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Cautionary Notes

Note 1

Certain of the statements and information on this website constitute "forward-looking statements" or "forward-looking information". Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those reflected in the forward-looking statements or information, including, without limitation, risks relating to results from infill and exploration drilling, geotechnical studies, metallurgical studies, planning of tailings facilities, access to power supply, fluctuations in the spot and forward price of gold or certain other commodities, timing of receipt of permits and regulatory approvals, the sufficiency of the Company's capital to finance the Company's operations, geological interpretations and potential mineral recovery processes, changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, business opportunities that may be presented to, or pursued by, the Company, operating or technical difficulties in connection with mining activities. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Readers should carefully review the Risk Factors section of the continuous disclosure documents of the Company and the Company's technical reports available under its profile on the SEDAR website at www.sedar.com for more information on such risks.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of posting on the website, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information

Note 2

The "Preliminary Economic Assessment for the Spanish Mountain Project" (the "PEA") referred to herein is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic consideration applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.The PEA effective November 15, 2012 was prepared was completed by TetraTech WEI Inc, ("TT") an internationally recognized engineering firm. The PEA was prepared under the supervision of Mr Martin Regan of TT, Independent Qualified persons ("QP") as defined by National Instrument 43-101.

The PEA is based on the resource update released in July, 2012. The Company subsequently released an updated resource estimate in April, 2014 the results of which have not been reflected in the PEA referred herein.

Note 3

The Company's measured and indicated resources estimates are set out in an updated resource calculation (please refer to the NI43-101 Technical report dated August 31, 2012 on SEDAR) prepared by Gary H. Giroux, M.ASc., P.Eng. Of Giroux Consultants ltd.

The PEA dated November 15, 2012 was prepared using the resource estimate contained in the technical report referred herein. The company subsequently released another resource update in April, 2014. (Also prepared by Gary H. Giroux, M.ASc., P.Eng. Of Giroux Consultants ltd.)


Note 4

A feasibility study, which can only include or be based on mineral resource estimates in the measured and indicated categories, is a comprehensive study of the selected development option for a mineral project.

Note 5

Except as otherwise indicated, Dr. Morris Beattie, P. Eng, the Company's former Chief Operating Officer (now Chief Executive Officer) and a qualified person under NI 43-101, has approved the scientific and technical information contained on this website.