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Karmin Exploration Inc.

PDAC Presentation March 4, 2013 KAR:TSX-V & BVLima

n  zinc-lead-copper-silver resources in Brazil n  gold in Peru & Brazil

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Forward Looking Statements Certain statements in this presentation may constitute "forward-looking statements” that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Karmin or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements reflect our current beliefs and are based on information currently available to us and on the assumptions Karmin believes are reasonable. Actual results and developments may differ materially from results and developments discussed in the forward-looking statements.

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Corporate Essentials Exchange TSX-V &

BVLima Trading symbol KAR Shares outstanding 60,051,083 Share price 28Feb13 $0.295 Market Capitalization $18 million Karr Securities & directors 30% Alberto Arias Davila 25% Dutch shareholders 7% Other Peru Shareholders 5%

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n  Larry Ciccarelli, Chairman ¨  mining executive (former Chairman & Founder of GlobeStar Mining)

n  David Brace, CEO & Director ¨  geologist (former CEO & director, GlobeStar Mining)

n  Richard Faucher, Compensation Chair ¨  metallurgist (former director, GlobeStar Mining)

n  Ed Guimaraes C.A., Audit Chair ¨  finance executive (former Executive VP & CFO Aur Resources)

n  Terry Ortslan, Governance Chair ¨  mining engineer & analyst (former director, GlobeStar Mining)

n  Dr. Luis Rodríguez-Mariátegui, Director ¨  lawyer (partner at Hernández & Cía. Abogados, Lima, Peru)

n  John Iannozzi C.A., CFO ¨  business executive (former director, GlobeStar Mining)

Board of Directors & Management

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Aripuanã Zinc

n  4 drill rigs & 20,000 m of infill & metallurgical drilling in 2012

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n  Very large massive sulphide system ¨ 19.1 million tonne resource (measured & indicated) ¨ 14.7 million tonne resource (inferred)

Aripuanã Zinc - highlights

Measured & Indicated

Inferred

Zinc 1.6 billion lbs. 1.5 billion lbs.

Lead 584 million lbs. 536 million lbs.

Copper 125 million lbs. 93 million lbs.

Gold 153,000 oz. 181,000 oz.

Silver 22,018,000 oz. 8,560,000 oz.

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n  Higher grade near surface resources at Arex ¨ Stratabound (measured & indicated)

n  7.13% zinc n  2.47% lead n  67 g/t silver

¨ Stringer (measured & indicated)

n  2.11% copper n  0.97 g/t gold n  22 g/t silver

Aripuanã Zinc - highlights

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n  30% Karmin / 70% Votorantim ¨ Karmin is not required to contribute funds

until a bankable feasibility study has been completed

n  Votorantim; 2011 ¨ Private Brazilian company ¨ Revenues US$12 billion ¨ EBITDA US$ 3 billion ¨ Zinc production; 730,000 tonnes / year ¨ 3 zinc smelters

