FORTRESS MINERALS CORP. TECHNICAL REPORT ON THE MINERAL RESOURCE ESTIMATE, FRUTA DEL NORTE PROJECT, ECUADOR NI 43-101 Report Qualified Persons

October 21, 2014

RPA Inc. T55 University Ave. Suite 501 I Toronto, ON, Canada M5J 2H7 I + 1 (416) 947 0907 www.rpacan.com

FORTRESS MINERALS CORP.

TECHNICAL REPORT ON THEMINERAL RESOURCE ESTIMATE,FRUTA DEL NORTE PROJECT,ECUADOR

NI 43-101 Report

Qualified Persons:Luke Evans, M.Sc., P.Eng.David Ross, M.Sc., P.Geo.Brenna Scholey, P.Eng.

Report Control Form Document Title Technical Report on the Mineral Resource Estimate, Fruta del

Norte Project, Ecuador

Client Name & Address

Fortress Minerals Corp. Suite 2000 885 West Georgia Street Vancouver, B.C. V6C 3E8

Document Reference

Project # 2326

Status & Issue No.

FINAL Version

Issue Date October 21, 2014 Lead Authors Luke Evans

David Ross Brenna Scholey

(Signed) (Signed) (Signed)

Peer Reviewers Deborah McCombe Reno Pressacco

(Signed) (Signed)

Project Manager Approval David Ross (Signed)

Project Director Approval Deborah McCombe

(Signed)

Report Distribution Name No. of Copies Client RPA Filing 1 (project box)

Roscoe Postle Associates Inc.

55 University Avenue, Suite 501 Toronto, ON M5J 2H7

Canada Tel: +1 416 947 0907

Fax: +1 416 947 0395 [email protected]

mailto:[email protected]

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Fortress Minerals Corp. – Fruta del Norte Project, Project # 2326

Technical Report NI 43-101 – October 21, 2014 Page i

TABLE OF CONTENTS PAGE

1 SUMMARY ...................................................................................................................... 1-1 Executive Summary ....................................................................................................... 1-1 Technical Summary ....................................................................................................... 1-6

2 INTRODUCTION ............................................................................................................. 2-1

3 RELIANCE ON OTHER EXPERTS ................................................................................. 3-1

4 PROPERTY DESCRIPTION AND LOCATION ................................................................ 4-1 Location ......................................................................................................................... 4-1 Mineral Tenure............................................................................................................... 4-1

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............................................................................................................... 5-1

6 HISTORY ........................................................................................................................ 6-1 Project Ownership ......................................................................................................... 6-1 Exploration and Development History ............................................................................ 6-1 Historical Resource Estimates ....................................................................................... 6-8

7 GEOLOGICAL SETTING AND MINERALIZATION .......................................................... 7-1 Regional Geology .......................................................................................................... 7-1 Property Geology ........................................................................................................... 7-4 Alteration ..................................................................................................................... 7-10 Weathering .................................................................................................................. 7-10 Geochronology ............................................................................................................ 7-11 Regional Structure ....................................................................................................... 7-13 Deposit-Scale Structure ............................................................................................... 7-13 Mineralization .............................................................................................................. 7-16

8 DEPOSIT TYPES ............................................................................................................ 8-1

9 EXPLORATION ............................................................................................................... 9-1 Grids and Surveys ......................................................................................................... 9-1 Geological and Structural Mapping ................................................................................ 9-3 Geochemistry................................................................................................................. 9-3 Geophysics .................................................................................................................... 9-4 Petrology, Mineralogy and Other Research Studies ....................................................... 9-6 Other Exploration Prospects .......................................................................................... 9-6

10 DRILLING .................................................................................................................... 10-1 Drilling Methods and Equipment .................................................................................. 10-4 Logging Procedures ..................................................................................................... 10-5 Collar Surveys ............................................................................................................. 10-5 Downhole Surveys ....................................................................................................... 10-6 Core Recovery ............................................................................................................. 10-7

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Technical Report NI 43-101 – October 21, 2014 Page ii

Deposit Drilling ............................................................................................................. 10-8 Geotechnical Drilling .................................................................................................. 10-12 Metallurgical Sampling Programs............................................................................... 10-13 RPA Comments on Drilling Programs ........................................................................ 10-13

11 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................................ 11-1 Sampling Method and Approach .................................................................................. 11-1 Sample Preparation ..................................................................................................... 11-2 Sample Analysis .......................................................................................................... 11-4 Bulk Density Measurements ........................................................................................ 11-6 Quality Assurance and Quality Control ........................................................................ 11-6

12 DATA VERIFICATION ................................................................................................. 12-1 Scott Wilson RPA Audit of Mineral Resource and Mineral Reserve Estimates ............. 12-1 Site Visit and Core Review........................................................................................... 12-1 Checks on Assay Data by Other Consultants .............................................................. 12-2

13 MINERAL PROCESSING AND METALLURGICAL TESTING ..................................... 13-1 Introduction .................................................................................................................. 13-1 Mineralogy ................................................................................................................... 13-4 Metallurgical Testing .................................................................................................... 13-6

14 MINERAL RESOURCE ESTIMATE ............................................................................. 14-1 Summary ..................................................................................................................... 14-1 Resource Database ..................................................................................................... 14-1 Database Re-projection ............................................................................................... 14-3 Geological Interpretation and 3D Solids ....................................................................... 14-3 Compositing ................................................................................................................. 14-9 Cutting High-Grade Values ........................................................................................ 14-10 Statistical Analysis ..................................................................................................... 14-13 Variography ............................................................................................................... 14-14 Interpolation Parameters ............................................................................................ 14-17 Density ...................................................................................................................... 14-25 Block Model ............................................................................................................... 14-25 Cut-off Grade ............................................................................................................. 14-26 Classification ............................................................................................................. 14-27 Mineral Resource Reporting ...................................................................................... 14-32 Mineral Resource Validation by Kinross ..................................................................... 14-33 Mineral Resource Validation by RPA ......................................................................... 14-34

15 MINERAL RESERVE ESTIMATE ................................................................................ 15-1

16 MINING METHODS ..................................................................................................... 16-1

17 RECOVERY METHODS .............................................................................................. 17-1

18 PROJECT INFRASTRUCTURE .................................................................................. 18-1

19 MARKET STUDIES AND CONTRACTS ...................................................................... 19-1

20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT ......................................................................................................................................... 20-1

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Technical Report NI 43-101 – October 21, 2014 Page iii

Environmental Studies ................................................................................................. 20-1 Project Permitting ........................................................................................................ 20-2 Social or Community Requirements ............................................................................. 20-3

21 CAPITAL AND OPERATING COSTS .......................................................................... 21-1

22 ECONOMIC ANALYSIS............................................................................................... 22-1

23 ADJACENT PROPERTIES .......................................................................................... 23-1

24 OTHER RELEVANT DATA AND INFORMATION ........................................................ 24-1

25 INTERPRETATION AND CONCLUSIONS .................................................................. 25-1

26 RECOMMENDATIONS................................................................................................ 26-1

27 REFERENCES ............................................................................................................ 27-1

28 DATE AND SIGNATURE PAGE .................................................................................. 28-1

29 CERTIFICATE OF QUALIFIED PERSON .................................................................... 29-1

LIST OF TABLES PAGE

Table 1-1 Summary of Mineral Resources – October 21, 2014 ......................................... 1-3 Table 1-2 Proposed Phase 1 Budget ................................................................................ 1-5 Table 4-1 List of Mining Concessions ............................................................................... 4-5 Table 6-1 Historical Mineral Resource Estimate for Kinross as at December 31, 2012 ..... 6-9 Table 6-2 Historical Mineral Reserve Estimate as at December 31, 2012 ....................... 6-10 Table 6-3 Historical Mineral Resource Estimate for the Bonza-Las Peñas Deposit as at January 13, 2005 .............................................................................................................. 6-10 Table 7-1 Summary Stratigraphy ...................................................................................... 7-5 Table 9-1 Summary of Geochemical Sampling 2011-2013 ............................................... 9-3 Table 10-1 Summary of Drilling Campaigns .................................................................... 10-2 Table 10-2 Sample Drill Results for Selected Sections ................................................... 10-9 Table 10-3 Summary of Geotechnical Drilling Programs ............................................... 10-12 Table 11-1 Summary of QA/QC Submittals .................................................................... 11-6 Table 13-1 Summary of Studies...................................................................................... 13-2 Table 13-2 Mineralogical Summary (2009) ..................................................................... 13-5 Table 13-3 Summary of Composite Samples and Assays............................................... 13-6 Table 13-4 FDN Sample Composition............................................................................. 13-9 Table 13-5 Summary of Key Testwork Results ............................................................. 13-10 Table 14-1 Summary of Mineral Resources – October 21, 2014 ..................................... 14-1 Table 14-2 Disintegration Analysis for Domain Xp_Ip (Gold) ........................................ 14-11 Table 14-3 Summary of Cutting Levels ......................................................................... 14-12 Table 14-4 Cut and Uncut Composite Statistics ............................................................ 14-13 Table 14-5 Variogram Models for XP_IP and XH_VN ................................................... 14-17 Table 14-6 Block Grade Interpolation Parameters for Gold ........................................... 14-18 Table 14-7 Block Grade Interpolation Parameters for Silver ......................................... 14-19 Table 14-8 Permitted Composites by Domain for Gold ................................................. 14-19 Table 14-9 Permitted Composites by Domain for Silver ................................................ 14-20 Table 14-10 Density Data Summary Statistics .............................................................. 14-25

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Technical Report NI 43-101 – October 21, 2014 Page iv

Table 14-11 Mineral Resources by Domain – October 21, 2014 ................................... 14-32 Table 14-12 Mineral Resources by Cut-off Grade – October 21, 2014 .......................... 14-33 Table 20-1 Community Engagement .............................................................................. 20-3 Table 26-1 Proposed Phase 1 Budget ............................................................................ 26-2

LIST OF FIGURES PAGE

Figure 4-1 Location Map ................................................................................................... 4-2 Figure 4-2 Concession Map .............................................................................................. 4-7 Figure 4-3 Surface Rights Map ......................................................................................... 4-9 Figure 7-1 District Geology of the Cordillera del Cóndor ................................................... 7-2 Figure 7-2 Compilation of Geochronology Data .............................................................. 7-12 Figure 7-3 Surface Geology of the FDN and Bonza-Las Peñas Areas ............................ 7-18 Figure 7-4 Typical Cross Section Through the Fruta del Norte Deposit........................... 7-19 Figure 7-5 Examples of Visible Gold and Epithermal Vein/Breccia Textures ................... 7-20 Figure 9-1 Aeromagnetic Signature, FDN Deposit Area .................................................... 9-5 Figure 9-2 Exploration Targets in the FDN Area ............................................................... 9-8 Figure 10-1 Drill Hole Collar Plan .................................................................................... 10-3 Figure 10-2 Cross Section 9,583,200N ......................................................................... 10-10 Figure 11-1 Workflow for Geological Logging of Drill Core .............................................. 11-2 Figure 11-2 Example of a Blank sample Control Chart ................................................... 11-7 Figure 11-3 Example of a CRM Control Chart ................................................................. 11-9 Figure 11-4 Scatterplot of Coarse Reject Duplicate Results .......................................... 11-11 Figure 13-1 Simplified GFL Flowsheet ............................................................................ 13-3 Figure 14-1 Level Plan with Domain Wireframes and Drill Hole Traces .......................... 14-5 Figure 14-2 Vertical Cross Section 2925FS with Domain Wireframes and Drill Hole Traces ......................................................................................................................................... 14-6 Figure 14-3 Vertical Cross Section 2325FS with Domain Wireframes and Drill Hole Traces ......................................................................................................................................... 14-7 Figure 14-4 Longitudinal Section with Domain Wireframes and Drill Hole Traces ........... 14-8 Figure 14-5 Histograms of Sample Lengths .................................................................... 14-9 Figure 14-6 Histogram and Probability Plots for Domain Xp_Ip (Gold) .......................... 14-12 Figure 14-7 Xh_Vn Domain Au Downhole Variogram ................................................... 14-15 Figure 14-8 Xh_Vn Domain Au Direction 1 Variogram .................................................. 14-15 Figure 14-9 Xh_Vn Domain Au Direction 2 Variogram .................................................. 14-16 Figure 14-10 Xh_Vn Domain Au Direction 3 Variogram ................................................ 14-16 Figure 14-11 Level Plan 1155 Block Grade Estimate .................................................... 14-21 Figure 14-12 Vertical Cross Section 2325FS with Block Grades ................................... 14-22 Figure 14-13 Vertical Cross Section 2925FS with Block Grades ................................... 14-23 Figure 14-14 Longitudinal Section with Block Grades ................................................... 14-24 Figure 14-15 Level Plan 1155 Classification ................................................................. 14-28 Figure 14-16 Vertical Cross Section 2325FS Classification .......................................... 14-29 Figure 14-17 Vertical Cross Section 2925FS Classification .......................................... 14-30 Figure 14-18 Longitudinal Section Classification ........................................................... 14-31 Figure 23-1 Adjacent Properties ..................................................................................... 23-4

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Technical Report NI 43-101 – October 21, 2014 Page 1-1

1 SUMMARY EXECUTIVE SUMMARY Roscoe Postle Associates Inc. (RPA) was retained by Fortress Minerals Corp. (Fortress) to

audit an existing Mineral Resource estimate and prepare a supporting independent Technical

Report on the Fruta del Norte Project (FDN or the Project) located in the Cordillera del

Condor region of Zamora–Chinchipe province, southeastern Ecuador in connection with the

proposed acquisition of the Project from Kinross Gold Corporation (Kinross). The purpose of

this report is to support the disclosure of Mineral Resources. This Technical Report

conforms to NI 43-101 Standards of Disclosure for Mineral Projects. RPA visited the Project

from April 6 to 9, 2010. RPA considers that this site visit remains valid, as no material

changes of a scientific or technical nature have occurred on the Project in relation to the

preparation of a Mineral Resource estimate since that time.

Aurelian Resources Corporation Ltd., a private company, acquired a land package

subsequently called the “Cordillera del Condor” Project, in southern Ecuador, that was

subsequently vended into Aurelian Resources Inc. (Aurelian), a TSX-Venture listed company

in 2003. Kinross acquired 100% of Aurelian via takeover in September 2008, and Aurelian

was delisted from the Toronto Stock Exchange in October 2008. Kinross quickly proceeded

with the advancement and development of FDN and completed a Feasibility Study in 2012,

optimization studies in 2012 and 2013, and a Conceptual Mining Study in 2013. In 2013,

after two years of negotiations with the Government of Ecuador, Kinross and the

Government were unable to agree on certain key economic and legal terms. As a result of

the unsuccessful negotiations between Kinross and the Government of Ecuador, Kinross, in

a news release issued on June 10, 2013, announced that it would not proceed with further

development of FDN.

On October 21, 2014, Fortress announced that it had entered into the Share Purchase

Agreement pursuant to which Fortress will acquire all the issued and outstanding shares of

Aurelian, a wholly owned subsidiary of Kinross, holding a 100% interest in the Project for an

aggregate amount of US$240 million. As consideration for the acquisition, Fortress will pay

Kinross an aggregate of US$240 million, which will be satisfied by delivery of a combination

of not less than US$100 million in cash and Common Shares having an aggregate issue

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price of up to US$140 million. Upon closing of the acquisition, the Project will have 18

months remaining under the Economic Evaluation stage, stipulated under Ecuadorian mining

law. Fortress will be required, within that 18 month period, to make a production decision

and to finalize negotiations on an Exploitation Agreement and Investment Protection

Agreement in order to obtain an exploitation permit.

As well, following receipt of confirmation from the Government of Ecuador (GOE) that

Fortress was an acceptable potential purchaser of the Fruta del Norte Project, Fortress and

the GOE settled the form of transaction agreement (the Purchaser GOE Agreement)

pursuant to which the GOE will agree to support the development by Fortress of the Project.

Under the Purchaser GOE Agreement, Fortress will agree to pursue development of the

Project, including committing to approximately US$42 million work plan, to be completed in

the 18 month period following the acquisition.

CONCLUSIONS

The FDN deposit is an intermediate sulphidation epithermal gold-silver deposit measuring

1,670 m along strike, 700 m down dip, and generally ranging between 150 m and 300 m

wide. The top of the deposit is located beneath approximately 200 m of post-mineralization

cover rocks. The eastern and western limits of the deposit are defined by two faults which

together form part of the Bonza-Las Peñas fault system which is thought to control the gold-

silver mineralization. The southern limits of the mineralization along the fault system have

not been defined.

Diamond drilling has outlined mineralization that demonstrates three-dimensional continuity,

thickness, and grades that can potentially be extracted economically. The protocols for

drilling, sampling, analysis, security, and database management meet industry accepted

practices. The drill hole database and geology models are suitably accurate and robust for

resource modelling. The block model was validated by RPA and is acceptable for reporting

Mineral Resources.

Mineralogical and metallurgical studies have shown that the gold-silver mineralization is

largely free-milling in character, but contains a refractory component. A number of

engineering studies were completed by Kinross and the current preferred processing

scenario includes a gravity circuit followed by flotation to produce a gold-silver concentrate

and leaching of the flotation tailings (GFL).

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Mineral Resources for the FDN deposit were estimated using drill hole data available to

October 21, 2014 and are presented in Table 1-1. At a cut-off grade of 3.4 g/t Au, Indicated

Mineral Resources are estimated to total 23.5 million tonnes at an average grade of 9.59 g/t

Au and 12.9 g/t Ag for a total of 7.26 million ounces of gold and 9.73 million ounces of silver.

Inferred Mineral Resources are estimated to total 14.5 million tonnes at an average grade of

5.46 g/t Au and 2.55 g/t Ag for a total of 2.55 million ounces of gold and 5.27 million ounces

of silver. The Mineral Resources are contained within four main geological domains. There

are no Mineral Reserves currently estimated on the Project

TABLE 1-1 SUMMARY OF MINERAL RESOURCES – OCTOBER 21, 2014 Fortress Minerals Corp. – Fruta del Norte Project

Category Tonnage Grade Contained Metal Grade Contained Metal

(Mt) (g/t Au) (Moz Au) (g/t Ag) (Moz Ag) Indicated 23.5 9.59 7.26 12.9 9.73 Inferred 14.5 5.46 2.55 11.3 5.27

Notes:

1. CIM definitions were followed for the classification of Mineral Resources. 2. Mineral Resources are estimated at a cut-off grade of 3.4 g/t Au. 3. The cut-off grade is calculated at a long-term gold price of $1,400 per ounce. 4. The Mineral Resource estimate uses drill hole data available as of October 21, 2014. 5. Bulk density ranges from 2.62 t/m3 to 2.73 t/m3. 6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 7. Numbers may not add due to rounding.

A significant amount of work has been completed on various development scenarios for

FDN. This work includes over 152,000 m of drilling, metallurgical testwork, the completion of

pre-feasibility and feasibility studies, and subsequent optimizations studies. These

engineering studies have shown that FDN has the technical and economic potential to be a

viable mining operation, however, in June 2013 Kinross announced that it would not proceed

with further development and removed the FDN Mineral Resources and Mineral Reserves

from its annual statement.

Due to the availability of the large volume of work that has been completed to date, RPA

believes that Fortress should initiate the engineering studies and field programs that will

culminate in the completion of a Feasibility Study.

Fortress has identified a number of risks relating to the Project. RPA has reviewed these

risks and is of the opinion that the following can potentially impact the proposed exploration

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program and the Mineral Resources. As Fortress has not carried out a Feasibility Study,

RPA believes that the impact of these risks on the potential economic viability or continued

viability of the Project cannot be determined until such a study has been completed.

• The Project is located in Ecuador and therefore subject to certain risks and possible political and economic instability.

• Fortress may be adversely affected by governmental amendments or changes to mining laws, regulations, and requirements in Ecuador and the possibility of increased government participation in the mining sector or renegotiation of existing agreements.

• There can be no assurance that all permits which Fortress may require for exploration and development of its properties will be obtainable on reasonable terms or on a timely basis.

• Environmental hazards may exist at FDN which will be unknown to Fortress and which have been caused by previous or existing owners or operators of the Project or surrounding areas, including artisanal miners.

RECOMMENDATIONS RPA recommends that Fortress proceed to an advanced engineering study (Feasibility

Study) on the Project. Permitting activities and completion of the decline and underground

deposit definition drilling program should also be advanced. Exploration for additional gold-

silver deposits can also be accomplished by surface-based drilling programs. Specific goals

include:

Gather Information in Support of Advanced Engineering Study This portion of the program will include:

• Metallurgical testwork

• Hydrogeological drilling and studies

• Geotechnical drilling and studies

• Mine planning and mine backfill studies

• Tailings studies

Complete the Exploration Decline and Underground Drilling Complete 2,000 m of development and approximately 20,000 m of drilling to upgrade the

confidence of the southern portion of the Mineral Resource into the Indicated Resource

category. This campaign will also provide:

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• Geomechanical information for use in geotechnical studies

• Hydrogeological information for use in mine planning

• Sample material for additional metallurgical testwork

Update, Amend and Complete Necessary Permits

• Amend the Environmental Impact Statement (EIS) to incorporate the GFL flowsheet.

• Update the advanced exploration permits, decline and FDN program permits, as well as other ancillary permits.

Complete Advanced Engineering Study

• Update previous studies and incorporate the Gravity/Flotation/Leach (GFL) process flowsheet.

Exploration on High Priority Concessions

• Drilling of approximately 30,000 m.

• Targets include geochemical anomalies on the Princesa, Emperador, and La Zarza Concessions.

• Regional and detailed structural geological mapping.

• Geochemical sampling on the remaining Project concessions.

Fortress has prepared a budget of US$49.5 million over the next 16 to 18 months. RPA has

reviewed the budget and concurs that there are sufficient funds to cover the

recommendations in this report (Table 1-2).

TABLE 1-2 PROPOSED PHASE 1 BUDGET Fortress Minerals Corp. – Fruta del Norte Project

Item Amount

(millions US$) Advanced Engineering Study including metallurgical testwork, geotechnical and hydrogeological studies, mine backfill studies

15.0

Underground development (2,000 m at $5,000/m) 10.0 Underground exploration drilling (20,000 m at $200/m total cost) 4.0 Permitting and Social and Environmental Studies 1.0 Regional Exploration (30,000 m at $350/m total cost) 11.0 Office and La Peña Camp 4.0 Sub-total 45.0 Contingency (10%) 4.5 Total 49.5

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TECHNICAL SUMMARY PROPERTY DESCRIPTION AND LOCATION FDN is located in the Cordillera del Condor region of Zamora–Chinchipe province,

southeastern Ecuador. Some concessions extend into the adjacent province of Morona–

Santiago. The city of Loja is located about 80 km west-southwest of the Project. Vehicle

access from Loja is via a 150 km long paved highway to the town of Los Encuentros. A 40

km long gravel road connects Los Encuentros to the Project.

LAND TENURE The Project consists of 36 concessions, which cover an area of approximately 86,000 ha and

44 surface rights lots covering approximately 3,960 ha. Both the concessions and surface

rights lots are located in southeastern Ecuador, largely in the province of Zamora–Chinchipe,

with some in Morona–Santiago province. The La Zarza concession, which hosts the FDN

deposit, is located between 781000mE and 773000mE, 9575900mN and 9585000mN of

UTM Zone 17S (PSAD 1956 datum). Concessions are registered in the name of Aurelian

Ecuador S.A., currently a wholly-owned subsidiary of Kinross.

EXISTING INFRASTRUCTURE The Las Peñas camp, which currently exists on the Project, includes:

• Offices and camp facilities including dining and sleeping quarters for 250 people

• Southern portal and decline and associated waste storage area

• Core storage and sample preparation facilities

• Warehousing and maintenance facilities

• Waste and water treatment facilities

• Helicopter pad and fuel storage

• Communications

• Medical facilities

• Fuel storage

Power to the camp is supplied from the local grid, but there is a 1 MW power generator on

site for back-up power. The site is serviced by a gravel road from Highway 45 and there are

several gravel roads on site including three permanent bridges.

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HISTORY Aurelian Resources Corporation Ltd., a private company, acquired a land package


subsequently vended into Aurelian, a TSX-Venture listed company, in 2003. Exploration

activities by Aurelian resulted in the discovery of the Bonza – Las Peñas deposit in 2004.

Continued exploration work resulted in the discovery of the Fruta del Norte deposit in 2006.

Kinross acquired 100% of Aurelian via a corporate takeover in September 2008, and

Aurelian was delisted from the Toronto Stock Exchange in October 2008.

A Mining Mandate, which was passed by the Constitutional Assembly on April 18, 2008,

halted all major-company activity in Ecuador. Consequently, drilling activities were

suspended at that time. New mining regulations were passed in November 2009, and drilling

activities were permitted to restart. Kinross completed a number of engineering studies

including a Prefeasibility Study in 2010 and a Feasibility Study in 2011 that included recovery

of gold and silver using a pressure oxidation (POX) based process flowsheet. Evaluation of

an alternative process flowsheet that incorporated gravity recovery, followed by flotation and

leaching of flotation tailings resulted in Kinross supplanting the originally selected process

flowsheet. After more than two years of negotiations on Exploitation and Investment

Protection Agreements for the Project, Kinross announced its decision to cease development

of the Project in June 2013.



Aurelian, a wholly owned subsidiary of Kinross.

GEOLOGY AND MINERALIZATION The FDN deposit is located within a 150 km long copper-gold metallogenic sub-province

located in the Cordillera del Cóndor. The mineralization is hosted within Jurassic age

volcanic rocks assigned to the Misahuallí Formation. The eastern and western limits of the

deposit are defined by two faults which together form part of the Bonza-Las Peñas fault

system that is thought to control the gold-silver mineralization.

The Misahuallí Formation is dominated by a thick sequence of light greyish-green to dark

green hornblende-plagioclase-phyric andesites and basaltic andesites, feldspar porphyritic

andesitic intrusives, locally voluminous phreatic breccia zones, and lesser planar intrusions.

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The FDN mineralization is classified as an intermediate sulphidation epithermal deposit

based on the dominant sulphides and reduced fluid chemistry. The mineralization is

characterized by intense, multi-phase quartz-sulphide ± carbonate stockwork veining and

brecciation over broad widths, typically between 100 m and 150 m wide in the coherent

central and northern parts of the system where the grades are highest. Hydrothermal

alteration consists primarily of a silica (quartz, chalcedony)–illite–pyrite (±marcasite)–

carbonate mineral assemblage formed by relatively low acidity fluids.

EXPLORATION STATUS Fortress has yet to conduct exploration or development work on the Project. Historic

exploration has included drilling, line cutting, mapping, geochemistry, and both ground and

airborne geophysics.

Drilling on the Project totals 380 core holes for approximately 152,000 m. Of this total, 236

core holes totalling approximately 113,000 m were completed at the FDN deposit. In

addition, there is an exploration drift that extends approximately 600 m into the Southern

area of the FDN deposit, which will be used for underground exploration of the Southern area

and to access the main orebody. A number of exploration targets that offer good potential for

the discovery of additional gold-silver mineralization are present on the mining concessions.

MINERAL RESOURCES Kinross provided RPA with a GEMS project that included the drill hole database, wireframes

of the domain boundaries, and a complete block model. The block model was created for

the Mineral Resource estimate of December 31, 2010. RPA reviewed all aspects of the

resource model, made some minor adjustments, calculated an updated cut-off grade, and

reported the Mineral Resources.

Geological domains are used to control block modelling processes such as block grade

estimates and density assignments. Domains are interpreted as zones with relatively

uniform grade statistics and geology. The FDN deposit was divided into four main geologic

domains based on lithology, alteration, and grade. Each domain is distinctive in

mineralogical, textural, and geochemical character as well as in gold distribution:

1. The Xp_Ip domain is the phreatomagmatic breccia.

2. The Xh_Vn domain is the hydrothermal eruption breccia.

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3. The M_South volcanic domain is located to the south of Xp_Ip and Xh_Vn.

4. The Silica_Halo envelopes the top and bottom of the three other domains.

Grade interpolations for gold and silver were made using an Ordinary Kriging algorithm and

using search strategies individually adapted to each domain. The search ellipses generally

have the same orientations, striking north-northeast, dipping west, and plunging north-

northeast. A two pass approach was used, with the first pass search ranges approximately

equivalent to the variogram ranges at 80% of the sill. The first pass used a minimum of two

drill holes. The second pass used a larger search with a one hole minimum.

Mineral Resources were classified into the Indicated or Inferred categories based on drill

hole spacing and the apparent continuity of mineralization. Variography has suggested a

range of 35 m at 75% of the total sill. Infill drilling in 2010 was designed at 35 m spacing. In

general, areas of 35 m spacing or shorter were classified as Indicated Mineral Resources.

Parts of Xh_Vn and Xp_Ip were classified as Indicated Mineral Resources while all of the

M_South and Silica_Halo domains were classified as Inferred. Due to the lack of actual

exposures of mineralization for inspection on the surface or underground, there are no

Measured Resources at this time. There are no Mineral Reserves currently estimated on the

Project.

ENVIRONMENTAL, PERMITTING AND SOCIAL CONSIDERATIONS Kinross obtained Environmental Licence 269 in July 2010, which allowed Kinross to carry out

advanced surface exploration activities on the La Zarza concession where part of the FDN

deposit is located. In January 2011, Environmental Licence 269 was updated to include

underground exploration activities through the construction and operation of the south

decline. This decline has been advanced to a length of approximately 600 m. The licence

also authorized Kinross to expand and modify the Las Peñas camp, including the

construction of one bridge and road improvements.

Environmental Licence 842, was issued in July 2011, which allowed Kinross to carry out

advanced surface exploration activities on five additional concessions, including Colibrí,

where much of the plant infrastructure will potentially be located. This licence allowed

Kinross to construct a bridge across the Machinaza River, and would also allow Kinross to

complete construction of a 22 km exploration access road to connect the Colibrí concession

to the La Zarza concession.

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Kinross had applied for and received a number of permits for FDN. RPA notes that most

permits related to the plant were granted under the assumption of a POX plant, however,

GFL was selected to be the preferred process scenario as a result of a Ranking Study that

was carried out in 2012 and updated in 2013 by Kinross as part of its optimization process.

Amendments to the permits, in particular the Plant EIA permits, will be required to take into

account the change of preferred flowsheet.

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2 INTRODUCTION Roscoe Postle Associates Inc. (RPA) was retained by Fortress Minerals Corp. (Fortress) to

audit an existing Mineral Resource estimate and prepare a supporting independent Technical

Report on the Fruta del Norte Project (FDN or the Project) located in the Cordillera del

Condor region of Zamora–Chinchipe province, southeastern Ecuador in connection with the

proposed acquisition of the Project from Kinross Gold Corporation (Kinross). The purpose of

this report is to support the disclosure of Mineral Resources. This Technical Report

conforms to NI 43-101 Standards of Disclosure for Mineral Projects.

Aurelian Resources Corporation Ltd., a private company, acquired a land package


subsequently vended into Aurelian Resources Inc. (Aurelian), a TSX-Venture listed company

in 2003. Kinross acquired 100% of Aurelian via takeover in September 2008, and Aurelian

was delisted from the Toronto Stock Exchange in October 2008. Kinross proceeded with the

advancement and development of FDN and completed a Feasibility Study in 2012,

optimization studies in 2012 and 2013, and a Conceptual Mining Study in 2013. In 2013,

after two years of negotiations with the Government of Ecuador, Kinross and the

Government were unable to agree on certain key economic and legal terms. As a result of

the unsuccessful negotiations between Kinross and the Government of Ecuador, Kinross, in

a news release issued on June 10, 2013, announced that it would not proceed with further

development of FDN (Kinross, 2013).



Aurelian, a wholly owned subsidiary of Kinross, holding a 100% interest in the Project for an

aggregate amount of US$240 million. As consideration for the acquisition, Fortress will pay

Kinross an aggregate of US$240 million, which will be satisfied by delivery of a combination

of not less than US$100 million in cash and Common Shares having an aggregate issue

price of up to US$140 million. Upon closing of the acqusition, the Project will have 18

months remaining under the Economic Evaluation stage, stipulated under Ecuadorian mining

law. Fortress will be required, within that 18 month period, to make a production decision

and to finalize negotiations on an Exploitation Agreement and Investment Protection

Agreement in order to obtain an exploitation permit.

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As well, following receipt of confirmation from the Government of Ecuador (GOE) that

Fortress was an acceptable potential purchaser of the Fruta del Norte Project, Fortress and

the GOE settled the form of transaction agreement (the Purchaser GOE Agreement)

pursuant to which the GOE will agree to support the development by Fortress of the Project.

Under the Purchaser GOE Agreement, Fortress will agree to pursue development of the

Project, including committing to approximately US$42 work plan, to be completed in the 18

month period following the acquisition.

Fortress is a publicly held Canadian company whose shares are listed for trading on the NEX

board of the TSX Venture Exchange under the symbol "FST.H".

SOURCES OF INFORMATION A site visit was carried out by Mr. Luke Evans, M.Sc., P.Eng., RPA Principal Geologist and

Executive Vice President – Geology and Resource Estimation, from April 6 to 9, 2010. Mr.

Evans was accompanied by then Kinross Director, Technical Services, Don Cameron and

then Kinross Manager, Mining Engineering, Doug Moore. Messrs. Cameron and Moore are

no longer with Kinross. RPA considers that this site visit remains valid, as no material

changes of a scientific or technical nature have occurred on the Project in relation to the

preparation of a Mineral Resource estimate since that time.

Technical documents, data, and reports were obtained from Kinross personnel during

several meetings in June and July of 2014. These data included two Gemcom GEMS

projects which formed the basis for the Mineral Resource estimate, and numerous

engineering studies.

