Initiating Report August 14, 2009 3

Recommendation ANTIOQUIA GOLD INC. Speculative Buy ($0.22 TSX-V: AGD)

Risk High

Price (August 14, 2009) $0.22

52-Week Range $0.265 - $0.025

Intrinsic Value $0.60 - $0.75 Data Source: www.BigCharts.com Target Price (12 Months) $0.65 UPFRONT Investors who purchase shares in junior mining exploration companies, Shares O/S typically those whose shares are trading under 50 cents, acknowledge that any 26.15 million such investment is highly speculative. The investor fervently hopes that the Market Cap miner will be successful with the drill bit and that the share price subsequently $5.75 million reflects that success. Given the risk, the investment reward has to be substantial. Ideally, the investor is looking for a “ten-bagger”, and these do Average Daily Volume occur. A double from 10 cents to 20 cents a share sounds good in terms of 50-day: 74,100 percentage gain, but an investor/speculator wants more than that, preferably 200-day: 39,300 the stock reaching a dollar. Year-End March 31 Antioquia Gold Inc. (“Antioquia” or the “Company”), in our opinion, has a legitimate chance of achieving that sought-after ten-bagger. The Company’s Salient Statistics initial drill program commences around the end of August 2009, with Book Value Per Share $0.06 preliminary results probably announced in October. Rock samplings, while Price/Book Value 3.7x small-scale, were highly encouraging, showing a weighted average of 2.50 Properties Per Share $0.07 metres @ 32.3 grams of gold per tonne. Cash (Est.) (mill) $1.3M Cash Per Share $0.05 With positive drill results, Antioquia could emulate Ventana Gold Corp., Monthly “Burn” (Est.) $55,000 which is also active in Colombia. Ventana has been announcing favourable drill results on its La Bodega property since early 2009 and, as a result, its stock price rose from $0.04 per share last November to a high of $6.30 in June. Analysts Eric Eng, B.A. MBA Bob Weir, B.Sc., B.Comm, CFA RECOMMENDATION We recommend Antioquia Gold Inc. as a Speculative Buy for long-term risk- tolerant investors. eResearch Corporation 56 Temperance Street PROFILE Suite 501 Antioquia Gold Inc. is a mineral exploration company focused on exploring Toronto, ON M5H 3V5 for precious metals and other minerals in Colombia. The Company’s primary Telephone: 416-643-7650 venture is its Cisneros gold project, which is located 70 kilometers northeast of Toll Free: 877-856-0765 Medellin, the principal city in the Department of Antioquia.

eResearch Corporation: Securities Adviser and Limited Market Dealer www.eresearch.ca Antioquia Gold Inc. Initiating Report ______

HIGHLIGHTS

! Antioquia’s flagship Cisneros Gold Property has a resource estimate, internally generated and based on rock samples with no drilling and no NI 43-101 technical report, of approximately 430,000 oz of gold on a small portion of the Property; ! Antioquia has spent approximately $1.7 million to date on exploration of the Cisneros Gold Property and is ready to start a 3,000-metre drill program by the end of August 2009; ! The drill program is a first step towards generating NI 43-101 compliant resource estimates on the Cisneros Gold Property; ! Strategic alliance with IGTER Ltda. gives the Company access to a portfolio of over one million hectares of mining exploration concessions; and ! Colombia has produced over 80 million ounces of gold, and is believed to have a significant amount of untapped exploration potential for gold, platinum, and base metals.

THE COMPANY

Antioquia Gold Inc. is focused on acquiring and developing mineral and resource opportunities in Latin America, and in particular Colombia. It was formed through the amalgamation of AM-VES Resources, Inc. (a private resource company founded by ten mining professionals) and High American Gold, Inc. (a public junior mining company de-listed in 2003).

Exploration is underway at Cisneros, the Company's flagship project. Antioquia is currently negotiating with a major international mining company and, if successful in these negotiations, it would give the Company access to a large portfolio of quality lands throughout Colombia.

CISNEROS GOLD PROPERTY LOCATION

The Company’s Cisneros Gold Property (the “Property”) in Colombia is shown on the following map. It is located in the northwest part of the country and is strategically situated insofar as it is close to the area’s major city and is transected by a major highway.

Source: The Company

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PROPERTY HIGHLIGHTS

The following is a summary of the significant features of the Cisneros Gold Property. A detailed description of the Property is provided on page 17.

! The Cisneros Project is located in the central portion of the Department of Antioquia, about 70 kilometers northeast of Medellin, the Department’s largest and the country’s second-largest city. ! The site has excellent access and there is solid infrastructure in the area; one of Colombia’s principal highways, #62, transects the Company’s property. ! The Property comprises 8 concessions, totaling 5,522 hectares. ! Structurally controlled, mesothermal, high-grade vein deposits; ore minimization includes gold, silver, copper and molybdenum, with an internally-calculated non-compliant estimate of 430,000 oz of gold and a potential for up to 3 million oz of gold. ! Over $1.7 million in exploration expenditures have been spent to date, with another $2.5 million expected to be spent over the next 12 months for further exploration and possibly a NI 43-101 resource estimate for the Cisneros Project. ! Exploration projects in the vicinity are being carried out by AngloGold Ashanti Limited, B2Gold Corp., Colombian Mines Corporation, and ColGold Inc.

INVESTMENT PERSPECTIVE

In our opinion, the potential for the Company’s stock is largely dependent upon how management can increase the value of the Cisneros Gold Property. We have identified four major factors that could have a significant influence on property value creation.

(1) Property Attributes: The Cisneros Project has great potential to host millions of oz of gold; good samples (hundreds of rock samples, soil samples, surface and tunnel mapping samples) have been collected on the property; a drill program is about to begin; and a NI 43-101 compliant resource estimate is expected to be completed within the next 12 months.

(2) Sound Financing: The Company is well on its way to fully finance its 2009-2010 drill program. It is expected to spend about $2.5 million over the next 12 months, of which approximately $1.9 million will be spent on its drill program. To date, over half of the required funds have been arranged and the remaining is expected to be completed in Q3/2009.

(3) High Quality Management: The Company has assembled a reputable and experienced management team in the mining and finance industries (see Management and Directors, page 10). The management team does not rely on one particular key person and uses its expertise in mining and finance to acquire and develop properties with good potential.

(4) Strategic Alliance: Antioquia has signed a Letter of Intent (LOI) to purchase IGTER Ltda. (see below) and all of its assets. Once this acquisition is completed, the Company will gain access to more than a million hectares of land and a relationship with a major international mining company.

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IGTER LTDA PROPOSED ACQUISITION

IGTER Ltda. is a Colombian consulting firm that has been offering geology and mining expertise and personnel to both national and international companies over the past four years. Some of the key benefits the Company gains from the acquisition of IGTER are as follows: ! IGTER Ltda. will supply and support Antioquia in the following areas: geologists, field labour, logistical support, administration, accounting, and office space as well as conduct environmental, community and social studies work; ! IGTER Ltda. currently owns several mining properties and has options on additional properties that are included in the purchase; ! Antioquia will have access to a large portfolio of gold properties in Colombia that IGTER Ltda. holds the titles to on behalf of a multi-national gold mining company. A Letter of Intent has been signed between IGTER Ltda. and the multi-national gold mining company that defines the strategic alliance between the parties and the terms to acquire the properties consisting of over one million hectares; and ! No cash expenditures will be required to acquire any holdings from the multi-national company, which will be allowed to have a back-in right of 60% under specified conditions.

