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1~. <br />GO1~ N// l PROTECT SUMALIRY6 CONCLUSIONS PAGE f <br />1 <br /> <br /> <br />SUNIlVIARY AND CONCLUSIONS <br />' The Gold Hill Project consists of a block of 117 patented and <br />unpatented gold claims in the Gold Hill Mining District of Boulder <br />' County, Colorado. The property is 8 miles west, by an all weather <br />' road, of the city of Boulder. <br />Mining started near Gold Hill in 1858 and the azea experienced gold <br />rushes in 1860 and 1873. <br />The town of Gold Hill is at an elevation of 8,300 feet, however the <br />climate is not severe. <br />The Cash Mine, which opened in 1904, worked the Cash Vein and <br />' was known as a medium to high grade mine producing ore at 0.65 to <br />5.85 ounces per ton gold and 4S to 26 ounces of silver. <br /> At the commencement of the Second World Waz the Gold Mining <br />' Restraining Order closed down the mines in the area and in 1958 <br /> Charles Steen acquired many of the claims in the area, including the <br /> Cash Mine claim. Steen continued to acquire claims in the area and <br />"' his son, Mark, followed the tradition. <br /> Gold Hill Ventures was formed in 1982 to develop the reserves on a <br />' 30 claim block azound the old Cash Mine. A detailed underground <br /> sampling program was carried out and in 1982 a reserve, at the Cash <br /> Mine alone, was calculated to be as follows: <br /> <br /> Tons Ore opt Au opt Ag <br /> Indicated 16,900 1.04 8.76 <br />' Dumps 75,000 0.25 2.50 <br /> Stope Fill 10,000 0.30 2.75 <br /> <br /> By 1987 a 50 ton a day gravity/flotation mill had been built and was <br />' commissioned using old dump material as feed. The venture had <br /> insufflcient funds to develop the underground reserves. In late 1988 <br /> the mill was moth-balled. <br /> <br />' R. W. Tumer C.Eng. <br />Consulting Mining Engineer <br />