Peruvian Gold
Southeast Peru

Resource

Indicated Resource Estimate

THRESHOLD G/T	TONNES	AU G/T UNCAPPED	AU G/T* CAPPED	AU OZ TROY UNCAPPED	AU OZ* TROY CAPPED
INDICATED
5.00	156,851	6.98	1.20	35,219	6,043
4.00	311,820	5.73	1.20	57,409	12,078
3.00	690,457	4.42	1.38	98,068	30,660
2.00	2,190,860	3.04	1.72	214,132	121,068
1.00	14,705,931	1.57	1.35	742,897	637,944
0.80	20,750,783	1.38	1.21	918,078	810,492
0.70	23,818,854	1.30	1.15	992,203	883,937
0.60	26,393,109	1.23	1.10	1,046,134	937,516
0.55	27,711,868	1.20	1.08	1,070,541	961,606
0.50	29,073,549	1.17	1.05	1,093,508	984,245
0.45	30,410,806	1.14	1.03	1,113,917	1,004,476
0.40	31,403,987	1.12	1.01	1,127,533	1,017,999
0.35	32,244,929	1.10	0.99	1,137,722	1,028,111
0.30	32,826,848	1.08	0.98	1,143,835	1,034,171
0.25	33,371,736	1.07	0.97	1,148,690	1,038,996
0.20	33,643,345	1.06	0.96	1,150,691	1,040,994
0.01	33,958,877	1.06	0.95	1,152,129	1,042,431

Inferred Resource Estimates

THRESHOLD G/T	TONNES	AU G/T UNCAPPED	AU G/T* CAPPED	AU OZ TROY UNCAPPED	AU OZ* TROY CAPPED
INFERRED
5.00	555,345	7.87	1.37	140,510	24,519
4.00	764,347	6.93	1.30	170,394	32,012
3.00	1,142,862	5.77	1.43	212,027	52,533
2.00	2,378,923	4.00	1.80	306,024	137,721
1.00	15,944,708	1.74	1.39	889,511	712,520
0.80	23,113,696	1.48	1.23	1,096,618	917,743
0.70	26,815,364	1.38	1.17	1,185,737	1,006,529
0.60	30,329,972	1.29	1.11	1,259,093	1,079,628
0.55	32,168,226	1.25	1.08	1,293,068	1,113,463
0.50	34,171,078	1.21	1.04	1,326,872	1,147,076
0.45	35,863,596	1.17	1.02	1,352,807	1,172,733
0.40	37,170,436	1.15	1.00	1,370,729	1,190,526
0.35	38,313,682	1.12	0.98	1,384,407	1,204,156
0.30	39,142,852	1.11	0.96	1,393,114	1,212,840
0.25	39,843,002	1.09	0.95	1,399,318	1,219,027
0.20	40,348,961	1.08	0.94	1,403,044	1,222,750
0.01	41,276,483	1.06	0.92	1,407,212	1,226,918

*The validity of the estimation is also supported by the results of the ID5 estimate that conform to the norm of lower tonnage and higher grade in comparison with the ID2 estimate.

The grade-tonnage curve for the block model shows that the majority of growth occurred in blocks <1.05 g/t Au, resulting in a 16% decrease in weighted average grade (1.06 g/t Au to 0.88 g/t Au). The decreased grade can be expected as Lupaka steps away from the core high-grade zones and tests the outer limits of the mineralized envelope. The A-1 zone remains open to the north and at depth.

To achieve an overall 1.0 g/t resource, A-1 would still contain 1.56 MM oz @ 0.55 g/t Au cut-off

The Crucero A-1 Zone is an orogenic gold occurrence that is located on the axis of an open, north-plunging anticline. The zone has been tested by soil geochemical sampling, magnetic and induced polarization geophysical surveys, trenching and by 35 diamond drill holes.

The resultant assay data are considered to be reliable and Wardrop considers that the exploration that has been conducted to date has met its objective of identifying and quantifying the gold mineralization within the A-1 Zone.

At a lower threshold of 0.4 g/t gold, the A-1 Zone has been estimated to contain an Indicated resource of about 35 million tonnes at an average capped grade of 1.03 g/t gold (approximately 1,150,000 Troy ounces) and an Inferred resource of about 29 million tonnes with an average capped grade of 0.70 g/t gold (approximately 695,000 Troy ounces). Both tonnes and grades have been rounded.

Although it is considered probable that the A1 Zone has the simple morphology employed for the previous and current resource estimates, it is also considered warranted to collect structural and stratigraphic measurements from outcrop and drill core to permit a better understanding of deformation within the A1 Zone, and thereby to determine whether this deformation has influenced the distribution of gold mineralization.

Further drill testing of the northwestern portion of the A1 Zone is considered warranted to bring that portion of the deposit up to the same level of understanding as the southern portion of the zone.

A number of other geophysical and geochemical anomalies have been located elsewhere within the Property and further investigation is considered a logical step in the ongoing development of the Property.

See the technical report on the Crucero Property, prepared by Wardrop Engineering Inc. which is available under Lupaka Gold Corp.'s profile on SEDAR at www.sedar.com