Discussions or email communications were held with the following personnel:

• Ron Hochstein, Chairman and Director, Fortress • Peter Bourke, P.Eng., Director, Underground Mining, Kinross • Guido Lenarduzzi, Vice President, Corporate Development, Kinross • Peter Eunson, Director, Corporate Development, Kinross • John Sims, Vice President of Technical Services, Corporate Resources & Reserves,

Kinross • Laura Karrei-Gupta, P.Geo., Manager, Resource Geology, Kinross • Barry Gillies, Chief of Exploration, Kinross Minera Chile • Ricardo Mena-Patri, Director, Process Metallurgy, Kinross

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Mr. Evans, Mr. David Ross, M.Sc., P.Geo., RPA Principal Geologist, and Ms. Brenna

Scholey, P.Eng., RPA Senior Metallurgist, are the Qualified Persons taking responsibility for

this report. They were assisted by Mr. Reno Pressacco, M.Sc.(A), P.Geo., RPA Principal

Geologist. Messrs. Evans and Ross share responsibility for all sections of this report except

section 13. Ms. Scholey is responsible for section 13.

The documentation reviewed, and other sources of information, are listed at the end of this

report in Section 27 References.

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LIST OF ABBREVIATIONS Units of measurement used in this report conform to the metric system. All currency in this

report is US dollars (US$) unless otherwise noted.

a annum kWh kilowatt-hour A ampere L litre bbl barrels lb pound btu British thermal units L/s litres per second °C degree Celsius m metre C$ Canadian dollars M mega (million); molar cal calorie m2 square metre cfm cubic feet per minute m3 cubic metre cm centimetre µ micron cm2 square centimetre MASL metres above sea level d day µg microgram dia diameter m3/h cubic metres per hour dmt dry metric tonne mi mile dwt dead-weight ton min minute °F degree Fahrenheit µm micrometre ft foot mm millimetre ft2 square foot mph miles per hour ft3 cubic foot MVA megavolt-amperes ft/s foot per second MW megawatt g gram MWh megawatt-hour G giga (billion) oz Troy ounce (31.1035g) Gal Imperial gallon oz/st, opt ounce per short ton g/L gram per litre ppb part per billion Gpm Imperial gallons per minute ppm part per million g/t gram per tonne psia pound per square inch absolute gr/ft3 grain per cubic foot psig pound per square inch gauge gr/m3 grain per cubic metre RL relative elevation ha hectare s second hp horsepower st short ton hr hour stpa short ton per year Hz hertz stpd short ton per day in. inch t metric tonne in2 square inch tpa metric tonne per year J joule tpd metric tonne per day k kilo (thousand) US$ United States dollar kcal kilocalorie USg United States gallon kg kilogram USgpm US gallon per minute km kilometre V volt km2 square kilometre W watt km/h kilometre per hour wmt wet metric tonne kPa kilopascal wt% weight percent kVA kilovolt-amperes yd3 cubic yard kW kilowatt yr Year

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3 RELIANCE ON OTHER EXPERTS This report has been prepared by Roscoe Postle Associates Inc. (RPA) for Fortress Minerals

Corp. (Fortress). The information, conclusions, opinions, and estimates contained herein are

based on:

• Information available to RPA at the time of preparation of this report,

• Assumptions, conditions, and qualifications as set forth in this report, and

• Data, reports, and other information supplied by Kinross, Fortress and other third party sources.

For the purpose of this report, RPA has relied on ownership information provided by

Fortress. Fortress has relied on an opinion by Pérez Bustameante & Ponce dated July 4,

2014 with respect to the ownership and status of the Project concessions and on an opinion

by ARCOM dated July 22, 2013 in respect of the surface rights. These opinions are relied

upon in Section 4 and the Summary of this report. RPA has not researched property title

surface rights or mineral rights for the Fruta del Norte Project and expresses no opinion as to

the ownership status of the Project.

Except for the purposes legislated under provincial securities laws, any use of this report by

any third party is at that party’s sole risk.

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4 PROPERTY DESCRIPTION AND LOCATION LOCATION FDN is located in the Cordillera del Condor region of Zamora–Chinchipe province,

southeastern Ecuador (Figure 4-1). Some concessions extend into the adjacent province of

Morona–Santiago. The city of Loja is located about 80 km west-southwest of the Project.

The closest community to the deposit is the village of San Antonio, which is approximately

nine kilometres southwest of the Project.

The La Zarza concession, which hosts the FDN deposit, is located between 781000mE and

773000mE, 9575900mN and 9585000mN of UTM Zone 17S (PSAD 1956 datum).

MINERAL TENURE

MINING LEGISLATION IN ECUADOR Mining in Ecuador is governed by the Ecuadorian Mining Law promulgated during 2009 and

an amendment to the Mining Act promulgated in July 2013. This legislation differentiates

between small, medium, and large scale mines, and provides for a three stage exploration

phase, comprising Initial Exploration, Advanced Exploration and Economic Evaluation, of up

to 12 years, followed by an Exploitation Phase. The total life of a new concession is set at 25

years.

Once the Initial Exploration phase has been completed, and prior to initiating an Advanced

Exploration phase, the Mining Law provides for a mandatory relinquishment of a part of the

total area of the concession, although the amount required to be relinquished is not defined.

The concessionaire has the option to request a change of phase for a given concession at

any time, however, it would not be possible to maintain a mining concession without entering

into the Exploitation phase within twelve years after the first grant of the concession title.

dam

dam

QUITO

78°

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Corrientes

Golfo deGuayaquil

Río

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Río Curaray

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Río Santiago

Río San Miguel

Río Aguarico

Río Coca

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Río Guayllabamba

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Vinces Ventanas

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Playas

San Miguel

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Bahía de Caráquez

Tosagua

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Salinas

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Huancabamba SanIgnacio

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EquatorEquatorEquator

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C O L O M B I A

E C U A D O R

P E R U

FRUTA DEL NORTE

ZAMORA-

CHINCHIPE

N

0 50 100 Kilometres

0 50 100 Miles

Legend:

International oundaryB

Road

Major irportA

Province (provincia) Capital

National apitalC

Railroad (some segmentsof the rail network may be inoperable)

Pan-American Highway

Town

October 2014

Transverse Mercator Projection;

Central Meridian 78°07’W

Fruta del Norte Project

Location Map

Fortress Minerals Corp.

Zamora-Chinchipe Province, Ecuador

Figure 4-1

4-2

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The Government remains the owner of the mineral rights and the concessionaire is granted

authorization to carry out mining activities to exploit the minerals within the concession. The

shares of the concessionaire may be transferred without prior approval by the Ministry of

Non-Renewable Natural Resources, although notice is required to be given. The transfer of

any mineral rights over the concession or contractual rights requires the prior approval of the

Ministry.

Kinross has acquired approximately 4,000 ha of privately held surface rights in order to

facilitate the Project construction.

Certain obligations must be met by the concessionaire and non-compliance can lead to the

cancellation of the concession. These obligations include:

• the payment of prescribed fees, royalties and, or other levies and taxes; and,

• filing of annual reports detailing exploration activity and production. Production reports are required on or before January 15 and July 15 each year; exploration reports are required by March 31.

Concessions can also be cancelled for:

• misrepresentation of the concession’s development stage,

• commencement of mining activities prior to grant of the requisite permits, and,

• in the event of severe environmental damage, irreparable damage to Ecuadorian cultural heritage or the violation of human rights.

A concessionaire who loses a mining concession due to a breach of one or more legal or

contractual obligations cannot have a concession in the same area (whether in whole or in

part) for a period of three years, following the expiry date of the concession.

Prior to entering the Exploitation phase, the holder must enter into either an Exploitation

Agreement or a Mining Services Agreement. The Exploitation Agreement is a broadly

defined contract, intended to cover technical, economic, environmental and social aspects,

as well as performance standards.

The fiscal regime established for large scale gold mines is based on existing legislation, in

combination with individually negotiated terms as set forth in the Exploitation Agreement and

Investment Protection Agreement between the GOE and the Concessionaire. Certain of the

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below rates and prices for FDN are based on the terms as last negotiated between the GOE

and Kinross, prior to Kinross’ withdrawal from the Project. While these are expected to form

the basis for the Exploitation Agreement and Investment Protection Agreement to be entered

into between the GOE and Fortress, until such agreements are finalized, there can be no

assurance that these will be the agreed terms.

• The payment of royalties of at least 5%, and no more than 8%. The royalty for FDN increases from 5% to 8% as the gold price increases from US$1,500/oz to US$2,000/oz. Royalties are payable on net income after deducting allowable expenses incurred during the smelting, refining and transportation processes, and after deducting windfall taxes if applicable. For FDN, an advance royalty payment of US$65.0 million is to be paid in two installments. The first installment of US$40.0 million is to be paid upon signing of the Exploitation Agreement. The second installment of US$25.0 million is paid upon satisfaction of certain conditions by the Government of Ecuador (GOE). This advance royalty is credited against future annual royalty payments.

• Payment of a windfall tax in the event that gold prices exceed a base price which for FDN has been set at US$2,200/oz indexed monthly to inflation (based on the United States Consumer Price Index (CPI)). The windfall tax amounts to 70% of the difference between the sales price achieved and the base price, and is only payable once the project’s capital investment has been recouped.

• Payment of 15% of pre-tax profits as profit-sharing, with 12% being payable to the

government and 3% to employees. These payments are an eligible deduction against income in calculating corporation taxes payable.

As well as the Ministry of Non-Renewable Natural Resources and the Mining Regulatory and

Control Agency, there are a number of different public entities that may participate in the

execution of mining activities. Depending upon what activities a mining company wishes to

carry out, the approval from one or more of the different entities may be required.

FDN MINING CONCESSIONS The Project consists of 36 mining concessions, which cover an area of approximately 86,000

ha located in southeastern Ecuador, largely in the province of Zamora–Chinchipe, with some

in Morona–Santiago province. The majority of the concessions form a large contiguous

block that extends from the Rio Nangaritza eastward to the international border with Peru.

Concessions are registered in the name of Aurelian Ecuador S.A., currently a wholly-owned

subsidiary of Kinross. Table 4-1 summarizes the existing concession details and Figure 4-2

shows the land tenure map.

TABLE 4-1 LIST OF MINING CONCESSIONS Fortress Minerals Corp. – Fruta del Norte Project

Concession Code

Concession Name

Original Applicant

ClaimFiling Date

Date Concession Granted

Title Registration Date

Owner TransferDate Province Hectares Expiry Current Phase

2121 LA ZARZA Aurelian 13.01.2003 05.02.2004 09.02.2004 Aurelian N/A Zamora 3,087.00 03.10.2031 Economic Evaluation

500588 EMPERADOR 1 Keith M. Barron 31.05.2002 24.06.2002 24.06.2002 Aurelian 10.10.2002 Zamora 681.60 05.16.2031 Advanced Exploration

500590 EMPERADORA Amlatminas S.A./ Keith M. Barron

06.06.2001 12.09.2001 03.10.2001 Aurelian 10.10.2002 Zamora 236.39 05.16.2031 Advanced Exploration

500688 SOBERANA Keith M. Barron 12.07.2002 20.08.2002 22.08.2002 Aurelian 10.10.2002 Zamora 4,900.00 05.27.2032 Initial Exploration*

500689 MARQUES Keith M. Barron 10.05.2001 16.05.2001 16.05.2001 Aurelian 10.10.2002 Zamora 4,900.00 06.06.2032 Initial Exploration*

500690 SOBERANO Keith M. Barron 20.04.2001 16.05.2001 16.05.2001 Aurelian 10.10.2002 Zamora 4,650.00 06.06.2032 Initial Exploration*

500691 REY Keith M. Barron 25.02.2002 29.04.2002 27.05.2002 Aurelian 10.10.2002 Zamora 16.57 05.27.2032 Initial Exploration*

500692 CABALLERO Keith M. Barron 25.02.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 396.24 06.06.2032 Initial Exploration*

500693 MARQUESA Aurelian 21.04.2003 11.06.2003 25.06.2003 Aurelian N/A Zamora 3,909.70 06.06.2032 Initial Exploration*

500696 BARON Aurelian 11.10.2002 29.10.2002 30.10.2002 Aurelian N/A Zamora 4,850.00 05.27.2032 Initial Exploration*

500697 BARONESA Aurelian 11.10.2002 29.10.2002 29.10.2002 Aurelian N/A Zamora 3,000.00 05.27.2032 Initial Exploration*

500699 PRINCESA Aurelian 04.12.2003 03.02.2004 06.02.2004 Aurelian N/A Zamora 4,707.02 06.06.2032 Advanced Exploration

500700 DUQUE Keith M. Barron 01.03.2002 20.05.2002 06.06.2002 Aurelian 11.10.2002 Zamora 3,748.94 06.06.2032 Advanced Exploration

500701 PRINCIPE Keith M. Barron 01.03.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 1,320.00 06.06.2032 Initial Exploration*

500702 DUQUESA Keith M. Barron 10.04.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 2,319.32 05.27.2032 Advanced Exploration

500703 VIZCONDE Keith M. Barron 21.02.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 2,588.33 06.06.2032 Initial Exploration*

500704 REINA Keith M. Barron 25.02.2002 29.04.2002 27.05.2002 Aurelian 10.10.2002 Zamora 4,692.05 06.06.2032 Initial Exploration*

500706 CACIQUE 1 Keith M. Barron 25.02.2002 29.04.2002 27.05.2002 Aurelian 10.10.2002 Zamora 150.00 06.06.2032 Initial Exploration*

500707 CACIQUE Keith M. Barron 18.04.2002 24.06.2002 25.06.2002 Aurelian 10.10.2002 Zamora 800.00 06.06.2032 Initial Exploration*

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Concession Code

Concession Name

Original Applicant

ClaimFiling Date

Date Concession Granted

Title Registration Date

Owner TransferDate Province Hectares Expiry Current Phase

500717 REINA ISABEL Aurelian 13.01.2003 05.02.2004 09.02.2004 Aurelian N/A Zamora 50.00 06.06.2032 Initial Exploration*

500718 VIZCONDE 1 Aurelian 27.01.2003 05.02.2004 09.02.2004 Aurelian N/A Zamora 300.00 06.06.2032 Initial Exploration*

500719 CABALLERO 1 Aurelian 14.04.2003 05.02.2004 09.02.2004 Aurelian N/A Zamora 459.00 06.06.2032 Initial Exploration*

500727 ALBERTO Aurelian 10.04.2003 05.02.2004 09.02.2004 Aurelian N/A Zamora 3,799.86 06.25.2032 Initial Exploration*

500728 VICTORIANA Aurelian 22.08.2003 09.10.2003 05.11.2003 Aurelian N/A Zamora 4,470.00 06.25.2032 Initial Exploration*

500734 LAS ORQUIDEAS Aurelian 05.12.2003 03.02.2004 06.02.2004 Aurelian N/A Zamora 4,898.00 06.24.2032 Initial Exploration*

500755 SACHAVACA Keith M. Barron 21.02.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 4,000.00 08.21.2032 Advanced Exploration

500756 GUACAMAYO Keith M. Barron 21.02.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 3,290.15 08.22.2032 Initial Exploration*

500764 COLIBRI 1 Aurelian 04.12.2003 05.02.2004 06.02.2004 Aurelian N/A Zamora 2,415.00 10.30.2032 Advanced Exploration

500765 COLIBRI Keith M. Barron 25.02.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 1,775.28 10.29.2032 Advanced Exploration

501389 COLIBRI 2 Aurelian 18.09.2012 17.06.2013 03.07.2013 Aurelian N/A Zamora 83.00 19.01.2036 Advanced Exploration

500799 MAICU 1 Keith M. Barron 25.02.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 843.84 09.02.2034 Initial Exploration*

500800 MAICU 2 Keith M. Barron 25.02.2002 20.05.2002 06.06.2002 Aurelian 10.10.2002 Zamora 3,236.34 09.02.2034 Initial Exploration*





Note: (*) Concessions in which a phase change from Initial Exploration to Advanced Exploration was requested by Aurelian during Q2 of 2014, and are still pending government approval.

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El ZarzaWildlife Refuge

Romerillos Bajo

RomerillosAlto

Zamora (air strip)

Patchicutza

GuayzimiChinapintza

Cumbaratza

Zumbi

MayaycuAlto

Mayaycu

Yantzaza

Los Encuentros

El Cisne

Paquisha

PaquishaAlto

San Antonoi

Machinaza AltoSantaLucia

Pangui

Condor Mirador

San Marcosde Tundayme Alto

Patchicutza Bajo

Fruta del NorteDeposit

ECUADOR

Bonzas-Las PenasDeposit

730,000 mE 740,000 mE9,5

20,0

00 m

N9,5

30,0

00 m

N9,5

50,0

00 m

N9,5

40,0

00 m

N9,5

60,0

00 m

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70,0

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N9,5

90,0

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N9,5

80,0

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N9,6

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N9,6

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N750,000 mE 760,000 mE 770,000 mE 780,000 mE 790,000 mE 800,000 mE

9,5

20,0

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N9,5

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N9,5

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90,0

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N9,5

80,0

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10,0

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N9,6

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N

730,000 mE 740,000 mE 750,000 mE 760,000 mE 770,000 mE 780,000 mE 790,000 mE 800,000 mE

Project Concessions

Legend:

Towns and Settlements

Road

0 5 20

Kilometres

10 15

N

October 2014 Source: Kinross, 2014.


Concession Map



Figure 4-2

4-7

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A number of surface rights have been acquired in support of major Project infrastructure

items such as the mine surface buildings, processing plant, tailings storage area, and office

and accommodation facilities (Figure 4-3). In all, they total 44 lots with a total area of

3,960.76 ha. An annual lease payment in the amount of approximately $130,000 is due for

the military lease while the rural land taxes for the remainder of the lots total approximately

$41,000 per year.

The El Zarza wildlife refuge located within the concession area, southwest of the FDN

deposit, is part of the National System of Protected Areas (SNAP). The limits of the refuge

were defined in 2012 by the Ministry of Environment. According to Mining Law Article 25,

Protected Areas, the extraction of non-renewable resources in protected areas is prohibited.

However, resources may be exploited in exceptional cases following a substantiated request

from the President of the Republic of Ecuador, and a prior declaration of national interest by

the National Assembly, in accordance with the provisions of Article 407 of the Constitution of

the Republic of Ecuador. The El Zarza refuge is a “Forest reserve”, only one level below a

national park, it is therefore highly unlikely that concessions would ever be authorized within

the limits of the refuge. FDN is not expected to be impacted by the refuge, as it is located

outside of the refuge boundary.

All of the current concession titles were replaced in accordance with the Sixth Transitional

Provision of the new General Mining Regulations. The substitution of mining concession

titles is an administrative process. All concession titles are in the Initial Exploration phase,

except for Emperador 1, Emperadora, Princesa, Duque, Duquesa, Sachavaca, Colibrí 1,

Colibrí and Colibrí 2, which are in the Advanced Exploration phase, and La Zarza, which is in

the Economic Evaluation phase. A phase change to Advanced Exploration for the remaining

concession titles that are in the Initial Exploration Phase was requested during the second

quarter of 2014 and is still pending government approval. The term of the new concession

title is equal to the number of years remaining as from the date the new concession is

granted to the expiry date of the old concession title.

767,500 mE 775,000 mE770,000 mE 780,000 mE772,500 mE 777,500 mE

9,5

85,0

00 m

N9,5

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75,0

00 m

N9,5

70,0

00 m

N

9,5

87,5

00 m

N9,5

82,5

00 m

N9,5

77,5

00 m

N9,5

72,5

00 m

N

9,5

87,5

00 m

N9,5

82,5

00 m

N9,5

77,5

00 m

N9,5

72,5

00 m

N

767,500 mE 775,000 mE770,000 mE 780,000 mE772,500 mE 777,500 mE

Easements

Legend:

Populated Centres

Mineral Concessions

Streams

Roads

Option to Purchase

Surface Rights

0 1000 5000

Metres

2000 3000 4000

N

October 2014 Source: Kinross, 2014.


Surface Rights Map



Figure -4 3

4-9

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According to Fortress, all reporting and financial obligations required to maintain the

concessions in good standing have been met. These include:

• Payment of the annual patents. Based on the current status of each concession title, the annual patent fees are estimated at $940,000.

• Submittal of the annual exploration reports (for exploration concessions) or the biannual exploitation reports.

• Biannual royalty payments (for concessions under the exploitation phase).

• Compliance with other permit obligations (environmental licences, water permits, etc.).

A 1% net revenue royalty is payable on production from the La Zarza concession to a third

party. There are no royalties, back-in rights, payments, or other encumbrances in favour of

Kinross.

Current environmental liabilities are restricted to reclamation obligations for the Las Peñas

camp, portal, and decline and to grids, roads, and drill pads established to support

exploration activity.

Fortress reports that Advanced Exploration permits for areas in the La Zarza, Colibrí,

Princesa, and Emperador concessions require updates in order to allow surface drilling

programs to be carried out. These also include active water use permits. Fortress also

reports that the mine environmental licence has been issued. A more detailed summary of

the permitting status is presented in Section 20 of this report.

RPA is not aware of any other significant factors and risks that may affect access, title, or the

right or ability to perform the proposed work program on the Project other than those

presented in Sections 1 and 25 of this report. A summary of Kinross’ view of the risks of the

recent changes has been presented in the 2012 Annual Information Form (Kinross, 2012a).

An analysis of the investment climate in the country has also been presented by the US

Department of State (2013).

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5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ACCESSIBILITY The nearest city to FDN is Loja, the fourth largest city in Ecuador, with a population of

approximately 180,000. The Project is located approximately 190 road-kilometres from Loja,

and 80 km east-northeast of the town. The closest serviced town is Los Encuentros, and the

closest village is San Antonio.

Vehicle access from Loja is via a 150 km long paved highway (Highway 45) to the town of

Los Encuentros, where Kinross maintains an office supporting its activities in the region. A

40 km long gravel road connects Los Encuentros to the Project.

A bridge across the Rίo Zamora at Los Encuentros connects the provincial highway to

secondary gravel roads and scattered hamlets in the highlands south and east of the river.

The La Zarza concession is accessed at its southwestern corner by a spur from the

Paquisha Alto gravel road to the hamlet of San Antonio on the Rio Blanco, where Kinross

maintains the Las Peñas exploration camp.

Loja has daily scheduled air service from the national capital Quito, as well as from

Ecuador’s largest city and port Guayaquil. Maintained military airstrips at Zamora and

Gualaquiza are available for use by chartered airplane and rendezvous with helicopters, for

air access to FDN and the nearby Las Peñas exploration camp. The Las Peñas camp is the

base for exploration activities at FDN.

CLIMATE As a result of its location near the equator and moderate elevation of 1,450 masl, daily

average temperatures are fairly constant at approximately 16ºC. Annual precipitation is

about 3,000 mm.

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Lower average daily temperatures and higher monthly rainfalls prevail at higher elevations

such as are found on the La Zarza concession. Some exploration activities may be curtailed

for short periods during the rains.

Based on the experiences of Aurelian and Kinross, RPA expects that any future mining

activity will be conducted year round.

LOCAL RESOURCES AND INFRASTRUCTURE Currently on the Project is the Las Peñas camp, which includes:

• Office and camp facilities including dining and sleeping quarters for 250 people

• Southern portal and decline and associated waste storage area

• Core storage and sample preparation facilities

• Warehousing and maintenance facilities

• Waste and water treatment facilities

• Helicopter pad and fuel storage

• Communications

• Medical facilities

• Fuel storage

Power to the camp is supplied from the local grid but there is a 1 MW power generator on

site for back-up power. Kinross had signed a letter of intent with the government of Ecuador

and EcuaCorriente to jointly construct a shared power transmission line connecting the FDN

and Mirador projects to the Ecuadorian national grid. The transmission line was to be jointly

funded by Kinross and EcuaCorriente based on their pro rata power demands, with

construction and operation to be managed by the State’s electrical authority. The project is

currently being permitted. While the letter of intent has expired, Kinross believes that it could

be reactivated at an appropriate time.

The site is serviced by a gravel road from Highway 45 and there are several gravel roads on

site. A new 15.4 km long access road is required to link the site location to the existing

Ecuadorian road system (Highway 45) near the town of Los Encuentros. To efficiently

access all areas of the Project, a network of internal roads will also be required.

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Access to the Project site for imported construction materials such as steel and pipe, and

mining and process equipment is best obtained from the port of Bolivar (Puerto Bolivar)

located about 400 km by road to the west of FDN. It is presently used primarily for export of

bananas, but the port has a large staging area and it is reported that the port authority plans

to install two container cranes with a 100 t capacity in the near future. In addition, it was

reported that vessels have been unloaded at the port handling equipment up to 200 t.

The port of Guayaquil, located 215 km north of Puerto Bolivar, is a more modern and better-

equipped facility but the additional distance, numerous small towns, 30 bridges (most

designed for a maximum load of 48 t), overhead structures, toll stations, and power lines

make it less attractive. Guayaquil may be useful for the importation of select equipment,

operating supplies, consumables, or materials if it proves to be practical for economic or

schedule reasons.

The terrain surrounding the FDN deposit is adequate for all contemplated construction of

administration, camp, mine, plant, tailings, and waste rock disposal facilities. The potential

mine site (process plant, stockpile and mine portal areas) has been designed to be both

compact and environmentally sound.

Due to the road access, port capacity, abundant water, and the proposed plan for electrical

power supply, RPA is of the opinion that there are no insurmountable infrastructure issues

with respect to development of the Project.

Workforce for any potential mining activity could be sourced from the local area, however,

the workforce would require dedicated training programs.

PHYSIOGRAPHY The Cordillera del Condor is a mountain system located east of, and parallel to, the axis of

the Andes Mountains. It defines the international border with Peru in southeastern Ecuador.

The Cordillera del Condor consists of heavily dissected, steep ridges that rise from the Rio

Zamora and Rio Nangaritza valleys (about 850 masl) to sharp ridges and flat-topped mesas,

up to 2,400 masl, which lie along the border. The majority of the Project area, including the

La Zarza concession, lies in the highlands south of the Rio Zamora and east of Rio

Nangaritza, both of which flow into the Amazon river drainage system.

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Tropical rain forest canopies cover most of the region except where cleared for agriculture in

the river valleys and adjacent slopes. The flat-topped mesas along the border are covered

by low shrub and heath lands. More than 50 cm of composting vegetation commonly

overlies several tens of metres of saprolite. Landslides are common, transporting soil,

weathered bedrock, and vegetation down slope to locally expose relatively fresh rock on hill

slopes. Variably weathered bedrock is also locally exposed in mountain streams within

ravines.

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6 HISTORY PROJECT OWNERSHIP The La Zarza concession was optioned by Minera Climax del Ecuador (Climax), a subsidiary

of Climax Mining Ltd. of Australia, from Amlatminas S.A. (Amlatminas) in 1997. The option

was terminated in 1998, and the concession reverted to Amlatminas. Aurelian purchased the

concession from Amlatminas in 2002.

Aurelian Resources Corporation Ltd., a private company, acquired the land package and

renamed it the “Cordillera del Condor” Project, and subsequently vended it into Aurelian

Resources Inc., a TSX-Venture listed company in 2003. Kinross acquired 100% of Aurelian

via a corporate takeover in September 2008, and Aurelian was delisted from the Toronto

Stock Exchange in October 2008.

A Mining Mandate, which was passed by the Constitutional Assembly of Ecuador on April 18,

2008, halted all mining-related exploration activity in Ecuador. New mining regulations were

passed in November 2009, and Kinross’ operations in Ecuador were permitted to restart.

Kinross continued with the advancement of the Project through to the Feasibility Study stage

but elected not to proceed with further development of the Project in June 2013.



Aurelian, a wholly owned subsidiary of Kinross, holding a 100% interest in the Project.

EXPLORATION AND DEVELOPMENT HISTORY

PRE-AURELIAN The Cordillera del Condor was first explored by Spanish conquistadors in 1562. There is

evidence that the indigenous peoples mined both hard rock and alluvial gold in the area.

Spanish mining activity ceased about 1620, following conflict with local Indian tribes that had

been enslaved to work in the mines.

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Artisanal alluvial miners began to prospect the Cordillera del Condor as early as 1935, both

in Peruvian and Ecuadorian territory.

Minerales del Ecuador S.A. (Minerosa) held two mining concessions in northern Zamora

Chinchipe between 1986 and 1992. The "Zarza-2" concession (9,910 ha) targeted alluvial

deposits along the Rios Machinaza and Blanco. The D concession (56,000 ha) covered the

Guisme and other alluvial gold occurrences along Rio Chuchumbleza about 30 km to the

north of Zarza-2.

Exploration by Minerosa from 1986 through 1992 consisted of establishment of a base camp,

transportation of equipment to support alluvial mining, stream sediment sampling, and test

pits excavated into alluvial terraces. Rock chip sampling, geological mapping, and four

Acker drill holes (15 m to 20 m long) was completed to evaluate primary gold mineralization

exposed in the Quebrada Astudillo, the site of the Ubewdy prospect.

Mr. A. Gatsalov, a former member of the USSR foreign-service based in Quito, acquired

majority control of Refusid S.A., the parent company of Minerosa in mid-1993. The Zarza-2

concession was subsequently reformulated as the La Zarza concession, reduced in size to

2,997 ha, and transferred in 1994 to Amlatminas, which was wholly-owned by Mr. Gatsalov.

In 1996, Amlatminas contracted a one-month long reconnaissance exploration program,

comprising generation of a topographic base map, stream sediment (15 samples) and rock

chip sampling (152 samples), and geological mapping, in and near Quebrada Astudillo. Brief

field assessments were undertaken by a number of companies in support of potential option

agreements over the Project.

Two areas of the Project, Ubewdy and Bonza–Las Peñas, were the subject of artisanal

mining during the period 1993–1996. A small group of miners led by ex-Minerosa geologist,

A. Cardenas, started sluicing alluvial materials from the Quebrada Astudillo area in 1996.

Following the discovery of gold-bearing quartz vein float, operations shifted to processing

gold-anomalous colluvium and in situ quartz veins. A total of 900 g gold was extracted over

eight months of operations at this site. This is the only record of artisanal production for the

Project.

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Modern exploration of the La Zarza concession began in 1996 with reconnaissance sampling

by Climax. Climax optioned the concession from Amlatminas in March 1997 and began a

more extensive exploration program.

Work completed by Climax included gridding (138 line km), geological mapping, stream

sediment sampling (208 samples), regional and infill soil sampling (1,380 auger samples),

rock chip and grab sampling (480 samples), test pits (658 pits), trenching (874 m; 223

samples), adit channel sampling at Bonza (seven adits; 72 samples), Induced Polarization

(IP) geophysical surveying (73.8 line km of gradient array, 2.15 line km of dipole and 36.5

line km of magnetometer), and core drilling programs (22 drill holes for 3,562 m; 16 at

Bonza–Las Peñas and six at Ubewdy) on the La Zarza concession.

Work was primarily conducted over the Ubewdy (Ubewdy North), Bonza (Las Peñas),

Princesa (Jardin del Condor), Rio Negra, and Tranca Loma prospects, where precious and

base metal anomalies were defined in areas that displayed features such as quartz veins

with pyrite and local silicification and brecciation or clay–silica–pyrite alteration. The IP

survey outlined a strong co-incident resistivity and chargeability anomaly above silicified

conglomerates of the Suarez Formation. No drill testing was performed, and the concession

reverted to Amlatminas in early 1999.

Following the departure of Climax, artisanal miners recommenced bedrock operations at Las

Peñas, and started similar mining operations at Aguas Mesas Norte and Sur. Exploration

and exploitation of alluvial deposits on the Rios Zarza, Machinaza, and Blanco continued

during Climax’s tenure.

AURELIAN Aurelian commenced work in late 2002 with confirmation chip sampling (20 grab samples).

During the period 2003–2005, Aurelian completed outcrop examination, gridding, geological

mapping, regional geochemical stream sediment sampling, rock chip, channel and grab

sampling of outcrop, artisanal workings and trenches, a magnetometer and IP geophysical

survey, and core drilling of prospects that either were known previously through Climax’s

work before 1999, or were discovered by artisanal miners in the period 1999 to 2002.

Core drilling in 2004 comprised 28 holes (6,918 m) at the Bonza–Las Peñas prospect. The

work culminated in a first-time Mineral Resource estimate by Micon International Limited

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(Micon) under NI 43-101 for the Bonza–Las Peñas area (Hennessey and Puritch, 2005).

The Bonza-Las Peñas deposit is centred at a UTM northing of approximately 9,581,750N,

approximately 1,500 m south of the FDN deposit.

In 2004–2005, a geological re-interpretation led to a decision to drill test the Climax IP

anomaly within the Suarez Formation. Three holes were drilled in early 2006. Hole CP-06-

049 encountered predominantly altered Misahuallí volcanic and contained no significant

mineralization. Hole CP-06-050 encountered silica-marcasite altered Suárez conglomerate

with slightly anomalous gold values that confirmed the root of the outcrop alteration. The

third hole, CP-06-051, intersected silicified andesite with banded epithermal veinlets, visible

gold, and assay results averaging 4.14 g/t Au and 8.5 g/t Ag over 237.3 m. This was the

discovery hole. The FDN deposit is located approximately 1,500 m to the north of the

Bonza-Las Peñas deposit and is centred at a UTM northing of approximately 9,583,500N

and an easting of approximately 778300E.

Between 2006 and 2008, the exploration programs at FDN comprised 128 core holes,

geological modelling and genesis studies, metallurgical testwork, and initial geotechnical

investigations.