COMMENT: We believe the strategic alliance will enhance the Company’s ability to supply its own labour force (a ready and experienced work-force), and gain more access to other properties. The financing risk of the proposed acquisition is low given that there is a nominal cash payment and issuance of shares involved, and no other financial obligations assumed by the Company.

COMMENT: We expect further announcements shortly regarding the multi-national gold mining company, including the divulging of its identity, all of which should be positive for the Company and its stock price.

VALUATION

We use two valuation methodologies in our determination of a valuation assessment for Antioquia. These valuation methodologies are:

1. Property Ratio Method; and 2. Enterprise Value Method.

In using these methodologies, we are focusing on corporate comparisons and have used the following criteria in selecting the companies for our comparison: ! Companies that are similar in terms of being at the same stage in the production cycle (see chart below); ! Companies located in the same region or in regions that are geologically similar; and ! Companies having properties that host similar mineralization characteristics.

Companies for Peer Group: We have selected four companies for our peer group, as follows:

Ventana Gold Corp. - (“Ventana”)

! Owns a land package comprising 4,573 hectares ! Focused on developing a high-grade gold discovery in northeastern Colombia ! Solid infrastructure: good access to the property, availability of electric power and water ! Approximately 120 holes have been drilled, totaling 30,000 metres ! Six mineralized zones have been identified on its La Bodega property ! Considerable similarities with Antioquia, except for number of holes that have been drilled to date. By the end of the 2009-2010 drill program, Antioquia could reach the stage where Ventana is now.

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Exeter Resource Corporation - (“Exeter”)

! Its flagship project is the Caspiche Project in Chile (option to own 100% from Anglo American Chile Limitada). The project is a gold-copper porphyry type of deposit. The NI-43-101 resource estimate (March 2009) indicates that the project has an inferred resource estimate of 8.83 million oz of gold and 2.09 billion pounds of copper (or 12.65 million oz gold equivalent). ! The company’s other project is the Cerro Moro Gold-Silver project in Argentina (100% owned). Inferred resource estimate of 646,000 oz of gold equivalent at a grade of 18 g/t was obtained in July 2008. ! The Don Sixto Gold Project is also located in Argentina. In 2007, Exeter announced a NI 43-101 compliant estimate of 925,000 oz of gold (measured and indicated); 334,000 oz of gold (inferred). ! The company currently has approximately $35 million in cash.

Greystar Resources Ltd. - (“Greystar”)

! The company’s main asset is the 100%-owned Angostura gold-silver project located in northeastern Colombia. Resource category includes: Measured and Indicated resources of 11.5 million oz of gold and 61 million oz of silver; Inferred resource of 3.5 million oz of gold and 18 million oz of silver. Pre- feasibility study is done. Feasibility study is expected to be completed by the end of 2009; production is expected by the second quarter of 2012. ! Total potential amount of underground gold (for all properties) is estimated to be 9.3 million oz.

B2Gold Corp. – (“B2Gold”)

! B2Gold owns properties in Nicaragua (two projects), Colombia (3 projects), Russia and Panama ! Approximately 45,000 oz of gold per year produced from the Limon Mine in Nicaragua. ! Additional 80,000 oz of gold per year is expected to be produced by the end of 2009 from the Orosi Mine in Nicaragua. An estimate of over 2.6 million oz of gold at these two properties. ! The 85,500-hectare Gramalote project in northern Colombia has a NI 43-101 resource estimate of 74.4 million tonnes (inferred) grading 1.00 g/t for a total of 2.39 million oz of gold.

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Antioquia Gold Inc. Initiating Report ______(A) Property Ratio Valuation Method

Antioquia Gold is compared to the four peers in our Property Ratio table.

Table 1: Corporate Comparison, Property Ratio

eResearch Approach eResearch’s method of property valuation takes into account the following: ! The book value of the property is at the time of the latest financial statements, and the market value is at the date indicated in the table; ! The property value is adjusted for cash and cash equivalent and the indebtedness of the company; ! We estimate the amount of capital expenditures to be spent over the next 12 months by Antioquia and adjust the book property value; ! Assuming 100% equity financing of capex, we estimate the amount of equity and the number of shares to be issued, and adjust the equity per share of Antioquia; ! Our Property Ratio shows the market premium over the book value of the property; and ! The Selected Ratio we chose for Antioquia reflects our expectation for the Company’s potential, after a careful analysis of the property, the expected drill program, the potential of the property, and the timelines that the Company is expected to achieve over the next 12 months.

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Analysis of the Property Ratio ! The average ratio for the four peer companies is 11.82x, about 3.7x higher than the current ratio of Antioquia. ! The average ratio is significantly influenced by Ventana, which experienced sharp price appreciation in June 2009, jumping from $2.00 to over $6.00 per share, and now trading near $5.00. The increase reflects the good news of drilling results announced by Ventana at the time. ! Excluding Ventana (33.50x: extreme high) and B2Gold (0.77x: extreme low), the other two companies, Exeter (7.00x) and Greystar (5.99x), have an average Property Ratio of 6.50x. ! Below is a range of Selected Ratios and the potential stock price for Antioquia over the next 12 months:

Selected Ratio Potential Stock Price 5.00X $0.42 6.00X $0.54 7.00X $0.66 8.00X $0.77 9.00X $0.89

! We are choosing a Selected Ratio of 6.50x as being the most appropriate for Antioquia at the present time. We believe this ratio could be achieved, reflecting: (1) this ratio is only 55% of the four-company peer average; (2) the ratio is the average of the current property ratios for Exeter (7.00x) and Greystar (5.99x); and (3) the Company is expected to complete a NI 43-101 technical report with a resource estimate within the next 12 months which, if favourable, should provide the impetus for a higher ratio and, therefore, share price. ! At this Selected Ratio of 6.50x, the Intrinsic Value of Antioquia Gold is $0.60 per share.

(B) Enterprise Value Method

Table 2: Enterprise Value Ratio

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Antioquia Gold Inc. Initiating Report ______eResearch Approach ! Enterprise value (“EV”) is calculated on the date as shown in the table, based on the market capitalization of the company, its cash and its indebtedness. ! The amount of gold (and gold equivalent) in million oz is estimated by these companies and eResearch, based on available information. ! The ratio of EV-to-Gold indicates the value of the EV over estimated gold (underground); the lower the ratio, the higher the potential for stock price appreciation. ! Our ratio does not take into account the production cost per unit, which differs among these companies.