Aripuanã Zinc

Aripuanã Zinc

n  located in Mato Grosso State, Brazil

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Rio Orinoco

Amazon

Amazon

Rio

Mam

ore

Rio Negro

Rio

Pur

us

Rio

Ben

i

Rio U

cayali

Rio T

apaj

os

Rio

Xin

gu

Rio

Ara

guai

a

Rio Paranaiba

Rio

Para

guay

Paran

a

Rio

Para

na

Rio Grande

Rio

Sao

Fra

ncis

co

Rio

Toca

ntin

s

RioM

adeira

Rio

TelesP

ires

Rio

Juru

ena

Rio

SOUTH

PACIFIC

OCEAN

SOUTH

ATLANTIC

OCEAN

NORTH

ATLANTIC

OCEAN

Equator

Lago

Titacaca

SantaMarta Maracaibo

San Cristobal

Bucaramango

ValenciaBarcelona

Maturin

New Amsterdam

Oiapoque

Careiro

Itaituba

Santarem

Altamira

Cachimbo

Humaita

Boca doAcre

Iquitos

Cruzeiro do Sul

QuillabambaCusco

Guajara-Mirim

Cochabamba

Santa Cruz

CaceresRondonopolis

Barreiras

Vitoria daConquista

Ilheus

Juazeiro

Uberlandia

Santos

Sao Francisco do Sul

Foz do Iguacu

PontaPora

Corumba

Potosi

San Miguelde Tucuman

Mendoza

Colonia

Rio Grande

Mar del Plata

Bahia Bianca

Concepcion

Valparaiso

CordobaSanta Fe

Rosario

La Plata

Resistencia

Ciudaddel Este

Pedro Juan Caballero

Salta

Antofagasta

IquiquePanorama

Santa Fedo Sul

Puerto SuarezSucreOruro

Matarani

Arequipa

IloTacna

Arica

Inapari Guayaramerin

Salgueiro

Picos

Leticia

Puerto Carreno

CucutaCiudad Bolivar

Santa Elenade Uairen

Barquisimeto

BenjaminConstant

Assis Brasil

SantaMaria

Sao Luis

Teresina

Palmas

Goiania

BeloHorizonte

Vitoria

Rio de Janeiro

Curitiba

Florianopolis

Porto Alegre

SaoPaulo

Cuiaba

CampoGrande

Fortaleza

Natal

Recife

Maceio

Aracaju

Salvador

JoaoPessoa

Belem

Macapa

Manaus

PortoVelhoRio Branco

Boa Vista

Parnaiba

Maraba

Carajas

Araguaina

Bogota

CaracasPort-of-Spain

Paramaribo

Georgetown

Cayenne

Brasilia

La Paz

Asuncion

Santiago Buenos Aires

Montevideo

COLOMBIA

VENEZUELAGUYANA

SURINAMEFrenchGuiana(FRANCE)

PERU

BOLIVIA

PARAGUAY

ARGENTINACHILE

URUGUAY

TRINIDAD AND

TOBAGO

BRAZIL

AMAZONAS

ACRE

RONDONIA

AMAPA

PARA

MARANHAO

CEARARIO GRANDEDO NORTE

PARAIBA

ALAGOAS

PERNAMBUCO

SERGIPEBAHIA

ESPIRITOSANTO

RIO DEJANEIRO

PIAUI

TOCANTINS

MATOGROSSO

MATOGROSSODO SUL

SANTACATARINA

RIO GRANDEDO SUL

MINASGERAIS

SAOPAULO

GOIAS

DISTRITOFEDERAL

PARANA

The islands of Trinidade, Martin Vaz,Arquipelago de Fernando de Noronha,Atol das Rocas, and Penedos de SaoPedro a Sao Paulo are not shown.

Trinidade and Martin Vaz are administered byEspirito Santo; Arquipelago de Fernando deNoronha by Pernambuco.

70° 60° 50° 40°

10°

0°

10°

20°

30°

30°40°50°60°70°

30°

20°

10°

10°

0°

ARIPUANÃ ZINC PROJECT

International Boundary

Legend:

National Capital

State Boundary

Road

Railway

State Capital

0

0

200

200

400 Kilometres

400 Miles

N

January 2013

Location Map

Aripuanã Zinc Project

Karmin Exploration Inc.

Mato Grosso State, Brazil

Figure 4-1

4-4

www.rpacan.com

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n  Very large land position

n  820 km2

Aripuanã Zinc - Mineral Rights

59°30'W 59°10'W

10°00'W

59°20'W59°40'W

10°00'W

10°00'W

10°00'W

10°00'W

10°00'W

59°30'W 59°10'W59°20'W59°40'W

Final Report Submitted (Waiting for Approval)

Status:

Legend:

Mining Application Submitted

Mining Application Postponed

Negative Report Submitted (Maintenence Strategy)

Valid Exploration Permit

Waiting for Exploration Permit

Waiting for Exploration Permit Renewal

Aripuana City

Drainages

Federal Highways

State Highways

Secondary Roads

0 5

Kilometres

10 15 20

N

January 2013 Source: Karmin Exploration Inc., 2012.