A first-time Mineral Resource estimate for the FDN deposit was prepared for Aurelian in late

2007 (Hennessey et al., 2007).

Regional exploration during the same time period continued and comprised additional soil,

rock chip and grab sampling, geological and structural mapping, genesis and modelling

studies, and geophysical surveys.

As of September 30, 2008, Kinross had acquired all of the issued and outstanding shares of

Aurelian pursuant to its friendly takeover bid offer dated July 28, 2008 (as amended by notice

of extension dated September 4, 2008 and September 17, 2008). On October 3, 2008, the

common shares of Aurelian were delisted from the Toronto Stock Exchange.

Further exploration was carried out and a new resource estimate was prepared for Kinross.

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KINROSS GOLD CORPORATION Kinross’ studies on FDN included Mineral Resource updates, a Pre-feasibility Study (PFS),

which was filed on SEDAR, and a Feasibility Study (FS), which was not publicly disclosed.

In addition, Kinross carried out a number of internal studies, including a Ranking Study to

identify optimization opportunities and a Conceptual Mining Study to establish a production

rate and a preliminary production schedule. An advanced exploration program was begun in

2013 but not completed due to Kinross’ decision not to proceed with the Project.

MINERAL RESOURCE UPDATE Upon acquiring FDN, Kinross undertook an extensive exploration program upon restart of

exploration activities following conclusion of the Mining Mandate and passage of new mining

regulations. In 2009, with an additional 128 drill holes completed within the FDN geologic

domains, Kinross prepared an updated Mineral Resource estimate. This was later updated in

2012, which is summarized in the “Historical Resource Estimates” section below and is

based on an additional 91 holes drilled in 2009 and 2010.

PREFEASIBILITY STUDY Additional drilling after the May 6, 2009 data cut-off date added 91 new drill holes to the FDN

database (36 drill holes in 2009 and 55 drill holes in 2010). A Technical Report was

prepared in December 2010 in which an updated Mineral Resource estimate was disclosed

on behalf of Kinross (Henderson, 2010). The results from a Pre-feasibility Study (PFS) that

had been proceeding concurrently (Hatch, 2010) were incorporated into that Technical

Report, which was filed on the SEDAR website. The PFS concluded that the Project had a

positive net present value of cash flows and acceptable internal rate of return. On this basis,

Kinross declared a first-time Mineral Reserve estimate for the Project. The Mineral Reserve

was later updated in 2012 and is summarized in the “Historical Resource Estimate” section

below.

The PFS scope included design of a process plant and underground mine in two phases to

treat the available non-refractory ore via a whole ore carbon-in-leach (WOCIL) process circuit

in Phase 1 and defer installation of the whole-ore pressure oxidation (WOPOX) plant for

processing the refractory ore until Phase 2. The capacity of the Phase 1 WOCIL process

plant was designed at 2,500 tpd to support the underground mine plan on non-refractory ore.

The capacity of the Phase 2 WOPOX process plant was doubled to 5,000 tpd to maximize

the mine extraction rate that could be achieved with truck access to the mine through a

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single decline. The resource block model used in the mine planning was developed by

Kinross, with support from Micon. The study also included various mine trade-off studies on

mine access and ventilation and process trade-off studies comparing various oxidation

processes including concentrate biological oxidation, concentrate roasting and WOPOX, and

concentrate pressure oxidation (POX). WOPOX was selected as the preferred alternative

based on a discounted cash flow analysis and considering the risks and opportunities

associated with each processing option. The study scope included all necessary

infrastructure such as power, access roads, permanent accommodation camp, shops,

administration building, tailings storage facility (TSF), water treatment plants and all other

facilities required to support a remote mine and process plant.

In 2011, an additional 3,496 m were drilled around FDN. This included a long exploration

hole to test the west side of the West Fault at depth (FN3490e01 – 1,096 m), seven

geotechnical holes (1,044 m) to test the South Portal area, and three holes (FN 3835d01,

FN3835d02, FN4150d01 – 1,356 m) to test the north strike extension of FDN. Results from

the west exploration hole and most northerly exploration hole were negative. The two north

stepout holes confirmed mineralization in this area. The portal geotechnical holes confirmed

previously known Bonza mineralization and justified additional Bonza North exploration

drilling.

FEASIBILITY STUDY In 2011, Kinross contracted Hatch to complete a Feasibility Study (FS) for the Project, and

the study was completed in February 2012 (Hatch, 2012). The geological resource model,

mine design, mine production schedule, Mineral Resource statement, and Mineral Reserve

statement were prepared by Kinross. The mining infrastructure design and engineering was

primarily developed in the Hatch Sudbury office. Klohn Crippen Berger (KCB) designed the

TSF under a direct contract to Kinross. Hatch estimated the initial and sustaining capital for

the TSF based on the design, drawings, and quantities supplied by KCB. The geomechanics

and hydrology were completed by Itasca Consulting (Itasca), of Sudbury and Denver

respectively, under contract to Kinross. The landfill design and engineering was prepared by

Entrix, and Hatch estimated the landfill based on design, drawings, and quantities from

Entrix. The FS report was not publicly disclosed.

The scope of the FS included design of an underground mine and a process plant in two

phases to treat the available non-refractory ore in Phase 1 and defer installation of the

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WOPOX plant for processing the refractory ore until Phase 2. The capacity of the process

plant for Phase 1 was designed at a minimum 2,500 tpd through a WOCIL process circuit to

support the underground mine plan on non-refractory ore. The capacity of the process plant

for Phase 2 was increased to 5,000 tpd, which is considered the maximum achievable by

truck transport of ore via a single decline. The resource block model used in the mine

planning was developed by Kinross. The study scope included all necessary infrastructure

such as power, access roads, permanent accommodation camp, shops, administration

building, TSF, water treatment plants, and all other facilities required to support a remote

mine and process plant. A take-off study completed in support of the FS analyzed several

additional potential processing alternatives to WOPOX, including gravity followed by flotation

and roasting (GFR), gravity followed by flotation and leach of flotation tailings (GFL), and

gravity followed by flotation and bio-leaching (GFBL).

RANKING STUDY In early 2012, Kinross carried out a project review to identify optimization opportunities.

GFL was identified as an attractive alternative to WOPOX. The GFL option is commonly

practiced in the mining industry and simplified the mine plan by eliminating segregated

mining and provides a robust operation. GFL did not require selective mining and facilitated

early ounce production by targeting high value stopes whereas the CIL/POX option required

segregated ore, thus increasing the initial waste development and complexity of mining. The

GFL flowsheet also reduced construction and operating risks and reduced overall plant site

size.

Based on its findings, Kinross decided to continue with a second phase of optimization

consisting of a ranking study to compare the 5,000 tpd POX option in the FS with three GFL

throughput options: 3,000 tpd, 4,000 tpd, and 5,000 tpd. The Ranking Study concluded that

the best alternative was to proceed with the 5,000 tpd GFL flowsheet as the new base case.

UPDATED RANKING STUDY An update to the Ranking Study (the Update Study) was completed in June 2013 (Hatch,

2013). The report summarized the findings from a cost re-assembly exercise on the 5,000

tpd GFL option. A “virtual” cost estimate had been developed in the ranking study completed

in March 2013, however, Kinross considered that the costs were not suitable for stand-alone

economic assessment.

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The main objective of the Update Study was to re-assemble capital cost, operating cost, and

sustaining capital using the FS completed by Hatch in February 2012 as the base, and

substituting selected costs from other sources that superseded the FS.

CONCEPTUAL MINING STUDY In conjunction with the Update Study, Kinross commissioned a Conceptual Mining Study for

the Project, which was completed in July 2013. The primary objective of the study was to

establish a production rate or range, and a preliminary schedule on what the deposit may

deliver, given the current level of technical knowledge and other project constraints, such as

the remote location and a largely unskilled workforce. Later, equipment requirements and

operating and capital costs were also incorporated into the scope (Kinross, 2013b).

The results of the Conceptual Mining Study indicated that a 3,500 tpd scenario was the most

optimal while maintaining a high rate of production in the early years of the mine.

Just prior to completion of the Conceptual Mining Study, as described above, Kinross

announced that it will not proceed with further development of the Project in a news release

issued on June 10, 2013 (Kinross, 2013).

ADVANCED EXPLORATION PROGRAM Prior to its June 2013 decision to terminate activities on the Project, Kinross had begun an

advanced exploration program. The objective of the program was to carry out an

underground-based deposit delineation drilling program that focused primarily on the

southern portion of the FDN deposit. While a total of approximately 600 m of advance had

been completed, no drilling was carried out.

HISTORICAL RESOURCE ESTIMATES The most recent Mineral Resource and Mineral Reserve estimates for the FDN deposit were

prepared by Kinross and presented in its 2012 Annual Report (Kinross, 2012b). In June

2013, Kinross announced that it would not proceed with further development and removed

the FDN Mineral Resources and Mineral Reserves from its annual statement.

The Kinross 2012 Mineral Resource estimate is summarized in Table 6-1. Fortress is

treating the estimate as historic in nature as it was prepared prior to Fortress entering into an

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agreement to acquire the Project. This historical estimate is relevant as it provides an

indication of the mineralization on the Project and is reliable as it was prepared by a Qualified

Person and follows CIM definition standards. A Qualified Person has not done sufficient

work to classify the historical estimate as current Mineral Resources. This historical resource

estimate is superseded by the current Mineral Resource estimate described in Section 14 of

this Technical Report.

TABLE 6-1 HISTORICAL MINERAL RESOURCE ESTIMATE FOR KINROSS AS AT DECEMBER 31, 2012

Fortress Minerals Corp. – Fruta del Norte Project Gold Silver

Classification Tonnes (000)

Grade (g/t Au)

Oz Au (000)

Grade (g/t Ag)

Oz Ag (000)

Indicated 4,266 4.89 671 10.3 1,412 Inferred 22,093 5.13 3,645 10.4 7,359 Notes:

1. Historical Mineral Resources were estimated using a gold price of US$1,200/oz Au and US$26/oz Ag. 2. The break-even cut-off grade is 2.7 g/t Au. 3. Historical Mineral Resources were classified in accordance with the CIM Definition Standards for Mineral

Resources and Mineral Reserves. 4. Historical Mineral Resources are exclusive of Historical Mineral Reserves. 5. Numbers may not add due to rounding. 6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Kinross 2012 Mineral Reserve estimate is summarized in Table 6-2. This historical

estimate is relevant as it provides an indication of the mineralization on the property and is

reliable as it was prepared by a Qualified Person and follows CIM definitions. Fortress is

treating the estimate as historic in nature as it was prepared prior to Fortress entering into an

agreement to acquire a 100% interest in the Project. RPA notes that many of the

assumptions regarding mining method, processing route and recoveries, operating costs,

and commodity prices used to support the estimate were appropriate for the time period but

may no longer remain valid. A review and updating of the input parameters by a Qualified

Person would be required to verify the historical estimate as a current Mineral Reserve. A

Qualified Person has not done sufficient work to classify the historical estimate as current

Mineral Reserves.

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TABLE 6-2 HISTORICAL MINERAL RESERVE ESTIMATE AS AT DECEMBER 31, 2012

Fortress Minerals Corp. – Fruta del Norte Project Gold Silver Classification Tonnes

(000) Grade

(g/t Au) Oz Au (000)

Grade (g/t Ag)

Oz Ag (000)

Probable 25,440 8.21 6,715 11.0 9,004 Notes:

1. Historical Mineral Reserves were estimated using a gold price of US$1,200/oz Au and US$22.00/oz Ag. 2. The project scope considered a Phase 1 stage using a WOCIL process flowsheet followed by a Phase 2

stage utilizing a WOPOX process flowsheet. 3. The break-even cut-off grades are 4.3 g/t Au for Phase 1 and 3.1 g/t Au for Phase 2. Process recoveries

were estimated at 89.4% for Phase 1 and 96.7% for Phase 2. 4. Historical Mineral Reserves were classified in accordance with the CIM Definition Standards for Mineral

Resources and Mineral Reserves. 5. Historical Mineral Reserves include mining dilution and mining recovery. 6. Numbers may not add due to rounding.

A Mineral Resource estimate for the Bonza-Las Peñas deposit was prepared in 2005 in

which the conceptual scope envisioned extraction by means of open pit mining methods

followed by recovery of gold and silver by means of heap leaching (Table 6-3, Hennessey

and Puritch, 2005).

Fortress is treating the Bonza-Las Peñas estimate as historic in nature and the estimate

should not be relied upon as the Qualified Person has not verified it. RPA notes that many of

the assumptions used to support the estimate were appropriate for the time period but may

no longer remain valid.

TABLE 6-3 HISTORICAL MINERAL RESOURCE ESTIMATE FOR THE BONZA-LAS PEÑAS DEPOSIT AS AT JANUARY 13, 2005

Fortress Minerals Corp. – Fruta del Norte Project

Gold Silver Classification Tonnes

(000) Grade

(g/t Au) Oz Au (000)

Grade (g/t Ag)

Oz Ag (000)

Inferred 15,030 1.07 517 11.6 5,606 Notes:

1. Historical Mineral Resources were estimated using a gold price of US$400/oz Au. 2. The break-even cut-off grade is 0.75 g/t Au Equivalent (1 gram of gold equal to 75 grams of silver). 3. Historical Mineral Resources were classified in accordance with the CIM Definition Standards for Mineral

Resources and Mineral Reserves. 4. Numbers may not add due to rounding.

PAST PRODUCTION There has been no production from the Project in the past.

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7 GEOLOGICAL SETTING AND MINERALIZATION The following descriptions are mostly excerpted directly from Hatch (2010).

REGIONAL GEOLOGY Located in the Sub-Andean Zone of southern Ecuador at elevations ranging from 1,400 m to

2,000 m, the FDN epithermal gold-silver deposit forms part of a 150 km long northeast-

southwest trending copper-gold metallogenic sub-province of Jurassic age located in the

Cordillera del Cóndor and adjoining areas of southern Ecuador. The Cordillera del Cóndor

had received very little attention in terms of mineral exploration by modern standards prior to

the early 1990s. Prior to the year 2000, a geological map of the Cordillera del Cóndor did not

exist until a 1:1,000,000 scale geological compilation was published after collaboration

between Ecuadorian geologists and the British Geological Survey.

There is no geological survey in Ecuador that undertakes the systematic mapping of the

country by quadrants. Conversely, the Peruvian side of the cordillera was systematically

mapped at 1:100,000 scale by the Peruvian geological survey (INGEMMET) in 1996. The

first (non-published) composite geological map of the Cordillera del Cóndor was compiled in

2008 with field data shared between Corriente Resources Inc. (Corriente) and Aurelian. The

core area of this map is shown simplified on Figure 7-1.

The FDN deposit is hosted within Jurassic volcanic rocks assigned to the Misahuallí

Formation, a melange of volcanics, volcaniclastics/epiclastics and intrusives, that range in

composition from alkali basalt to dacite and outcrop as approximately north-south aligned

supra-crustal pendants within the largely contemporaneous Zamora Batholith. The

physiography of the batholith defines the larger part of the Cordillera del Cóndor.

770,000 mE9,6

00,0

00 m

N790,000 mE780,000 mE

9,5

70,0

00 m

N9,5

80,0

00 m

N9,5

90,0

00 m

N9,5

50,0

00 m

N9,5

60,0

00 m

N

Surficial Deposits

Alluvial sediments

Sedimentary Rocks

Hollin Formation quartz arenites

Suarez Formation epiclastics and volcaniclastics

Santiago Formation marine sediments alteredto calc silicate hornfels

Volcanic Rocks

Chinapintza dacite porphyry

Fruta hornblende andesite

Misahaulli Formation andesites, basalticandesites, dacites and alkali basalts

Plutonic Rocks

Sandia copper gold porphyry body

Zamora Batholith

Fault

International Border

Epithermal Au/Ag Deposit

Legend:

MIRADOR NORTE Cu/Au

MIRADOR Cu/Au

October 2014

Note:FDN=Fruta del Norte Deposit.

Source: Kinross Gold Corp., 2010.


District Geology of theCordillera del Cóndor



Figure 7-1

7-2

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Straddling the eastern foothills of the Andes Mountains and underlying the upper reaches of

the Amazon rainforest, the Cordillera del Cóndor abuts the Paleozoic to Mesozoic

metamorphic basement rocks of the Cordillera Real to the west and the mostly Mesozoic

sedimentary units of the Santiago Basin to the east. The composite I-type Zamora Batholith

(intruded between 170 to 190 Ma) shows a north-northeast elongation axis that parallels the

Ecuadorian Andes for over 200 km. The batholith is considered to be the plutonic expression

of a Jurassic subduction-related continental magmatic arc established on the western margin

of the Amazon craton. In the area of FDN, it comprises phases of monzonite, diorite, and

granodiorites with local porphyritic and aplitic dikes and breccia zones. The latter are

important in the Mirador copper-gold porphyry and other copper deposits of the Corriente

Porphyry Copper Belt located approximately 30 km north of FDN. The batholith and

Misahuallí Formation are unconformably overlain by discontinuous mesa-like outliers of

Hollín Formation quartz arenite up to 110 m high, fronted by impressive vertical

escarpments.

Oriented north-south and strike-persistent for up to 80 km, the Las Peñas Fault Zone is an

important component of the FDN mineralized system and throughout the Cordillera del

Cóndor, as demonstrated by epithermal and lesser mesothermal mineral occurrences and

deposits. A step-over along the predominantly sinistral strike-slip fault zone led to the

development of a pull-apart basin wherein the FDN deposit developed at the northeastern

corner. The Suárez pull-apart basin is filled with conglomerate-dominated epiclastics,

volcaniclastics, and lesser lavas that constitute the Suárez Formation, underneath which the

FDN deposit is buried.

The Cordillera del Cóndor district displays a diversity of mineralization styles and deposit

types. The mineralized corridor of the Cordillera del Cóndor and contiguous Corriente

Copper Belt consists of numerous and sometimes spatially juxtaposed porphyry copper,

copper-gold skarn, and epithermal gold-silver deposits related to metallogenesis within

Jurassic arc-related plutonic and attendant volcanic host units, later subjected to Andean

tectonics. Known nearby mineralized districts with significant production or considered to

have significant resource potential include the Nambija gold skarn, the Mirador porphyry

copper-gold deposit, and the Chinapintza/Jerusalem epithermal gold-silver systems located

31 km southwest of FDN.

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PROPERTY GEOLOGY The FDN deposit is hosted by the Misahuallí Formation andesites and feldspar porphyry

intrusions between strands of the Las Peñas Fault Zone (the East and West fault zones).

The deposit is situated in high relief terrain serrated by the Machinaza and Rio Blanco

drainages which incise the stratigraphy of the cover sequences and expose the uppermost

parts of the Misahuallí Formation.

Since FDN lies buried beneath 130 m to 400 m of Suárez and Hollín Formation cover, many

aspects of the structure, stratigraphy, and geological history of the deposit are interpreted

from drill core. A significant amount of resource drilling was necessarily conducted from the

highest stratigraphic standpoint in the resource area, characterized by a step-faulted Hollín

mesa overlying locally silica sulphide-rich Suárez Formation conglomerates which slope into

the Machinaza River. In this section, the principal litho-stratigraphic units covering and

hosting the FDN deposit are considered in their stratigraphic order in line with the summary

stratigraphy presented in Table 7-1.

Frequent references are made herein to the key host and cover lithologies by survey line or

section (i.e., the UTM grid on which drilling was planned and executed), in particular the

longitudinal changes that are observed in structure and mineralization throughout FDN.

These lines are abbreviated xx00N and so on.

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TABLE 7-1 SUMMARY STRATIGRAPHY Fortress Minerals Corp. – Fruta del Norte Project

Age Formation Member Thickness (m) Description

Early

Cre

tace

ous Hollín

Upper Sandstone >60 Quartz sandstone; white, variable yellow brown and banded red- brown-purple iron staining

Middle ≈20 Grey to black mudstone and siltstone, minor sandstone beds

Lower Sandstone ≈25 Quartz sandstone; white, variable yellow brown and red brown iron staining

Late

~~~~~~~~~~~~~~~~ Regional Unconformity ~~~~~~~~~~~~~~~

Jura

ssic

Suarez

Fruta Andesite ≈250 Massive, light green to green-grey, fine-grained to feldspar-hornblende porphyritic lava with exposed columnar joints

Upper Mixed ≈250 Rhythmically bedded mudstone, siltstone, sandstone and conglomerate; lower contact is defined where polymict basal conglomerate becomes subordinate

Machinaza Tuff ≈20

Brown to grayish to whitish massive beds, very fine-grained with feldspar (minor hornblende and quartz) phenocrysts (<5mm); distinctive texture and color differs from associated sedimentary beds. Strongly magnetic

Lower Conglomerate ≈220

Massively bedded, immature (rounding, size and composition of clasts) polylithic conglomerate; matrix to clast-supported clasts (up to >1m core lengths) of andesite, andesite porphyry, medium-grained granitoid, black mudstone and rare epithermal quartz vein and sinter fragments; minor interbeds of sandstone and Machinaza Tuff

~~~~~~~~~~~~~~~~~ Local Unconformity ~~~~~~~~~~~~~~~~

Misahuallí

Sinter-Mud Pool Facies <20

Laminated to disaggregated pearl white to grey opal-A sinter, locally enriched in deep green celadonite. Includes dark grey sandy relict mud pool, geyserite deposits and surficial hydrothermal breccias