Analysis ! The current EV-Gold ratio for Antioquia, at 13x, is low compared with the peer average ratio of 42x. We believe that the average ratio is rather high, influenced by Ventana. ! An average ratio of Exeter and Greystar is 14.38x, which is still higher than Antioquia’s ratio of 13.29x. ! In our valuation of the potential price over the next 12 months, we take the ratio of 15x and derive four scenarios in the table below. In each scenario, we assume a different amount of gold production for Antioquia. We also assume that the number of shares outstanding will be 60 million at the end of the next 12-month period:

EV-Gold Ratio Gold in M oz Potenial EV (million) Shares O/S (M) Price/share 15X 1.00 $15 60 $0.25 15X 2.00 $30 60 $0.50 15X 3.00 $45 60 $0.75 15X 4.00 $60 60 $1.00

! The stock price ranges from $0.25 (for 1 million oz of gold) to $1.00 (for 4 million oz of gold). ! For the 3 million oz of gold scenario, the stock price should be $0.75 under the ratio of 15x. However, in our opinion, a ratio of 15x is considered conservative in valuing Antioquia, since the amount of gold (and gold equivalent) is an estimate, while the market price reflects the potential of the company (example: the substantial price appreciation in the shares of Ventana recently) and the direction of gold prices. ! Had we chosen the average ratio of the group at 42x, the stock price for Antioquia at 3 million oz of gold would have been $2.10 (instead of $0.75). ! At Ventana’s ratio of 103x, Antioquia’s stock price would approach $5.15. (Ventana’s stock rose from $1.50 at the beginning of May to reach $6.30 in the middle of June; six months ago it was $0.50; last November, it was $0.04.)

(C) Conclusion

! The Intrinsic Value based on our Property Ratio approach was calculated to be $0.60 per share. On the Enterprise Value method, the Intrinsic Value was determined to be $0.75 per share. ! Therefore, based on our two approaches, we believe there is a good possibility of Antioquia’s stock reaching around $0.65-$0.70 per share over the next 12 months. ! Our conclusion is based on three assumptions: (1) the Company will obtain the required financing for its exploration program; (2) the gold price over the next 12 months will trade in the US$850/oz to $950/oz range; and (3) the Company will achieve a favorable NI 43-101 resource estimate within the next 12 months. ! If the gold price escalates through US$1,000/oz and continually trades above this benchmark, then almost all gold companies should benefit, some significantly, including Antioquia.

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(D) Valuation In Relation To Typical Mining Production Cycle

The following chart, taken from The Gold Book authored by Pierre Lassonde, a renowned mining executive, shows what typically happens to the shares of a mining company as it proceeds through its various life stages.

Exploration to Production Mining Cycle

12

10

Start-up 8 C onfirmed Reality sets in Deposit

6 Construction

Share Price ($) Price Share 4

2 D iscovery Development Production

0 Speculation Investment 2-3 years Revaluation 2-3 years 1-2 years

Source: Chart reproduced by eResearch; modified from and courtesy of The Gold Book by Pierre Lassonde

As indicated, during the exploration period, the shares are a speculation on the possibilities of the company being successful with the drill bit. If there is a “hit” (“Confirmed Deposit”), the shares usually rise to reflect it, the amount of the rise being a function of how good the strike is.

If the exploration activity indicates that there could be sufficient resources to bring the mine into production, the company undertakes feasibility studies to ascertain the project’s economic probabilities and the need to raise funds to bring the property forward. During this phase “Reality sets in”, and unless there is significant exploratory drilling on the company’s other properties (which often there is not as management and financial resources are required to bring the mine to the production stage), the shares usually drift lower over time.

As “Construction” is being completed, the shares begin to rise in anticipation of the “Start-up” of production, which means the generation of revenue and profits. This positive phase for the shares usually lasts a few years.

COMMENT: In our opinion, Antioquia is in the early throes of the “Discovery” stage shown on the chart. There is considerable price appreciation potential as Antioquia proceeds up the Discovery curve. It is expected that the Company could reach the end of this stage in Q4/2010 after the completion of the soon-to- start 3000m drill program. Ventana, Exeter, and Greystar are approximately 12-16 months ahead of Antioquia. B2Gold is approximately 3-5 years ahead of Antioquia with respect to its properties in Nicaragua, but its properties under development in Colombia are not far ahead of those of Antioquia.

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Antioquia Gold Inc. Initiating Report ______FOUNDERS

• Barry Davies - Mining Engineer (ex president of Smoky River Coal); see below • Jim Decker- Mining Engineer (ex president of Grande Cache Coal); see below • Greg Harris – Lawyer (Securities Specialist) • Fernando Jaramillo - Civil Engineer (ex president of Cerro Matoso, BP Colombia); see below • John Morgan – Geologist (president of Infinito Gold); see below • Brian Murray – CA (Chairman, Nebu Resources) • Don Riva- Mining Engineer (ex VP Mining, Deer Creek); see below • Rick Thibault- Mining Engineer (ex VP/GM, High American Gold); see below • Dr. John Thomas - Process Engineer (VP Operations, Infinito Gold); see below • Brad Van Den Bussche – Geologist (ex VP Exploration, Richards Oil & Gas); see below

MANAGEMENT AND DIRECTORS

Management has impressive mining credentials. Collectively, with extensive experience in the mining business in Latin America and, specifically, in Colombia, they have a recognized track record of being able to acquire, explore, finance, and develop mining projects.

Richard Thibault, CEO, President and Director Mr. Thibault is a registered mining engineer with over 30 years of experience in engineering, operations, management and consulting in North and South America. Mr. Thibault worked extensively in Argentina, Bolivia, Chile, Colombia, Ecuador, Peru and Venezuela between 1996 and 2006. During this period, he worked as: (a) President of High American Gold Inc., a publicly traded junior mining company, (b) Managing Director of Procesadora de Boratos Argentinos S.A., a private industrial mineral company; (c) General Manager of the consulting firm BGC-AVOT Engineering Inc in Chile; and (d) President, Minerals of Daleco Resources Corp., a United States based publicly traded company. He is also the President and COO for the private company La Camera Inc. that is currently engaged in mining explorations in Mexico. He serves as a director of Argentex Mining Corporation, a publicly-traded junior mining company. Mr. Thibault has a B.Sc. (Honours) in Mining Engineering from Queen’s University.

Brad Van Den Bussche, Vice President Exploration and Director Mr Van Den Bussche is a registered professional geologist with over 24 years of geology, exploration, management and consulting experience in the mining and resource industry. He has worked on, and has obtained significance experience in, numerous feasibility studies, exploration programs, due diligence evaluations and project assessments of both minerals and energy projects in Canada, the United States, Asia, Latin America, and the United Kingdom. Most recently he spent three years as Vice President, Exploration for Richards Oil & Gas Limited, a junior oil and gas company based in Calgary, which focused on coalbed methane exploration and development. During the previous 14 years, he was a consultant to the resource industry (mining and coalbed methane) and held a variety of technical, management, and executive positions with companies such as Kaybri Resource Management Ltd., Golden Rule Resources Ltd., Norwest Mines Services Ltd. and Gulf Canada Resources Ltd. Mr. Van Den Bussche has a B.Sc. (Honours) in Geology from the University of Manitoba.

J.H. (Jim) Decker, Chairman and Director Mr. Decker is a registered professional mining engineer with over 40 years of experience. He is currently the President and principal partner of Jim Decker & Associates Inc., a mining consulting firm that provides senior management input for operating mines and mining projects. Mr. Decker's principal activities in the past five years have been associated with due diligence exercises for acquisitions and sales of mining properties, operating audits of surface mining operations and supervisory training for large mining companies such as Barrick Gold Corporation, Placer Dome Inc. and Teck Cominco. He is a past president of Grande Cache Coal Corp. and High American Gold Inc. He also serves as a director of Sea Green Capital Corp. and Nebu Resources Inc. Mr. Decker has a B.Sc. (Mining Engineering) from Queen’s University.

