) Metal Prices Capital Costs Operating Costs Mined Grade Metals Recovery Figure 15.2 Pre-Tax IRR Sensitivities 35 30 25 NPV ($US millions) 20 15 10 5 0 -15% -10% -5% 0% 5% 10% 15% -5 Percentage Change In Variable (%) Metal Prices Capital Costs Operating Costs Mined Grade Metals Recovery Figure 15.3 NPV 10 Sensitivity Analysis An isolation of the effect of gold price variability on the Longstreet Project provides a clear picture of the impact of this variable, as shown in Figures 15.4 and 15.5. ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 92

  97. Figure 15.4 Project IRR Sensitivity to Gold Price Figure 15.5 Project NPV Sensitivity to Gold Price ______________________________________________________________________________________________ Star Gold Inc. Longstreet Project Scoping Study 93

Recommend

Quarterly Business Meeting November 9, 2017 1 Scoping Study Agenda Discussion of initial

Quarterly Business Meeting November 9, 2017 1 Scoping Study Agenda Discussion of initial

Future Focus Study Quarterly Business Meeting November 9, 2017 1 Scoping Study Agenda Discussion of initial scoping for the next NIAC study Panel discussion with lifeline sector representatives to provide input on the NIAC scoping

281 views • 5 slides
RESEARCH B Y F A W A D K H A N , I S E T 2 5 , M A Y 2 0 1 2 OVERVIEW OF FLOOD SCOPING

RESEARCH B Y F A W A D K H A N , I S E T 2 5 , M A Y 2 0 1 2 OVERVIEW OF FLOOD SCOPING

INDUS FLOODS SCOPING RESEARCH B Y F A W A D K H A N , I S E T 2 5 , M A Y 2 0 1 2 OVERVIEW OF FLOOD SCOPING STUDY Results from the desk research Field study sites Methodology Emerging Findings 2010 FLOOD RIVER FLOWS (NORTH

266 views • 12 slides
Howard Corners Intersection Scoping Study Scoping Report Presentation February 21, 2018

Howard Corners Intersection Scoping Study Scoping Report Presentation February 21, 2018

Howard Corners Intersection Scoping Study Scoping Report Presentation February 21, 2018 Introductions Howard Corners Intersection Scoping Study Team: Consultant Team: Corey Mack, PE Roxanne Meuse, EIT Consultant Project Manager Consultant

422 views • 24 slides
OUTER HEBRIDES ENERGY SUPPLY COMPANY Scoping Study on behalf of COMHAIRLE NAN EILEAN SIAR Dr.

OUTER HEBRIDES ENERGY SUPPLY COMPANY Scoping Study on behalf of COMHAIRLE NAN EILEAN SIAR Dr.

OUTER HEBRIDES ENERGY SUPPLY COMPANY Scoping Study on behalf of COMHAIRLE NAN EILEAN SIAR Dr. Neil Finlayson Donald Macritchie GreenspaceLive Ltd Nigel Walker William Allan Sweett (UK) Ltd Aims and Objectives of the Scoping Study to

451 views • 19 slides
CONSULTATION Sidmouth Town Council &amp; East Devon District Council SCOPING STUDY Purpose:

CONSULTATION Sidmouth Town Council &amp; East Devon District Council SCOPING STUDY Purpose:

Marianne Rixson PORT ROYAL SCOPING STUDY &amp; CONSULTATION Sidmouth Town Council &amp; East Devon District Council SCOPING STUDY Purpose: Possibilities, limitations etc What could any development include? Reference group set up

908 views • 57 slides
Turners Falls Instream Flow Study Study Process Overview Study Plan Scoping Meeting April 16,

Turners Falls Instream Flow Study Study Process Overview Study Plan Scoping Meeting April 16,

Turners Falls Instream Flow Study Study Process Overview Study Plan Scoping Meeting April 16, 2013 Study Timing Relative to ILP schedule ILP Schedule Proposed Study Plans (PSP): 4/15/13 Study Plan Meeting: 5/14-15/13 Additional

494 views • 45 slides
PaRD SDG 16 Scoping Study Partnering with Local Faith Actors to Support Peaceful and Inclusive

PaRD SDG 16 Scoping Study Partnering with Local Faith Actors to Support Peaceful and Inclusive