Mid

~~~~~~~~~~~~~ Local Unconformity ~~~~~~~~~~~~

Andesite ? Dark green, massive, aphanitic to feldspar-hornblende porphyritic andesite; includes volcanic breccia; typically strongly altered at FDN; grades to feldspar porphyry

THE HOLLÍN FORMATION The Lower Cretaceous Hollín Formation sandstone outcrops as the prominent discontinuous

mesas that typify the geography of the Cordillera del Cóndor. These mesas are often fronted

by impressive vertical escarpments at elevations between 1,600 m and 2,400 m.

East of FDN and northward along the Corriente Copper Belt, the mesas form the top of a

prominent east-facing escarpment which defines the border with Peru. The Hollín

stratigraphy typically exhibits a horizontal to sub-horizontal attitude attaining a thickness of

between 100 m and 110 m along the mesa highs. A tongue-shaped mesa of Hollín

Formation separates the known extent of FDN from the Bonza-Las Peñas deposit to the

south. Throughout the Cordillera del Cóndor, the Hollín unconformably overlies the Jurassic

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volcanic/plutonic suites and represents a continent-wide marine transgression subsequent to

the peneplanation of the proto-Sub-Andean zone.

The Hollín is composed predominantly of stacked cross-bedded quartz sandstones, thinner

intervals of interbedded mudstone and sandstone with subordinate shales and associated

thin (typically two to five centimetres) seams of high vitrinite coals and dark organic

mudstones. Throughout the Cordillera, the Hollín stratigraphy is disrupted by major north

and north-northwest trending lineaments and is locally tilted by up to 7º due to regional uplift

and residual activity along the Las Peñas Fault Zone and other fault zones which intersect it.

While Hollín mesas are absent south of FDN, the extent of Hollín cover increases markedly

north and east of the deposit with broad discontinuous mesas separated by narrow gorges

that often define the traces of major faults. Tilting of the Hollín Formation above the Las

Peñas Fault Zone has been used to define the edge of the fault zone itself.

THE SUÁREZ FORMATION The Suárez Formation is the volcano-sedimentary sequence which unconformably overlies

the Misahuallí Formation, essentially burying and preserving the FDN epithermal system.

The fault-disrupted facies architecture of the Suárez Formation is characterized by four

distinct stratigraphic sub-units listed in stratigraphic sequence as follows:

1. the Fruta Andesite;

2. the Mixed Sequence (upper member);

3. the Machinaza Tuff Member; and

4. the Polymict Basal Conglomerate (lower member).

Spatially, the Suárez Formation is confined to the namesake pull-apart basin which extends

over a surface area of approximately 26.4 km²; is 2.2 km wide east to west, and is at least 12

km in length, north to south. At FDN, the Suárez Formation is up to 400 m thick where it lies

west of the West Fault, thinning to the east and disappearing at the East Fault Zone. The

formation thins and wedges out to the north at the northern termination of the FDN deposit.

Basin-wide, the Suárez shows a consistently mappable change upward from a deep green,

massive, polymict coarse-pebble conglomerate of the lower member to the thinly bedded

upper mixed member which consists of >50% sandstone, siltstone, and mudstone and

subordinate conglomerate horizons. The lower conglomerate underlies and forms the

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eastern boundary of the basin over the entire length of FDN. The mixed member

consistently overlies the 100 m to 250 m of lower conglomerate and thickens to the west.

The finer grained sequence thins eastward, disappearing before the eastern basin margin.

The ignimbrite-like Machinaza Tuff Member is light grey to brown, varying from well indurated

to poorly consolidated and strongly magnetic. This reliable, basin-wide marker horizon is

hosted within the Basal Conglomerate.

The eruption of the Fruta Andesite attests to renewed intermediate volcanism similar in

composition to the Misahuallí Formation andesite subsequent to epiclastics/ volcaniclastic

basin fill. The unmineralized and unaltered Fruta Andesite is unaffected by faults in the

vicinity of FDN. This massive hornblende, plagioclase-phyric lava flow exhibits columnar

jointing along the banks of the Machinaza River and locally contains irregular enclaves of

dioritic/monzonitic rock similar to the Zamora Batholith. The Fruta Andesite directly overlies

the upper mixed member but does not occur in contact with lower conglomerate or east of

the West Fault Zone (with one exception around 3500N). In addition, there is a gap in the

Fruta Andesite alongside the West Fault Zone between 3100N and 3400N. The andesite

clearly thickens or dips southward from 3100N, while the lesser thickness of the northern

mass likely reflects post-Cretaceous erosion.

SINTER AND MUD-POOL FACIES One of the most remarkable features of the FDN epithermal system is the preservation of a

spatially extensive sinter carapace located above the deposit. Sinter is a feature diagnostic

of modern epithermal systems where silica-rich fluids emanate as hot springs at the Earth’s

surface and are therefore the highest level manifestation of an epithermal system and

consequently the first feature to be removed by erosion. Most epithermal gold-silver deposits

that have been recognized show some degree of erosion and ancient sinters are typically

poorly preserved in the geological record. The presence of a preserved sinter carapace at

FDN is thus a clear indication that the deposit was not significantly affected by erosion.

Moreover, the near complete preservation of the sinter carapace, hydrothermal explosion

breccias, and genetically related domains deeper down in the epithermal system points to

the genesis of the FDN mineralized fluids in a manner akin to the active geothermal systems

venting along the Taupo Volcanic Zone of New Zealand.

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The fault-disrupted sinter facies is located at the unconformable contact between the Suárez

Formation and the underlying Misahuallí Formation. The two metre to five metre thick

laminated silica sinter is typically white to pearly, composed of chalcedonic to opaline silica,

with nodular, algal growth (stromatolite-like) and other biogenic or sedimentary features that

are well preserved. Although typified by a laminated facies, a disaggregated facies is equally

common. The sinter is locally stained with bands and discordant vein-like bodies of deep

green celadonite (iron rich smectite) and veinlets or stockworks of chalcedony locally

penetrate the carapace.

THE MISAHUALLÍ FORMATION The FDN epithermal deposit is hosted in volcanic and volcaniclastic rocks assigned to the

Misahuallí Formation, with the top of the system extending into the base of overlying Suárez

Formation sediments. The Misahuallí Formation occurs as north-south aligned inliers within

the Zamora Batholith, but other outcrops are known in the north of Ecuador in the Napo

Dome.

At FDN, the Misahuallí Formation locally outcrops as heavily damaged wall rocks between

parallel strands of the Las Peñas Fault Zone. Chalcedonic and manganese carbonate veins

and stockworks in the Misahuallí, together with chalcedonic breccias as float, are the main

mineralized indications at surface of the epithermal system below. Chalcedonic veins with

surface widths of up to 0.5 m are locally exposed in the Machinaza River just south of FDN.

The base of the Misahuallí has not been intersected by drilling at FDN.

The Misahuallí Formation is dominated by a thick sequence of light greyish-green to dark

green hornblende-plagioclase-phyric andesites and basaltic andesites, feldspar porphyritic

andesitic intrusives, locally voluminous phreatic breccia zones, and lesser planar intrusions.

Subordinate amounts of intraformational volcanogenic sandstones and other breccias are

also present.

THE FOOTWALL FELDSPAR PORPHYRY A distinct, medium-grained feldspar porphyry body lies northwards from section 3200N. This

and other distinctive medium- to coarse-grained dikes and large intrusive bodies flanking the

Misahuallí Formation are presumed to be phases of the composite early to late Jurassic

Zamora Batholith. The often illite-pyrite to silica-pyrite altered, dark to light grey feldspar

porphyry (dacite) contains 30% to 60% phenocrysts, mainly plagioclase with subordinate

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amphibole and biotite. The feldspar porphyry outcrops east of the East Fault Zone and

underlies the Suárez Formation in the downthrown block to the west. The contact with the

typical fine-grained hornblende-phyric Misahuallí Formation andesites is locally sharp and

commonly chilled. The intrusive contact dips between 65º and 70º to the west where it is not

heavily fault-disrupted.

Drill hole data suggests that the intrusion is lensoid in shape, elongated north-south, and

forms the footwall to the andesitic volcanic sequence. In places, multiple planar intrusions

cut the volcanics at the contact which is almost entirely masked by intense veining and

mineralization between sections 3200N through 3800N. High grade crustiform-colloform

veining is best developed at and above the intrusive contact in this segment of the deposit.

The footwall porphyry narrows north of section 3900N where drilling indicates that it is also

fault-disrupted and truncated. It is difficult to trace the porphyry intrusive south of line 3200N

where a complex mixture of volcanics and intrusions prevails rather than one coherent body.

It appears that the unit trends eastward away from the mineralization. The intrusion appears

to be at its widest through the central section of FDN, where the eastern margin of the

porphyry has not yet been defined.

The feldspar porphyry intrusion may have originated as a crypto-dome emplaced through an

actively accumulating volcanic pile, or alternatively, may be a contemporaneous sub-volcanic

intrusion. The rheological contrast between intrusive and finer-grained volcanic units to the

west appears to have resulted in enhanced dilation and hydrothermal fluid flow along and

adjacent to the contact during tectonism in the Las Peñas Fault Zone.

PHREATIC BRECCIA The phreatomagmatic breccia is the most prevalent breccia-type at FDN. It consists of pale

grey to white sub-rounded to sub-angular and often heavily illitized fragments of both

feldspar porphyry and hornblende-phyric andesite, supported in a fine grain silica-illite-pyrite

± carbonate altered rock-flour matrix. The dominant clast type reflects the host rock in which

the breccia developed. Where the breccia occurs wholly within the feldspar porphyry, clasts

are exclusively of that material. Conversely, where the breccia was emplaced along the

feldspar porphyry/andesite contact, the breccia is polymictic. Where the breccia cross-cuts

both rock units, it becomes progressively richer in host rock clasts with increasing distance

from the lithological contact.

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Epithermal veins are best developed along or adjacent to the breccia-wall rock contacts and

can be very poorly developed within the rock flour matrix dominant breccia itself. Breccia

zones are best developed on the east side of the deposit near the intrusive/volcanic contact

where it attains a stratigraphic height of some hundreds of metres and continues beyond the

current depth of drilling.

ALTERATION Hydrothermal alteration consists primarily of a silica (quartz, chalcedony)–illite–pyrite

(±marcasite)–carbonate mineral assemblage formed by relatively low acidity fluids. The

intensity of alteration is such that it is often difficult to conclusively discern the protolith given

the levels of textural destruction. Overall, the deposit exhibits an alteration zonation

downwards from the barren hot spring lithofacies (sinter-mud pool) at or near the

Suárez/Misahuallí contact into underlying silicified zones. Although the age relationships are

complex, due to repeated hydrothermal pulses, silica-pyrite alteration generally grades

downward and outward into silica-illite-pyrite alteration and therein to silica-illite–pyrite-

carbonate alteration assemblages. Illite is replaced by smectite in the upper parts, most

notably within the hot spring lithofacies. Sericite is also locally identified at depth, indicative

of higher temperature alteration. Rarer kaolinite has been observed in veins and fractures

high up in the system.

WEATHERING Evidence for erosion of the FDN mineralized system is limited to the existence of sinter clasts

(up to one metre wide) and related chalcedonic vein fragments intercepted in drill holes

through the lower member of the Suárez Formation. In the cover sequences, particularly the

Suárez, the upper 20 m to 30 m of drill holes encounter very strongly weathered saprolite

locally, continuing through zones of fracture oxidation to about 50 m.

Pyrite, marcasite, and other sulphides in the altered Misahuallí Andesite and in the Suárez

Formation below this depth are commonly fresh. Within the mineralized andesite, bright red

iron oxide is rarely observed coating pyrite in veins or breccias, but its appearance suggests

hypogene rather than supergene processes. Rust-orange iron oxide staining is common in

the matrix of unsilicified Suárez conglomerate overlying the FDN block, while patches of red-

brown staining occur locally in fine-grained mudstones of the Suárez lower member above

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the FDN block and West Fault. There is no textural evidence for appreciable weathering of

the upper Misahuallí contact prior to Suárez Formation deposition, however, it is noted that

this surface is moderately to strongly silicified in most holes. Minor clay-rich veins and

epithermal quartz veins locally cut the Suárez Formation proximal to the West Fault.

Silicification of the conglomerate appears to extend upward away from the West Fault. The

light colour and clay-rich aspect of fine-grained lower member beds may similarly reflect

hydrothermal alteration of Suárez Formation units above the mineralized FDN panel and the

West Fault.

GEOCHRONOLOGY Samples of hydrothermal minerals (molybdenite, marcasite, adularia) and igneous units were

selected and submitted by Dr. Peter Stewart for radiometric isotope (Re/Os) dating to

Colorado State University and to the University of British Columbia for argon-argon and

uranium-lead age dating (Stewart, 2007). The geochronological scheme for the

hydrothermal alteration, host units, cover sequences, and main intrusive phases is depicted

graphically in Figure 7-2.

marcasite

marcasite (duplicate)

amphibole

amphibole

amphibole

adularia

adularia

adularia

plagioclase

whole rock71.0 ± 2.2

78.92 ± 0.48

169 ± 1

160.1 ± 0.2

159.5 ± 2

161 ± 3

156 ± 4

154.6 ± 1.0

158 ± 6

156.3 ± 1.1

porphyry style hydrothermal event inMisahualli andesite south of FDN

intrusion of feldspar porphyry (FDN footwall)into Misahualli Formation

paragenetically late veinletin epithermal vein

hydrothermal mineralizationin Suarez Formation conglomerate(interpreted age in red)

post-hydrothermaleruption of Fruta andesite

intrusion of El Tigre diorite (=Zamora batholith?)

thermal resetting of plagioclasein Fruta andesite

thermal resetting ofAr in feldspar in

FDN epithermal veins?

intrusion of late tectonicmafic dike in Penas fault zone

cause of thermal resetting?

apx Late Jurassic, error guessimates

Re Os

?

Re Os

Re Os

Re Os

Ar Ar

Ar Ar

Ar Ar

Ar Ar

Ar Ar

Ar Ar

Ar Ar

Ar Ardifferent samplesof common origin

180

Ar Ar

Age (Ma)

U Pb

1 2

68.63 ± 0.44

67.62 ± 0.38

63.52 ± 0.47

68 ± 11

amphibole

marcasite

zircon

molybdenite

80100120140160 60

replicate analysesof one sample

late Jurassichydrothermal activity:

1) porphyry ca. 170 Ma &2) epithermal ca. 160 Ma?

pre-ca. 155-157 Ma

JURASSIC CRETACEOUS

CRETACEOUS CENOZOIC

October 2014 Source: Hennessey and Puritch, 2005.


Compilation ofGeochronology Data



Figure 7-2

7-12

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REGIONAL STRUCTURE Uplift and denudation of the Cordillera del Cóndor exposed large areas of the Zamora

Batholith before deposition of the Early to Mid-Cretaceous cover. The subsequent

subduction-related Andean orogeny deformed the Sub-Andean units into a back-arc fold and

thrust belt. The terrain is heavily dissected by north and north-northeast striking lineaments

most evident by the differential elevation, tilt, and separation (and subsequent erosional

retrogression) they impose on the Cretaceous stratigraphy. The resultant canyons, gorges,

and escarpments which define the present relief of the cordillera are thus the expression of

post-Cretaceous tectonism in the region.

The location of FDN at the intersection of the north-trending Las Peñas Fault Zone, the Rio

Blanco Fault, and other east-west orientated lineaments attests to the distinct structural

context of the epithermal system, which is assumed to have been localized along a pre-

cursor normal fault during the incipient stages of pull-apart basin evolution. Collectively, the

faults that define the pull-apart basin are inferred to have undergone complex histories of

normal, reverse, and strike-slip motion, although kinematic criteria for the amount, direction,

and relative history of displacements have yet to be determined. Offset stratigraphy

demonstrates a normal sense of dip-slip displacement governed primarily by extension of the

pull-apart basin. In particular, post-Cretaceous faulting has displaced the Hollín Formation in

such a fashion to incur an apparent horst and graben-like relief throughout the Cordillera del

Cóndor with a substantial range of stratigraphic height imposed on individual Hollín mesas in

excess of one kilometre.

DEPOSIT-SCALE STRUCTURE At deposit scale, fault zones with a range of inclinations, orientations, offsets, fabrics, and

mineral associations were defined through trenching and road cuts prior to the discovery of

FDN. Geophysical data (magnetic and IP) were effectively used in enhancing interpretations

as to the strike continuity and orientations of faults and their associations with epithermal and

porphyry systems around FDN.

Faults defined through drilling at FDN range in width from one metre to more than 100 m and

comprise tabular to lenticular zones of foliated and non-foliated assemblages of granular

gouge, clay gouge, and crudely foliated breccia exhibiting various particle sizes, and/or shear

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fabrics (e.g., foliated gouge), with locally wider zones or panels of damaged wall rock that

show fracturing, brecciation, and associated vein networks. The deposit is bounded between

sub-parallel strands of the Las Peñas Fault Zone and is truncated by the post-mineral, sub-

vertical (east-dipping) West Fault along the entire 1.3 km of drill-defined strike.

The FDN deposit is closed off to the north where the West and East faults converge. The

West Fault forms a distinct hard boundary or grade break defining the western limits of the

deposit which dips moderately to steeply west, wedging out against the West Fault down dip.

Epithermal mineralization is limited to the east of the West Fault. The pre-epithermal

feldspar porphyry body, located in the central part of the deposit, deflects the fault zones in

the area of highest grades.

Normal or reverse faulting is best indicated where the Suárez Formation strata are displaced

vertically between adjacent drill holes. The sense (normal or reverse motion) and amount of

displacement on the West Fault and other structures have important implications in

exploration, especially if mineralization is truncated by post-mineral faulting in the West Fault

Zone.

THE WEST FAULT The three metre to five metre wide West Fault cuts the Misahuallí Formation as a band of

foliated gouge and cataclasite, flanked by non-coherent breccias and fractured rocks. The

West Fault is generally sub-vertical to steeply east-dipping and north-striking. West-side-

down displacement of the Suárez/Misahuallí Formation contact, Machinaza tuff and the

upper mixed member, and abrupt truncation of mineralization and epithermal alteration occur

across this fault, consistent with sedimentation during normal faulting in the extensional

Suárez pull-apart basin.

The West and Central faults abruptly truncate and displace the mineral zones of FDN.

However, the West Fault also appears to represent a ‘growth fault’ active during basin

sedimentation with offset of Suárez Formation beds decreasing upward from the base. In

addition, the West Fault appears to have been one of the principal structural controls on

main-stage hydrothermal flow (the western up-flow zone). Weak silicification and barren,

mainly black chalcedony within this structure also indicate pulses of late-stage fluids.

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THE CENTRAL FAULT The Central Fault displaces the FDN system between the West Fault and East Fault Zone.

The causes of abrupt truncations and vertical displacements of mineral zones from lines

3100N to 3500N were first recognized as being due to post-mineral tectonism which

continues southward to line 2900N, based in part on the correlation of sinter at different

elevations. The fault appears to steepen northward from east-dipping in the south to vertical

at line 3500N. Abundant quartz chalcedony veining originates at approximately 3500N,

about where the Central Fault crosses the feldspar porphyry. North-northeast striking and

west dipping vein zones fill either a splay of the Central Fault or the fault itself, which may

have continued to swing to the east. The Central Fault is truncated by, or merges with, the

West Fault at line 3700N.

The Central Fault is defined by post-mineral brecciation and displacement of mineral zones

and epithermal veins, including the high grade core. Correlations become increasingly

ambiguous along strike north and south as the structures appear to deviate from the north

trend. Gold grade tends to be higher near the Central Fault on most sections. This

relationship and the local north-northwest trend indicate this may be part of the extension

fractures formed and mineralized during the main epithermal stage. The Central Fault

appears to have focused hydrothermal activity in the up-flow region at the south end of the

feldspar porphyry. Flexure of the Central Fault and its mergence with the West Fault

contributed to the repeated hydrothermal events in this region. Post-hydrothermal

compression reactivated the Central Fault and modified the overall geometry of the deposit.

THE EAST FAULT ZONE The East Fault Zone forms a 50 m to 100 m wide zone of parallel faults separated by

somewhat more competent rock characterized by fractured Misahuallí Formation andesite

and feldspar porphyry. The quantities of foliated gouge and cataclasite for the East Fault are

minor compared to the West Fault Zone, hindering vertical correlation of specific faults

strands. Projections of individual faults upward into the Suárez Formation are poorly

constrained due to a lack of drill holes, but west-side-down displacements are indicated.

The location of FDN between faults related to basin extension is one of the prime

considerations for the distribution of mineral zones in the deposit. The disposition of these

zones, their gold-silver grades, and their spatial inter-relationships are controlled by two fault-

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related zones wherein epithermal fluid flow was focused. The principal western up-flow zone

is oriented north-south and is moderate to steeply west dipping. The eastern up-flow zone

has a north-northwest strike, a vertical to steep easterly dip and extends south to become the

Bonza-Las Peñas-Ubewdy epithermal system, where it exits the basin. Although it has an

extensive strike extent (more than three kilometres) the Bonza-Las Peñas structure does not

appear to have been as dilatant as its western counterpart and contains much more disperse

mineralization of lower grade. The western up-flow zone is of paramount importance, since

the majority of the mineral resource is associated with it. At the centre of the FDN deposit

(line 3400N) the two up-flow zones converge and it is here that the deposit contains the

highest grades. The intersection also marks a mineralogical change, with the system

transitioning from manganese-carbonate-rich to manganese-carbonate-barren and quartz

dominated styles. At the southern end where the two systems diverge, it becomes apparent

that there are slight differences in geochemistry, with the western up-flow zone generally

higher in arsenic and antimony and the eastern up-flow zone containing higher silver (or

silver:gold ratios), manganese, lead, and zinc.

MINERALIZATION The FDN mineralization is classified as an intermediate sulphidation epithermal deposit

based on the dominant sulphides and deduced fluid chemistry. The abundance of

manganese-rich carbonate and the elevated base metal content are consistent with an

intermediate sulphidation state.

The mineralization is characterized by intense, multi-phase quartz-sulphide ± carbonate

stockwork veining and brecciation over broad widths, typically between 100 m and 150 m

wide in the coherent central and northern parts of the system where the grades are highest.

Mineralized shoots are typically present within dilatant zones developed along inflections of

vein strike or dip where the geometry permits maximum opening at the time of mineralization.

Zones of high-grade mineralization appear to be strongest and most consistent in the zone of

boiling, brecciation, and fracturing localized along faults and the feldspar porphyry contact.

Multi-phase, colloform, and banded quartz-carbonate-(adularia)-(rhodochrosite)-(base metal)

veins in the central and lower portions of the zone enhance grade, and visible gold is seen in

many of these. At the base of the deposit, most high-grade mineralization appears to be

associated with these discrete veins. To the south, the epithermal system broadens and the

vein intensity disperses, attaining an overall width of 330 m but with a corresponding drop in

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grade and an increase in the Au:Ag ratio. The mineralized envelope extends up to 700 m

vertically and has a strike length of 1.67 km north to south. However, the cumulative strike

length increases significantly to 3.5 km further south when taking into account the Bonza–

Las Peñas deposit and its disperse continuation towards Ubewdy (Figures 7-3 and 7-4).

The mineralogy of FDN consists of chalcedonic to crystalline quartz, manganese-carbonates

(manganoan calcite with lesser kutnahorite, rhodonite, and rhodochrosite), calcite, adularia,

barite, marcasite, pyrite, as well as subordinate sphalerite, galena, chalcopyrite with trace

tetrahedrite, and other silver sulphosalts. Rare accessory minerals that have been identified

(with varying degrees of confidence) include cinnabar, meta-cinnabar (both restricted to

sinter), alabandite (only at depth), stibnite and arsenopyrite (both restricted to the basal

Suárez Formation), pyrrhotite, hematite, proustite/pyrargyrite, acanthite, native silver,

freibergite, boulangerite and jamesonite and their oxidized products, valentinite or

senarmontite.

The bulk of the gold is microscopic and associated with quartz, carbonates, and sulphides.

Much of the gold is “free milling”, but the mineralization is moderately refractory, with

approximately 40% of the gold locked in sulphides. However, coarse visible gold is common.

Individual gold grains range from discrete specks <0.1 mm to “broccoli-like” arborescent

crystals >10 mm across. Visible gold occurs in all mineralized zones, in quartz or carbonate,

as well as within pyrite or silver sulphosalt clusters.

A preliminary microprobe investigation of only a few samples shows that gold fineness is

typically lower in the northern segment, roughly 750, whereas grains in the central segment

have fineness values in excess of 900 (pure gold is 1,000). Silver sulphosalts are therefore

interpreted to contain a percentage of the silver, enhancing the silver:gold ratios to

approximately 1:1 in the upper part of the system. At depth and to the south, the system

becomes increasingly silver-rich relative to gold, with silver:gold ratios climbing to 10:1. The

increasing silver is also associated with increasing zinc and lead assays.

Examples of vein and breccia textures are provided in Figure 7-5.

N

777,500 mE

9,5

84,0

00 m

N

779,000 mE778,000 mE

9,5

82,5

00 m

N9,5

83,0

00 m

N9,5

83,5

00 m

N9,5

81,0

00 m

N9,5

81,5

00 m

N

778,500 mE

9,5

82,0

00 m

N

9,5

84,0

00 m

N9,5

82,5

00 m

N9,5

83,0

00 m

N9,5

83,5

00 m

N9,5

81,0

00 m

N9,5

81,5

00 m

N9,5

82,0

00 m

N

Bonza-Las Peñas

Fruta del Norte

777,500 mE 779,000 mE778,000 mE 778,500 mE

October 2014 Source: Kinross Gold Corp., 2010.


Surface Geology of theFruta del Norte and

Bonza-Las Peñas Areas



Figure 7-3

7-18

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Geological Units

Faults

1500 m

CP

96

92

CP

06

66

64

CP

07

95

96

CP

07

120

SECTION 9583600NWest

EA

ST

FA

ULTW

ES

TFA

ULT

East

1400 m

1300 m

1200 m

1100 m

1000 m

900 m

Hollin Formation

Fruta Andesite

Suarez Formation

SINTER

420.35 m

347.47 m

420.35 m418.49 m

427.02 m

500 m

Misahualli Formation

Fine grained andesite

Feldspar porphyry

Mineral Domains

Chalcedony-marcasite

Crustiform-colloform

Chalcedony veinlets

0 50

Metres

100 150 200



Typical Cross SectionThrough the

Fruta del Norte Deposit



Figure 7-4

7-19

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FIGURE 7-5 EXAMPLES OF VISIBLE GOLD AND EPITHERMAL VEIN/BRECCIA TEXTURES

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Fortress Minerals Corp. – Fruta del Norte Project, Project # 2326 Technical Report NI 43-101 – October 21, 2014 Page 7-21

Figure 7-5 Continued

(from Hennessey et al., 2007)

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Fortress Minerals Corp. – Fruta del Norte Project, Project # 2326 Technical Report NI 43-101 – October 21, 2014 Page 7-22

For the purposes of Mineral Resource estimation, the FDN deposit was divided into four

main geologic domains based on lithology, alteration, and grade. Each domain is distinctive

in mineralogical, textural, and geochemical character as well as in gold distribution:

5. The Xp_Ip domain is the phreatomagmatic breccia.

6. The Xh_Vn domain is the hydrothermal eruption breccia.

7. The M_South volcanic domain is located to the south of Xp_Ip and Xh_Vn.

8. The Silica_Halo envelopes the top and bottom of the three other domains.

The four zones are believed to represent distinct hydrothermal events starting with the Xp-lp

domain which is associated with late porphyry events. This was followed by the silica-

(arsenopyrite)-marcasite alteration associated with hydrothermal brecciation (Xh) in the up-

flow zone centred on section 3400N and “mushrooming” out below the Suarez unconformity.

The later stage quartz carbonate phase (Vn) appears to have formed in the northern section

of the deposit, wrapping partially around a flexure in the feldspar porphyry contact. Xh and

Vn were grouped together for resource domaining purposes.

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8 DEPOSIT TYPES The following description of the deposit type was excerpted from Henderson (2010).

The setting, alteration mineralogy and mineralization characteristics of the FDN deposit are

consistent with an intermediate sulphidation epithermal system as defined in Hedenquist et

al. (2000). Some deposits with mostly low-sulphidation characteristics with respect to their

alteration mineral assemblages have sulphide mineral assemblages that represent a

sulphidation state between that of high-sulphidation and low-sulphidation deposits. Such

deposits tend to be more closely spatially associated with intrusions, and Hedenquist et al.

(2000) suggest the term “intermediate sulphidation” for these deposits.

Intermediate sulphidation epithermal systems are typically hosted in arc-related andesitic and

dacitic rocks. Mineralization is silver and base metal rich, and associated with Mn-

carbonates and barite. Typical sulphide assemblages in intermediate sulphidation

epithermal systems consist of tennantite, tetrahedrite, hematite–pyrite–magnetite, pyrite,

chalcopyrite, and iron-poor sphalerite. Quartz can be massive or display cocks-comb

textures. Sericite is common as an alteration mineral, but the adularia that is more typical of

low sulphidation systems, is rare to absent. Fluid inclusion salinities range from 3% to 20%

sodium chloride or equivalent.

The FDN deposit and the prospects that have been identified in close proximity to the deposit

are classified as intermediate sulphidation-style epithermal systems on the basis of:

• The abundance of manganese-rich carbonate at FDN and the elevated base metal content (typically as iron-poor sphalerite and subsidiary tetrahedrite and chalcopyrite), are consistent with an intermediate sulphidation state.

• The extensional tectonic setting of mineralizing fluid emplacement and the affiliation with intermediate magma types also complements the classification in terms of redox states.

• Multiphase quartz–sulphide, carbonate stockwork veining, and brecciation over broad widths. Veins typically exhibit space-filling epithermal textures including intricate crustiform–colloform banding, and cockade and bladed calcite textures.

• Mineralization comprises free gold or refractory gold in sulphides, and is typically silver rich.

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• Alteration comprises silica–pyrite alteration that grades outward and downward to silica–illite–pyrite alteration, and then to a silica (quartz, chalcedony)–illite–pyrite (±marcasite), carbonate mineral assemblage.

• Sulphide assemblages include hematite–pyrite–magnetite and pyrite. Arsenopyrite, chalcopyrite, sphalerite, and galena have also been noted.

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9 EXPLORATION Fortress has only recently entered into an agreement to acquire, subject to the satisfaction of

certain conditions, a 100% interest in FDN and has yet to conduct exploration work. A brief

summary of the exploration history of the Project has been provided in Section 6, History.

Details of the exploration work carried out by Aurelian can be found in Hennessey et al.

(2007). Further details regarding the exploration work carried out by Kinross have been

summarized by Henderson (2010) and are excerpted below.

GRIDS AND SURVEYS The Kinross exploration grid consisted of a north–south cut baseline with 100 m spaced

east–west cut lines. The grid is based on UTM coordinates (PSAD 1956 datum, zone 17S).

References to section lines are often abbreviated to xx00N from the UTM northing 958xx00

metres north.

The survey network used in the FDN drilling campaigns was implemented in May 2004 using

differential global positioning system instrument (GPS) survey observations by a Canadian

consultant surveyor. The datum used in the survey network was originally the Peruvian

PSAD56 (Provisional South American) system applied to zone 17S. Most data has been

subsequently projected to UTM Zone 17S using the using the EGM96 geoid to reference

elevation as described below.

In February 2008, Aurelian contracted Network Mapping UK to conduct a light detection and

ranging (LiDAR)/orthophotographic survey of a priority area in the Project encompassing 402

km². An integral part of the LiDAR survey was the establishment of an independent survey

network using long (>1 hour) static observation sessions by way of a dual frequency

differential (DGPS) receiver.

A ground control point at Las Peñas camp was established (rebar-enforced concrete

monument), guaranteeing a fixed “zero point” designated as “GCP-01” (Ground Control

Point-01). An Instituto Geográfico Militar (IGM) tie-in consisted of more than three hours of

static GPS observation, set-up on IGM point Los Encuentros-1 located 17.59 km west–

northwest of Las Peñas, established (by the IGM) at Escuela Gabriela Mistral, in the village

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of Los Encuentros, Zamora. The Los Encuentros-1 data was purchased from the Instituto

Geográfico Militar in Quito. A tie-in to the International GPS System (IGS) was performed by

the AUSPOS processing engine of the University of New South Wales, Australia. This is a

system by which GPS geodetic observations are submitted and then calculated/calibrated

using nearby IGS GPS stations.

When a comparison was made with the network established in 2004, it was found that

substantial differences existed in XYZ coordination of the Cóndor Project survey network, as

much as 6 m in X, 5.7 m in Y, and 13.8 m in Z. These offsets are not entirely uniform across

the Project area; hence collar data are not internally consistent.

As part of the PFS, Kinross resurveyed 159 of the 165 drill hole collars. In addition, Leiva

Engineering of Quito (Leiva) duplicated the northings and eastings of 25 road monuments

and some of the old hole collars that had been surveyed by Kinross. It was found that the

Kinross surveys corrected to an ellipsoid surface as opposed to EGM96 mean sea level; this

resulted in the Leiva surveys having a 20 m difference to those of Kinross. As modelling

efforts had started using the ellipsoidal-corrected elevations, new infill-hole Z coordinates

had a 20 m constant addition to keep consistent with the original database.

Since completion of the resource model, all collar coordinates have been recalculated in the

