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<br /> <br />1 <br />~_1 <br /> <br />GOfl)1011. PROJECT <br />PAGE 1-1 <br />1: INTRODUCTION <br />The Gold Hill Project consists of a 117 patented and unpatented <br />claim block in the Gold Hill Mining District of Boulder Couaty, <br />Colorado approximately 8 miles by road from the city of Boulder <br />which is 35 miles northwest of Denver. <br />' A block of 30 claims, 24 patented and 6 unpatented, around the old <br />Cash Mine, is held in a joint venture known as "Gold Hill Ventures". <br />The major partner is the Steen family. A surrounding claim block, <br />,, around the old Rex and Victoria mines, consisting of 19 patented and <br />2 unpatented claims, is held by "Mi Vida Enterprises" which is wholly <br />owned by the Steens. Another 66 claims, of which 32 aze patented, <br />are held in joint venture between the Steen family and New Wallstre- <br />et Mining Company. <br />Having dewatered the mine and completed a detailed underground <br />sampling program in the Cash Mine "Gold Hill Ventures" built a 50 <br />ton a day gravity/flotation gold concentrator and tailings pond in <br />' 1987. Due to shortage of funds for underground development the mill <br />was commissioned on feed from old dumps and then moth-balled. <br />One of the partners, the Fraser family, owns 100% of the mill in lieu <br />of loans advanced in 1987. The permits, the 10 acre plant site, and <br />tailings pond are, however, owned by the Joint Venture. The Frasers <br />have agreed to sell the mill outright for USS 1 million and their 6% <br />' joint venture partiapation in Gold Hill Ventures for USS 600,000. <br />The joint venture partners have agreed that a minimum of a 50% <br />' ~ undivided interest in the claim blocks is available on an eam-in of <br />S 100,000 per 1% interest. <br />r The author, in assoaation with Kingsford D Healey of Canbritic <br />' Consultants Ltd of Vancouver made a 5 day site visit and inspected <br /> the property, underground workings to water level, and the mill. Mark <br />' Steen and Allan G Bird, a consulting geological engineer from <br />Lakewood Colorado <br />attended the site visit <br /> , <br />. <br />~ Following the site visit the author inspected all available geological <br />' and historical data and met with R T Heard in Vancouver, who, in <br /> 1982, as R T Heard and Associates, carried out detailed reserve <br /> calculations on the Gold Hil] Ventures property. R T Heard is now <br />' Vice President, Exploration, for Equity Silver Mines Limited, a 59% <br /> Placer Dome Inc subsidiary. <br /> <br />R. W. Turner C.Eng. <br />Consulting Mining Engineer <br />