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Crucero Gold Project

The Crucero Gold Project Pit-Constrained Resource Estimate Tonnage and Grade is as follows:

Category Threshold
Tonnes Au
Au Cap *
(troy ounce)
Au Cap
(troy ounce)
Indicated 0.4 30,919,873 1.118 1.009 1,111,494 1,003,041
Inferred 0.4 31,201,648 1.143 1.025 1,146,219 1,027,806

* - Gold grades capped at 17 g/t 1 Troy Ounce = 31.10348 grams

The mineralization excluded as outside of the conceptual pit lies at depth and has an average gold grade of 0.71 g/t Au, much lower than the average grade of the tonnage within the constraining pit shell.

SRK Consulting (Canada) Inc. ("SRK Consulting") of Vancouver, BC aided with the economic constraint of the resource. The updated indicated and inferred mineral resource estimates reported herein are contained within a resource-limiting open-pit shell along 750 meters of strike and 360 meters in depth.

Parameters used to establish the conceptual pit are set out in the table below:

Parameter Value Unit
Gold Price 1,400.00 US$/oz
Mining Operating Cost (Mineralized Material and Waste) 1.50 US$/t milled
Process Operating Cost 13.00 US$/t milled
General & Administrative 2.00 US$/t milled
Overall Pit Slope 47 Degrees
Gold Process Recovery 90 %
Mining Dilution 5 %

The amended technical report also expands and clarifies other disclosure identified by the British Columbia Securities Commission technical disclosure review disclosed in the Company's news release of August 20, 2013 -- see "NEWS / 2013 New Releases" tab on this website.

Readers are cautioned that the conceptual pit shell for resource model disclosed above does not constitute an economic analysis of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Tetra Tech WEI Inc. ("Tetra Tech") of Vancouver, BC completed the resource estimation within the conceptual pit shell constraints provided by SRK Consulting. Greg Mosher is a Senior Geologist with Tetra Tech, a "qualified person" as defined by National Instrument 43-101 and independent of Lupaka Gold as defined by Section 1.5 of NI 43-101. Mr. Mosher has reviewed and approved the scientific and technical information contained in the related (August 20, 2013) news release. Mr. Mosher has verified the technical and scientific information including sampling, analytical and test data underlying the information or opinions contained in the related (August 20, 2013) news release. Mr. Mosher is not responsible for the conceptual pit shell.

Mr. Anoush Ebrahimi is a Principal Consultant with SRK Consulting, a "qualified person" as defined by NI 43-101 and independent of Lupaka Gold as defined by Section 1.5 of NI 43-101. He has reviewed and approved the information contained in the (August 20, 2013) news release that pertains to the conceptual pit shell.