EGM96 system. Leiva has also established additional regional geodetic points in Colibrí and

Emperado to support future studies.

The topographic surface (DTM) used in the 2007 resource estimate was created from 3,003

points collected during the surveying of a 100 x 100 m grid across FDN, drill hole collars,

roads and trails, and traverses between 2005 and 2007. A larger DTM was acquired from

IGM in 2005, which encompasses an area of 79.8 km². LiDAR data was acquired in

February 2008 from a helicopter-mounted scanner. Although data were used for PFS

purposes, the LiDAR survey quality is not acceptable for detailed studies, and the contractor

has been unable to rectify the work.

In 2010, Kinross commissioned Walsh Consultants (Walsh) to reprocess the data with the

purpose of reconstituting contours with corrected elevations. The LiDAR topography,

orthophotos, Kinross survey, and Leiva surveys have good agreement in northings and

eastings; however Walsh used the ellipsoidal-corrected elevations as a base reference.

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GEOLOGICAL AND STRUCTURAL MAPPING Geological and structural mapping have been completed at regional (1:25000 scale) to

prospect scale (1:2000). Map results were used to identify areas of quartz veining,

silicification, and sulphide outcrop that warranted additional work.

Data from remote sensing, geophysics, geological mapping, and drilling were integrated to

build a picture of the regional fault configurations. Analysis of Radarsat data showed that

major topographic lineaments and regional geological contacts commonly trend north to

south and northeast to southwest. The gaps in Cretaceous cover depicted from Radarsat

are interpreted to coincide with pre- and/or post-Cretaceous fault zones. Geophysical data

also defined a north–south orientated fabric in proximity to FDN. A more complex picture of

lineament configurations was revealed from high resolution Ikonos images where drainage

patterns in particular showed systematically-corrugated traces that may reflect localized

offsets of the regional fault/lineament fabric.

GEOCHEMISTRY Soil, channel, adit, grab, and rock sampling were used to evaluate mineralization potential

and generate drill targets. Approximately 17,000 surface samples have been taken over the

Project area to the end of 2010. Surface sampling was used as a first-pass exploration tool

to identify areas of geochemical anomalism; some of these anomalies remain to be followed

up. A summary of samples taken after 2010 is presented in Table 9-1.

TABLE 9-1 SUMMARY OF GEOCHEMICAL SAMPLING 2011-2013 Fortress Minerals Corp. – Fruta del Norte Project

Year 2011 2012 2013 Type Rock Soil Rock Soil Rock Soil Concession La Zarza 174 992 280 187 Sachavaca 302 550 14 Princesa 360 1,254 325 1,187 Emperador 1 309 824 25 Emperadora 189 444 25 Total 662 1,804 1,011 3,447 187

For more information about these samples, see Section 11 of this Technical Report.

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GEOPHYSICS

GROUND GEOPHYSICS Ground geophysical programs completed to date include gradient array IP, resistivity, and

dipole-dipole array surveys. Surveys have been used to delineate intrusive rocks, remnantly

magnetized volcanic rocks, faults, basin fill, and pyrite-rich zones at depth.

AIRBORNE GEOPHYSICS A high sensitivity aeromagnetic and radiometric survey totalling 3,270 line-km was completed

in 2012 over the Emperadora, Emperador 1, Princesa, La Zarza, Sachavaca, Colibrí, part of

Duque, Duquesa, Reina, Baronesa, Marques, Marquesa, Barón, and Colibrí 1 concessions.

The survey was carried out by New-Sense Geophysics Limited located in Markham, Ontario,

Canada. The survey collected magnetic and radiometric data at a mean flight height of 30 m

and a mean line spacing of 100 m using an Astar 350BA helicopter with a fix mount stinger

assembly with a Cesium magnetometer mounted on it (Ellis, 2012). The magnetic data were

collected using a KMAG4 magnetometer and the radiometric data were collected using the

RS-500 Airborne Spectrometer with an RSX-5 detector pack.

28158

28121

28100

28087

28077

2806928062

28055

28048

28039

28030

28020

28010

27999

27988

2797527960

27939

27896

RTP FDN

Reduced to PoleAeromagnetics

nt

0 10

Kilometres

2.5 5 7.5

N

October 2014 Source: Ellis, 2012.


Aeromagnetic SignatureFDN Deposit Area



Figure 9-1

9-5

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PETROLOGY, MINERALOGY AND OTHER RESEARCH STUDIES Geological and exploration model reviews were undertaken by external consultants during

2006–2009. Work completed included review of the geology and exploration potential of the

FDN deposit area and adjacent exploration targets, a textural and mineralogical zoning study

of the deposit, and development of a synoptic view of the geology and genesis of the FDN

epithermal system.

Preliminary microprobe studies have been completed to support gold fineness assessments.

Mineralogical studies were commissioned during 2007 to verify minerals associated with

veining, in particular to determine the presence of adularia.

Samples of hydrothermal minerals (molybdenite, marcasite, and adularia) and igneous units

were selected and submitted for radiometric isotope dating to Colorado State University

(Re/Os) and the University of British Columbia (Ar40/Ar39, U/Pb). A description of the

geochronology of the FDN deposit was provided in Section 7 of this report.

Extensive mineralogical and mineral deportment studies were also completed as part of the

PFS and FS described in Section 6 of this report.

An underground exploration program was begun by Kinross, and the decline advanced

approximately 600 m (734 m of total development) prior to Kinross’ June 2013 decision to

cease activities on the Project.

OTHER EXPLORATION PROSPECTS Significant drilling has been undertaken in the FDN region pre and post FDN discovery in

2006. The Las Peñas structural corridor has provided the focus for exploration with several

targets drilled in the Zarza concession between Climax’s exploration program, which was

initiated in 1996, and the present time. Exploration in the Las Peñas structural belt remains

the priority undertaking in the region, even more so after the discovery of the FDN gold-silver

deposit. Exploration in 2011 continued to focus in the Las Peñas structural belt, more

specifically in the Kinross-Aurelian La Zarza, Princesa, Sachavaca, and Colibrí concessions

where epithermal and possibly mesothermal systems were targeted. Additionally, although

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historically not a principle commodity focus of Kinross or Aurelian, stand-alone, porphyry-

hosted deposits, both associated with and proximal to the Las Peñas belt, provided

secondary tier objectives for future exploration programs. Among epithermal targets

earmarked for further exploration are the Ubewdy, Barbasco and Emperador plays, all of

which have received some previous work and, with regard to porphyry potential, Tanca-

Loma, Camp, and Sandia and to some extent the previously mentioned Emperador target

area.

First-pass soil, stream sediment, and geophysical anomalies remain to be followed up on the

ground. Second-order soil and outcrop anomalies require additional sampling and drill

testing. Existing prospects outlined below remain prospective, and will be subject to initial or

infill drill testing where warranted. The most prospective epithermal targets are currently

considered to be the Ubewdy, Barbasco, and Emperado targets. Porphyry-style targets that

warrant additional work include the Tranca-Loma, Camp, and Sandia targets (Figure 9-2).

Descriptions of the major prospects and exploration targets in this section are excerpted from

Henderson (2010).

776,000 mE 778,000 mE 780,000 mE

9,5

78,0

00 m

N9,5

80,0

00 m

N9,5

84,0

00 m

N9,5

74,0

00 m

N9,5

76,0

00 m

N

MARQUESA

PRINCESA

LA ZARZA

DUQUE

DUQUESA

PITAJAYASACHAVACA

COLIBRI

782,000 mE

9,5

82,0

00 m

N

9,5

78,0

00 m

N9,5

80,0

00 m

N9,5

84,0

00 m

N9,5

74,0

00 m

N9,5

76,0

00 m

N9,5

82,0

00 m

N

776,000 mE 778,000 mE 780,000 mE

Deposit Au

Prospect Cu

Legend:

Target Cu

Target Au

Prospect Au

DDH Location

Concessions

Targets by Exploration Level

0 500

Metres

1000 1500 2000

N


UTM Zone 17,Southern Hemisphere (PSAD56)


Exploration Targets in theFruta del Norte Area



Figure 9-2

9-8

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BONZA-LAS PEÑAS The Bonza–Las Peñas exploration prospect is located immediately south of FDN, and

comprises the low-grade strike continuation of FDN south along the Peñas Fault Zone. The

prospect consists of epithermal stockwork veining and breccias hosted within the Las Peñas

Fault Zone by silica–sericite–pyrite-altered andesitic volcanics of the Misahuallí Formation.

Mineralization appears to form two zones, a “high-grade” zone and a “low grade” zone. The

high-grade zone, which ranges from 25 m to 60 m in width, is sub-vertical and strikes at

350º, is contained within a broader low grade zone of similar orientation and averaging about

100 m in width. Mineralization defined to date is approximately 725 m long, up to 80 m wide

and, in places, open at depth.

Mineralization comprises discrete quartz veins, quartz stockworks, cataclastic breccias,

pyritic gouge, hydrothermal breccias, silicified pyritic zones, shatter breccias cemented by

sulphides, and possible magmatic-rooted intrusive breccia pipes. There is abundant

evidence of multiple hydrothermal events, and any of the above mineralization types can

mutually crosscut. In places quartz veins can be followed crosscutting the zones, but more

often the veins have been tectonically milled and pulled apart into individual fragments. The

gross pattern of mineralization is a network of anastomosing or “basket weave” shear planes

and slickensides surrounding otherwise intact pieces of country rock.

Quartz veins are variable in size but can be up to five metres thick. There are various vein

types: massive white quartz, white comb-textured quartz, banded chalcedonic quartz, black

cherty quartz, and rhythmically banded crustiform and colloform-textured chalcedony and

rhodochrosite. In places, silica replacement of carbonate minerals is evident.

Within Bonza–Las Peñas, there are anomalous to significant concentrations of arsenic,

antimony, manganese, zinc, mercury, lead and copper in addition to the gold and silver

mineralization. Sphalerite and galena are locally abundant and the former can be yellow-

brown or a dark red-brown. Both are typically crosscutting and late in the paragenetic

history.

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UBEWDY Exploration in 2005 defined a corridor of epithermal mineralization that continues southward

from the Bonza–Las Peñas deposit. Drill intercepts at the Ubewdy prospect indicate that

anomalous gold values are present. A limited amount of underground drifting was done by

artisanal miners in 2000.

FDN EXTENSIONS The FDN East prospect comprises a broad zone of low-grade epithermal mineralization that

starts approximately 300 m east of the FDN deposit and is characterized by weak epithermal

quartz–carbonate–sulphide stockwork veining and brecciation in andesite (often porphyritic)

and within panels of the feldspar porphyry.

Drill testing returned low-grade anomalous gold and silver values.

AGUAS MESAS NORTE AND SUR The Aguas Mesas Norte prospect is a 95 m long trench located approximately three

kilometres south of the FDN deposit which has exposed a quartz vein and pyritic clay gouge

zone. This trench had supplied feed for three small Chilean-type mills operated until August

2004 by artisan miners. Within the trench, north–northwest-striking, white, quartz–pyrite

veinlets, 2 cm to 10 cm thick, are exposed in a light grey to whitish, very fine-grained host

rock at the south end of the trench. This rock is moderately silicified and contains 1% to 2%

pyrite as disseminations and coating sub-vertical fractures (the latter is now largely iron

oxide). Fine- to very fine-grained, anhedral and fine-grained euhedral pyrite occurs in

veinlets and host rocks. At one end of the trench, the artisan miners have developed

underground workings on two levels, accessed by a portal from the trench.

Aguas Mesas Sur, approximately one kilometre further south, is a zone of quartz veins and

quartz stockwork which was also mined for gold via trenches and underground workings, in

the period circa 2000 to 2004. The workings expose mainly white siliceous material of

uncertain form with white sericite and/or clay-rich matrix and moderate limonite-brown

staining.

Pyrite is absent in some exposures, but up to 3% very fine-grained disseminations are

observed locally. The host rock appears to be a volcanic rock.

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PAPAYA The Papaya prospect is a copper-gold anomaly located approximately 0.9 km north-

northeast of FDN, on the Las Peñas Fault Zone. Boulders of quartz-chalcopyrite-bornite

veining locally contain coarse visible gold in a dull grey to blackened amorphous silica matrix.

Sub-cropping quartz veins 5 cm to 25 cm wide trend approximately azimuth 340° and occur

in close proximity to, or as survivor clasts or larger panels within, well-developed cohesive

gouge zones which define strands of the Las Peñas Fault Zone. Gold assays from float and

sub-crop returned encouraging gold and copper values.

East-directed drill holes intercepted a number of broad zones (tens of metres true width), of

crystalline quartz-sulphide veining hosted in Misahuallí Formation andesites that have been

intensely propylitized. The andesite is locally heavily disrupted by wide (5 m to 15 m) gouge

and breccia zones that hampered drilling operations to the extent that two holes were lost

close to or upon completion. Quartz monzonite porphyry dikes cut the andesites but are not

as intensely propylitized as the andesitic host.

Zones of intermediate argillic alteration, along with widely spaced pyrite and anhydrite

veinlets at depth, are suggestive of porphyry-style mineralization. The abundant

chalcopyrite–bornite in surface samples is indicative of hypogene copper mineralization while

the presence of chalcocite–covellite is most likely a supergene enrichment product.

The Papaya prospect is thought to contain two types of quartz veins, one mesothermal and

intrusion-related, and the other of epithermal origin.

TRANCA-LOMA PORPHYRY The Tranca–Loma porphyry occurs on the eastern margin of the Bonza–Las Peñas deposit

as a northwest-trending copper porphyry system that has been traced for over two kilometres

in length and across 600 m in width. The extent of the mineralization remains open along

both strike directions. Shallow drilling has intersected disperse, often low grade porphyry

copper mineralization.

PUENTE-PRINCESA The Puente-Princesa prospect is a quartz vein and stockwork zone that is structurally hosted

along the eastern contact of the Zamora Batholith and has been traced for about one

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kilometre. Elevated precious and base metal values have been returned from sampling of

epithermal-style mineralization.

BARBASCO Sulphides have been observed in Suárez Formation conglomerate, which appears to overlie

an inter-basin andesite very similar to the Fruta Andesite at FDN. The Suárez Formation is

flanked by andesites of the Misahuallí Formation to the east (presumably this also occurs

below the Suárez formation basin fill sediments) and the Zamora Batholith to the west.

Drainages flanking the Barbasco prospect area have shed large quantities of fine, angular

gold, the source of which has not been identified. The structural setting is considered

favourable for development of a FDN-style deposit.

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10 DRILLING Fortress has only recently entered into an agreement to acquire, subject to the satisfaction of

certain conditions, a 100% interest in FDN and has yet to conduct drilling on the FDN deposit

or elsewhere on the property. A description of the historical drilling that has been carried out

from 1997 onwards is provided in Henderson (2010), portions of which are excerpted below.

Drill campaigns completed between 1997 and present comprised 380 core holes for

approximately 152,351 m, completed at FDN and a number of exploration prospects by

Kinross and prior property owners. Of this total, 236 core holes (112,956 m) were completed

at FDN.

A Mining Mandate, which was passed by the Constitutional Assembly of Ecuador on April 18,

2008 halted all major-company activity in Ecuador. Consequently, Kinross’ drilling activities

were suspended at that time. New mining regulations were passed in November 2009, and

drilling activities were permitted to restart.

In 2011, an additional 3,496 m was drilled around FDN by Kinross. This included a long

exploration hole to test the west side of the West Fault at depth (FN3490e01 – 1,096 m),

seven geotechnical holes (1,044 m) to test the South Portal area, and three holes (FN

3835d01, FN3835d02, FN4150d01 – 1,356 m) to test the north strike extension of FDN

(Table 10-1). In 2012, four holes were completed to test targets at the FDN deposit and six

holes were completed on the Sachavaca concession. A drill hole collar plan for the drilling

carried out in the vicinity of the FDN deposit is presented in Figure 10-1.

Drill programs have been completed primarily by contract drill crew, supervised by geological

staff of the Project operator at the time. Where programs are referred to by company name,

that company was the Project manager at the time of drilling, and was responsible for data

collection.

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TABLE 10-1 SUMMARY OF DRILLING CAMPAIGNS Fortress Minerals Corp. – Fruta del Norte Project

Deposit Prospect

Number of Drill Holes

Total Length (m)

Start Date of Drilling

Last Date Drilled

Aguas Mesas Norte 13 1,374 11/11/2003 10/28/2004

Aguas Mesas Sur 6 437 10/28/2003 11/10/2003

Bonza 46 13,004 6/11/1997 4/4/2008

El Tigre 12 3,730 4/22/2007 8/18/2007

Fruta del Norte 221 106,808 2/8/2006 8/15/2010

La Negra 2 1,273 3/23/2008 4/27/2008

Las Arenas 9 5,636 9/3/2006 3/22/2008

Papaya 6 2,730 8/13/2007 11/2/2007

Peñas 26 4,878 6/21/1997 10/5/2005

Puente 9 1,267 9/15/2004 10/26/2004

Tranca Loma 3 650 5/19/2005 7/6/2005

Ubewdy 6 967 6/27/1997 4/23/2005

Fruta del Norte 11 3,496 01/01/2011 31/12/2011

Fruta del Norte 4 2,652 01/01/2012 31/12/2012

Sachavaca 6 3,449 01/01/2012 31/12/2012

Total 380 152,351

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Xh - Vn Domain

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Xp - Ip Domain

Drill Hole Trace

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0 100 500

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200 300 400

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October 2014


Drill Hole Collar Plan



Figure 10-1

10-3

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DRILLING METHODS AND EQUIPMENT

CLIMAX DRILL PROGRAMS Four phases of core drilling on the La Zarza concession conducted by Climax were

contracted to Connors Perforaciones S.A. The programs used a portable 20HH drill that

could be dismantled and hand carried, and was capable of drilling up to 150 m of HQ-sized

core (63.5 mm core diameter) or to 300 m depth with NQ-sized core (47.6 mm).

Core holes were collared with HQ-size casings, and usually reduced to NQ2 before

terminating at depths ranging from 50.9 m (LZD-03) to 323.7 m (LZD-19). All drill holes were

drilled toward azimuth 090° except LZD-03 to -05 which had 270° azimuths and LZD-07 with

an azimuth of 075°. Dip angles of the drill hole collars varied from 45° to 70°.

The core was photographed (only holes LZD-18 to LZD-22 of phase 4), geotechnical and

geological features were logged, the core cut in half with a diamond saw and sampled on

site.

AURELIAN AND KINROSS DRILL PROGRAMS Drill contractors used on the Project by Aurelian included:

• Paragon del Ecuador S. A. (Cuenca, Ecuador); Hydrocore rig;

• Kluane Drilling (Vancouver, Canada) Hydrocore rig;

• SFP-Drilling (Lima, Peru); skid-mounted Longyear-70; Christiansen CS-1000;

• Major Drilling (Val d’Or, Canada); two Boyles-37 drill rigs; ATV5000 tractor-mounted machine;

• Choque Drilling, (Cuzco, Peru); Longyear-38;

• Roman Drill (Ecuador); Hydrocore-2000.

Rigs were initially transported along the trails to individual drill platforms by man-power

following delivery by truck to San Antonio. From 2007, all remote-operating man-portable

rigs deployed on the Project were lifted/air-supported by ICARO Helicopters when needed.

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The core diameters varied according to the rig type; the majority of core, however, ranges

from HQ (63.5 mm diameter) to NQ (47.6 mm) with lesser HQ3–NQ3 (for geotechnical

purposes), NTW (56 mm) and BTW (42 mm).

Drilling operations at FDN involved rig set-ups using collar inclinations ranging between -45°

and -84°, the majority of which were drilled from west to east (towards azimuth 090°). Most

drill holes were collared west of the West Fault.

The drill holes were collared with tri-cone or HQ/NTW tools and reduced as necessary to NQ

or BTW depending on the rig specifications. This generally occurred at a depth range of

between 280 m and 350 m, depending on the ground conditions, drill hole inclinations, and

operator skill. Many of the drill pads were used consecutively to fan-drill on section either up

or down dip along the mineralized system before stepping out to infill on an adjacent section.

Core was delivered onto a V-shaped landing iron on the wooden deck that comprises the rig

working area. Core extracted from the inner tube (typically in discontinuous 3 m lengths) was

fitted on the landing iron before being assembled and depth-marked (with wooden tags) into

slots in HQ or NQ core boxes. The core trays were lined with plastic to prevent the loss of

fine material from the core barrel. Core boxes were secured by either covering with lids

fastened by loops of rubber inner tube or nailed shut, and hand-carried by field workers to

the Las Peñas camp where a covered core logging facility was located. Care was taken to

keep all core boxes level and top-up during transport.

LOGGING PROCEDURES There is no information on the Climax logging procedures. Hennessy and Puritch (2005)

noted that geotechnical and geological features were logged.

A description of the logging procedures carried out for the Aurelian and Kinross drilling

programs is presented in Section 11 of this report.

COLLAR SURVEYS Collar locations were not surveyed for the Climax drill holes during the drill programs.

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During the 2005–2007 drill programs, drill hole collars were located by professional

Ecuadorian surveyors using a Total Station survey instrument. The holes were surveyed

during drilling, allowing an additional point to be surveyed higher up on the drill rods to give

the precise 3D drill hole orientation at the collar. Subsequent to the completion of drilling

operations, all collars were marked with a PVC tube encased in a flat basal concrete mount

on which a metal tag is affixed with the drill hole number and the coordinates.

During the same programs, the existing Climax drill collars, where they could be located,

were surveyed.

Drill holes completed since the moratorium was lifted have all been surveyed by company

personnel using Total Station survey instruments. Once X, Y, and Z collar coordinates and

vertices data were entered into an Excel spreadsheet, planimetric tolerances and the linear

closing errors were calculated. Providing these figures fall within Kinross-Aurelian tolerance

levels, which were automatically calculated by the spreadsheet, the sheet was signed by the

topographer.

DOWNHOLE SURVEYS Of the 222 core drill holes completed at FDN to August 2010, 62.6% were surveyed for

azimuth and inclination deviations using downhole digital borehole surveying instrumentation.

The remainder of drill collars were surveyed using single-shot instruments.

Core holes from the Climax programs were surveyed by either acid tests or Tropari tests.

The initial 12 Aurelian core holes were downhole surveyed by acid tests. Core hole CP-04-

13 was surveyed using a Sperry Sun downhole camera. Drill holes CP-04-14 through CP-

04-28 were surveyed by acid test at a depth of 50 m and thereafter by Tropari except for

Holes CP-04-18 and 19 which were surveyed only by acid tests. In general, the holes were

surveyed approximately every 50 m downhole and at end of hole.

Downhole surveys during 2006–2007 were conducted with either a Sperry Sun or Tropari

single shot survey instruments taking a measurement every 50 m, or a Flexit digital multi-

shot survey instrument with a reading every 30 m, down the drill hole. The instrument was

placed in a non-magnetic brass tube that projects three metres beyond the end of the drill

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string. The tools give the drill hole azimuth (readable to within 1° for Sperry Sun or Tropari or

to 2 decimal places for the Flexit) and dip (readable to within 1° on the Tropari, 0.5° on the

Sperry Sun and 2 decimal places on the Flexit). The instruments were regularly checked in a

downhole survey instrument check station that was set up at the Las Peñas camp to ensure

the correct calibration was maintained.

Once downloaded, downhole deviation data was reviewed before importation into the

database. The criterion of acceptance was based on the difference between continuous dip

and azimuth readings which must remain below 3° over a 30 m distance (distance between

measurements in multi-shot modality). In a recent audit by Scott Wilson RPA (Evans et al.,

2010), the average deviation of azimuth and inclination in a population of multi-shot and

single-shot data were calculated at 1.7° and 0.9°, respectively, per 100 m.

With the arrival of skid-mounted drill rigs, Flexit and Reflex digital multi-shot survey

instruments were used to provide more accurate borehole survey measurements with a

reading on azimuth, dip, rotation angle with respect to gravity and magnetic north, intensity

and inclination of the magnetic field, and borehole temperature. These parameters were

measured every 30 m. The digital borehole survey instrumentation was enclosed in a non-

magnetic brass tube that projects three metres beyond the end of the drill string.

CORE RECOVERY No recovery data are available for the Climax drilling.

Core recovery for the Aurelian drill programs was assessed by measuring the in-box length

of core between marker blocks, along the centreline, after assembling and fitting pieces

together. These lengths were compared against the depths recorded on the marker blocks.

Recovery was calculated using the formula:

REC% = (recovered length/indicated length) * 100.

For the majority of the Aurelian drilling, recovery was typically very good in the 95% to 100%

range and commonly exceeded 98%. Occasionally, recovery appeared to exceed 100% but

this is probably due to difficulty in measurement of gouge intervals, rather than downhole

caving.

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Recoveries for the Kinross drill programs have generally returned recoveries of 98% to 100%

for all rock types other than overburden, which had lower recoveries.

DEPOSIT DRILLING

DRILLING LAYOUTS The deposit was systematically drilled out on 50 to 100 m sections between lines 2500N and

3900N. The grade and mineralization intensity characteristics clearly delineated zones of

high-grade and high-tonnage mineralization in the north versus more disperse albeit locally

high-grade mineralization in the south.

Infill drilling on 50 m centres was focused over 350 m of strike between 3300N and 3600N.

The drilling tactic typically involved fan drilling from the pad collar to facilitate between 50 m

and 25 m infill before stepping out across strike to define the up or down-dip geometry.

Even though the majority of Aurelian core holes are drilled with an easterly (approximately

90°) azimuth and the dominant dip of the mineralized system is west, no single method or

percentage adequately describes the complex relationship between down hole (core) length

and the true width of the intersected mineralized zones. Drill hole inclinations vary

significantly (from -45° to -84°) and the mineralized zones have variable dips from moderate

to steep westerly to steep easterly dips. Therefore most holes intersect the zones at an

angle, and the drill hole intercept widths reported for the Project are greater than true widths.

An example of the relationship between true widths, drill intercepts, lithologies, and gold

grades for drill hole intervals in drill holes is shown on the cross-section included as Figure

10-2.

Example drill intercepts for selected cross sections along the strike of the deposit that are

illustrative of the nature of the mineralization within the Mineral Resource estimate area are

summarized in Table 10-2. The example drill holes contain non-mineralized intersections

and areas of higher-grade in lower-grade intervals.

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TABLE 10-2 SAMPLE DRILL RESULTS FOR SELECTED SECTIONS Fortress Minerals Corp. – Fruta del Norte Project

Cross Section Drill Hole ID Collar

Azimuth Collar

Dip From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

2700N CP-06-98 91.9 -65.1 No significant intercepts CP-07-104 90.5 -65.6 423.70 648.50 224.80 2.06 5.8 CP-07-116A 91.2 -65.4 405.50 553.20 147.70 2.37 6.6 560.00 649.70 89.70 3.27 12.6 CP-07-117 94.9 -64.6 358.10 388.88 30.78 1.02 6.2 397.88 589.44 191.56 1.84 11.9 CP-07-125 92.4 -64.3 330.60 387.70 57.10 0.9 5.4 3100N CP-06-74 91.1 -59.4 313.20 485.00 171.80 3.84 4.7 503.58 526.85 23.27 1.84 7.7 559.50 560.50 1.00 16.85 14.1 CP-06-77 87.7 -83.9 No significant intercepts CP-07-103A 91.2 -63.1 30.420 493.90 189.70 2.56 7.8 CP-07-133 85.4 -61.5 555.00 588.00 33.00 0.71 1.4 3300N CP-07-101 87.6 -53.3 254.00 518.00 264.00 5.40 8.8 CP-07-107 271.2 -60.1 265.25 473.54 208.29 6.27 10.6 CP-07-130 88.2 -59.3 250.00 422.70 172.20 7.71 8.2 3600N CP-06-92 87.8 -62.9 316.00 418.49 102.49 4.98 9.9 CP-07-95 90.8 -59.4 117.34 214.88 97.54 11.92 13.2 284.50 342.63 58.13 1.31 2.6 CP-07-96 89.8 -45.7 130.55 170.68 40.13 5.27 88.9 CP-07-120 270.1 -75.0 150.70 423.50 272.80 5.79 8.0 CP-07-123 90.6 -49.5 No significant intercepts

Faults

Misahualli andesite

Sandstone cover

Conglomerate

Buried qtz sinter

Post conglomerate andesite

Drillholes

Histograms of drillholesassays, Au g/t(bars are at at 30 g/t Au)

Legend:

0 50

Metres

100 150 200

October 2014 Source: Kinross Gold Corporation, 2010.




Cross Section 9,583,200N

Figure 10-2

10-1

0

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w.rp

acan

.co

m

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TWIN HOLES Due to technical difficulties encountered in drilling hole CP-07-132, the hole was lost in

mineralization at a depth of 261.77 m. The rig was moved two metres north and the hole

was re-drilled as CP-07-137, and the target depth was achieved. This resulted in a “twin”

intercept of 135 m of mineralization. The grade correlation is considered to be reasonably

good, considering the nature of the mineralized system, until CP-07-137 drilled into a high

grade zone at 245 m with 14 out of 16 samples >10 g/t Au, five samples >50 g/t Au, and one

sample assaying 1,135 g/t Au. At the same depth CP-07-132 also drilled into high grade with

11 out of 16 samples >10 g/t Au, but with a maximum of only 34.8 g/t Au. It should also be

noted that the two holes had different core sizes for most of the interval, with a reduction

from HQ to NQ occurring at 153 m in hole CP-07-132 and at 253 m in hole CP-07-137 (Sims,

2012).

SCISSOR HOLES To help better define the deposit geometry, Aurelian drilled ten scissor holes. For example,

CP-06-63 on section 9583400N was designed to drill through the FDN system with an

azimuth of 270° and a dip of -63° at the collar. The hole flattened significantly, with a final

dip of -52.5° at 590 m.

The geology and grades seen in the drill hole correlate well with mineralization intercepted in

the three easterly orientated holes on that section (CP-06-57, CP-06-58, and CP-06-59).

Within the upper section of the scissor hole, vein orientations are typically mixed, indicating

the zone is a typical stockwork/breccia zone. At depth, however, the scissor hole had a

greater number of veins sub-parallel to the core axis. The current interpretation of the lower

part of the system is that it has more sheeted veins that dip towards the west and feed the

upper zone which is more brecciated. The evidence indicates that the scissor hole was

drilling down-dip. It was therefore concluded that in order to optimally intercept veins at a

high angle to core axis (the preferred orientation for sampling), the drilling of 090° oriented

holes is preferred over those oriented 270° (Sims, 2012).

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GEOTECHNICAL DRILLING For the purposes of identifying potentially suitable locations for mine infrastructure, hinging

on rock mass characteristics and ground water conditions, two geomechanical drilling

campaigns were conducted in various areas (Table 10-3).

The Golder boreholes were cored HQ in their upper portions, reducing to NQ at depth, using

triple tube (HQ3 and NQ3). Logging and in-situ testing were carried out or monitored by

Golder personnel, with logistical, geological, logging and other technical support provided by

Aurelian staff. Packer testing equipment and point load testing gear were purchased by

Aurelian Resources and were stored on-site. Rock strength testing performed off-site was

conducted either at Queen’s University, Kingston, Ontario, Canada, or at the Polytechnic

University in Quito, Ecuador (Escuela Politecnica Nacional).

The Itasca boreholes were drilled using HQ3 triple tube and Reflex Act oriented core

devices. Holes were logged by Kinross geotechnical staff using Itasca procedures. Core

was systematically point load tested and representative samples were selected for

compression testwork at the same analytical facilities.

The objectives of the investigations were to provide a geotechnical model of the FDN mine

block and surrounding infrastructure and recommendations on stope geometries, mine

sequencing, and geotechnical issues to support the PFS and FS.

TABLE 10-3 SUMMARY OF GEOTECHNICAL DRILLING PROGRAMS Fortress Minerals Corp. – Fruta del Norte Project

Geotechnical Consultant

Date Area Meters Drilled

Number of Holes

Drill Type Drilling Company

Golder 2007-8 FDN 4,363 13 B-37, Hydrocore 2000

Major Drilling

Itasca 2010 FDN 2,691 7 LF70, CS1000

SFP

Itasca 2010 South Portal 1,023 6 LF70, CS1000

SFP

Klohn Crippen Berger

2010 Plant & Tailings 378 6 Acker Hill Billy Hidrosuelos

2011 Plant & Tailings 46

Total 8,455 78

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METALLURGICAL SAMPLING PROGRAMS Between January and March 2010, a total of six HQ core holes were completed to obtain

sample material for metallurgical testing (drill holes CP-09-241 to 245 and FN3650m01).

From June until August 2010, three PQ holes were drilled from west to east to provide intact

large diameter core in all mineralized domains in a range of grades and elevations (drill holes

FN3600p01 to 03). The mineralized intervals were analyzed for gold and other elements

using similar methods. The samples had the same system of QA/QC samples inserted and

the assays were used in the Kinross resource database.

RPA COMMENTS ON DRILLING PROGRAMS In RPA’s opinion, the quantity and quality of the lithological, geotechnical, collar, and

downhole survey data collected in the Aurelian and Kinross exploration and infill drill

programs in the period 2006 to 2010 are sufficient to support Mineral Resource and Mineral

Reserve estimation. RPA specifically notes that:

• Core logging met industry standards for gold and silver exploration.

• Collar surveys were performed using industry-standard instrumentation.

• Downhole surveys by Aurelian were performed using industry-standard instrumentation. The acid tube down hole surveying method used for some Climax drill holes does not provide azimuth information.

• Recovery data from core drill programs were acceptable.

• Geotechnical logging of drill core met industry standards for planned underground operations.

• Drilling was normally perpendicular to the strike of the mineralization. Drill intercept widths were typically greater than true widths.

• Drill orientations for FDN were generally appropriate for the mineralization style, and have been drilled at orientations that are optimal for the orientation of mineralization for the bulk of the deposit area.

• No Climax-era drilling was used to support Mineral Resource or Mineral Reserve estimation.

• A minor amount of drilling completed since the current resource database was finalized would not have a significant impact on the Mineral Resource estimate.

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11 SAMPLE PREPARATION, ANALYSES AND SECURITY SAMPLING METHOD AND APPROACH Drill core was delivered to the camp where it was labelled, photographed, logged, and

sampled under the supervision of company geologists. Data recorded on log sheets

included: rock quality designation (RQD), hardness estimates, structure, lithology, texture,

alteration, mineral assemblage, visual estimate of visible gold abundance and intensity, and

level of oxidation/weathering. Logging sheets also recorded basic drill hole data including

collar coordinates, downhole survey data, core size depths, drilling dates, and sample