Mineral Dispositions andProperty Map

Aripuanã Zinc Project

Karmin Exploration Inc.

Mato Grosso State, Brazil

Figure 4-2

4-6

www.rpacan.com

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Aripuanã Zinc – target model

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Aripuanã Zinc

AMBREX

MOCOTÓ

AREX BABAÇU

MASSARANDUBA

BOROCA

n  Six known massive sulphide deposits

n  Zinc rich “stratabound zones”

n  Copper rich “stringer zones”

10 kilometres

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Aripuanã Zinc - Mineralization

Arex - average 30 metres thick - up to 60 metres thick

Ambrex - 10 to 50 metres thick - up to150 metres thick

Babaçú

~4 km

n  several zinc-lead-copper-silver deposits

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Aripuanã Zinc – mineral resources (2012)

Category Tonnes (millions)

Zn% Pb% Cu% Au (g/t)

Ag (g/t)

Measured & Indicated

Stratabound 3.6 Stringer 1.4

7.13 0.39

2.47 0.11

0.50 2.11

0.25 0.97

67 22

Inferred Stratabound 2.1 Stringer 1.1

5.9 0.3

2.2 0.1

0.3 1.7

0.3 1.4

49 19

n  Arex – higher grade & near surface

n  43-101 compliant resource

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Aripuanã Zinc – Arex mineral resource

Drill Hole Trace

Surface

Measured

Legend:

Indicated

Inferred

0 100

Metres

200 300 400

January 2013

Aripuanã Zinc Project

Arex Resource ClassificationLongitudinal Section

Facing Southeast

Karmin Exploration Inc.

Mato Grosso State, Brazil

Figure 14-16

14-4

0

ww

w.rp

acan

.co

m

- near surface -1,400 m strike length - average 30 metres thick - up to 60 metres thick

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Aripuanã Zinc – mineral resources (2012)

n  Ambrex – larger tonnage

Category Tonnes (millions)

Zn% Pb% Cu% Au (g/t)

Ag (g/t)

Indicated Stratabound 14.2 3.39 1.23 0.07 0.18 29

Inferred Stratabound 11.0 Stringer 0.5

5.2 0.1

1.8 0.1

0.1 1.4

0.3 0.8

41 12

n  43-101 compliant resource

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Aripuanã Zinc – Ambrex mineral resource

Drill Hole Trace

Surface

Stratabound Mineralization

Legend:

Stringer Mineralization

0 100

Metres

200 300 400

January 2013

Aripuanã Zinc Project

Ambrex Geological ModelVertical Lonitudinal Section

Facing Southwest

Karmin Exploration Inc.

Mato Grosso State, Brazil

Figure 14-1

1-

44

ww

w.rp

acan

.co

m

- 1,300 m strike length - 10 to 50 metres thick - up to150 metres thick

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Aripuanã Zinc - mine design is advancing

VOTORANTIM’S MINE DESIGN

AREX  DEPOSIT  

AMBREX  DEPOSIT  

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Aripuanã Zinc Project

n  One of the world’s 10 largest undeveloped zinc projects

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n  Votorantim’s general project parameters ¨  15 year mine life ¨  2,500 tonnes per day ¨  84,000 tonnes/year zinc concentrate (54% Zn) ¨  30,000 tonnes/year lead concentrate (56% Pb) ¨  $200 million capital cost

n  tentative startup in 2015

Aripuanã Zinc

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n  located in the Huamachuco (Alto Chicama) gold district in NW Peru

Cushuro Gold Project

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Cushuro Gold Project

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20 million ounces gold

n  in a world class mining district

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Cushuro Gold Project - Mineral Concessions

Cushuro Gold

Rio Alto’s La Arena Mine

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n  Aripuanã Zinc, Brazil ¨ World class massive sulphide resource ¨ Pre-feasibility study in progress ¨ Ongoing exploration in 2013

n  Cushuro Gold, Peru ¨ Exploration in a world class gold district

Karmin Exploration (KAR :TSX-V & BVL)