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Robert James, CFO Mr. James has over 30 years of business experience and has served as a Director, Officer, Chief Executive Officer and Chief Financial Officer of various TSX-V listed companies and private companies including Consolidated Beacon Resources, Elliott Industrial Petroleum Ltd., Emercor Building Systems Ltd., Rockvale Resources Ltd. and Newscope Resources Ltd. He is currently President and Director of Opertec Inc., a private consulting company. He has significant experience in many financings, re-financings, acquisitions, divestitures, mergers and re-organizations. Mr. James earned the designation of Certified Management Accountant in 1979 and the Professional Registered Parliamentarian designation from the National Association of Parliamentarians in 2007.

German Guererro, Country Manager, Colombia, Mr. Guererro is a mining engineer with over 17 years of experience in both the public and private mining sectors in Colombia. Currently he is the Managing Director and legal representative of Ingenieria Y Gestion Del Territorio S.A. (“IGTER”), a Colombian consulting company. Prior to this time he was an adviser to the General Director of Ingeominas, an adviser to the Director of Mines in the Mines Ministry and coordinator of Ingeominas in Cucuta and Medellin.

Fernando Jaramillo, Civil Engineer, Senior Adviser Mr. Jaramillo, who recently retired as President of BP Colombia, is a seasoned senior executive with significant multinational experience in the oil & gas and mining sectors, including being president of Cerro Matoso, which is part of BHP Billiton. He was involved in a number of mining-related areas, such as project management, engineering, design, and operations. Mr. Jaramillo has worked in the United States, the Netherlands, the United Kingdom and Mexico. He has represented BP Colombia’s interests on several boards of companies in Colombia and also institutions such as Asociación Colombiana del Petróleo and The Institute of the Americas in la Jolla, California. He currently sits on the Board of Petrocolombia and is a member of the INGEOMINAS Council. ! John Morgan, Geologist Mr. Morgan has been the President and CEO of Infinito Gold Ltd. (previously Vannessa Ventures Ltd.), a mineral exploration company, since January 2004. From June 2003 until December 2003, Mr. Morgan was an independent consultant providing mineral advisory services. Prior to that time he was the Vice President Operations of Carbones del Guasare S.A., Venezuela, a coal company, from May 1999 to May 2003.

Barry Davies, Mining Engineer Mr. Davies has been the President of Rudgear Inc., a private investment company, since March 2004. From April 2000 to March 2004, he was the President of Westpine Inc., a private mining investment company. Other positions included executive positions at BHP Australia and Director of Grande Cache Coal.

Don Riva, Mining Engineer Mr. Riva was the Vice President, Mining of Deer Creek Energy Ltd., a TSX listed company from 2002 to 2005. From 1998 to 2002, he was the general manager of International Mineable Oil and Suncor Energy Ltd. Prior to this he was a mining consultant for Norwest Corporation.

John Thomas, Process Engineer Dr. Thomas has 34 years’ experience in the mining industry, in both base and precious metals. He has worked in Brazil, Venezuela, Costa Rica, Kazakhstan, Russia, Canada and Zambia. He is currently VP Operations for Infinity Gold Ltd., with responsibility for constructing a 100,000 oz gold mine in Costa Rica. His experience extends to a wide range of activities in the mining industry, from process development, management of feasibility studies, engineering and management of construction, and operation of mines.

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FINANCIAL REVIEW & OUTLOOK

Operating Expenses and Cash Burn Rate

To date, operating expenses and the cash burn rate have been modest since there has not been much activity. These expenses will increase significantly over the next 12 months as the Company starts its drilling program.

Capital Expenditures for Exploration

For the 9 months ended December 31, 2008, the Company spent $1.12 million in exploration expenditures. In July 2009, Antioquia proposed a budget of approximately $2.5 million for the Cisneros Gold Property to conduct additional exploration that will include sampling and two diamond core drilling programs (3,000 metres each) on the three identified mineralized structures. The Company hopes to define a NI 43-101 compliant inferred and measured resources within the next 12 months. The funds are allocated as follows:

Exploration Costs $1,300,000 Company Operations $600,000 Property Payments $500,000 Contingent Funds $100,000 Total: $2,500,000

In addition to these direct costs on Cisneros, the Company also requires operating funds:

Canadian Operations (Overhead) $400,000 Colombia Operations (Overhead) $600,000 Strategic Alliance Property Exploration $1,500,000 Property Payments & Acquisitions $1,000,000 Working Capital $500,000 Total: $4,000,000

Grand Total $6,500,000

Financing

Financing has been impressive amidst the 2008/2009 financial crisis. To date, all financings have been obtained through share issuances and loans from shareholders. On July 10, 2009, the Company announced its intention to complete a $1 million private placement through share and warrant issuance. In addition, it is expected that $334,478 of convertible loans will be converted into common shares in the course of this private placement. In all, Antioquia raised $1.2 million. The Company also expects to close another private placement of up to $3.0 million in August 2009. Should the Company complete its financing program as planned, we believe that the Company will be in a strong position to carry out its drill program as expected.

Liquidity

Antioquia has maintained a solid liquidity position during the collapse of the credit market. The Company currently has $1.3 million in cash after the July 10 private placement and, as mentioned above, is expected to obtain up to $3.0 million more in August 2009. ! ! !

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Antioquia Gold Inc. Initiating Report ______Financial Statements

Set out below are abridged financial statements for Antioquia. Salient statistics are provided overleaf. ! Year End Year End Mar. 31/2008 Mar. 31/2009 Statement of Loss Revenues - - Operating Expenses ("Burn") (289,355) (442,825)

EBITDA (289,355) (442,825) Depreciation & Amortization - - Stock-based Compensation - (157,300) Net Income/(Loss) (289,422) (610,375)

Total Shares Outstanding 16,573,000 26,151,210 Weighted Avg. Shares O/S 5,830,202 18,018,345 Earnings (Loss) Per Share (0.05) (0.03)

Statement of Cash Flow Cash Flow from Operations (289,422) (453,075) Capital Expenditures (544,966) (1,282,147) Free Cash Flow (834,388) (1,735,222) Working Capital Changes (11,216) 123,401 Debt Financing/Due to Shareholders (91,605) 91,605 Equity Financing 1,057,400 1,076,810 Change in Cash 120,191 (108,194)

Cash, Beginning of the Period 2,262 122,453 Cash, End of the Period 122,453 14,259

As at As at Mar. 31/2008 Mar. 31/2009 Balance Sheet Cash 122,453 14,259 Short-term Investments 59,598 37,494 Other Current Assets 40,000 28,500 Exploration Property 644,966 1,927,113 Loans Outstanding 92,205 - Total Assets 959,222 2,007,366 Payables 45,382 408,097 Convertible Notes - 30,000 Total Liabilities 45,382 438,097 Shareholders' Equity 913,840 1,569,269 Total Liabilities & Equity 959,222 2,007,366

Book Value (S.E.) Per Share $0.06 $0.06

Source: The Company and e Research !