number series. Occurrences of visible gold were marked on the core using wax crayons.

Figure 11-1 summarizes the FDN logging process.

After the geologist marked out the sample intervals, drill core was split along its long axis

using an electrically-powered bench saw. Areas of very soft rock were cut with a machete

and sections of very broken core were sampled using spoons. The following standard

sampling procedures were employed:

• The right hand side of the core was always sampled.

• After cutting, half the core was placed in a new plastic sample bag and half was returned to the core box.

• Between each sample, the core saw and sampling table areas were washed to ensure there was no contamination between samples.

• After cutting samples containing visible gold, a piece of quartz sandstone was partially cut to clean the diamond blade.

• Samples were clearly and securely bagged and tagged and quality control (QC) samples inserted into the sequence.

• Batches of approximately ten samples were bagged into labeled poly-weave sacks for shipment.

Most data was originally recorded on hardcopy. Technicians later enter the following in the

database: sample numbers, sequences, intervals, QA/QC data and other geological

information such as collar information, depth of drill-size reduction, dates, and drill company

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details. Once the data has been entered, it is validated against original hard copies. After

validating input data, geological assistants are also obliged to sign a statement confirming

the data have been checked and are correct. Basic database checks were also carried out

by the database administrator.

FIGURE 11-1 WORKFLOW FOR GEOLOGICAL LOGGING OF DRILL CORE

SAMPLE PREPARATION Samples from the FDN drilling program were assayed by ALS Chemex Laboratories (ALS

Chemex) and Inspectorate Services (Inspectorate), each of which maintains sample

preparation facilities in Quito. ALS Chemex was used to analyze samples at its Vancouver,

GEOLOGICAL LOGGING PROCESS

BASIC GEOTECHNICAL LOGGING Geotechnical Reg. Log

-RQD-Recovery-Core size

Hard

GEOLOGICAL LOGGINGSummary Legend (GM,2009) Geological Reg Log

- Alteration type/form- Description Lithology

-Mineralization type/form-Structures type/depth/<

SAMPLING-MINERALIZATIONSamples Reg Log QA-QC

-Blank-Standard

-Field-Reject

PHOTOS LOGGING Core Box and Photos Form

-Mag. Suc.-Vein type1%-Vein type2%

-Texture-VG Count-Domain

DOMAINS LOGGINGZone defnition table (GM,2009) Domain Log

-Domain mineralization-Domain Litho

-Domain Alteration-Structures

DATA BASE QA-QC Plotting data onto cross sections

INTERPRETATION OF SECTIONSCorrelation between new holes and existing ones.

Constat updating of sections.Litho,

Mineralization and Alteration

MINERALIZATION

BULK DENSITY DETERMINATION Bulk density Reg Log.

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British Columbia, Canada and Lima, Peru laboratories. Inspectorate performs its analyses in

its laboratory located in Lima, Peru. Both laboratories are ISO 9001 accredited. The sample

preparation protocols used varied over the course of the drilling program. The various

procedures used are summarized below. Drilling at FDN started with drill hole CP-06-49.

Drill hole CP-06-51 is considered the FDN discovery hole as this was the first intercept of

economic widths and grades of mineralization.

SAMPLE PREPARATION: ALS CHEMEX QUITO – HOLE CP-06-49 TO CP-06-53 (UPPER PART)

• Oven dry the sample on steel trays.

• Crush entire sample to better than 70% passing 2 mm (10 mesh).

• Riffle split 250 g.

• Pulverise the 250 g split to better than 85% passing 75 µm (200 mesh).

• 110 g pulps sent (via DHL courier) to Vancouver for analysis.

• After drill hole CP-06-53, the primary laboratory was changed to Inspectorate, on the promise of faster sample turnaround time.

SAMPLE PREPARATION: INSPECTORATE SERVICES QUITO - HOLE CP-06-53 (LOWER PART) TO CP-06-56

• Oven dry the sample on steel trays.


• Riffle split 1,000 g.

• Pulverise 1,000 g split to better than 90% passing 100 µm (150 mesh).

• Clean sand flushes between each pulverization.

• 100 g pulps sent (via TNT courier) in Kraft bags to Peru for analysis.

As a result of continued slow assay turnaround times at Inspectorate, ALS Chemex was

again selected as the primary laboratory. Due to the amount of visible gold observed in drill

core, the preparation procedure was changed to include the pulverizing of larger splits after

the crushing stage. Quartz flushes were requested between samples.

SAMPLE PREPARATION: ALS CHEMEX QUITO - HOLE CP-06-57 TO PRESENT

• Oven dry samples on steel trays.


• Riffle split 1,000 g.

• Pulverise 1,000 g split to better than 85% passing 75 µm (200 mesh).

• Clean pulverizers with quartz flush between samples.

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• 110 g or 200 g pulps sent (via DHL) in Kraft bags to Vancouver until hole CP-07-92 and from hole CP-07-93 to the present to Lima for analysis (the pulp weight sent was increased part way through the program to improve assay turnaround time should re-assays be required).

• All remaining coarse reject and pulps are stored in ALS Chemex installations.

• Compressed air guns used to clean the crushers and pulverisers between each sample.

No sample preparation was conducted by Aurelian or Kinross personnel. In RPA’s opinion,

the sample preparation procedures at the Project are adequate for use in the estimation of

Mineral Resources. Both laboratories are independent of Aurelian, Kinross, and Fortress.

SAMPLE ANALYSIS As with the sample preparation, the assaying protocols used have varied over the course of

the drilling program. The procedures used are summarized below.

ALS Chemex Vancouver - Hole CP-06-49 to CP-06-53 (Upper Part)

• Gold was determined by 30 g fire assay with an inductively coupled plasma – atomic emission spectroscopy (ICP-AES) finish (method code AU-ICP21, assay range 0.001 to 10 g/t Au).

• If gold assays greater than 10 g/t were detected, then over-limit re-assays were completed using a 50 g fire assay with a gravimetric finish (method code AU-GRA22, assay range from 0.05 g/t Au to 1,000 g/t Au).

• Multi-element analysis were performed using a 34 element package (including silver) with an aqua regia acid digestion and ICP-AES finish (method code ME-ICP41, silver assay range from 0.2 g/t to 100 g/t). Over-limit re-assays were run for silver, zinc, lead, and copper if silver was greater than 100 ppm, Zn greater than 10,000 ppm, Pb greater than 10,000 ppm, and Cu greater than 10,000 ppm. Over-limits were completed using an aqua regia acid digestion and atomic absorption spectroscopy (AAS) finish (silver assay range from 1 ppm to 1,500 ppm).

Inspectorate Lima - Holes CP-06-53 (Lower Part) to CP-06-56

• Gold was determined by 50 g fire assay with an AAS finish (method Au FA/AAS 50 g, assay range from 0.005 g/t Au to 5 g/t Au). If the gold assay was greater than 5 g/t, then over-limit re-assays were completed using a 50 g fire assay with a gravimetric finish (assay range from 0.01 g/t Au to 1,000 g/t Au).

• Multi-element analysis were completed using a 32 element package (including silver) with an aqua regia acid digestion and ICP-AES finish (method ICP-AES 32, silver assay range from 0.2 g/t to 200 g/t).

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ALS Chemex Vancouver - Holes CP-06-57 to CP-06-92

• Gold was determined by 50 g fire assay with an ICP-AES finish (method code AU-ICP22, assay range 0.001 g/t Au to 10 g/t Au). If the gold assay was greater than 10 g/t, then over-limit re-assays were completed using a 50 g fire assay with a gravimetric finish (method AU-GRA22, assay range from 0.05 g/t Au to 1,000 g/t Au).

• Multi-element analysis was completed using a 34 element package (including silver) with an aqua regia acid digestion and ICP-AES finish (method code ME-ICP41, silver assay range from 0.2 ppm to 100 ppm). For sample results with Ag greater than 100 ppm, Zn greater than 10,000 ppm, Pb greater than 10,000 ppm, and Cu greater than 10,000 ppm, over-limit re-assays were completed using aqua regia acid digestion and an AAS finish (silver assay range from 1 ppm to 1,500 ppm).

ALS Chemex Lima – Holes CP-06-93 to CP-08-236

• Gold was determined by 50 g fire assay with an ICP-AES finish (method code AU-ICP22, assay range from 0.001 g/t Au to 10 g/t Au). If the gold assay was greater than 10 g/t, then over-limit re-assays were completed using a 50 g fire assay with a gravimetric finish (method AU-GRA22, assay range from 0.05 g/t Au to 1,000 g/t Au).

• Multi-element analysis was completed using a 34 element package (including silver) with an aqua regia acid digestion and ICP-AES finish (method code ME-ICP41, silver assay range from 0.2 ppm to 100 ppm). For sample results with Ag greater than 100 ppm, Zn greater than 10,000 ppm, Pb greater than 10,000 ppm, and Cu greater than 10,000 ppm, over-limit re-assays were completed using aqua regia acid digestion and an AAS finish (silver assay range from 1 ppm to 1,500 ppm).

ALS Chemex Lima – Holes CP-09-237 to Present

• Gold was determined by 50 g fire assay with an AAS finish (method code AU-AA24, assay range from 0.005 g/t Au to 10 g/t Au). If gold assays greater than 10 g/t were detected, then over-limit re-assays were completed using a 50 g fire assay with a gravimetric finish (method AU-GRA22, assay range from 0.05 g/t Au to 1,000 g/t Au).

• Multi-element analysis was completed using a 34 element package (including silver) with an aqua regia acid digestion and ICP-AES finish (method code ME-ICP41, silver assay range from 0.2 ppm to 100 ppm). For sample results with Ag greater than 100 ppm, over-limit re-assays were completed using aqua regia acid digestion and an AAS finish (silver assay range from 1 ppm to 1,500 ppm). For holes CP-09-237, CP-09-238, CP-09-239, and CP-09-240, if Zn was greater than 10,000 ppm, Pb greater than 10,000 ppm, and Cu greater than 10,000 ppm, over-limit re-assays were completed using aqua regia acid digestion and an AAS finish. For the other holes, the upper limit was used as a value in the database.

In RPA’s opinion, the sample analysis procedures at the Project are adequate for use in the

estimation of Mineral Resources. All laboratories used are independent of Aurelian, Kinross,

and Fortress.

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BULK DENSITY MEASUREMENTS After the core has been sampled, intervals of solid core (20 cm to 10 cm in length) are

selected for bulk density determinations. Measurements were made from every hole at an

interval rate of approximately 50 m in unmineralized rock and every 20 m in the mineralized

system. The procedure used was the Marcy Method, where the sample is dried, weighed,

waxed, and then weighed in water.

Rock density is relatively constant within specific lithologies and shows only minimal variation

between different lithological groups with the relatively small difference of 0.5 t/m3 between

the lowest density of 2.4 g/cm3 and highest density of 2.9 t/m3.

QUALITY ASSURANCE AND QUALITY CONTROL Quality assurance/quality control (QA/QC) programs provide confidence in the resource

database and help ensure that the database is reliable for resource estimation purposes.

Programs include measures and procedures to monitor the precision and accuracy at each

stage of the sampling and analysis process and to monitor for possible sources of

contamination.

Aurelian implemented a thorough QA/QC program that included the regular insertion of blank

samples, certified reference material (CRM), field and reject duplicates and pulp check

assaying at a secondary external laboratory, Inspectorate Laboratory, Peru. Aurelian

increased its initial 1:25 (4%) insertion rate to approximately 1:20 (5%) later in the drilling

program. Kinross reverted back to approximately a 1:25 (4%) insertion rate. A summary of

the sample submittals is shown in Table 11-1.

TABLE 11-1 SUMMARY OF QA/QC SUBMITTALS Fortress Minerals Corp. – Fruta Del Norte Project

2006 to 2008 2009 to Present

Sample Type No. of Samples % of Total No. of Samples % of Total Regular Samples 42,637 85% 11,188 87% Blanks 2,780 6% 682 5% Field duplicates 1,199 2% 248 2% Reject duplicates 1,240 2% 277 2% CRMs 2,411 5% 502 4% Total 50,267

12,897

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BLANKS The regular submission of blank material is used to assess contamination during sample

preparation and to identify sample numbering errors. Earlier drill programs sourced blank

material from Hollin Formation sands located near Emperador. More recent programs used

Hollin rock sourced from an outcrop north of FDN.

A total of 1,478 blanks were inserted in the first 85 drill holes at FDN (CP-06-49 to CP-07-

139). Of these, 21 blanks (1.4%) returned values greater than 0.08 g/t Au and two returned

values over 1 g/t Au (from holes CP-06-51 and 57). The maximum value received for a blank

is 1.62 g/t Au. The anomalous assay values are interpreted to have been caused either by

contamination at the laboratory or by a sample switch. After drill hole CP-06-58, Aurelian

changed the sample preparation procedure so that quartz washes are performed in order to

clean the crusher between sample processing (Hennessey and Stewart, 2007). Results are

graphed on Figure 11-2.

FIGURE 11-2 EXAMPLE OF A BLANK SAMPLE CONTROL CHART

Blank assays that exceed ten times the detection limit are determined to have fallen into the

criterion which shows possible contamination and/or sample switches. Batch re-analysis

rarely resulted in changes to assay data and the sources of errors were quickly confined to

either sample switching or contamination. Out of 682 blanks assayed, eight samples were

considered to be contaminated with a maximum assay value of 0.212 g/t Au and five blanks

were deemed to be affected either by contamination or of sample mixing with a high assay

0.001

0.01

0.1

1

10

1322

32…

1382

1313

8338

1381

1313

6214

1347

42…

1347

1413

4664

1320

2813

0764

1305

1413

3138

1350

4013

5240

1353

4013

2615

1309

89…

1309

1412

5138

1264

1313

3589

1337

5813

7190

…13

7080

1340

4006

3386

0633

1213

7563

1323

7713

0195

1303

1313

0170

1300

4112

6761

1265

6414

0115

1333

1413

3288

1256

63…

1256

1313

6896

…13

6881

1409

6514

0640

1407

1514

1623

1397

6313

9713

1395

2313

8638

1387

5713

6533

1366

4013

5653

1356

6413

1725

1315

1213

1787

1285

4613

9141

1441

9714

1013

…14

1036

1412

1312

5418

1342

6413

4289

1392

6213

9373

1245

3712

9819

1296

9412

4160

1245

9212

4739

1246

55

135240

125088

133589

126586

LIMIT

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value of 12.7 g/t Au. In all cases where spurious sample results were returned, the entire

assay batch was re-analyzed in the 2006-2008 campaigns and ten sequential samples both

above and below the outlier in the 2009-2010 campaign. During the infill program of 2010,

sequential blank failures detected one possibly contaminated batch of 25 samples in a high

grade interval in drill hole FN3300d05. Repeated analyses under strict cleaning procedures

have confirmed the original high assays.

From 2009 until present, ALS Chemex is considered to have provided adequate preparation

and assay procedures. However, more care is required during sample registry where five

probable cases of sample switching have been identified. At 0.7%, this represents only a

small percentage of the entire assay data set.

CERTIFIED REFERENCE MATERIALS Results from the regular submission of certified reference materials (“CRMs”) are used to

identify the accuracy of specific sample batches and long-term biases associated with the

regular assay laboratory. Repeated analysis of that same standard reference material will

also demonstrate the degree of analytical precision or its drift over time. Precision testing

involves replicate analysis of the certified standard as blind unknowns at a specified

sampling frequency. The grade of the CRM to be inserted is selected by the logging

geologist based on the expected grade range of the surrounding core samples.

Prior to the drilling moratorium in 2008, CRMs were inserted at a rate of one in 20 regular

samples. Subsequent to the moratorium, the insertion rate was one CRM every 25 samples.

CRMs were sulphide matrix material with certified Au, Ag, or combined Au-Ag values and

were produced by Rocklabs of New Zealand. Twenty different CRMs were used, with

expected grades ranging from 0.8 g/t Au to 30 g/t Au. Kinross monitored results with a series

of control charts (Figure 11-3).

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FIGURE 11-3 EXAMPLE OF A CRM CONTROL CHART

Note: abbreviations appearing in the legend code are given below:

UWL: Upper warning limit = 95% confidence (CRM+2SD) UCL: Upper critical limit = 99% confidence (CRM+3SD) LWL: Lower warning limit = 95% confidence (CRM-2SD) LCL: Upper critical limit = 99% confidence (CRM-3SD).

UMPIRE ANALYSIS – CHECK ASSAYS One in ten of all pulp samples dispatched from FDN since drilling restarted in 2009 were

selected for re-analysis by Inspectorate Labs of Lima, Peru (for a total of 725 samples). The

same QA/QC protocol for blank and standards insertions was used. Results from

Inspectorate tended to yield lower values as compared to ALS Chemex (2%, excluding the

two highest grade standards inserted), however, the differences were deemed to be

insignificant and no changes were made to the original database.

CHAIN OF CUSTODY AND SECURITY Once sealed, core boxes were transported from the drill to Las Peñas exploration camp. At

the camp, core was checked by geologists and stored in the core shed during the logging

and sampling process. Sample bags were sealed in plastic bags and rice sacks using

single-use plastic cable ties and then stored in a locked shed until shipment. The Las Peñas

camp had 24 hour security, which included monitoring activities in the core shed area.

Samples were then transported overland by a company driver in a light truck directly to Quito

where the custody of the samples was transferred to laboratory personnel. Signatures for

8.0

8.2

8.4

8.6

8.8

9.0

9.2

124725…138146…138171138246138270134722…131960…135073…135173132700…125145…125195125270133647…133672137098…137173134048…134123063269…063344063419137570…137645132309…130071…130121130172130221126542…140247…133347…125571…125596136796…136821136871136921141582…139521…139571139621139671136618…136643135647…135771131669…131794128548…128596128621139099…144007…141071…141196125396…125446134272…139278…139328139353124468…124093…

AU(PPM). CRM_AU. AVG_AU. UWL_AU. UCL_AU. LWL_AU. LCL_AU.

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responsible parties were required at every step of the process and records were archived at

the Las Peñas camp.

Digital laboratory data was distributed to project managers and the resource database

administrator via electronic mail. That data was manually uploaded to the database where it

was automatically merged with the appropriate sample data. The resource database system

required users to be logged on to the system. Each user was assigned privileges that were

dependent on his or her duties.

FIELD AND COARSE REJECT DUPLICATE SAMPLES Field duplicates assess the variability introduced by selecting one half of the drill core versus

the other, sampling disordering, and the nugget effect. Field duplicates consisted of two

quarter-cores sampled from one sample interval and the remaining half core was retained for

reference purposes. The coarse reject duplicate samples consisted of a second pulp made

from leftover coarse reject material from the primary crushing stage. Results from the reject

duplicate QC program were used to determine if the splitting procedures were applied

consistently and were appropriate. Of the two duplicate sample types, field duplicates were

prepared and numbered at the FDN core facility. Second split reject samples must be

requested and prepared by the assaying company.

RPA recommends that the entire other half of the drill core be submitted so that both

samples have the same original volume and therefore results will better reflect the local-

grade variance.

Scatter plots for field duplicates and reject duplicates show a strong correlation of 0.96 and

0.99, respectively, and indicate a high level of confidence in laboratory practices (Figure 11-

4).

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FIGURE 11-4 SCATTERPLOT OF COARSE REJECT DUPLICATE RESULTS

COMMENTS ON QA/QC RESULTS In general, the QA/QC results confirm that the gold and silver assays have achieved an

acceptable level of precision and accuracy. No significant biases are observed, nor are they

evident from the 2006 and 2007 external check assay and certified reference standard

results graphed in Hennessey and Stewart (2007) and Hatch (2010). RPA also found

QA/QC procedures acceptable for the 2010 infill program.

In RPA’s opinion, the QA/QC program as designed and implemented by Aurelian and

Kinross is adequate and the assay results within the database are suitable for use in

preparation of a Mineral Resource estimate.

y = 0.996x + 0.0113R² = 0.991

0

10

20

30

40

50

60

70

80

90

100

0 20 40 60 80 100

Dup

licat

e Sa

mpl

es (

Au

ppm

)

Regular Samples (Au ppm)

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12 DATA VERIFICATION SCOTT WILSON RPA AUDIT OF MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES A significant portion of the database verification was performed by Scott Wilson Roscoe

Postle Associates Inc. (Scott Wilson RPA), a predecessor company to RPA, during an audit

of the December 31, 2009 Mineral Resource and Mineral Reserve estimates. Scott Wilson

RPA’s audit was completed by Luke Evans, M.Sc., P.Eng., Dennis Bergen, P.Eng.,

Associate Principal Mining Engineer, and Holger Krutzelmann, P.Eng., Principal Metallurgist.

Mr. Evans and Mr. Bergen visited the FDN site from April 6 to 9, 2010 (Evans et al., 2010).

Data verification activities carried out by Mr. Evans included a detailed review of the standard

operating protocols, the drill hole spacing, the core diameter used, how the final collar

coordinates were determined, the downhole surveying procedures, the drill core logging

protocols, the core recovery, collection of the bulk density data, the sample layout, sample

preparation and sample security procedures, and the QA/QC protocols.

In June 2014, Kinross provided RPA a Dassault Systèmes GEOVIA GEMS (GEMS) project

containing updated drill hole database, core recovery, and density measurement files in

digital format. To reclaim the benefit of the previous data verification work related to the

2010 audit, RPA compared the updated database provided in June 2014 to the database

used for the December 31, 2009 Mineral Resource and Mineral Reserve estimate. No

significant discrepancies were identified.

SITE VISIT AND CORE REVIEW During its site visit, RPA reviewed drill core from numerous boreholes and compared

observations with assay results and descriptive log records made by Aurelian and Kinross

geologists. In addition to reviewing core, RPA examined outcrops, drill rigs, sampling

procedures, and other general exploration protocols.

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CHECKS ON ASSAY DATA BY OTHER CONSULTANTS Hennessey and Stewart (2007) used a two phase verification process to check 100% of the

assay data compiled up to and including 2007 drilling. The first phase was to check all

database assays on an ongoing basis as the certificates arrived from the lab. The second

phase was to re-check 10% of the database against lab certificates.

Between late 2007 and early 2009, drilling activities were not undertaken. At the end of the

2009 and 2010 infill programs, site personnel compiled and checked all certificates against

the database for all elements. The comparison showed no errors. Kinross also did a manual

5% check of the 2010 drill assay data while at site in June 2010. No errors were identified.

RPA is of the opinion that database verification procedures for the Project comply with

industry standards and are adequate for the purposes of Mineral Resource estimation.

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13 MINERAL PROCESSING AND METALLURGICAL TESTING INTRODUCTION An extensive number of studies were carried out from 2010 to 2013 for the FDN deposit in

order to identify the best processing option. Table 13-1 summarizes the evolution of the key

studies and process scenarios that have been considered. The relevant study reports have

been reviewed and referenced in this section, where applicable.

Gravity Concentration followed by Flotation and CIL (GFL) is a relatively simple process with

lower operational risk and was identified as an attractive alternative to whole ore pressure

oxidation/pressure oxidation (WOPOX/POX). A GFL processing option, at a processing rate

of 5,000 tpd (5 ktpd), was selected to be the preferred process scenario by Kinross as a

result of the Ranking Study, in comparison to WOPOX. The GFL option simplifies the mine

plan as the necessity for segregated mining is eliminated, and facilitates early gold

production by targeting high value stopes. The GFL option is simply replacement of POX

with a flotation plant as illustrated in Figure 13-1.

As a result of the Conceptual Mining Study, a production rate of 3,500 tpd (3.5 ktpd) was

identified as a more optimum production rate for the GFL option.

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TABLE 13-1 SUMMARY OF STUDIES Fortress Minerals Corp. – Fruta del Norte Project

Date Study (1) Process (2) Scenario Comments 2010 PFS WOPOX followed by

CIL 3 ktpd

Feb 2011 PFS Two Phase

Construction Initial: WOCIL Year 1.5: WOPOX

2.5 ktpd 5 ktpd

On-site power

Feb 2012 FS Two Phase

Construction Initial: WOCIL Year 1.5: WOPOX

2.5 ktpd 5 ktpd

Hatch study, grid power, also referred to as POX B case

Single Phase

Construction WOPOX

5 ktpd Referred to as POX C case

Early 2012 PIP

Optimization GFR GFL GLF GFBL

GFL idenitified as financially comparable alternative to POX

May 2012 TFS GFL as alternative to

POX 5 ktpd FS modified to remove

financial and sensitive data. Technical information same as FS.

Dated Dec 2012 (completed early 2013)

Ranking Study (RS)

Three GFL options ranked against two POX options

GFL: 3 ktpd, 4 ktpd, 5 ktpd POX: POX B and C cases

GFL at 5 ktpd ranked as preferred option

June 2013 GFL Update GFL 5 ktpd Hatch study July 2013 Conceptual

Mining Study GFL 3.5 ktpd NCL study, based on RS

results Notes:

1. PFS – Pre-feasibility Study, FS – Feasibility Study, PIP – Partners in Performance, TFS – Technical Feasibility Study.

2. WOPOX – Whole Ore Pressure Oxidation, CIL – Carbon in Leach, WOCIL – Whole Ore Carbon in Leach, POX – Pressure Oxidation, GFR – Gravity Concentration followed by Flotation and Roasting, GFL – Gravity Concentration followed by Flotation and CIL, GLF – Gravity Concentration followed by CIL and Flotation, GFBL – Gravity Concentration followed by Flotation and Bioleaching.

Jaw Crusher

SAG Mill

Ball Mill

Rougher Flotation

RegrindIntensiveLeach

IL Tls Rougher Tls

1st Clnr Tls

CleanerFlotation

GravityConcentration

GravityConcentrate

FlotationConcentrate

Carbon-in-Leach

CIL TailsTo Refinery

To Refinery



Simplified GFL Flowsheet



Figure 13-1

13-3

ww

w.rp

acan

.co

m

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MINERALOGY The following description of mineralogy is from the Ranking Study (Kinross, 2012c).

Four geochemically, texturally, and mineralogically distinct zones have been identified for the

FDN deposit:

• Xh_Vn: hydrothermal eruption breccia, syn-epithermal system (i.e. with clasts of veins and mineralized/altered rock)

• Xp_lp: phreatomagmatic breccia, pre-epithermal system (i.e. silica altered with clasts of volcanic and porphyry, but no epithermal vein clasts)

• M_South

• Silica_Halo

Seventy percent of the deposit is represented in the first two zones (Xh_Vn and Xp_Ip).

Mineralization at FDN is considered complex since gold and silver is contained in a wide

range of forms and carriers. The FDN deposit has five main gold forms and carriers:

• Free gold in silica gangue

• Electrum

• Gold and silver tellurides

• Fine gold particles associated with sulphides and non-sulphide material

• Refractory “solid solution” gold in sulphides, mostly pyrites and silicates

Mineralogical analysis of individual zone composites is presented in Table 13-2. Ore

characterization has changed to represent geological domains instead of

mineralogical/geometallurgical characterization; however, metallurgical testwork references

were based on four zones. In all zone composites, silicate minerals dominated the mineral

mass and pyrite was the predominant sulphide mineral. In FDN Zones 1, 2 and 4, sphalerite

was the next highest sulphide mineral in concentration. Significant carbonate was also

present in FDN Zones 1 and 2.

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TABLE 13-2 MINERALOGICAL SUMMARY (2009) Fortress Minerals Corp. – Fruta del Norte Project

Gold Association (%)

Description (1) Zone 1 Zone 2 Zone 3 Zone 4 Zone 1&2 (2) Liberated Gold 45 25 24 35 35 Gold in Sulphides 14 42 7.5 15 28 Gold Associated with non-sulphide gangue 40 34 69 50 37 Pyrite Liberation

Free 77 30 76 45 53 Liberated 1.6 25 -- 18 13 In Silicates 19 44 25 37 31

Bulk Modal Analysis Carbonates 1.5 -- 0.4 1.2 0.8 Oxides 5.4 0.3 0.4 1.2 2.8 Silicates 83 96 97 97 89 Pyrite 9.1 3.3 1.9 1.1 6.2 Other Sulphides 0.5 0.3 -- 0.2 0.4

Notes:

1. Based on pulverized samples. 2. Calculated 50:50 Zone1:Zone 2 characterization used for flotation optimization.

The mineralogical analysis shows the complexity of the FDN mineralization. The

predominant gold forms and carriers change from liberated gold in Zone 1 to gold in

sulphides in Zone 2 and gold in non-sulphide material in Zones 3 and 4. The bulk of the gold

is microscopic and associated with quartz, carbonates, and sulphides. Much of the gold is

“free milling”, but the mineralization is moderately refractory with approximately 40% of the

gold locked in sulphides. Coarse visible gold is common and occurs in all mineralized zones.

Gold occurs in quartz or carbonate and within pyrite or silver sulphosalt clusters.

The sulphide content also varies systematically, with the upper central part of the system

often exceeding 20% sulphide, as alteration and in veins and brecciation, decreasing to less

than 1% in the quartz veins at the north end of the system.

Due to the complexity of the mineralization, multiple process circuits are needed to recover

gold and silver.

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METALLURGICAL TESTING Metallurgical testing in support of the GFL process option was conducted by SGS Lakefield

Research Ltd. (SGS) on five composite samples that were created in 2009 and 2012. The

test program consisted of three phases:

• Phase 1 – Validation of GFL flowsheet

• Phase 2 – GFL flowsheet optimization

• Phase 3 – Downstream test work

Tests were performed in order to validate and optimize the GFL process to be used at FDN

and estimate metal recovery and operating costs.

Drill hole locations for the composite samples used during various test phases are indicated

in Table 13-3. The Zone 1&2 composite samples were prepared in 2009, while the 5 Year

Average, 5 Year Low, and 5 Year High composites and the LOM composite sample were

prepared in 2012 specifically for GFL optimization testwork and were based on the 2012

revised 5 ktpd non-constrained mine plan.

TABLE 13-3 SUMMARY OF COMPOSITE SAMPLES AND ASSAYS (1) Fortress Minerals Corp. – Fruta del Norte Project

Sample ID Drill Hole ID Stewart Zone

Weight (kg)

Composite (kg)

Au (g/t)

Ag (g/t) %S2- %CO3

Zone 1 Composite FDN1-1 CP-08-225 94.9 FDN1-2 CP-08-196 32.8 FDN1-3 CP-08-198 23.7 FDN1-4 CP-08-194 36.3 FDN1-5 CP-08-191 16.7 FDN1-6 CP-08-207 58.0 FDN1-7 CP-08-201 37.1

Total Zone 1 Composite 299.5 165.4 Zone 2 Composite

FDN2-1 CP-08-209 11.8 FDN2-2 CP-08-195 23.4 FDN2-3 CP-08-199 17.7 FDN2-4 CP-08-193 23.6 FDN2-5 CP-08-196 4.7

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Weight (kg)

Composite (kg)

Au (g/t)

Ag (g/t) %S2- %CO3

FDN2-6 CP-08-198 13.5 FDN2-7 CP-08-194 7.3 FDN2-8 CP-08-191 16.4 FDN2-9 CP-08-207 14.4

FDN2-10 CP-08-201 15.1 FDN2-11 CP-08-201 13.5 FDN2-12 CP-08-192 45.3 FDN2-13 CP-08-225 94.2

Total Zone 2 Composite 300.9 176.4 Zone 1&2 Composite (Phase 1) 341.8

5 Year Average Grade Composite (Phase 2)

CP-09-242 FDN2 8.27 5.53 4.60 2.54 0.26 CP-09-242 FDN2 6.91 6.12 7.70 2.83 0.05 CP-09-244 FDN2 7.56 6.89 7.60 1.93 0.05 CP-09241 FDN1 7.82 8.21 4.70 2.42 1.41 CP-09-241 FDN1 7.62 10.10 12.90 2.65 3.64 CP-09-241 FDN1 3.99 10.30 6.40 2.66 1.24 CP-09-242 FDN1 7.52 12.50 19.00 2.09 4.26 CP-09-242 FDN2 6.50 12.80 33.00 2.40 0.05 FN3650m01 FDN4 7.12 16.20 11.20 1.57 1.17

Total 5 Year Average Grade Composite 63.31 9.37 11.76 2.34 1.31

5 Year High Grade Composite (Phase 2) CP-09-244 FDN2 3.86 12.60 11.00 1.93 0.05 CP-09-242 FDN1 5.31 12.80 32.80 2.83 0.05 CP-09-242 FDN1 7.67 14.50 12.30 1.04 7.60 CP-09-241 FDN1 3.59 15.20 4.90 2.93 0.23 CP-09-244 FDN4 6.77 19.90 22.80 1.41 0.05

Total 5 Year High Grade Composite 31.27 15.97 16.28 2.00 1.95

5 Year Low Grade Composite (Phase 2) CP-09-242 FDN2 7.55 4.00 6.00 2.58 0.32 CP-09-244 FDN2 3.66 4.94 10.80 0.64 0.05 CP-09-242 FDN2 3.76 6.60 6.90 1.26 0.05 CP-09-241 FDN1 3.97 8.67 5.20 2.66 1.24 CP-09-242 FDN1 3.97 8.72 16.00 3.35 0.37 CP-09-242 FDN2 7.19 9.40 14.30 2.16 0.05

Total 5 Year High Grade Composite 30.10 6.97 9.89 2.19 0.32

LOM Composite (Phase 2 – 3) CP-09-242 FDN1 4.09 4.62 5.00 0.40 3.51 CP-09-241 FDN1 8.00 5.06 4.90 2.42 1.41 CP-09-242 FDN1 7.77 5.13 2.70 2.31 0.55

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Weight (kg)

Composite (kg)

Au (g/t)

Ag (g/t) %S2- %CO3

CP-09-242 FDN1 7.46 5.16 5.20 2.74 0.05 CP-09-244 FDN2 7.79 5.26 11.70 3.32 0.05 CP-09-242 FDN1 4.68 5.41 5.00 3.22 0.16 CP-09-242 FDN1 7.70 5.55 6.20 2.69 1.14 CP-09-243 FDN2 7.46 5.56 11.70 3.77 0.05 CP-09-241 FDN1 4.18 5.67 2.60 2.68 2.56 FN3650m01 FDN4 3.33 6.22 4.20 0.08 4.22 CP-09-242 FDN1 4.30 6.74 16.10 2.08 8.55 CP-09-244 FDN4 6.68 6.90 5.60 0.12 2.97 CP-09-243 FDN4 7.60 7.07 41.10 2.41 0.43 CP-09-241 FDN2 2.96 7.24 9.00 2.93 1.67 CP-09-244 FDN2 7.30 7.45 28.60 3.89 0.05 CP-09-243 FDN4 3.28 7.46 15.70 2.48 0.45 FN3650m01 FDN4 2.52 7.92 6.00 0.95 0.43 CP-09-241 FDN3 3.65 7.98 10.00 0.05 0.05 CP-09-242 FDN2 3.71 8.18 9.00 2.01 0.05 CP-09-242 FDN1 7.94 8.23 27.30 3.50 1.36 CP-09-242 FDN1 6.85 8.43 7.80 3.04 1.19 CP-09-242 FDN1 7.56 9.28 10.20 3.04 1.19 CP-09-242 FDN2 4.49 9.71 0.50 1.60 0.05 FN3650m01 FDN4 2.83 10.10 7.90 0.41 1.07 CP-09-241 FDN2 10.50 9.20 9.20 5.65 0.92 CP-09-242 FDN1 4.50 10.80 10.40 1.60 3.75 C9-09-241 FDN1 4.15 11.10 7.70 2.97 2.90 CP-09-242 FDN1 4.59 11.10 13.70 3.22 0.16 CP-09-245 FDN4 2.01 11.50 8.30 1.11 0.32 FN3650m01 FDN4 7.01 13.20 12.30 0.08 0.08 4.22 CP-09-242 FDN1 7.52 13.40 11.50 2.69 1.14 CP-09-242 FDN1 5.16 16.60 19.80 3.22 0.16 CP-09-242 FDN1 7.39 18.30 9.50 2.31 0.55

Total LOM Composite 186.96 8.48 11.54 2.54 1.32

Notes: 1. Calculated weighted average grades.

A check by RPA of the drill hole locations for each of the five composite samples used in

metallurgical testing confirmed that sampling was primarily from zones Xh_Vn and Xp_Ip. It

is unclear how the Zone 1&2 composite samples relate spatially to the current four geological

domains (Xh_Vn, Xp_Ip, M_South, and Silica_Halo) due to recent changes to the geological

domaining system. It is recommended that a drilling campaign collect fresh samples for

more metallurgical testwork in order to better define the gold and silver recoveries in the GFL

process.

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Full head grade analysis of the FDN sample composites used for 2012 metallurgical test

work is shown in Table 13-4. The calculated weighted average values in Table 13-4 were

lower than the measured values from head assays. The gold head grades for all samples

are much higher than the break-even COG for gold (4.5 g/t) referenced in the Conceptual

Mining Study (NCL, 2013).

TABLE 13-4 FDN SAMPLE COMPOSITION Fortress Minerals Corp. – Fruta del Norte Project

Element Unit Zone 1&2 5 Year

Average 5 Year Low 5 Year High LOM

Au g/t 10.9 8.98 5.95 14.0 9.94 Ag g/t 15.6 9.00 9.60 17.8 16.4 S % 2.68 2.46 2.28 2.2 2.68

S2- % 2.41 -- -- -- 2.43 As % 0.01 0.03 0.04 0.05 0.06 Co % <0.01 <0.01 <0.01 <0.00 <0.01 Cu % 0.02 0.01 0.01 0.01 -- Cl g/t 90 140 100 120 240 Fe % 2.69 2.48 2.22 2.24 2.53 Ni % <0.002 <0.001 <0.001 <0.000 <0.001 Pb % 0.04 0.02 0.07 0.02 0.02 Sb % 0.01 0.01 0.01 0.01 0.01 Zn % 0.13 0.07 0.04 0.05 0.05 Bi % <0.002 <0.002 <0.002 <0.002 <0.002 Cd % <0.0005 <0.0005 <0.0005 <0.0005 <0.0005 Si % -- 38.5 40.0 37.4 35.0 Hg g/t 1.15 0.70 1.10 1.90 0.80 F % 0.04 0.04 0.06 0.04 0.05

Phase 1 bench scale test work determined that replacement of the POX circuit with a

flotation circuit resulted in high overall gold recoveries and demonstrated that GFL was a

viable option.

Phase 2 test work focused on optimization studies and an overall gold recovery of 94.8% and

an overall silver recovery of 93.2% were achieved in a locked cycle test (LCT5) performed on

a composite sample representing the average grades of gold, silver, carbonate, and sulphur

for the first five years of mine life (based on the 5 ktpd non-constrained mine plan). LCT6

was performed on a composite sample representing the average grades of gold, silver,

carbonate, and sulphur for the entire LOM and based on the 5 ktpd con-constrained mine

plan. Overall gold recovery achieved in LCT6 was 93.3%, while overall silver recovery was

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92.9%. However, the mass pulls for LCT 5 (4.46%) and LCT6 (3.57%) were both under the