PaRD SDG 16 Scoping Study Partnering with Local Faith Actors to Support Peaceful and Inclusive Societies Dr. Olivia Wilkinson, Director of Research www.jliflc.com Scoping Study Focus Problem Statement: Local Faith Actors Local Faith Actors

242 views • 8 slides
Winooski/Burlington, US RTs 2 &amp; 7 Bridge Scoping Study Ag e nda : 1. We lc o me / I ntro

Winooski/Burlington, US RTs 2 &amp; 7 Bridge Scoping Study Ag e nda : 1. We lc o me / I ntro

CHITTENDEN COUNTY REGIONAL PLANNING COMMISSION Winooski/Burlington, US RTs 2 &amp; 7 Bridge Scoping Study Ag e nda : 1. We lc o me / I ntro duc tio ns 2. Sc o pe o f Wo rk Ove rvie w: Pre se nta tio n fro m Mc F a rla nd Jo hnso n Majo

170 views • 14 slides
4/28/2017 North Williston Road MULTIMODAL SCOPING STUDY Local Concern Meeting Agenda Study

4/28/2017 North Williston Road MULTIMODAL SCOPING STUDY Local Concern Meeting Agenda Study

4/28/2017 North Williston Road MULTIMODAL SCOPING STUDY Local Concern Meeting Agenda Study Area Project Background Purpose and Need Study Area Context Existing Conditions Feedback and Discussion Next Steps 2

515 views • 24 slides
Welcome to the FDA Headquarters Consolidation Public Scoping Meeting Public Scoping Meeting

Welcome to the FDA Headquarters Consolidation Public Scoping Meeting Public Scoping Meeting

Welcome to the FDA Headquarters Consolidation Public Scoping Meeting Public Scoping Meeting Purpose of the Meeting The purpose of this meeting is to gather early public input on the scope of the study, potential alternatives, and areas of

405 views • 15 slides
Toll Considerations for US 27 to I-75 Connector Scoping Study June 12, 2008 Project Purpose The

Toll Considerations for US 27 to I-75 Connector Scoping Study June 12, 2008 Project Purpose The

Toll Considerations for US 27 to I-75 Connector Scoping Study June 12, 2008 Project Purpose The purpose of this study is to determine the need and explore methods to improve safety, connectivity, and regional access within Jessamine, Fayette,

439 views • 26 slides
Greater Sydney Harbour Estuary Coastal Management Program Scoping Study Paul Donaldson and

Greater Sydney Harbour Estuary Coastal Management Program Scoping Study Paul Donaldson and

Greater Sydney Harbour Estuary Coastal Management Program Scoping Study Paul Donaldson and Geoff Withycombe , BMT SCCG Sydney Harbour Coastal Management Program Information Session, February 2019 Scoping Study Overview Greater Sydney CMP

272 views • 26 slides
VT15 / Allen Martin Drive Intersection Scoping Study ALTERNATIVES PRESENTATION MEETING

VT15 / Allen Martin Drive Intersection Scoping Study ALTERNATIVES PRESENTATION MEETING

VT15 / Allen Martin Drive Intersection Scoping Study ALTERNATIVES PRESENTATION MEETING DECEMBER 19, 2016 Agenda Study Area Project Background Existing Conditions Identified Issues Proposed Alternatives Feedback

489 views • 36 slides
Financial Impacts of Net-Metered PV on Utilities and Ratepayers: A Scoping Study of Two

Financial Impacts of Net-Metered PV on Utilities and Ratepayers: A Scoping Study of Two

Financial Impacts of Net-Metered PV on Utilities and Ratepayers: A Scoping Study of Two Prototypical U.S. Utilities Andrew Satchwell, Andrew Mills, Galen Barbose, Ryan Wiser, Peter Cappers, and Nam Darghouth Report Summary September

641 views • 25 slides
Colchester/Riverside/Barrett/ Mill Intersection Scoping Study Burlington, Vermont Welcome &amp;

Colchester/Riverside/Barrett/ Mill Intersection Scoping Study Burlington, Vermont Welcome &amp;

Colchester/Riverside/Barrett/ Mill Intersection Scoping Study Burlington, Vermont Welcome &amp; Introductions Meeting Purpose Review project background, scope, process, and timeline and solicit input. Presentation Overview Discuss