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Salient Statistics

Year Year Quarter Quarter Quarter Quarter Ending Ending ! Ending Ending Ending Ending

($000s) Mar/2008 Mar/2009 ! June/2008 Sep/2008 Dec/2008 Mar/2009 Cash 122 14 ! 125 127 39 14 Exploration Properties 645 1,927 ! 645 1,508 1,766 1,927 Total Assets 959 2,007 ! 745 1,666 1,843 2,007 Shareholders' Equity (BV) 914 1,569 ! 738 1,530 1,389 1,569 G&A ("Burn") (289) (443) ! (35) (90) (154) (164) Net Loss (289) (612) ! (35) (277) (140) (160) Cash Flow (289) (453) ! (2) 38 10 (499) Capex (Exploration Exp) 545 1,282 ! 0 529 258 495 ! Shares O/S Year-End (000s) 16,573 26,151 ! 16,182 26,151 26,151 26,151 Shares O/S Average (000s) 5,830 18,018 ! 16,182 18,711 26,151 26,151 ! Loss Per Share ($0.05) ($0.03) ! ($0.00) ($0.01) ($0.01) ($0.01) Cash Flow Per Share ($0.05) ($0.03) ! ($0.00) $0.00 $0.00 ($0.02) Book Value Per Share $0.06 $0.06 ! $0.05 $0.06 $0.05 $0.06 Capex Per Share $0.09 $0.07 ! $0.00 $0.03 $0.01 $0.02 ! Source: Company & eResearch ! !

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Antioquia Gold Inc. Initiating Report ______APPENDICES

The information provided in Appendices 1 and 2 has largely been extracted from the Company’s website: www.antioquiagoldinc.com.

APPENDIX 1: MINING IN COLOMBIA

A. General

Located in the north-western corner of South America, Colombia is strategically surrounded by the Caribbean Sea and the Pacific Ocean, which in addition to a chain of 74 internal airports connecting all of the major cities in the country, allows for quick and efficient transportation of goods, cargo and people. While the majority of the country is vastly under explored, it has extensive infrastructure already in place, which would facilitate the future development of new mineral discoveries.

Colombia is rich with significant natural resources, including gold (second-largest producer in South America), silver, emeralds (world’s leading producer), platinum and coal (largest reserves in South America), as well as substantial oil reserves (second-largest in South America). Historically, the country has been the largest gold producer in South America, dating back to the pre-Colombian period, with historical gold production believed to be between 80 and 125 million ounces. Over half of the country's historical production came from the Department of Antioquia, which abounds with historical mines, both alluvial and underground hard rock. The Frontino Gold Mine, which has been in production for over 150 years with historical production reported to be approximately 5.0 million ounces of gold, is located in northeast Antioquia within the Segovia Batholith, which includes the historic Frontino Gold Belt. Recent large gold discoveries by AngloGold Ashanti and Greystar are the first indications of the potential for the discovery of world-class gold deposits in Colombia.

Colombia is the longest and most stable democracy in South America, the fifth-largest country in the region and has enjoyed five years of consistent economic growth thanks to the Democratic Security Policy. In 2007, the nation's economy grew by 7.52%; among the highest rates in South America and five times Colombia's economic growth rate in 2002. Since 2002, Colombia has experienced an unprecedented period of economic expansion, social stability and relative peace. Through a series of bold reforms, the government has fostered growth of the Colombian economy, increased government transparency, investment in social welfare programs and a significant reduction of the level of violence in the country.

In order to generate better conditions and new opportunities for investment and trade, the Colombian government committed to establishing free trade agreements with key countries including the United States, Chile, the European Union, and Canada. Further, since the election of Alvaro Uribe as President in August 2002, the security situation in Colombia has improved significantly. These reforms, along with improved conditions for investors, indicate that Colombia has entered into a new era of stability and prosperity.

Despite being rich with natural resources, Colombia has had little systematic exploration compared to many of its South American counterparts, such as Chile, Argentina, Peru and Ecuador, thus providing a wealth of opportunities for exploration companies active today. In addition, the Colombian government is encouraging investment in the mining industry and currently devoting much time and effort into remodelling its mineral industry and database.

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B. Mining

Colombia has been the largest gold producer in South America with historical gold production in excess of 80 million ounces, 75% of this production coming from the departments of Antioquia and Caldas. Frontino Gold Mines, located in the Frontino Gold Belt within Antioquia Department, is the country’s principal underground gold producer. The Cisneros Property is located approximately 300 kilometres from the Frontino Gold Mine. Recent large gold discoveries by AngloGold Ashanti (La Colosa gold-copper-porphyry project with an inferred resource of approximately 469 million tonnes grading 0.86 grams of gold per tonne for 12.9 million ounces of gold) and Greystar (Angostura gold-silver project with total measured and indicated mineral resources of 331 million tonnes grading 1.09 grams of gold per tonne and 6.0 grams of silver per tonne) are the first indications of the potential for the discovery of world-class gold deposits in Colombia.

B2Gold Corp.’s (“B2Gold”) Gramalote Property is a joint venture with AngloGold Ashanti, with B2Gold being the operator. The property is located 80 kilometres northeast of Medellin. The property is an advanced exploration project, with significant drilling having been carried out in 2008 that led to a JORC Compliant inferred resource estimate of 57.8 million tonnes with a diluted grade of 1.14 grams of gold per tonne for 2.12 million ounces of gold for the Gramalote Ridge Zone. Antioquia’s Cisneros Property is located 20 kilometres west of the Gramalote Property.

B2Gold and AngloGold Ashanti are also partners in the Antioquia Regional Project. The regional project spans a large area from the Gramalote property to Medellin. Some of the lands within this project are adjacent to Antioquia’s Cisneros Property.

The Cisneros area is also host to several additional gold exploration programs including Grupo de Bullet’s Yolumbo Project, and Cambridge Mineral Resources’ El Rayo Project, which is located approximately 7 kilometres south-southeast of Antioquia Gold’s Cisneros Property. Recent diamond drilling at the El Rayo Project intersected a wide zone of gold mineralization with 90 metres of 1.46 grams of gold per tonne including 18.6 metres grading 5.81 grams of gold per tonne. Trench samples include 11.0 metres with 12.09 grams of gold per tonne and 30.0 metres with 9.30 grams of gold per tonne.

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Antioquia Gold Inc. Initiating Report ______APPENDIX 2: CISNEROS GOLD PROPERTY

1. The Property

Antioquia’s Cisneros Project is depicted on the following map.

(Source: the Company)

The property is located in the largest gold-producing region in South America: The Cisneros Gold Property (the “Property”) consists of eight contiguous concessions comprising 5,522 hectares located near the town of Cisneros and approximately 70 kilometres northeast of Medellin, the capital city of the Department of Antioquia.

Great accessibility: The Cisneros Gold Property is easily accessible year-round by paved road from Medellin. Bus service to the area from Medellin is available daily. The Property is located in the Municipalities of Cisneros, Santo Domingo and Yolumbo, which have ample services to carry out mining operations. The Property area has a (COMCEL) signal for cellular phones as well as Internet, fax and scanner services available in Cisneros. Water is abundant in the area.

Favourable weather for year-round exploration: The Cisneros area has a tropical climate with moderate temperatures. The Property is mountainous with elevations that are not onerous, ranging between 1,200 metres and 1,800 metres. The western slopes are gentle and there are three main drainage gullies trending to the west- southwest. The western slopes are used as sugar cane plantations and to a lesser extent coffee-growing operations at the higher elevations.