target of 6%. There is potential for improvement in gold recovery with a higher mass pull and

further studies should be undertaken to confirm recoveries.

A summary of key test work results from optimization studies is presented in Table 13-5.

TABLE 13-5 SUMMARY OF KEY TESTWORK RESULTS Fortress Minerals Corp. – Fruta del Norte Project

Process Parameter Units Value Gravity Target Mass Pull % 1 – 1.25

Target Recovery %Au 23 Grind Size µm 150 – 165

Flotation Rougher Feed Grind Size µm 70 Rougher Concentrate Mass Pull % 20 Cleaner Concentrate Mass Pull % 5 - 6 Cleaner Stages # 3 Rougher Concentrate Regrind µm 35 Reagents PAX, A208, MIBC Rougher pH neutral

The GFL test work produced a marketable concentrate with high sulphur and silica content

with low levels of deleterious elements making it attractive to smelters.

Global recoveries of gold and silver from the Ranking Study process design criteria for all

GFL cases were 94.7% and 90.9%, respectively. Kinross revised the gold and silver

recoveries to 93.2% and 90.9%, respectively (Hatch, 2013) and these figures were used for

reference in the Conceptual Mining Study for the 3.5 kptd GFL case.

A program of systematic GFL flowsheet optimization testwork should continue on

representative samples of the material to be mined in the production plan, with emphasis on

gold and mass recovery for a broader range of mineralized samples.

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14 MINERAL RESOURCE ESTIMATE SUMMARY Kinross provided RPA with a GEMS project that included the drill hole database, wireframes

of the domain boundaries, and a complete block model. RPA reviewed all aspects of the

resource model, made some minor adjustments, calculated an updated cut-off grade, and

reported Mineral Resources.


October 21, 2014 (Table 14-1). At a cut-off grade of 3.4 g/t Au, Indicated Mineral Resources

are estimated to total 23.5 million tonnes at an average grade of 9.59 g/t Au and 12.9 g/t Ag

for a total of 7.26 million ounces of gold and 9.73 million ounces of silver. Inferred Mineral

Resources are estimated to total 14.5 million tonnes at an average grade of 5.46 g/t Au and

2.55 g/t Ag for a total of 2.55 million ounces of gold and 5.27 million ounces of silver. The

Mineral Resources are contained within four main geological domains. There are no Mineral

Reserves currently estimated on the Project.

TABLE 14-1 SUMMARY OF MINERAL RESOURCES – OCTOBER 21, 2014 Fortress Minerals Corp. – Fruta del Norte Project

Category Tonnage Grade Contained Metal Grade Contained Metal

(M t) (g/t Au) (M oz Au) (g/t Ag) (M oz Ag) Indicated 23.5 9.59 7.26 12.9 9.73 Inferred 14.5 5.46 2.55 11.3 5.27

Notes:

1. CIM definitions were followed for the classification of Mineral Resources. 2. Mineral Resources are estimated at a cut-off grade of 3.4 g/t Au. 3. The cut-off grade was calculated using a long-term gold price of $1,400 per ounce. 4. The Mineral Resource estimate uses drill hole data available as of October 21, 2014. 5. Bulk density ranges from 2.62 t/m3 to 2.73 t/m3. 6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 7. Numbers may not add due to rounding.

RESOURCE DATABASE Kinross modelled the FDN resources using Dassault Systèmes GEOVIA GEMS Version 6.6

software (GEMS). Kinross provided RPA a GEMS project that included the drill hole

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database plus all other resource modelling components such as wireframe and block

models.

Listed below is a summary of records for drill holes recorded in the GEMS project. The most

recent drill hole included in the database was drilled in 2010. Drill holes completed since

then are not expected to have a significant effect on the Mineral Resource model. The

central core, located in the northern half of the deposit, was drilled at 35 m to 50 m spacing,

whereas the south half of the deposit is drilled on 100 m spaced sections.

• Holes: 237 • Surveys: 3,060 • Assays: 54,629 • Composites 46,316 • Full width intercepts: 1,157 • Lithology: 7,090 • Alteration: 7,091 • Density measurements: 3,511

A total of 32 drill holes have no associated assay data since these did not intersect

mineralization. Drill holes CP-07-116, CP-07-128, CP-07-145, and CP-08-229 collapsed

during drilling and were not logged.

Five metallurgical holes, CP-09-241 to CP-09-245, have unassayed intervals that are likely

located within mineralization. These intervals were treated as “no data”, and did not

influence the block grade estimates. RPA recommends that these unassayed intervals be

assayed if the drill core is available.

All drill hole and resource model coordinates are in UTM Zone 17 South using the EGM96

geoid to reference elevation.

Section 12, Data Verification, describes the verification steps made by Kinross and RPA. In

summary, no discrepancies were identified and RPA is of the opinion that the drill hole

database is valid and suitable to estimate Mineral Resources for the Project.

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DATABASE RE-PROJECTION The 2010 exploration grid was based on UTM Zone 17S coordinates using the PSAD56

datum. All data has since been re-projected to UTM Zone 17S using the using the EGM96

geoid to reference elevation. In 2010, Kinross retained Tetra Tech Wardrop (Wardrop) to

assess the impact of implementing a new datum on collar coordinates, and on the

subsequent translation of the geological interpretation (wireframes) to the new datum.

Wardrop’s assessment included various comparisons of re-surveyed holes and a visual

verification of the corrected database with the LiDAR produced surface. No significant

offsets were noted between the corrected data set and the LiDAR surface. Geological

wireframe translation was based on the average offset from the drill hole coordinates.

References to section lines are abbreviated to xx00N from the UTM northing 958xx00 metres

north.

GEOLOGICAL INTERPRETATION AND 3D SOLIDS Geological domains are used to control block modelling processes such as block grade

estimates and density assignments. Domains are interpreted as zones with relatively

uniform grade statistics and geology. Kinross used a variety of statistical and geostatistical

tools to determine the domaining criteria including:

• Length statistics to determine dominance by geologic attribute;

• Dependency test to develop baseline relationships for geologic attributes;

• Correlation matrices to link the geologic dependents to geochemical attributes;

• Principal Component Analysis (PCA) to provide the first step in the clustering of attributes for observing potential correlations;

• K-mean clustering to assign attributes into groups.

The correlation matrices defined a silicic gold bearing core that consisted of four distinct sub-

domains composed of distinctly different mineralogical, epithermal, and geochemical

signatures. Conversely, there was a negative correlation of Au mineralization with respect to

the clay alteration types that encapsulated the silicic core. Kinross used the following key

geologic associations to facilitate the sub-domaining of the FDN mineralized core:

• Lithological – Strong relationship between breccia types and Au mineralization

• Alteration – Weak relationship between Au mineralization and clay alteration

• Alteration – Strong relationship between Au mineralization and silica alteration

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Both Leapfrog and GEMS software were used to build the wireframe models representing

the domains. Wireframe model of various alteration and lithology zones were first built in

Leapfrog. The second stage of the wireframe construction process was done in GEMS

software. The alteration, silicic core, and lithologic surfaces created in Leapfrog were

imported into GEMS for final solid creation (Figures 14-1 to 14-4).

The FDN deposit was divided into four main geologic domains based on lithology, alteration,

and grade. Each domain is distinctive in mineralogical, textural, and geochemical character

as well as in gold distribution.

1. The Xp_Ip domain is a phreatomagmatic breccia. It is thought to predate the epithermal system because it does not include epithermal vein clasts, although it is silica altered and includes clasts of volcanic and porphyry rocks. The Xp_Ip domain is vertical to sub-vertically oriented and elongated in the north-south direction, measuring approximately 365 m high by 120 m wide by 1,200 long. Xp_Ip and the Xh_Vn domain make up the gold core of the FDN deposit which hosts approximately 70% of the metal at FDN. It forms the eastern footwall of the deposit.

2. The Xh_Vn domain is a hydrothermal eruption breccia with abundant veining and

stockwork. It is thought to be synchronous with the epithermal system as it contains clasts of veins and both mineralized and altered wall rocks. It is vertical to sub-vertically oriented and elongated in the north-south direction, measuring approximately 360 m high by 130 m wide by 1,000 long.

3. The M_South volcanic domain is located to the south of the gold rich core made up of

the Xp_Ip and Xh_Vn domains. It is 300 m wide by 370 m high by 950 m long, elongated in the north-south direction.

4. The Silica_Halo envelops the top and bottom of the three other domains. Together

with the three other domains, the FDN deposit has a strike length of 1,670 m by 770 m in height. The Silica_Halo does not add significantly to the across strike direction.

The four zones are believed to represent distinct hydrothermal events starting with the Xp-lp

domain which is associated with late porphyry intrusion events. This was followed by the

silica-arsenopyrite-marcasite alteration associated with hydrothermal brecciation (Xh) in the

up-flow zone centred on section 3400N and “mushrooming” out below the Suarez

unconformity. The later stage quartz-carbonate phase (Vn) of the hydrothermal brecciation

event appears to have formed in the northern section of the deposit, wrapping partially

around a flexure in the feldspar porphyry contact. Xh and Vn were grouped together for

resource domaining purposes.

East F

au

lt

West F

au

lt

95

82

00

0N

,,

95

82

50

0N

,,

95

83

00

0N

,,

95

83

50

0N

,,

777,500 E 778,000 E 778,500 E 779,000 E

95

82

00

0N

,,

95

82

50

0N

,,

95

83

00

0N

,,

95

83

50

0N

,,

777,500 E 778,000 E 778,500 E 779,000 E

Xh - Vn Domain

M South Domain

Xp - Ip Domain

Drill Hole Trace

0 100 500

Metres

200 300 400

N

October 2014


Level Plan withDomain Wireframes and

Drill Hole Traces



Figure 14-1

14-5

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600 Elev.

800 Elev.

1000 Elev.

W E

1200 Elev.

1400 Elev.

60

0 E

80

0 E

10

00

E

12

00

E

Silica Halo Domain

Silica Halo Domain

Topographic Surface

Drill Hole Trace

Xh - Vn Domain

East F

au

lt

West F

au

lt

Unconformity

Xp - Ip Domain

0 50

Metres

100 150 200

October 2014


Vertical Cross Section 2925FSwith Domain Wireframes and

Drill Hole Traces



Figure 14-2

14-6

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60

0 E

80

0 E

10

00

E

12

00

E

14

00

E

600 Elev.

800 Elev.

1000 Elev.

1200 Elev.

1600 Elev.

1400 Elev.

W E

M South Domain

Silica Halo Domain

Topographic Surface

Drill Hole Trace

East F

au

lt

West F

au

lt

Unconform

ity

View Looking North

0 50

Metres

100 150 200

October 2014


Vertical Cross Section 2325FSwith Domain Wireframes and

Drill Hole Traces



Figure 14-3

14-7

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Unconformity

0 N 500 N 1000 N 1500 N

50

0E

lev.

10

00

Ele

v.

15

00

Ele

v.

50

0E

lev.

10

00

Ele

v.

15

00

Ele

v.

0 N 500 N 1000 N 1500 N

Xh - Vn Domain

M South Domain

Silica Halo Domain

Xp - Ip Domain

Topographic Surface

Drill Hole Trace

S NView Looking West

0 100 500

Metres

200 300 400

October 2014


Longitudinal Section withDomain Wireframes and

Drill Hole Traces



Figure 14-4

14-8

ww

w.rp

acan

.co

m

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COMPOSITING The average length of assayed samples within the mineralized domains Xh_Vn, Xp_Ip, and

M_South is 0.99 m (Figure 14-5). Given the block size of 4 m by 10 m by 10 m, Kinross

chose to composite to two metre lengths for grade interpolation purposes.

Compositing was performed in Gemcom GEMS 6.3 modelling software. The processing was

done by geologic domain using intervals from a solid intercept table at two metre intervals.

To maintain sample support, the last interval of the domain composite was allowed to be

created, and was tagged as being residual. The residuals were not used in the variography

analysis but were used in the interpolation process. The composite results were also

checked for redundant entries, in an effort to minimize any adverse effects on variography

analysis. RPA recommends that the effect of the residuals less than 0.5 m be tested.

FIGURE 14-5 HISTOGRAMS OF SAMPLE LENGTHS

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CUTTING HIGH-GRADE VALUES Where the assay distribution is positively skewed or approaches log-normal, erratic high-

grade assays or composite values can have a disproportionate effect on the average grade

of a deposit. One method of treating these outliers in order to reduce their influence on the

average grade is to cut or cap them at a specific grade level. In the absence of production

data to calibrate the cutting level, inspection of the assay or composite distribution can be

used to estimate a “first pass” cutting level. Kinross chose to cut composites rather than

assays. RPA recommends that the sensitivity of cutting raw assays be tested.

The FDN metal capping review consisted of disintegration analysis in conjunction with

histogram, log probability and mean variance plots. The disintegration analysis ranks the

metal data in ascending order and applies a percent change or step function of 10% to 15%

between consecutive values to determine where population breaks occur. This is used in

conjunction with the histogram and log probability plots to cross-validate the disintegration

population breaks (Table 14-2 and Figure 14-6).

The gold values for domain Xh_Vn were left uncapped. Instead, a restricted search was

applied to composites greater than 60 g/t Au as described below. A capping value was

applied to the silver grades for this domain.

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TABLE 14-2 DISINTEGRATION ANALYSIS FOR DOMAIN XP_IP (GOLD) Fortress Minerals Corp. – Fruta del Norte Project

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FIGURE 14-6 HISTOGRAM AND PROBABILITY PLOTS FOR DOMAIN XP_IP (GOLD)

The cutting levels applied by Kinross are summarized in Table 14-3. Statistical comparisons

are provided in subsection Statistical Analyses that follows. In order to preserve the grades

within the high grade zones with intense veining of domain Xh_Vn, Kinross chose to leave

composites uncapped, and instead applied a restricted search for gold values greater than

60.0 g/t. The restricted search dimensions are described in subsection Interpolation

Parameters.

TABLE 14-3 SUMMARY OF CUTTING LEVELS Fortress Minerals Corp. – Fruta del Norte Project

Item Gold Silver Domain Xh_Vn

Samples 9,528 9,528 Cutting Level none 148 Number Samples Cut none 25

Domain Xp_Ip Samples 6,351 6,351 Cutting Level 58.68 98.19 Number Samples Cut 11 9

Domain M_South

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Item Gold Silver Samples 2,828 2,828 Cutting Level 27.38 87.83 Number Samples Cut 13 17

Domain Silica_Halo Samples 2,910 2,910 Cutting Level 27.38 87.83 Number Samples Cut 3.00 9.00

STATISTICAL ANALYSIS Assay and composite values located inside the wireframe models were tagged with domain

identifiers and exported for statistical analysis. Results were used to help verify the

modelling process. Basic statistics of both gold and silver assays are reported by domain in

Table 14-4. Note that the composites for Xh_Vn were not capped. Composite statistics are

listed for both capped and uncapped values. Composite statistics are reported after the

residual composites were removed.

TABLE 14-4 CUT AND UNCUT COMPOSITE STATISTICS


Assays (Uncapped) Composites Au (g/t) Ag (g/t) Au (g/t) Cut Au

(g/t) Ag (g/t) Cut Ag

(g/t) All domains

No. of Cases 41,658 41,658 21,617 21,617 21,617 21,617 Minimum 0.00 0 0.00 0.00 0 0 Maximum 2,447.20 1,130 1,449 1,449 671 148 Median 1.04 5 1.12 1.12 5 5 Arithmetic Mean 4.79 9 4.50 4.48 9 9 Standard Deviation 29.40 21 19.53 19.48 15 12 CV 6.13 2.3 4.34 4.35 1.7 1.4

Xh_Vn No. of Cases 18,851 18,851 9,528 9,528 9,528 9,528 Minimum 0.00 0 0.00 0.00 0 0 Maximum 2,447.20 1,130 1,449 1,449 671 148 Median 2.89 6 3.31 3.31 7 7 Arithmetic Mean 8.49 11 8.50 8.50 11 11 Standard Deviation 39.38 23 28.54 28.54 18 14 CV 4.64 2.1 3.36 3.36 1.6 1.3

Xp_Ip No. of Cases 12,402 12,402 6,351 6,351 6,351 6,351 Minimum 0.00 0 0.00 0.00 0 0

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Assays (Uncapped) Composites Au (g/t) Ag (g/t) Au (g/t) Cut Au

(g/t) Ag (g/t) Cut Ag

(g/t) Maximum 538.00 578 89 59 197 98 Median 0.47 4 0.57 0.57 4 4 Arithmetic Mean 1.98 8 1.69 1.67 7 7 Standard Deviation 11.43 17 4.83 4.56 10 10 CV 5.78 2.2 2.86 2.73 1.4 1.3

M_South No. of Cases 5,695 5,695 2,828 2,828 2,828 2,828 Minimum 0.00 0 0.00 0.00 0 0 Maximum 1,535.00 688 79 27 229 88 Median 0.66 4 0.74 0.74 4 4 Arithmetic Mean 2.34 8 1.56 1.46 7 7 Standard Deviation 28.61 24 4.13 2.90 13 10 CV 12.21 3.2 2.65 2.00 1.9 1.5

Silica_Halo No. of Cases 4,710 4,710 2,910 2,910 2,910 2,910 Minimum 0.00 0 0.00 0.00 0 0 Maximum 86.10 460 52 27 383 88 Median 0.19 3 0.18 0.18 3 3 Arithmetic Mean 0.39 6 0.39 0.38 6 5 Standard Deviation 1.80 17 1.66 1.31 13 9 CV 4.65 2.7 4.25 3.47 2.3 1.7

Note. For the purpose of this analysis, most vein material was grouped with Xh_Vn. CV indicates coefficient of variation.

VARIOGRAPHY Variography was carried out within a 450 m long segment of the deposit with closely spaced

drilling, between northings 9,583,300mN and 9,583,750mN. The directions for the major,

semi-major, and minor axes were selected using a set of variogram maps generated in the

horizontal, across-strike vertical, and dip planes. Variograms for each direction were created

and modelled for each domain. A Normal Scores transformation was also used to provide

improved variograms. Figures 14-7 to 14-10 show the downhole and directional variograms

for the Xh_Vn domain. A back transformation from Normal Scores space was completed

following the variographic analysis and used as input to the Ordinary Kriging interpolation in

GEMS (Table 14-5).

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FIGURE 14-7 XH_VN DOMAIN AU DOWNHOLE VARIOGRAM

FIGURE 14-8 XH_VN DOMAIN AU DIRECTION 1 VARIOGRAM

Note: Direction 1 plunges -24° towards azimuth 008°.

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Note: Direction 2 plunges -61° towards azimuth 224°.


Note: Direction 3 is inclined at -20° towards azimuth 285°.

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TABLE 14-5 VARIOGRAM MODELS FOR XP_IP AND XH_VN Fortress Minerals Corp. – Fruta del Norte Project

Domain Xp_Ip Domain Xh_Vn

Structure Model Type Sill Range Structure Model Type Sill Range (m)

Direction 1 -23° towards 006° Direction 1 -23° towards 024°

1 Nugget 0.2 0 1 Nugget 0.19 0

2 Spherical 0.5 23.5 2 Spherical 0.44 13

3 Spherical 0.16 77 3 Spherical 0.24 126


Direction 2 -58 towards 231° Direction 2 -58° towards 159





Direction 3 -20° towards 285° Direction 3 -20° towards 285°





INTERPOLATION PARAMETERS Grade interpolations for gold and silver were made using the Ordinary Kriging (OK) algorithm

and using search strategies individually adapted to each domain (Tables 14-6 and 14-7).

The search ellipses generally have the same orientations, striking north-northeast, dipping

west, and plunging north-northeast. A two pass approach was used, with the first pass

search ranges approximately equivalent to the variogram ranges at 80% of the sill. The first

pass used a minimum of two drill holes. The second pass used a larger search with a one

hole minimum.

Both hard and soft boundaries were used, based on various contact analyses and the

geological interpretation by Kinross. Table 14-8 summarizes composites that were used to

estimate gold block grades within each domain. Pass 1 for Xh_Vn used composites flagged

as Xh_Vn and/or Veins. Composites flagged as vein but located within another domain

(Xp_Ip or M_South) could be used to estimate an Xh_Vn block because Xh_Vn is dominated

by vein material that could cross the domain boundaries as interpreted and created. A soft

boundary between Xh_Vn and other domains was used for the second pass to help ensure

all blocks were filled. Very few blocks were estimated around domain edges during the

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second pass. Pass 1 for domain Xp_Ip used only composites flagged as Xp_Ip. A few

composites located within Xp_Ip flagged as Vein material were not used to estimate Xp_Ip

blocks. Similar to Xh_Vn, pass 2 used a soft boundary with the other domains, including the

vein material. Domain M_South used a similar strategy as Xh_Vn on the grounds that veins

extended southward from Xh_Vn into M_South. Blocks within the Silica_Halo domain used

composites from the Silica_Halo domain only.

Table 14-9 lists composites that were used to estimate silver block grades within each

domain. The interpolation parameters are mostly the same as for gold.

Figures 14-11 to 14-14 illustrate the results of the grade estimates.

TABLE 14-6 BLOCK GRADE INTERPOLATION PARAMETERS FOR GOLD Fortress Minerals Corp. – Fruta del Norte Project

Rotation (ZXZ) Ellipse Range (m)

Domain/ Pass No.

Min. No. Samples.

Max. No. Samples

Max. Samples per Hole Z X Z X Y Z

Xh_Vn Pass 1 3 8 2 75 -75 25 45 30 15

Pass 2 1 15 15 75 -75 25 250 200 100 Xp_Ip

Pass 1 3 8 2 75 -70 25 45 24 12 Pass 2 1 15 15 75 -70 25 175 130 80

M_South Pass 1 3 8 2 75 -75 25 45 30 15 Pass 2 1 8 2 75 -75 25 250 200 100

Silica_Halo Pass 1 3 8 2 75 -75 25 200 130 75

Pass 2 1 8 2 75 -75 25 200 130 75

Notes: 1. In GEMS software, a positive rotation around the Z axis is from X towards Y, and around the X axis is

from Y towards Z. 2. Capped grades were used in all domains except Xh_Vn. 3. Within the Xh_Vn domain, gold grades greater than 60 g/t were restricted to a search ellipse of 30 m by

20 m by 7 m.

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TABLE 14-7 BLOCK GRADE INTERPOLATION PARAMETERS FOR SILVER Fortress Minerals Corp. – Fruta del Norte Project

Rotation (ZXZ) Ellipse Range (m)

Domain/ Pass No.

Min. No. Samples.

Max. No. Samples

Max. Samples per Hole Z X Z X Y Z

Xh_Vn Pass 1 3 8 2 75 -75 25 45 30 15

Pass 2 1 8 8 75 -75 25 250 200 100 Xp_Ip

Pass 1 3 8 2 75 -70 25 45 24 12 Pass 2 1 8 8 75 -70 25 175 130 80

M_South Pass 1 3 8 2 75 -75 25 45 30 15

Pass 2 3 8 2 75 -75 25 250 200 100 Silica_Halo

Pass 1 3 8 2 75 -75 25 45 30 15 Pass 2 1 8 2 75 -75 25 200 130 75

Note: In GEMS software, a positive rotation around the Z axis is from X towards Y, and around the X axis is from Y towards Z.

TABLE 14-8 PERMITTED COMPOSITES BY DOMAIN FOR GOLD


Composite Flag

Veins Xh_Vn Xp_Ip M_South Silica_Halo Domain Xh_Vn

Pass 1 yes yes no no no Pass 2 yes yes yes yes yes

Domain Xp_Ip Pass 1 no no yes no no Pass 2 yes yes yes yes yes

Domain M_South Pass 1 yes no no yes no Pass 2 yes yes yes yes yes

Domain Silica_Halo Pass 1 no no no no yes Pass 2 no no no no yes

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TABLE 14-9 PERMITTED COMPOSITES BY DOMAIN FOR SILVER Fortress Minerals Corp. – Fruta del Norte Project

Composite Flag

Veins Xh_Vn Xp_Ip M_South Silica_Halo Domain Xh_Vn

Pass 1 yes yes no no no Pass 2 yes yes yes yes yes

Domain Xp_Ip Pass 1 no no yes no no Pass 2 yes yes yes yes yes

Domain M_South Pass 1 yes no no yes no Pass 2 yes yes yes yes yes

Domain Silica_Halo Pass 1 no no no no yes Pass 2 no no no no yes

Figure 14-13Section 2925FS

Figure 14-12Section 2325FS

95

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Xh - Vn Domain

M South Domain

Xp - Ip Domain

Drill Hole Trace

0 100 500

Metres

200 300 400

N

< 2

2 - 3

3 - 5

> 5

Au (g/t)

NOTE:Not all blocks shown are Mineral Resources asa block grade cut-off of 3.4 g/t Au was appliedfor reporting purposes.

October 2014


Level Plan 1155Block Grade Estimate



Figure 14-11

14-21

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Figure 14-11Level Plan 1155

600 Elev.

800 Elev.

1000 Elev.

1200 Elev.

1600 Elev.

1400 Elev.

W E6

00

E

80

0 E

10

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M South Domain

View Looking North

Silica Halo Domain

Topographic Surface

Drill Hole Trace

East F

au

lt

West F

au

lt

Unconform

ity

0 50

Metres

100 150 200

< 2

2 - 3

3 - 5

> 5

Au (g/t)


October 2014


Vertical Cross Section 2325FSwith Block Grades



Figure 14-12

14-22

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Figure 14-11Level Plan 1155

600 Elev.

800 Elev.

1000 Elev.

W E

1200 Elev.

1400 Elev.

60

0 E

80

0 E

10

00

E

12

00

E

Silica Halo Domain

Silica Halo Domain

Drill Hole Trace

Xh - Vn Domain

East F

au

ltWest F

au

lt

Unconformity

Xp - Ip Domain

View Looking North

Topographic Surface

0 50

Metres

100 150 200

< 2

2 - 3

3 - 5

> 5

Au (g/t)


October 2014


Vertical Cross Section 2925FSwith Block Grades



Figure 14-13

14-23

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0 N

200 N

400 N

600 N

800 N

1000 N

1200N

1400 N

1600 N

1800 N

2000 N

200 Elev.

400 Elev.

600 Elev.

800 Elev.

1000 Elev.

1200 Elev.

1400 Elev.

1600 Elev.

1800 Elev.

Topographic Surface

Drill Hole Trace

S N

View Looking West

< 2

2 - 3

3 - 5

> 5

Au (g/t)


0 100

Metres

200 300 400

October 2014


Longitudinal Sectionwith Block Grades



Figure 14-14

14-2

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DENSITY The resource database includes 3,511 density measurements made using the Marcy Method

as described in Section 11, Sample Preparation, Analyses and Security. Density data were

reviewed by Kinross by lithology and alteration type. Table 14-10 lists the descriptive

statistics for each of the four mineralized domains that host Mineral Resources. The average

values were assigned to the block model to convert volume to tonnes.

TABLE 14-10 DENSITY DATA SUMMARY STATISTICS Fortress Minerals Corp. – Fruta del Norte Project

Xh_Vn Xp_Ip M_South All Data No. Samples 321 335 752 3,511 Minimum (t/m3) 2.21 2.11 2.28 2.06 Maximum (t/m3) 2.98 3.08 3.01 3.08 Mean (t/m3) 2.62 2.72 2.73 2.67 Standard deviation (t/m3) 0.08 0.08 0.09 0.10 CV 0.03 0.03 0.03 0.04

Note: The density of the Silica_Halo domain was assigned using the global dataset. All data includes data outside the four domains.

BLOCK MODEL Kinross constructed two separate block models in Gemcom GEMS version 6.3 for the

interpolation process consisting of a partial model set (percentage model) and a consolidated

model. The block model is made up of 209 columns, 191 rows, and 120 levels. The model

origin (lower-left corner at highest elevation) is at UTM coordinates 777,698 mE, 9,581,760

mN and 1,700 m elevation. Each block is 4 m wide, 10 m high, and 10 m along strike. A

partial block model is used to manage blocks partially filled by mineralized rock types,

including blocks along the edges of the deposit. It includes variables for the volume

percentage of mineralized rock types contained within each block. A consolidated model

was used for display and verification purposes.

The block model contains the following information:

• domain identifiers with rock type;

• estimated grades of gold and silver inside the wireframe models;

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• comparison grade models by Inverse Distance Squared (ID2) and Nearest Neighbour (NN);

• tonnage factors, in tonnes per cubic metre;

• interpolation pass number; and

• the resource classification of each block.

CUT-OFF GRADE Mineral Resources must show reasonable prospects of economic extraction. The

“reasonable prospects for economic extraction” requirement generally implies that quantity

and grade estimates meet certain economic thresholds and that mineral resources are

reported at an appropriate cut-off grade taking into account extraction scenarios and

processing recovery.

The “reasonable prospects for economic extraction” were tested based on reasonable

economic assumptions and the contemplated operational scenario. Based on the

assumptions listed below, RPA reported Mineral Resources at a block cut-off grade of 3.4 g/t

Au. Silver was not included in the cut-off grade calculation due to its relatively low grade and

small contribution to the value of the mineralization.

Parameters used to calculate the cut-off grade were based on numerous metallurgical

testwork and engineering studies which assume an underground mining method and a

processing method including a gravity circuit followed by flotation and leaching of flotation

tailings (GFL).

• Metal recovery (%): 93

• Gold price (US$/oz): 1,400

• Mining cost (US$/t milled): 53

• Processing cost (US$/t milled): 35

• G&A cost (US$/t milled): 28

• Total operating cost (US$/t milled): 116

• Royalties (%): 6

• Typical smelter terms

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CLASSIFICATION Definitions for resource categories used in this report are consistent with those described by

CIM (2014) and adopted by NI 43-101. In the CIM classification, a Mineral Resource is

defined as “a concentration or occurrence of solid material of economic interest in or on the

Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects

for eventual economic extraction”. Mineral Resources are classified into Measured,

Indicated, and Inferred categories. A Mineral Reserve is defined as the “economically

mineable part of a Measured and/or Indicated Mineral Resource” demonstrated by at least a

Preliminary Feasibility Study. Mineral Reserves are classified into Proven and Probable

categories. No Mineral Reserves are currently estimated for the Project.

Mineral Resources were classified into the Indicated or Inferred categories based on drill

hole spacing and the apparent continuity of mineralization (Figures 14-15 and 14-18).

Variography has suggested a range of 35 m at 75% of the total sill. Infill drilling in 2010 was

designed at 35 m spacing. In general, areas of 35 m spacing or shorter were classified into

the Indicated category. Other factors that were taken into consideration include the search

distance to the nearest composite, estimation by the first pass search ellipse, visual

examination, and general considerations of drill fan spacings. Classification was done in

GEMS software guided by a 17.5 m (for 35 m spacing) distance buffer generated in Leapfrog

software.

Parts of the Xh_Vn and Xp_Ip domains were classified as Indicated Mineral Resources. All

of the M_South and Silica_Halo domains were classified as Inferred Mineral Resources.

Due to the lack of actual exposures of mineralization for inspection on the surface or

underground, there are no Measured Resources at this time.

95

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Xh - Vn Domain

M South Domain

Xp - Ip Domain

Drill Hole Trace

0 100 500

Metres

200 300 400

N

Area Classified as Indicated

Legend:

Area Classfied as Inferred


October 2014


Level Plan 1155Classification



Figure 14-15

14-28

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600 Elev.

800 Elev.

1000 Elev.

1200 Elev.

1600 Elev.

1400 Elev.

W E6

00

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Silica Halo Domain

Topographic Surface

Drill Hole Trace

East F

au

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West F

au

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Unconform

ity

0 50

Metres

100 150 200


Legend:



October 2014


Vertical Cross Section 2325FSClassification



Figure 14-16

14-29

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600 Elev.

800 Elev.

1000 Elev.

W E

1200 Elev.

1400 Elev.

60

0 E

80

0 E

10

00

E

12

00

E

Silica Halo Domain

Silica Halo Domain

Topographic Surface

Drill Hole Trace

Xh - Vn Domain

East F

au

lt

West F

au

lt

Unconformity

Xp - Ip Domain

0 50

Metres

100 150 200


Legend:



October 2014


Vertical Cross Section 2925FSClassification



Figure 14-17

14-30

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0 N

200 N

400 N

600 N

800 N

1000 N

1200N

1400 N

1600 N

1800 N

2000 N

200 Elev.

400 Elev.

600 Elev.

800 Elev.

1000 Elev.

1200 Elev.

1400 Elev.

1600 Elev.

1800 Elev.

Topographic Surface

Drill Hole Trace

S N

View Looking West


Legend:



0 100

Metres

200 300 400

October 2014


Longitudinal SectionClassification



Figure 14-18

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MINERAL RESOURCE REPORTING In RPA’s opinion, the Mineral Resources as reported show reasonable prospects for

eventual economic extraction. Table 14-11 lists the Mineral Resources by domain. The

Xh_Vn domain represents 85% of the tonnage classified within the Indicated Mineral

Resource category. It also has the highest average gold grade compared to the other three

domains. More than half the tonnage in Xp_Ip is classified into the Indicated Mineral

Resource category. All of M_South and the Silica_Halo domains are classified as Inferred

Mineral Resources.

TABLE 14-11 MINERAL RESOURCES BY DOMAIN – OCTOBER 21, 2014 Fortress Minerals Corp. – Fruta del Norte Project

Category Tonnage Grade Contained

Metal Grade Contained Metal

(Mt) (g/t Au) (Moz Au) (g/t Ag) (Moz Ag) Indicated

Xh_Vn 20.0 10.01 6.42 13.0 8.34 Xp_Ip 3.6 7.26 0.83 12.0 1.38

Total Indicated 23.5 9.59 7.26 12.9 9.73

Inferred

Xh_Vn 3.1 5.65 0.56 6.0 0.60 Xp_Ip 2.8 6.27 0.57 10.0 0.91 M South 7.2 5.26 1.22 13.0 3.01 Silica Halo 1.4 4.47 0.21 16.3 0.75

Total Inferred 14.5 5.46 2.55 11.3 5.27 Notes:


Table 14-12 lists Indicated and Inferred Resources at various cut-off grades. RPA

recommends using the breakeven cut-off grade of 3.4 g/t Au to report Mineral Resources.

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TABLE 14-12 MINERAL RESOURCES BY CUT-OFF GRADE – OCTOBER 21, 2014 Fortress Minerals Corp. – Fruta del Norte Project

Category Tonnage Grade Contained

Metal Grade Contained Metal

(Mt) (g/t Au) (Moz Au) (g/t Ag) (Moz Ag) Indicated

6.00 14.1 12.94 5.86 15.1 6.83 5.00 17.2 11.60 6.41 14.2 7.84 4.00 20.9 10.33 6.94 13.4 8.99 3.40 23.5 9.59 7.26 12.9 9.73 2.70 27.3 8.68 7.63 12.3 10.79 2.00 31.9 7.76 7.97 11.7 12.03

Inferred 6.00 3.7 8.80 1.04 14.3 1.68 5.00 5.9 7.54 1.42 13.0 2.45 4.00 10.1 6.24 2.03 11.5 3.75 3.40 14.5 5.46 2.55 11.3 5.27 2.70 22.4 4.60 3.31 10.4 7.48 2.00 36.4 3.73 4.36 9.6 11.29

Notes:


MINERAL RESOURCE VALIDATION BY KINROSS Kinross carried out a series of block model validations to test the quality of the FDN resource

estimate. No significant discrepancies were reported. Validation tests by Kinross included:

• Visual inspection comparing composite grades versus estimated block grades

• Swath plots of composites versus block grades

• Herco analysis (discrete Gaussian change of support) – statistically adjusted grade tonnage curves for comparison to primary model. Use of block variance to observe the degree of model smoothing

• Comparisons with Nearest Neighbour and Inverse Distance models.

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MINERAL RESOURCE VALIDATION BY RPA The following list summarizes most of the checks performed on the resource model by RPA.

No significant issues were encountered. RPA is of the opinion that the grade estimation

approach and parameters are suitable for the style of mineralization and comply with CIM

guidelines.

• Completed visual inspection in plan and section views in comparison to the drill hole grades.

• Compared the global mean grades between the OK model and the composite statistics.

• Checked collar locations for zero/extreme values.

• Checked for reasonably similar orebody shapes used on adjacent sections.

• Checked for overlapping wireframes to determine possible double counting.

• Compared basic statistics of assays within wireframes with basic statistics of composites within wireframes for both uncut and cut values.

• Checked for reasonable compositing intervals.

• Checked for missing assay intervals and missing assay values.

• Checked that composite intervals start and stop at wireframe limits.

• Checked that all drill hole intersections with the wireframes have been fully composited.

• Checked that assigned composite rock type coding was consistent with intersected wireframe coding.

• Checked if block model size and orientation were appropriate to drilling density, mineralization, and mining method.

• Checked interpolation parameters against available variography.

• Compared block statistics (zero grade cut-off) with assay/composite basic statistics.

• Visually checked block Mineral Resource classification coding for isolated blocks.

• Visually compared block grades to drill hole composite values on sections and/or plans.

• Visually checked for grade banding, smearing of high grades, plumes of high grades, etc., on sections and/or plans.

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Block model grades were visually examined and compared with composite and assay grades

in vertical cross sections and plan sections. RPA confirmed that the block grades are

reasonably consistent with local drill hole assay and composite grades.

Grade statistics for all assays, all composites, and all blocks were examined and compared

for all domains. The comparisons of average grades of assays, composites, and blocks are

reasonable in RPA’s opinion.

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15 MINERAL RESERVE ESTIMATE This section is not applicable.

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16 MINING METHODS This section is not applicable.

