October 3, 2011 - Rio Tabaconas Gold Project - NI 43-101 Technical Report

Summary

2001 Drill Program
• The Rio Tabaconas project is comprised of 19 concessions totalling 8,710 hectares, 100% controlled by Golden Alliance's Peruvian subsidiary, Minera Las Palmeras S.A.
• Situated within the prolific Cajamarca Copper-gold metallogenic trend, host to more than 20 major deposits including: the Fruta del Norte gold deposit, Yanacocha, Pierina, and Lagunas Norte.
• High-grade gold-rich massive sulphide skarn mineralization occurs on Cerro Tablon and both bulk-tonnage disseminated gold and shear-zone hosted lode gold mineralization is found on Cerro Las Minas
• Within the +4km long and 2km wide Midas Trend 15 targets have been identified to date; 9 have been advanced to the drill stage.
• Significant additional exploration work is required to evaluate the remainder of the large property, particularly along the unexplored extensions of the Midas Gold Trend
• Numerous massive sulphide boulders in the valley between Cerro Tablon and Cerro Las Minas where grades from 22 boulders averaged 9.3 g/t gold with values ranging up to 64.97 g/t gold
• Test drilling carried out on the property to date was a 1,600m 33 hole program in 2001 focused entirely on 3 discrete zones on Cerro Tablon distributed over 650m. Highlights from the drilling included*:
• 18.0 g/t gold over 16.4m (estimated true width of 7m), including 118 g/t (3.445 oz/ton) over 2.15m containing visible gold in RT-29
• 4.9 g/t gold over 14.11m (estimated true width of 10m), including 15.2 g/t gold over 2.86m in RT-22
• 5.1 g/t gold over 9.45m (estimated true width of 6m), including 17.6 g/t over 1.41m in RT-21
• 13.0 g/t gold over 3.10m (estimated true width of 2.7m), including 33.3 g/t gold over 1.00m in RT-25
• 8.8 g/t gold over 25.42m (estimated true width of 11.5m), including 19.8 g/t over 2.90m and 12.6 g/t over 7.62m in RT-13
• 5.3 g/t gold over 17.09m (estimated true width of 11.3m), including 14.2 g/t gold over 2.66m in RT-11
• 3.2 g/t gold over 21.41m (estimated true width of 12.5m), including 5.5 g/t gold over 6.27m in RT-6

* See Kobex Minerals Inc. (Formerly IMA Exploration Inc.) October 31, 2001 News Release

Targets:

• Cerro Tablon: Known mineralization at Cerro Tablon consists of gold-rich massive sulphide bodies (pyrrhotite-pyrite-sphalerite-galena-chalcopyrite) which replace limestone and occur as stratabound, fault-related, and intrusive contact-related bodies. In addition to these carbonate-replacement bodies, Cerro Tablon also hosts potential for structurally-controlled mineralization at the North and La Union Zones.
• Cerro Las Minas: On Cerro Las Minas, bulk-tonnage, disseminated gold mineralization is associated with strong to intense phyllic alteration at the West Breccia and Peak Zones, while high-grade (up to 62.9 g/t Au) lode-gold occurs within quartz vein/shear zones at Minas Sur and La Catedral.
• Elsewhere on the property, anomalous rock, soil, and silt samples demonstrate potential for additional discoveries.

Exploration History:

Evidence of historic mining on the Tabaconas property includes numerous adits, open cuts and trenches at the Cerro Tablon, Cerro Las Minas, and Vega areas. Some of these workings were significant operations, at Cerro Tablon the main adit includes at least 35 metres of underground tunnelling. A series of escalating exploration programs outlined significant potential for economic gold deposits on the property.

Between June, 2000 and October, 2001 four campaigns of property-wide prospecting, mapping, and geochemical rock, soil, and silt sampling were completed. These programs confirmed the existence of significant gold mineralization at Cerro Tablon and Cerro Las Minas, and identified numerous zones with anomalous gold geochemistry elsewhere on the property. In addition to reconnaissance-level mapping and prospecting, grid-based soil sampling programs were conducted on Cerro Tablon and Cerro Las Minas, trenching and detailed sampling of the Tablon Main and West Zones was completed, and panel-sampling and geologic mapping of the Peak, West Breccia, and Minas Sur Zones on Cerro Las Minas was conducted along with a ground geophysical survey.



In 2001, a 1,600 meter 33 hole diamond drill campaign was completed and results from this Phase I program were extremely encouraging. Numerous drillholes intersected potentially ore grade gold mineralization over significant widths (up to 18 g/t Au over 16 metres) and demonstrated the potential for Cerro Tablon to host high-grade, gold-rich, massive sulphide bodies of significant size. They demonstrated the Tablon target to be a significant structurally controlled mineralized system with high gold grades and a potential strike extent length in excess of 2km.

The most recent program at the Rio Tabaconas property was conducted in February and March of 2002 and consisted of: detailed geological and structural mapping of the Cerro Tablon and Cerro Las Minas areas, re-logging and re-interpretation of drillcore from the 2001 program, property scale prospecting and sampling, and 25,000 metres of ground magnetometer and IP/resistivity geophysical surveys over Cerro Tablon and Cerro Las Minas. Results of this program have confirmed and expanded previously-known targets, brought to light several new targets, shown possible continuity between several previously-distinct targets, and provided the necessary geologic understanding to plan for drill-testing of 9 of the 15 known targets on the property.

Location and Access:

The Rio Tabaconas property is located 760 km NNW of Lima in the Department of Cajamarca, Peru, approximately 35 km south of the Peru-Ecuador border. Access can be gained by paved and dirt road from the coastal city of Chiclayo, which has daily jet flights to and from Lima. The trip is approximately 12 hours by vehicle from Chiclayo to the property.


The Rio Tabaconas property lies on the east side of the Peruvian Andes, at elevations of 1,000 to 2,400 metres in an area of moderate to steep terrain. Exploration in this part of Peru can be conducted year-round; however it is most practical during the dry season from May to October.