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Moderate environmental risk: There are no environmental issues or restrictions associated with the Cisneros Gold Property. An environmental permit is required to conduct mechanical exploration (drilling, trenching, tunnelling and mining) and development work on the Property. All work carried out on the Property to date has been done by hand and has not required any permits. Antioquia is obtaining the necessary permits to carry out exploration on the Cisneros Gold Property. Application has been made and the site inspection by the geology and environmental departments of Antioquia are scheduled for August 15, 2009, with the issuance of the drilling permit expected to be a week later. Negotiations for surface access with land owners and farmers were successfully concluded in the last week of July 2009. ! 2. Ownership The Cisneros Gold Property comprises:

1. The Guayabito Property: a core property consisting of two concessions covering 178 hectares; 2. The La Manuela Property: a core property with four concessions covering 101 hectares; and 3. The Grupo de Bullet lands: two concessions covering 5,242 hectares adjacent to the two core properties.

(a) Guayabito ! The Guayabito concessions are held under an option agreement between Antioquia and Sociedad Minera Guayabito (“SMG”), a private Colombian company, which was entered into on August 13, 2007. Under the terms of the agreement, Antioquia has an option to earn a 100% interest in the mining rights for gold, silver and associated minerals in the Guayabito and La Manuela concessions by making payments totalling $1.6 million according to a predetermined schedule, with a percentage of interest acquired as payments are made, plus a gross overriding royalty of 2%. To date, Antioquia has made payments totalling $500,000, thereby earning a 40% interest in the Guayabito concessions. Additional conditions that were completed included: ! ! Antioquia conducted a full and complete due diligence review on the concessions and associated titles, commitments and agreements that may have been in place with SMG with respect to the concessions. The results of the due diligence investigations were satisfactory to Antioquia and Antioquia elected to proceed with the signing of the agreement and the transfer of a non-refundable amount of $100,000, which is deductible from the payments; ! ! Antioquia will spend up to a total of $2.0 million in a comprehensive regional exploration and development program with the objective of producing a bankable feasibility study that complies with all requirements of the Securities Exchanges of both Canada and the United States that would allow for a mine development decision to be made by December 15, 2009 or as soon thereafter as practical. This $2.0 million can be spent on any of the eight concessions that make up the total Cisneros Gold Property at Antioquia’s discretion; !!! ! Antioquia controls all aspects of the exploration and development program; !

! If a decision to proceed with mine development is reached sooner than December 15, 2009, Antioquia will

pay to SMG the balance of monies outstanding;

! SMG granted Antioquia an option to acquire the La Manuela concessions from its owners; and

! Within the context of the current difficult global market conditions, the Company has commenced talks to extend the payment terms of the earn-in rights.

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(b) La Manuela

The option that allows Antioquia to acquire the La Manuela concessions has been exercised on four concessions: Antioquia has 100% ownership of two concessions (7175, 7175B) and 50% ownership of the remaining two concessions (1498, 5419) with one payment of approximately $50,000 due by September 2009 to complete the acquisition of 100% ownership. These four concessions do not carry a royalty, exploration minimum expenditures or any other financial obligations.

(c) Grupo de Bullet

The Grupo de Bullet lands are held under a Joint Venture Agreement between Antioquia and Grupo de Bullet, S.A. (“GDB”), a private company organized and existing under the laws of Panama. The final agreement (the “Definitive Agreement”) was signed on April 9, 2009. Under the terms of this Definitive Agreement, Antioquia can earn a 90% interest in two concessions in exchange for 1.0 million common shares of Antioquia at a price equal to its closing price of the common stock on the TSX Venture Exchange at the dates of execution (except for the initial payment at the signing of the contract which will be at an issue price of $0.20 per share) and 500,000 Antioquia warrants given in four equal tranches over a period of 18 months, with the first tranche being due upon the signing of the Definitive Agreement. The payment is schedule is as follows:

Date Shares Warrants Interest Earned Cumulative Interest Allocated Allocated (%) (%) April 9, 2009 250,000 125,000 22.5 22.5 Signing of Contract October 9, 2009 250,000 125,000 22.5 45.0 April 9, 2010 250,000 125,000 22.5 67.5 October 9, 2010 250,000 125,000 22.5 90.0

Total 1,000,000 500,000 90.0 Cumulative

Each warrant will have an exercise price equal to the closing price of the common stock on the TSX Venture Exchange at the dates of execution plus a 50% premium. The warrants will have an expiry date of two years.

There are no monetary payments or royalty payments to be made as part of this agreement.

Additional conditions to the earn-in proposal include:

! GDB will have a 10% free carried interest until December 31, 2011 or until a feasibility study is completed, whichever occurs first. On or before December 31, 2011, GDB has the option to continue in the project by providing 10% of the funds going forward or to convert the 10% interest into a 1% net smelter return royalty for certain considerations that are to be defined by prevailing market conditions at the time of exercise.

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3. Regional Geology Colombia is geologically underlain by a wide diversity of rock-types and formations. Due to the mode of formation and the highly active tectonic environment of the area, the country is host to a great wealth of mineral abundance including gold, silver, copper, emeralds, platinum and coal. Based on historic tectonics, the Andean region of Colombia has undergone extensive uplifting and erosion of the geological formations, an essential process that exposes mineral deposits formed at depth within the earth as visible mineralized outcroppings, allowing them to be discovered. Erosion of these outcroppings by weathering agents (rain, wind, temperature and rivers) resulted in large alluvial occurrences of precious metals, which have been extracted by artisanal miners.

One of the primary gold-producing regions of Colombia is Antioquia, which is underlain with rocks of primarily pre-Cambrian, Paleozoic and Jurassic ages, and cut by a series of major fault zones belonging to the Palestina-Bagre-Nus-Otu system. Mineralization in the historic Frontino Gold Belt ("FGB") is controlled by the Otu Fault. The north-south trending mineralized belt (approximately 60 kilometres by 10 kilometres) contains gold mineralization associated with the Jurassic Batholith of Segovia, which intruded the older rocks. Gold deposits along the FGB have been worked extensively over the last 200 years by artisanal miners and numerous mining companies. Notably, the Frontino Gold Mine, centrally located within the belt, has been in production for more than 150 years.

The style of gold mineralization throughout the region is generally mesothermal, characterized by high-grade, quartz-dominant poly-event vein systems hosted within first, second and third-order dilatencies and joint sets associated with major structural breaks. The ribbon-textured quartz veins contain between 2% and 20% of sulphides (pyrite, pyrrhotite, sphalerite, galena, chalcopyrite) and native gold. Silver–gold ratios range from 0.5:1 to 2:1, and minor gold-silver telluride minerals are not uncommon. Alteration is developed in broad halos about the structural breaks and is dominated by regional propylitization and carbonitization containing concentrated zones of pyritic or pyrrhotitic sulphidation and silicification related to gold mineralization. Grade–depth continuity of mineralization is one of the striking features of the vein deposits of the region. The El Silencio vein at Frontino, for example, has been mined continuously for over two kilometres along strike and two kilometres down dip (to level 38), and production continues.