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17 RECOVERY METHODS This section is not applicable.

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18 PROJECT INFRASTRUCTURE This section is not applicable.

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19 MARKET STUDIES AND CONTRACTS This section is not applicable.

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20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT Kinross prepared an Environment Management Plan (EMP) based on legal requirements,

company policies and procedures, preventive designs included in the project, and identified

impacts and associated risks. The EMP includes the following programs:

• Prevention and mitigation

• Waste management

• Recovery

• Contingencies

• Occupational health and safety

• Environmental education and communication

• Community relations and compensatory measures

• Closure and abandonment

• Monitoring and environmental control

Information in this section is based on available data contained within the Ranking Study

(Kinross, 2012c).

ENVIRONMENTAL STUDIES Prior to carrying out any mining activity, an Environmental Impact Statement (EIS) must be

presented to the Ministry of the Environment (MOE). In June 2011, Kinross presented a draft

EIS for the mine and a draft EIS for the process plant to the MOE. The two drafts were

reviewed by third parties prior to being subject to the public participation process.

Stakeholder comments were received from four communities (Los Encuentros, La Zarza,

Nankais, and Yantzaza) located near the Project area during the public participation process

and this information was incorporated into the studies. In July 2011, the public participation

process associated with these EIS was successfully completed by the authorities.

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PROJECT PERMITTING Kinross obtained Environmental Licence 269 in July 2010, which allowed Kinross to carry out

advanced surface exploration activities on the La Zarza concession. In January 2011,

Environmental Licence 269 was updated to include underground exploration activities

through the construction and operation of the south decline. This decline has been

advanced to a length of approximately 600 m. The licence also authorized Kinross to

expand and modify the Las Peñas camp, including the construction of one bridge and road

improvements.

Environmental Licence 842 was issued in July 2011, which allowed Kinross to carry out

advanced surface exploration activities on five additional concessions, including Colibrí,

where much of the plant infrastructure will potentially be located. This allowed Kinross to

construct a bridge across the Machinaza River, and would also have allowed Kinross to

complete construction of a 22 km long exploration access road to connect the Colibrí

concession to the La Zarza concession.

Additional permits required to advance the Project include:

• To restart the south decline construction, an Environmental Management Plan (EMP) update and MOE approval will be required.

• Updated advanced exploration permit, including the forest areas.

• Proposed surface-based drilling programs

• To start the mine activities approved in the mine licence, the biotic rescue plan needs to be approved by MOE.

• Amendment to the environmental licence to reflect the new GFL process flowsheet.

• Update the environmental licence for the Project when the forest licences expire.

• Tailings storage facility permit.

• Archeological clearance, mine and plant.

• Water extraction permits.

• Power line Environmental Impact Study.

• Concentrate transportation, storage, and shipping Environmental Licence and permits.

• Quarry permit, Hollin Quarry.

• Chemical/hazardous material transportation permits

• Other minor permits from various agencies.

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SOCIAL OR COMMUNITY REQUIREMENTS The southern province of Zamora-Chinchipe is one of the lesser developed parts of Ecuador.

Recent developments in physical infrastructure and incremental migration to the area is

slowly changing the demographic and economic profile of the province.

Social management plans have been developed as part of the Project’s current

environmental impact assessments, based on the mechanisms of social and community

participation. For communities surrounding FDN, such as Los Encuentros, these issues are

being addressed via the first parish development planning process. Issues include:

• Disorganized urban growth

• Poor urban waste control

• Poor potable water quality

• Contamination (small-scale mining, agriculture)

• Access to power (73% of homes)

• Poor levels of social development indicators (e.g., 67% completion of primary education, 18% completion of secondary education, 15% completion of university education and illiteracy levels up to 19%)

• Deforestation

• Poor connectivity (roads, communications, airports)

Engagement with the community and social development plans are coordinated with the

State. Some community initiatives previously undertaken are listed in Table 20-1.

TABLE 20-1 COMMUNITY ENGAGEMENT Fortress Minerals Corp. – Fruta del Norte Project

Ecuador (Region 7) Development Plan Past Initiatives

Mobility, energy, and connectivity • New bridge at San Antonio • Internet for Los Encuentros • Road safety Balanced territorial development • School infrastructure improvements • Leadership for students • Increased access to high school education for

adults • Skills training

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Ecuador (Region 7) Development Plan Past Initiatives Rural development & food sovereignty • Increase farming productivity (Apeosae organic

coffee, cocoa and banana) • Cattle farming group Diversity, cultural patrimony and tourism • Shuar communities (sports day, cultural centre,

music group, school infrastructure, sanitary facilities, water supply)

• Tourism for Zamora Natural patrimony & non-renewable resources

• Engagement with artisanal and small miners

• Waste management with communities and with Zamora municipality

• Water quality project with local villages

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21 CAPITAL AND OPERATING COSTS This section is not applicable.

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22 ECONOMIC ANALYSIS This section is not applicable.

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23 ADJACENT PROPERTIES The following sections were taken from Hennessey et al., 2007 and public domain

information. RPA has not independently verified the following information and this

information is not necessarily indicative of the mineralization at FDN.

The principal types of hydrothermal metallic mineralization in the Cordillera del Condor are

copper ± gold porphyry and epithermal precious metal vein deposits (Gemuts et al., 1992;

Gendall et al., 2000; Prodeminca, 2000).

The Pangui Porphyry Copper Belt is associated with late Jurassic phases of the Zamora

batholith (Gendall et al., 2000; Coder, 2001). The belt extends from southern Morona-

Santiago province into Zamora-Chinchipe where the southernmost known copper-gold

deposit, Mirador, was the object of detailed engineering, project planning and procurement

activities by Corriente Resources Inc. (Corriente). Corriente was acquired by Tongling

Nonferrous Metals Group Holdings Co. Ltd. and China Railway Construction Corporation

Limited in August, 2010, who have since signed Exploitation and Investment Protection

Agreements with the Government of Ecuador, and have transitioned to the Exploitation

Phase. The Mirador deposit is estimated to contain 437 million tonnes of Measured plus

Indicated Mineral Resources grading 0.61% Cu, 0.19 g/t Au, and 1.5 g/t Ag at a 0.4% Cu cut-

off grade (Sivertz et al., 2006). The Mirador deposit is situated about 30 km north of FDN.

To the south of the FDN deposit, the Santa Barbara and El Hito copper-gold prospects are

associated with dacitic plagioclase microporphyry and quartz porphyry of unknown age within

the Zamora batholith south of the Chinapintza camp on concessions held by Goldmarca Ltd.

(Litherland et al., 1994; Prodeminca, 2000).

There are two principal gold-silver mining districts in Zamora-Chinchipe province: the

Chinapintza district that lies about 32 km south of the FDN deposit, and the Nambija district

about 15 km to the west of Chinapintza (Figure 23-1).

The Nambija precious metal district consists of several Jurassic-aged skarn systems hosted

within a narrow, north-south trending belt of supracrustal units within the Zamora batholith

(Fontboté et al., 2004). Production from alluvium and bedrock in the Nambija district is

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estimated to total 60 to 90 tonnes of gold (approximately 2 million to 3 million ounces;

Prodeminca, 2000). This is considered a minimum due to the large amount of informal and

poorly documented mining activity since discovery of the district in 1981 (Gemuts et al.,

1992).

Silver-gold mineralization in the Chinapintza district occurs as base metal-rich epithermal

quartz veins, breccia zones and quartz stockworks hosted mainly by northwest, and lesser

north, and northeast striking fault zones (Gemuts et al., 1992; Prodeminca, 2000). The

district is underlain by pyroclastic, hydrothermal, and tectonic breccias associated with Mid-

Cretaceous (116 to 96 Ma) dacitic to rhyolitic porphyries within the Zamora batholith.

Banded, colloform, drusy, and brecciated vein textures are defined by quartz, locally

abundant pyrite, arsenopyrite and base metal sulphides (especially sphalerite and galena)

and carbonate minerals, including the manganese carbonate, rhodochrosite. Siderite is

observed locally. Sericitic-argillic alteration and local silicification of the host rocks are

associated with veins and breccias. Electrum (approximately 35% Ag) is the principal

mineral present. Manganese, silver/gold ratios, and base metal content increase with depth

and bonanza-style veins are reported (Prodeminca, 2000). Production from small-scale

bedrock mine operations at Chinapintza was estimated by Prodeminca (2000) as 385,000 oz

gold and 5.8 million oz silver.

The Los Cuyes deposit is been estimated to contain 46.8 Mt grading 0.82 g/t Au (1.24 Moz

Au) and 6.19 g/t Ag (9.32 Moz Ag) in the Indicated Mineral Resource category. The Enma

deposit is been estimated to contain 1.0 Mt grading 2.88 g/t Au (93 Koz Au) and 32.83 g/t Ag

(1.0 Moz Ag). The Soledad deposit is estimated to contain 34.9 Mt grading 0.63 g/t Au

(704,000 oz Au) and 7.21 g/t Ag (8.1 Moz Ag) in the Indicated Mineral Resource category

and 20.0 Mt grading 0.50 g/t Au (312,000 oz Au) and 6.93 g/t Ag (4.5 Moz Ag in the Inferred

Mineral Resources category (Maynard, Jones, and Suda, 2013).

The Santa Barbara South and North deposits are estimated to contain a combined total of

364.5 Mt grading 0.54 g/t Au and 0.1% Cu (5.98 Moz Au and 804.8 Mlb Cu) in the Indicated

Mineral Resource category and 177.6 Mt grading 0.40 g/t Au and 0.1% Cu (2.3 Moz Au and

391 Mlb Cu) in the Inferred Mineral Resource category (Ecuador Gold & Copper Corp.,

2014).

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The Chinapintza deposit is estimated to contain 719,000 tonnes grading 6.0 g/t Au (138,700

oz Au) in the Inferred Mineral Resource category (Maynard and Jones, 2013).

The Jerusalem deposit is a poly-metallic, intermediate sulphidation epithermal deposit

containing gold, silver, and zinc. Measured Resources at Jerusalem are estimated at

602,000 tonnes grading 12.4 g/t Au (240,000 oz Au), 90 g/t Ag (1,760,000 oz Ag) and 2.79%

Zn (16,800 tonnes Zn metal). Indicated Mineral Resources are estimated at 864,000 tonnes

grading 12.4 g/t Au (345,000 oz Au), 95 g/t Ag (2,628,000 oz Ag) and 2.56% Zn (22,200

tonnes Zn metal). Inferred Mineral Resources are estimated at 1,930,000 tonnes grading

11.5 g/t Au (710,000 oz Au), 101 g/t Ag (6,280,000 oz Ag) and 1.95% Zn (37,900 tonnes Zn

metal) (Dynasty Metals & Mining Inc., 2014). .

El ZarzaWildlife Refuge

Fruta del NorteDeposit

ECUADOR

MiradorProven 660 Mt @ 0.53% Cu and 0.17 g/t Au

Jerusalem

Measured 0.60 Mt @ 12.4 g/t Au = 239,730 oz AuIndicated 0.86 Mt @ 12.4 g/t Au = 345,370 oz AuInferred 1.9 Mt @3 11.5 g/t Au = 710,130 oz Au

Indicated 46.8 Mt @ 0.82 g/t Au = 1,23 ,000 oz Au0 5

SoledadIndicated 0 734.9 Mt @ 0.63 g/t Au = 70 ,000 oz AuInferred 0 1220. 0 Mt @ 0.47 g/t Au = 3 ,000 oz Au

Nambija

60 to 90 tonnes Au (est. past production)

125 to 155 tonnes Au (est. resource)

EnmaIn 1.0 Mt @ 2.9 g/t Au = 93,000 oz Audicated 1

Santa BarbaraIndicated 364.57 Mt @ 0.51 g/t Au = 5,978,000 oz Au

Inferred 177.30 Mt @ 0.4 g/t Au = 2,300,000 oz Au

ChinapintzaInferred 0.7 Mt @ 6.0 g/t Au = 138,700 oz Au2Los Cuyes

730,000 mE 740,000 mE9,5

20,0

00 m

N9,5

30,0

00 m

N9,5

50,0

00 m

N9,5

40,0

00 m

N9,5

60,0

00 m

N9,5

70,0

00 m

N9,5

90,0

00 m

N9,5

80,0

00 m

N9,6

10,0

00 m

N9,6

00,0

00 m

N750,000 mE 760,000 mE 770,000 mE 780,000 mE 790,000 mE 800,000 mE

9,5

20,0

00 m

N9,5

30,0

00 m

N9,5

50,0

00 m

N9,5

40,0

00 m

N9,5

60,0

00 m

N9,5

70,0

00 m

N9,5

90,0

00 m

N9,5

80,0

00 m

N9,6

10,0

00 m

N9,6

00,0

00 m

N

730,000 mE 740,000 mE 750,000 mE 760,000 mE 770,000 mE 780,000 mE 790,000 mE 800,000 mE

Project Concessions

Legend:

Village

Road

0 5 20

Kilometres

10 15

N

October 2014 Source: Fortress, 2014.


Adjacent Properties



Figure 23-1

23-4

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24 OTHER RELEVANT DATA AND INFORMATION No additional information or explanation is necessary to make this Technical Report

understandable and not misleading.

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25 INTERPRETATION AND CONCLUSIONS The FDN deposit is an intermediate sulphidation epithermal gold-silver deposit measuring

1,670 m along strike, 700 m down dip, and generally ranging between 150 m and 300 m

wide. The top of the deposit is located beneath approximately 200 m of post-mineralization

cover rocks. The eastern and western limits of the deposit are defined by two faults which

together form part of the Bonza-Las Peñas fault system which is thought to control the gold-

silver mineralization. The southern limits of the mineralization along the fault system have

not been defined.

Diamond drilling has outlined mineralization that demonstrates three-dimensional continuity,

thickness, and grades that can potentially be extracted economically. The protocols for

drilling, sampling, analysis, security, and database management meet industry accepted

practices. The drill hole database and geology models are suitably accurate and robust for

resource modelling. The block model was validated by RPA and is acceptable for reporting

Mineral Resources.

Mineralogical and metallurgical studies have shown that the gold-silver mineralization is

largely free-milling in character, but contains a refractory component. A number of

engineering studies have been completed by Kinross and the current preferred processing

scenario includes a gravity circuit followed by flotation to produce a gold-silver concentrate

and leaching of the tailings (GFL).


October 21, 2014. At a cut-off grade of 3.4 g/t Au, Indicated Mineral Resources are

estimated to total 23.5 million tonnes at an average grade of 9.59 g/t Au and 12.9 g/t Ag for a

total of 7.26 million ounces of gold and 9.73 million ounces of silver. Inferred Mineral

Resources are estimated to total 14.5 million tonnes at an average grade of 5.46 g/t Au and

2.55 g/t Ag for a total of 2.55 million ounces of gold and 5.27 million ounces of silver. The

Mineral Resources are contained within four main geological domains. There are no Mineral

Reserves currently estimated on the Project.

A significant amount of work has been completed on various development scenarios for

FDN. This work includes over 154,000 m of drilling, metallurgical testwork, the completion of

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pre-feasibility and feasibility studies, and subsequent optimizations studies. These

engineering studies have shown that FDN has the technical and economic potential to be a

viable mining operation, however, in June 2013 Kinross announced that it would not proceed

with further development and removed the FDN Mineral Resources and Mineral Reserves

from its annual statement.

Due to the availability of the large volume of work that has been completed to date, RPA is of

the opinion that Fortress should initiate the detailed engineering studies which will culminate

in the completion of a Feasibility Study.

Fortress has identified a number of risks relating to the Project. RPA has reviewed these

risks and is of the opinion that the following can potentially impact the proposed exploration

program and the Mineral Resources. As Fortress has not carried out a Feasibility Study,

RPA believes that the impact of these risks on the potential economic viability or continued

viability of the Project cannot be determined until such a study has been completed.

• The Project is located in Ecuador and therefore subject to certain risks and possible political and economic instability.

• Fortress may be adversely affected by governmental amendments or changes to mining laws, regulations and requirements in Ecuador and the possibility of increased government participation in the mining sector or renegotiation of existing agreements.

• There can be no assurance that all permits which Fortress may require for exploration and development of its properties will be obtainable on reasonable terms or on a timely basis.

• Environmental hazards may exist at FDN which will be unknown to Fortress and which have been caused by previous or existing owners or operators of the Project or surrounding areas, including artisanal miners.

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26 RECOMMENDATIONS RPA recommends that Fortress proceed to an advanced engineering study (Prefeasibility or

Feasibility Study) on the Project. Permitting activities and completion of the decline and

underground deposit definition drilling program should also be advanced. Exploration for

additional gold-silver deposits can also be accomplished by surface-based drilling programs.

Specific goals include:

Gather Information in Support of Advanced Engineering Study This portion of the program will include:

• Metallurgical testwork and potentially a small scale pilot plant campaign

• Hydrogeological drilling and studies

• Geotechnical drilling and studies

• Mine planning and mine backfill studies

• Tailings studies

Complete the Exploration Decline and Underground Drilling Complete 2,000 m of development and approximately 20,000 m of drilling to upgrade the

confidence of the southern portion of the Mineral Resource into the Indicated Resource

category. This campaign will also provide:

• Geomechanical information for use in geotechnical studies

• Hydrogeological information for use in mine planning

• Sample material for additional metallurgical testwork

Update, Amend and Complete Necessary Permits

• Amend the EIS to incorporate the GFL flowsheet.

• Update the advanced exploration permits, decline and FDN program permits, as well as other ancillary permits.

Complete Advanced Engineering Study

• Update previous work and incorporate the Gravity/Flotation/Leach (GFL) process flowsheet.

Exploration on High Priority Concessions

• Drilling of approximately 30,000 m.

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• Targets include geochemical anomalies on the Princesa, Emperador, and La Zarza Concessions.

• Regional and detailed structural geological mapping.

• Geochemical sampling on the remaining Project concessions.

Fortress has prepared a budget of US$49.5 million over the next 16 to 18 months. RPA has

reviewed the budget and concurs that there are sufficient funds to cover the

recommendations in this report (Table 26-1).

TABLE 26-1 PROPOSED PHASE 1 BUDGET Fortress Minerals Corp. – Fruta del Norte Project

Item Amount

(millions US$) Advanced Engineering Study including metallurgical testwork, geotechnical and hydrogeological studies, mine backfill studies

15.0

Underground development (2,000 m at $5,000/m) 10.0 Underground exploration drilling (20,000 m at $200/m total cost) 4.0 Permitting and Social and Environmental Studies 1.0 Regional Exploration (30,000 m at $350/m total cost) 11.0 Office and La Peña Camp 4.0 Sub-total 45.0 Contingency (10%) 4.5 Total 49.5

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27 REFERENCES Aguilera, M., and Camino, B., 2008, Archeological Diagnostic of Mining Concessions in

Zamora Chinchipe: unpublished internal report prepared by the National Institute of Cultural Patrimony, May 2008.

AMEC E&C Services Inc., 2008, Preliminary Geostatistical Report: unpublished internal

report from AMEC to Kinross Gold. Canadian Institute of Mining, Metallurgy and Petroleum (CIM), 2014, CIM Definition

Standards for Mineral Resources and Mineral Reserves, May 10, 2014, http://web.cim.org/standards/MenuPage.cfm?sections=177&menu=178.

Dynasty Metals & Mining Inc., 2014, Corporate Presentation, June 2014: Unpublished

document posted on corporate web site visited August 11, 2014, 36 p. htp://www.dynastymining.com/investors/presentations/Presentacion-Revista-junio2014.pdf .

Ecuador Gold & Copper Corp., 2014, Ecuador Gold Announces an Increase of 1.6 Million

Ounces of Gold in Indicated Mineral Resources at the Condor Gold Project: News release dated March 24, 2014, 4 p.

Ellis, R. B., 2012, Review of Aeromagnetic Data, Fruta del Norte Deposit, Zamora-Chinchipe

Province, Ecuador: Unpublished internal report prepared for Kinross Gold Corporation internal use, 12 p.

Evans, L., Bergen, D., and Krutzelmann, H., 2010, Fruta Del Norte Gold-Silver Deposit

Mineral Resource Audit, Ecuador: unpublished report prepared for Kinross Gold Corporation internal use, 162 p.

Fontboté, L., Valance, J. Markowski, A. and Chiaradia, M., 2004, Oxidized Gold Skarns in

the Nambija District, Ecuador: 2004 Society of Economic Geologists Special Publication 11, pp. 341–357

Gemuts, I., Lopez, G. and Jimenez, F., 1992, Gold deposits of Southern Ecuador: Society of

Economic Geologists, Newsletter No. 11, October 1992, pp. 1, 13-16. Gendall, I. R., Quevedo, L. A., Sillitoe, R. H., Spencer, R. M., Puente, C. O., León, J. P. and

Povedo, R., 2000, Discovery of a Jurassic Porphyry Copper Belt, Pangui area, Southern Ecuador: Society of Economic Geologists, Newsletter No. 43, October 2000. pp. 1, 8-15.

Golder Associates, 2009, Preliminary Geotechnical Characterization, Fruta del Norte Gold

Project, Ecuador: unpublished report prepared for Aurelian Resources. Hall, L., 2008, Preliminary Structural Study of the Fruta del Norte Epithermal Gold Deposit:

unpublished report prepared for Aurelian Resources. Hatch Ltd., 2011, Pre-feasibility Study Report to Kinross Gold Corporation for Fruta del Norte

Project: unpublished internal study prepared by Hatch for Kinross Gold Corporation, February 11, 2011, available at www.SEDAR.com, 20 vols.

http://web.cim.org/standards/MenuPage.cfm?sections=177&menu=178

http://www.dynastymining.com/investors/presentations/Presentacion-Revista-junio2014.pdf

http://www.dynastymining.com/investors/presentations/Presentacion-Revista-junio2014.pdf

http://www.sedar.com/

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Hatch Ltd., 2012, Alternative Flowsheet Testwork Review, H332959-0000-05-124-0004, Rev. A: unpublished internal study prepared for Kinross Gold Corporation.

Hatch Ltd., 2012b, Feasibility Study Report to Kinross Gold Corporation for Fruta del Norte

Project: unpublished internal study prepared by Hatch for Kinross Gold, February 8 2012, 23 vols.

Hatch Ltd., 2013, Fruta del Norte 5000 t/d GFL Update Study Summary Report; unpublished

internal document prepared for Kinross Gold, June 18, 2013, 130 p. Hedenquist, J.W., Arribas A., Jr, and Urien-Gonzales, E., 2000, Exploration for Epithermal

Gold Deposits: Society of Economic Geologists Reviews in Economic Geology Vol 13, p. 245–277.

Hennessey, B.T., and Puritch, E., 2005, A Mineral Resource Estimate for the Bonza-Las

Peñas Deposit, Cordillera Del Condor Project, Zamora-Chinchipe Province, Southeastern Ecuador: unpublished technical report prepared by Micon International Ltd. for Aurelian Resources Inc., effective date January 13, 2005.

Hennessey, B.T., and Stewart, P.W., 2007, A Review of the Geology of, and Exploration and

Quality Control Protocols Used at the Fruta Del Norte Deposit, Cordillera Del Condor Project, Zamora-Chinchipe Province, Ecuador: unpublished technical report prepared by Micon International Ltd. for Aurelian Resources Inc., dated December 2006, effective date January 9, 2007.

Hennessey, T., Puritch, E., Gowans, R., and Leary, S., 2007, A Mineral Resource Estimate

for the Fruta Del Norte Deposit, Cordillera Del Condor Project, Zamora-Chinchipe Province, Ecuador: unpublished technical report prepared by Micon International Ltd. for Aurelian Resources Inc., effective date November 15, 2007.

Henderson, R. D., 2010, Fruta del Norte Project, Ecuador, NI 43-101 Technical Report:

Kinross Gold Corporation Unpublished Internal Document Available from the SEDAR Web Site at www.SEDAR.com, 170 p.

Kinross Gold Corporation, 2012a, Annual Information Form for the Year Ended December

31, 2012: Viewed on June 27, 2013 from the Kinross Gold Corporation Web site at http://www.kinross.com/media/244911/2012%20aif.pdf.

Kinross Gold Corporation, 2012b, Annual Report: Viewed on July 3, 2014 from the SEDAR

web site at www.SEDAR.com, 156 p. Kinross Gold Corporation, 2012c, Ranking Study, POX vs GFL: unpublished internal

document prepared, 20 Chapters, 1,096 p. Kinross Gold Corporation, 2013, Kinross Announces It Will Cease Development of Fruta del

Norte: News Release available on the Kinross Gold Corporation web site at http://www.kinross.com/media/246691/100613%20kinross%20announces%20it%20will%20cease%20development%20of%20fruta%20del%20norte.pdf.

Kinross Gold Corporation, 2014, Fruta del Norte Project Management Presentation, May 26,

2014: Kinross Gold Corporation unpublished internal document.


http://www.kinross.com/media/244911/2012%20aif.pdf


http://www.kinross.com/media/246691/100613%20kinross%20announces%20it%20will%20cease%20development%20of%20fruta%20del%20norte.pdf

http://www.kinross.com/media/246691/100613%20kinross%20announces%20it%20will%20cease%20development%20of%20fruta%20del%20norte.pdf

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Leary, S., 2005, Target Assessment Report, Cóndor Project, Ecuador: unpublished internal report, Aurelian Resources.

Leary S., 2009, The Discovery and Geology of the Fruta Del Norte Epithermal Gold-Silver

Deposit, S.E. Ecuador: Drury Lecture, 2009 SME Annual Meeting & Exhibit & CMA 111th National Western Mining Conference, Denver, Colorado, February 22–29, 2009.

Litherland M., Aspden J.A., and Jemielita R.A., 1994, The Metamorphic Belts of Ecuador:

Overseas Memoir 11. BGS, Keyworth, U.K. 147 p. Maynard, Allen J., and Jones, Phillip A., 2013, NI 43-101 Technical Report on the

Chinapintza Gold Project Located in Zamora, Ecuador: Unpublished technical report prepared for Black Birch Capital Acquisition II Corp., 56 p.

Maynard, Allen J., Jones, Phillip A., and Suda, Robert U., 2013, NI 43-101 Technical Report

on the Condor Gold and Copper Project Located in Zamora, Ecuador: Unpublished technical report prepared for Ecuador Gold & Copper Corp., 121 p.

Morrison, G., 2007, A Working Model for the Fruta del Norte Hot Spring Epithermal

gold/silver Deposit: unpublished report prepared for Aurelian Resources. Mullens, P., 2003, Geological Report on Exploration at the Cordillera del Condor Project,

Zamora-Chinchipe Province, Southeastern Ecuador: unpublished technical report prepared for Aurelian Resources Inc., effective date December 16, 2003.

NCL Ingeniería y Construcción Ltda., 2013, Fruta del Norte Project Conceptual Mining Study

Rev–1 (Draft), prepared for Kinross Gold Corporation (July 2013). PRODEMINCA, 2000, Depositos Porfidicos y Epi-mesotermales Relacionados con

Intrusiones de la Cordillera del Condor: Evaluacion de Distritos Mineros del Ecuador: UCP Prodeminca Proyecto MEM BIRF 36-55 EC. Vol 5. 223 p.

Quispesivana, L., 1996, Geologja dei cuadràngulo de Huanuco: Boletin de INGEMMET.

series A, v. 75. 138 p. Roa, K.J., 2008, Geological Map and Pamphlet of the Cordillera del Cóndor , Ecuador / Perú

and Westernmost Santiago Basin, Perú: unpublished map prepared for Aurelian Resources, 2008.

Sillitoe, R.H., 2006, Comments on Geology and Potential of the Fruta Del Norte Epithermal

Gold Prospect, Ecuador: unpublished report prepared for Aurelian Resources. Sillitoe, R.H., 2007a, Further Comments on Geology and Potential of the Fruta Del Norte

Epithermal Gold Deposit, Ecuador: unpublished report prepared for Aurelian Resources. Sillitoe, R.H., 2007b, Comments of fault truncation of the Fruta Del Norte Gold Deposit and

Mineralization Style at the nearby Papaya and El Tigre Prospects, Ecuador: unpublished report prepared for Aurelian Resources.

Sims, J., 2012, Fruta del Norte Mineral Resource Report-Draft: Kinross Gold Corporation

Unpublished Internal Document, 204 p.

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Sivertz, G., Ristorcelli, S., Hardy, S. and Hoffert, J. R., 2006. Technical Report Update on the Copper, Gold and Silver Resources and Pit Optimizations, Mirador Project, Ecuador: Technical report prepared for Corriente Resources Inc. by Mine Development Associates, Reno, NV, dated May 18, 2006, 143 p. including appendices.

Stewart, P. W., 2003, Geological Report on Exploration at the Cordillera Del Condor Project,

Zamora-Chinchipe Province, Southeastern Ecuador: unpublished technical report prepared for Aurelian Resources Inc., effective date April 16, 2003.

Stewart, P.W., 2009, Summary report on geological, geochronological, and geochemical

studies of the Fruta del Norte Au–Ag epithermal deposit, Cordillera del Cóndor Project Ecuador: unpublished report prepared for Kinross Gold Corporation.

Stewart, P.W. and Leary, S., 2008, The Fruta Del Norte Epithermal Gold/Silver Deposit,

South East Ecuador: Extended Abstracts, PacRim Congress, 2008, Gold Coast, Australia, November 24–26, 2008.

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Report prepared by the Bureau of Economic and Business Affairs, February 2013, 12 p., Viewed on June 27, 2014 at http://www.state.gov/e/eb/rls/othr/ics/2013/204634.htm.

http://www.state.gov/e/eb/rls/othr/ics/2013/204634.htm

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28 DATE AND SIGNATURE PAGE This report titled “Technical Report on the Mineral Resource Estimate for the Fruta del Norte

Project, Ecuador” and dated October 21, 2014 was prepared and signed by the following

authors:

(Signed & Sealed) “Luke Evans” Dated at Toronto, ON October 21, 2014 Luke Evans, M.Sc., P.Eng. Executive Vice President, Geology and Resource Estimation and Principal Geologist (Signed & Sealed) “David Ross” Dated at Toronto, ON October 21, 2014 David Ross, M.Sc., P.Geo. Director, Resource Estimation and Principal Geologist

(Signed & Sealed) “Brenna Scholey” Dated at Toronto, ON October 21, 2014 Brenna Scholey, P.Eng. Principal Metallurgist

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29 CERTIFICATE OF QUALIFIED PERSON LUKE EVANS I, Luke Evans, M.Sc., P.Eng., as an author of this report titled “Technical Report on the Mineral Resource Estimate for the Fruta del Norte Project, Ecuador”, prepared for Fortress Minerals Corp., and dated October 21, 2014, do hereby certify that:

1. I am a Principal Geologist and Executive Vice President, Geology and Resource Estimation, with Roscoe Postle Associates Inc. of Suite 501, 55 University Ave., Toronto, ON M5J 2H7.

2. I am a graduate of University of Toronto, Ontario, Canada, in 1983 with a Bachelor of

Science (Applied) degree in Geological Engineering and Queen’s University, Kingston, Ontario, Canada, in 1986 with a Master of Science degree in Mineral Exploration.

3. I am registered as a Professional Engineer in the Province of Ontario (Reg.

#90345885). I have worked as a professional geologist for a total of 30 years since my graduation. My relevant experience for the purpose of the Technical Report is: Consulting Geological Engineer specializing in resource and reserve estimates,

audits, technical assistance, and training since 1995. Review and report as a consultant on numerous exploration and mining projects

around the world for due diligence and regulatory requirements. Senior Project Geologist in charge of exploration programs at several gold and

base metal mines in Quebec. Project Geologist at a gold mine in Quebec in charge of exploration and definition

drilling. Project Geologist in charge of sampling and mapping programs at gold and base

metal properties in Ontario, Canada.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

5. I visited the Fruta del Norte Project on April 6 to 9, 2010.

6. I share responsibility with David Ross for all sections of the Technical Report except Section 13.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101. I am also independent of the property and the property vendor, as set out in Section 3.2(b) of Appendix 3F of the TSX Venture Exchange Corporate Finance Manual.

8. I co-authored a Mineral Resource and Mineral Reserve audit of the Fruta del Norte property for Kinross Gold Corporation in 2010.

9. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

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10. At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated this 21st day of October, 2014 (Signed & Sealed) “Luke Evans” Luke Evans, M.Sc., P.Eng.

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DAVID ROSS I, David Ross, M.Sc., P.Geo., as an author of this report entitled “Technical Report on the Mineral Resource Estimate for the Fruta del Norte Project, Ecuador”, prepared for Fortress Minerals Corp., and dated October 21, 2014, do hereby certify that:

1. I am a Principal Geologist and Director, Resource Estimation, with Roscoe Postle Associates Inc. of Suite 501, 55 University Ave., Toronto, ON, M5J 2H7.

2. I am a graduate of Carleton University, Ottawa, Canada, in 1993 with a Bachelor of

Science degree in Geology and Queen’s University, Kingston, Ontario, Canada, in 1999 with a Master of Science degree in Mineral Exploration.

3. I am registered as a Professional Geologist in the Province of Ontario (Reg. #1192). I

have worked as a geologist for a total of 20 years since my graduation. My relevant experience for the purpose of the Technical Report is: Review and report as a consultant on numerous mining and exploration projects

around the world for due diligence and regulatory requirements Exploration geologist on a variety of gold and base metal projects in Canada,

Indonesia, Chile, and Mongolia.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

5. I have not visited the Fruta del Norte property.

6. I share responsibility with Luke Evans for all sections of the Technical Report except Section 13.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101. I am also independent of the property and the property vendor, as set out in Section 3.2(b) of Appendix 3F of the TSX Venture Exchange Corporate Finance Manual.

8. I have had no prior involvement with the property that is the subject of the Technical Report.

9. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

10. At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated this 21st day of October, 2014 (Signed & Sealed) “David Ross” David Ross, M.Sc., P.Geo.

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BRENNA SCHOLEY I, Brenna Scholey, P.Eng., as an author of this report entitled “Technical Report on the Mineral Resource Estimate, Fruta del Norte Project, Ecuador” prepared for Fortress Minerals Corp. and dated October 21, 2014, do hereby certify that: 1. I am Principal Metallurgist with Roscoe Postle Associates Inc. of Suite 501, 55 University

Ave., Toronto, ON, M5J 2H7. 2. I am a graduate of The University of British Columbia in 1988 with a B.A.Sc. degree in

Metals and Materials Engineering. 3. I am registered as a Professional Engineer in the Province of Ontario (Reg. #90503137)

and British Columbia (Reg. #122080). I have worked as a metallurgist for a total of 25 years since my graduation. My relevant experience for the purpose of the Technical Report is: Reviews and reports as a metallurgical consultant on a number of mining

operations and projects for due diligence and regulatory requirements. Senior Metallurgist/Project Manager on numerous base metals and precious metals

studies for an international mining company. Management and operational experience at several Canadian and U.S. milling,

smelting and refining operations treating various metals, including copper, nickel and precious metals.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI

43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

5. I have not visited the Fruta del Norte Project. 6. I am responsible for preparation of Section 13 and portions of Sections 1, 25, and 26 of

the Technical Report. 7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101. I am

also independent of the property and the property vendor, as set out in Section 3.2(b) of Appendix 3F of the TSX Venture Exchange Corporate Finance Manual.

8. I have had no prior involvement with the property that is the subject of the Technical

Report. 9. I have read NI 43-101, and the Technical Report has been prepared in compliance with

NI 43-101 and Form 43-101F1.

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10. At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated 21st day of October, 2014. (Signed & Sealed) “Brenna Scholey” Brenna Scholey, P.Eng.

Documents

FORTRESS MINERALS CORP. TECHNICAL REPORT ON THE MINERAL RESOURCE ESTIMATE, FRUTA DEL NORTE PROJECT, ECUADOR NI 43-101 Report Qualified Persons