43-101 2008 Technical Report On The La Fortuna Project, Durango ...

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CERTIFICATE OF AUTHOR dated July 31, 2008 I, Gordon Watts, do hereby certify that: 1. I reside at 347 Berkeley Street, Toronto, Ontario, Canada, M5A 2X6 2. I am a graduate from the University of Toronto, Toronto, Ontario with a B.A.Sc. Degree in Mining Engineering (1966), and I have practised my profession continuously since 1969. 3. I am a member of the Association of Professional Engineers Ontario (Membership Number 49149016). 4. I am a Senior Associate Mineral Economist with ACA Howe A.C.A. Howe International Limited, Mining and Geological Consultants located at: 330 Bay St., Suite 830, Toronto, Ontario, Canada. M5H 2S6 A firm of consulting geologists and engineers, which has been authorized to practice professional engineering by Professional Engineers Ontario since 1971, and professional geoscience by the Association of Professional Geoscientists of Ontario. 5. I am a qualified person for the purpose of NI 43-101. I have worked as a professional engineer for over 42 years since graduation. My relevant experience for the purpose of this Technical Report is: • The preparation of over 250 financial models during the past 28 years; • Skilled in tax modelling, risk analysis and Monte Carlo simulations; • Constructed numerous mining cash flows models for mining consulting companies e.g. ACA Howe ; Watts, Griffis and McOuat; Scott Wilson Roscoe Postle Associate;; MPH; Derry Michener Booth and Wahl; and • Prepared reports on mineral properties throughout Canada, the United States of America and internationally. 6. I have visited the mining properties. 7. I was solely responsible for Parts of Section 16 and 17 of The Technical Report On The El Castillo Gold Project, Durango, Mexico For Castle Gold Corporation. 8. I have no personal knowledge as of the date of this certificate of any material fact or change, which is not reflected in this report. 9. Neither I, nor any affiliated entity of mine, is at present, under an agreement, arrangement or understanding or expects to become, an insider, associate, affiliated entity or employee of Castle Gold, or any associated or affiliated entities. 70
10. Neither I, nor any affiliated entity of mine own, directly or indirectly, nor expect to receive, any interest in the properties or securities of Castle Gold Corporation, or any associated or affiliated companies. 11. Neither I, nor any affiliated entity of mine, have earned the majority of our income during the preceding three years from Castle Gold Corporation, or any associated or affiliated companies. 12. I have read NI 43-101 and Form 43-101F1 and have prepared the technical report in compliance with NI 43-101 and Form 43-101F1; and have prepared the report in conformity with generally accepted Canadian mining industry practice, and as of the date of the certificate, 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. Gordon Watts, B.A.Sc., P.Eng. July 31, 2008 71
Page 1 and 2:
TECHNICAL REPORT ON THE EL CASTILLO
Page 3 and 4:
SUMMARY Introduction At the request
Page 5 and 6:
Castillo Remaining Mineral Resource
Page 7 and 8:
Undiluted Reserves at $550 per Ounc
Page 9 and 10:
epresent an incremental increase in
Page 11 and 12:
TABLE OF CONTENTS 1.0 INTRODUCTION
Page 13 and 14:
Table 4. Driving distances from Dur
Page 15 and 16:
Castle Gold has accepted that the q
Page 17 and 18:
2.0 PROPERTY DESCRIPTION, LOCATION,
Page 19 and 20:
Figure 2. Map showing mining conces
Page 21 and 22:
2.1.2.3 Property Taxes The property
Page 23 and 24:
Table 5. Maximum precipitation in a
Page 25 and 26:
3.0 HISTORY The El Castillo Project
Page 27 and 28:
commonly reach elevations of 2,500
Page 29 and 30: Figure 4. Cross-section through the
Page 31 and 32: At El Castillo, the presence of cha
Page 33 and 34: Toward the center of the mineralize
Page 35 and 36: 7.0 EXPLORATION In 2006, Castle Gol
Page 37 and 38: 9.0 SAMPLING METHOD AND APPROACH Th
Page 39 and 40: 11.0 DATA VERIFICATION 11.1 INTRODU
Page 41 and 42: Morgain Minerals Inc. El Cairo Gold
Page 43 and 44: 13.0 MINERAL PROCESSING AND METALLU
Page 45 and 46: Table 9. Castle Gold test heap leac
Page 47 and 48: material is relatively consistent a
Page 49 and 50: Plate 6. View of the El Castillo si
Page 51 and 52: 14.2.1 Methods A shift of -500,000
Page 53 and 54: 14.2.4 Pit Optimization Parameters
Page 55 and 56: Undiluted Reserves at $600 per Ounc
Page 57 and 58: Table 13. Comparison of Howe 2003 a
Page 59 and 60: 15.2.2 Change of Land Use The Compa
Page 61 and 62: 16.2.1 Capital and Operating Cost E
Page 63 and 64: Table 15. Operating Cost Summary (U
Page 65 and 66: will be operating the mine indirect
Page 67: Table 17. Sensitivity Analysis - Gr
Page 70 and 71: 16.2.2 Economic Evaluation The Base
Page 72 and 73: Table 23. US$ - Mexican Peso Exchan
Page 74 and 75: • Castle Gold should complete geo
Page 76 and 77: Panteleyev, A., 1996, Epithermal Au
Page 78 and 79: 9. To the best of my knowledge, inf
Page 82 and 83: Appendix A Pit Optimization Level P
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