4. Property Geology and Mineralization The Cisneros Property is underlain by an intrusive body of granodiorite to quartz diorite composition referred to as the Antioquia Batholith. The Antioquia Batholith covers an area of 7,221 square kilometres, and its satellite bodies a further 322 square kilometres. In the central and eastern part of the province it is characterized as having lithologic homogeneity with little variation from one place to another. The normal facies have a tonalite and granodiorite composition and present subordinate facies, one felsic and the other gabbroic.

Mineralization in the Cisneros Gold Property area is strongly controlled by structure and consists of quartz veins with pyrite, chalcopyrite, copper oxides, molybdenum, silver and gold. The alteration is dominated by plagioclase to sericite and mafic minerals to chlorite. Silicification and secondary biotite was also observed, as well as minor potassic alteration locally.

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Structurally, the area is dominated by a large 1st order fault named the Palestina Fault that is located on the eastern edge of the Antioquia Batholith, approximately 55 kilometres east of the Cisneros Gold Property. Locally, the Property area contains 2nd order faults and associated shear zones oriented between 70 and 90 degrees and 3rd order shear zones oriented between 10 and 30 degrees, which control the mineralization of the Cisneros Gold Property. The shear zones range from 0.5 to 15 metres in the area that contains high-grade mineralized veins along with disseminated mineralization. Areas of particular interest are where the mineralized structures cluster and/or intersect, typically resulting in higher grade mineralization.

Antioquia has defined approximately 40 mineralized structures on the Cisneros Gold Property, three of which the Company believes have the best potential to contain significant resources. The Guayabito, Guiaco, and Chapulin structures are the main focus of continued trenching, channel sampling, and an upcoming drilling program. Sampling returned values as high as 40 grams per tonne gold at Guayabito, 86 grams per tonne gold at Guiaco and 12 grams per tonne gold at Chapulin. Preliminary field work and structural mapping indicate that these mineralized structures continue to the west. A fourth area, La Chorrera is also of interest and is in the preliminary stages of evaluation.

North-South and East-West Trending Shear Zones Controlling Mineralization and Drill Target Areas

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Antioquia Gold Inc. Initiating Report ______5. Deposit Type

Mineralization at Cisneros can be classified as a mesothermal lode-gold deposit. Mesothermal gold deposits are mostly quartz-vein-related, gold only deposits with associated carbonatized wall rocks occurring in low to medium-grade metamorphic terranes of all ages, but only in those that have been intruded by granitoid batholiths. The deposits are characterized by a high gold-silver ratio, great vertical continuity with little vertical zonation and a broadly syn-tectonic time of emplacement. They are commonly associated with pyrite, arsenopyrite, tourmaline and molybdenite.

Mineralization may occur in any rock type and ranges in form from veins to veinlet systems to disseminated replacement zones. Most mineralized zones are hosted by and always related to steeply dipping reverse- or oblique-slip brittle-fracture to ductile-shear zones. In mechanically anisotopic host-rock sequences the shear zones typically are controlled by pre-existing anisotrophies like volcanic flow contacts, dykes and early veins. Shear zone dilation is commonly the result of interference between intersecting sets of shear zones and is part of bulk inhomogeneous flattening in the seismogenic regime of the crust where fluid pressure varied cyclically between sub-lithostatic and supra-lithostatic. At the regional scale, the deposits occur in prograding arc-trench complexes in association with major transcrustal fault zones, linear belts of fluviatile to shallow-marine sedimentary rocks and small felsic alkali and trondhjemitic intrusions, a co-spatial assemblage of structures and rocks that developed after the main period of accretions-related contractional deformation, but before much of the metamorphism and penetrative fabric. Ore fluids are CO2 rich and have been variously attributed to magmas, metamorphic devolatilization of supracrustal rocks and mantle degassing.

The initial exploration targets in the Cisneros Gold Property area, particularly in the vicinity of the Guayabito concessions, are orogenic lode gold deposits also known as mesothermal vein deposits. Numerous examples of this type of deposit are known throughout the world, including the Campbell Red Lake deposits in Ontario (past production + current reserves total 23 million ounces of gold) and the Bralorne-Pioneer deposit in British Columbia (over 4.0 million ounces gold production). To date, exploration studies have demonstrated that the Guayabito vein systems have all of the attributes of the orogenic vein gold deposit including, but not limited to, association with major structural break, quartz-carbonate vein association, low-sulphide assemblage with pyrite, chloritic and sericitically altered wall rock.

6. Historical Exploration The Cisneros Gold Property area has a long history of gold mining and exploration spanning over 100 years that was carried out by local artisanal miners. Over the years several shafts and adits have been driven into the hillsides. To date, over 20 underground exploration workings have been located in the Cisneros Gold Property area, 12 of which are located on land controlled by Antioquia. There is no official record of the amount of gold production from the Property or the area in general.

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Antioquia Gold Inc. Initiating Report ______7. Antioquia’s Exploration Work

(a) Work To Date

To date, exploration work completed by Antioquia on the Cisneros Gold Property includes three separate mapping and geochemistry programs between July 2007 and November 2008. Exploration work includes:

! 843 rock samples that included 4 samples that underwent metallurgical testing. Rock samples consist of a combination of rock saw channel samples, chip samples, trench samples and outcrop & float grab samples covering the entire original Guayabito and La Manuela concessions and adjacent lands for interpretation purposes;

! 378 soil samples for geochemical analysis covering the entire original Guayabito and La Manuela concessions at 100 metre spacings;

! Structural mapping and interpretation of the Property area; and

! Alteration mapping of the Property area.

(b) Exploration Results

Results of the exploration activities include:

! The regional structural setting has been studied and resulted in exploration focusing mainly on mineralized shear zones that develop in two dominant orientations within the Property area. Extensive mapping and sampling have identified approximately 40 of these shear zones that control the mineralization on the Property area. ! Shear zones within the Property area range from approximately 0.5 to 15.0 metres in width, with individual high-grade mineralized veins within these shears ranging from 5.0 centimetres to 1.0 metre plus additional disseminated mineralization. ! Mineralization within individual structures range from gold only to a combination of gold, silver, copper and molybdenum. Individual sample values assayed up to 86 grams per tonne gold, 264 grams per tonne silver, 17.7% copper and 1.0% molybdenum. ! Mineralized shear zones occur extensively over the Cisneros Gold Property and adjacent area, both regionally across the property and at various elevations throughout the property. Elevations range from approximately 1,200 to 1,800 metres with the best developed mineralized structures at the lowest elevations, supporting the mesothermal model of increased potential at depth. ! The extensive distribution, as well as type of mineralization and alteration, indicates potential proximity to a larger more pervasive system in addition to the high-grade vein potential already identified.

To date, Antioquia has expended approximately CDN$1.7 million on exploration of the Cisneros Gold Property.

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8. Potential Mineral Resources In September 2007, AM-VES commissioned Moose Mountain Technical Services (“MMTS”) to prepare a NI 43-101 compliant technical report of merit on the two Guayabito concessions included in the Cisneros Gold Property. The final report, dated February 2008, was based on field information collected by AM-VES as well as a site visit and sample collection by MMTS. As a result, MMTS believes the exploration to date confirms the presence of gold across much of the Cisneros Gold Property.