347 views • 14 slides
Gum Creek Gold Project Free Milling Scoping Study 29 March 2016 ASX:PAN

Gum Creek Gold Project Free Milling Scoping Study 29 March 2016 ASX:PAN

For personal use only Gum Creek Gold Project Free Milling Scoping Study 29 March 2016 ASX:PAN www.panoramicresources.com Disclaimer Cautionary Statements This presentation includes information extracted from Panoramic Resources Limited ASX

402 views • 28 slides
Scoping study for the use of Financial Instruments under the EMFF and related fi-compass support

Scoping study for the use of Financial Instruments under the EMFF and related fi-compass support

Scoping study for the use of Financial Instruments under the EMFF and related fi-compass support activities 9th June 2015 Objective &amp; approach Experiences with FIs EMFF FI Situation Potential for FI use Types of

368 views • 25 slides
Scoping study: Overview of the housing finance sector in Zambia Study commissioned by FINMARK

Scoping study: Overview of the housing finance sector in Zambia Study commissioned by FINMARK

Scoping study: Overview of the housing finance sector in Zambia Study commissioned by FINMARK TRUST May 2013, Lusaka Section I - Introduction Section II Context Section III Housing Finance Value Chain Section IV Conclusions and

512 views • 30 slides
Alternatives Meeting Plainfield Sidewalk Scoping Study STP BP 15(16) December 12, 2016

Alternatives Meeting Plainfield Sidewalk Scoping Study STP BP 15(16) December 12, 2016

Alternatives Meeting Plainfield Sidewalk Scoping Study STP BP 15(16) December 12, 2016 Approval of Purpose and Need Statement Review Sidewalk Alternatives and options for utility pole relocation on Main Street Obtain public input

553 views • 30 slides
Dynamic scoping Scoping in Hofl Theory of Programming Languages Computer Science Department

Dynamic scoping Scoping in Hofl Theory of Programming Languages Computer Science Department

Dynamic scoping Scoping rules Interpreter Comparisons Dynamic scoping Scoping in Hofl Theory of Programming Languages Computer Science Department Wellesley College Dynamic scoping Scoping rules Interpreter Comparisons Table of contents

230 views • 9 slides
I-89 Exit 12 /VT 2A Scoping Study Alternatives Presentation Williston Selectboard October 21,

I-89 Exit 12 /VT 2A Scoping Study Alternatives Presentation Williston Selectboard October 21,

I-89 Exit 12 /VT 2A Scoping Study Alternatives Presentation Williston Selectboard October 21, 2013 Presentation Overview Project Introduction, Background &amp; Timeline Meeting Objective &amp; Next Steps Review of Alternatives

325 views • 31 slides
Scoping Meeting October 30 th , 2018, 5:30 7:00 PM 1 Scoping Meeting Purpose

Scoping Meeting October 30 th , 2018, 5:30 7:00 PM 1 Scoping Meeting Purpose

Scoping Meeting October 30 th , 2018, 5:30 7:00 PM 1 Scoping Meeting Purpose Requirement for CEQA Review of Notice of Preparation Receive written public comments on alternatives to be considered and scope of environmental

398 views • 14 slides
MALINGUNDE SCOPING STUDY JUNE 2017 A RARE COMBINATION OF EXCEPTIONALLY LOW CAPEX &amp; OPEX

MALINGUNDE SCOPING STUDY JUNE 2017 A RARE COMBINATION OF EXCEPTIONALLY LOW CAPEX &amp; OPEX

ASX:SVM MALINGUNDE SCOPING STUDY JUNE 2017 A RARE COMBINATION OF EXCEPTIONALLY LOW CAPEX &amp; OPEX DISCLAIMERS. production target which includes a modest amount of Inferred material. However, there is a low level of geological confidence

641 views • 28 slides
Hydropower Potential Studies Reviewed for Scoping Study Twenty four studies reviewed

Hydropower Potential Studies Reviewed for Scoping Study Twenty four studies reviewed

Hydropower Potential Studies Reviewed for Scoping Study Twenty four studies reviewed Grouped by categories Organized by chapters in report PROJECTS AT EXISTING UNPOWERED DAMS A 1 Hydropower Resource Assessment at Non

851 views • 57 slides

More recommend