Based on exploration results collected to date, a speculative resource estimate of 5.3 million tonnes having an average grade of 2.5 grams of gold per tonne for approximately 430,000 ounces of gold has been made for a portion of the Cisneros Gold Property from shear zones identified on the original Guayabito and La Manuela concessions. Significant upside exists for the discovery of additional mineralized shear zones where the structural trends continue west onto the Grupo de Bullet joint venture concessions. This estimate is preliminary and based on currently available data and is not NI 43-101 compliant for resource estimates and classification. Further work in the form of detailed channel sampling and drilling is required in order to define NI 43-101 compliant inferred and measured resources for the Cisneros Gold Property.

In addition, Antioquia believes there may be considerable upside from associated silver, copper and molybdenum in many of the structures as evidenced in assay values. Antioquia plans to document and study the associated mineralization to determine the value it could add to the Cisneros Gold Property.

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APPENDIX 3: ANTIOQUIA’S ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

Business relationships can be critically important, particularly when a company is conducting business in a foreign country where cultural and business practices can vary significantly.

With extensive mining experience in Colombia, Antioquia’s management has forged strong ties with government officials, industry executives, and mining professionals. In addition, the Company has involved and used local services and labour and engaged local communities as much as possible in its exploration and development activities.

Antioquia’s management recognizes that responsible environmental and social policies are integral components of modern business. Corporate priorities include environmental management and the support of local communities.

Antioquia is committed to maintaining the highest standards of environmental and social responsibility, and makes every effort to integrate environmental and social factors in its decision-making process, both for itself and its subsidiaries.

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APPENDIX 4: COLOMBIA, THE COUNTRY

Colombia is a constitutional republic located in northwestern South America. It is the 26th largest country in terms of geographic size in the world and 4th largest in South America. Population-wise, at 45 million, it is the world’s 29th largest and South America’s 2nd largest.

Politically, for more than 40 years, Colombia has been beset with an armed conflict between government forces, left-wing insurgents, and right-wing paramilitaries. The country’s current president, Alvaro Uribe, was elected on the promise of his applying military pressure on FARC (The Revolutionary Armed Forces of Colombia – People’s Army), the self-proclaimed Marxist-Leninist revolutionary guerilla organization that was established in 1964 as the military wing of the Colombian Communist Party to defend the Communist- controlled rural areas of the country.

The conflict was fuelled by the drug trade (cocaine) and escalated significantly in the 1990s. However, FARC lacks the necessary military or popular support necessary to overthrow the government and, lately, the violence has been decreasing. A peace accord with the government has resulted in the demobilization of many paramilitary groups, and defeats in military escapades have resulted in the loss of considerable territorial control by the guerillas.

Thus, under President Uribe’s initiatives, there have been significant improvements in security in the country. At the same time, Colombia has recorded strong economic performance.

Colombia is a country that is rich in natural resources. Its main exports include petroleum, coal, gold, coffee, and other agricultural produce. Colombia is also known as the world's leading source of emeralds. Over 70% of cut flowers imported by the United States are Colombian. The country’s principal trading partners are the United States, Venezuela, and China.

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ANALYST CERTIFICATION

Each Research Analyst who was involved in the preparation of this Research Report hereby certifies that: (1) the views, opinions, and recommendations expressed in this Research Report reflect accurately the Research Analyst’s personal views concerning any and all securities and issuers that are discussed herein and are the subject matter of this Research Report; and

(2) the fees, earnings, or compensation, in any form, payable to the Research Analyst, is not and will not, directly or indirectly, be related to the specific views, opinions, and recommendations expressed by the Research Analyst in this Research Report.

eResearch analysts on this report:

Eric Eng, BA (Acct., Econ.), MBA - Eric Eng worked at DBRS as an Analyst/Vice President for 10 years. He obtained a BA in Accounting and Economics and a MBA in Finance at the University of Toronto. He joined eResearch in January 2008.

Bob Weir, B. Comm, B.Sc., CFA - Bob Weir has 42 years of investment research and analytical experience in both the equity and fixed-income sectors, and in the commercial real estate industry. He was at Dominion Bond Rating Service (DBRS) from 1994 to 2001, latterly as Executive Vice-President responsible for conducting the day-to-day management affairs of the company. He joined eResearch in 2004.

eRESEARCH ANALYST GROUP

Managing Director, Research Services: Bob Weir, CFA

Financial Services Mining & Metals Oil & Gas Robin Cornwell Roy Abraham Eugene Bukoveczky George Cargill Achille Desmarais Biotechnology/Health Care Eric Eng Eric Eng Scott Davidson Kirsten Marion Oliver Schatz Special Situations Transportation; Graham Wilson Bill Campbell Environmental Services; and Michael Wood Bob Leshchyshen Industrial Products Amy Stephenson Bill Campbell

eResearch Disclaimer: In keeping with the policies of eResearch concerning its strict independence, all of the opinions expressed in this report, including the selection of the 12-month Target Price and the Recommendation (Buy-Hold-Sell) for the Company’s shares, are strictly those of eResearch, and are free from any influence or interference from any person or persons at the Company. In the preparation of a research report, it is the policy of eResearch to send a draft copy of the report, without divulging the Target Price or Recommendation or any reference to either in the text of the report, to the Company and to any third party that paid for the report to be written. Comments from Company management are restricted to correcting factual errors, and ensuring that there are no misrepresentations or confidential, non-public information contained in the report. eResearch, in its sole discretion, judges whether to include in its final report any of the suggestions made on its draft report. eResearch Recommendation System

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Strong Buy: Expected total return within the next 12 months is at least 40%. Buy: Expected total return within the next 12 months is between 10% and 40%. Speculative Buy: Expected total return within the next 12 months is substantial, but Risk is High (see below). Hold: Expected total return within the next 12 months is between 0% and 10%. Sell: Expected total return within the next 12 months is negative. ______eResearch Risk Rating System

A company may have some, but not necessarily all, of the following characteristics of a specific risk rating to qualify for that rating:

High Risk: Financial - Little or no revenue and earnings, limited financial history, weak balance sheet, negative free cash flows, poor working capital solvency, no dividends. Operational - Weak competitive market position, early stage of development, unproven operating plan, high cost structure, industry consolidating, business model/technology unproven or out-of-date.

Medium Risk: Financial - Several years of revenue and positive earnings, balance sheet in line with industry average, positive free cash flow, adequate working capital solvency, may or may not pay a dividend. Operational - Competitive market position and cost structure, industry stable, business model/technology is well established and consistent with current state of industry.

Low Risk: Financial - Strong revenue growth and earnings over several years, stronger than average balance sheet, strong positive free cash flows, above average working capital solvency, company may pay (and stock may yield) substantial dividends or company may actively buy back stock. Operational - Dominant player in its market, below average cost structure, company may be a consolidator, company may have a leading market/technology position. ______eResearch Disclosure Statement eResearch is registered with the Ontario Securities Commission as a Securities Adviser and as a Limited Market Dealer. The business activities and operations associated with eResearch's registration as a Securities Adviser are carried out solely by its Research Services division, which provides research and analysis to the investment community. The business activities and operations associated with eResearch's registration as a Limited Market Dealer are carried out solely by its Capital Services division, which engages only in capital market services with Corporate Issuers and Accredited Investors. eResearch does not manage money or trade with the general public which, combined with the full disclosure of all fee arrangements, the strict application of its Best Practices Guidelines, and the creation of an effective "Chinese Wall" between the Research Services and the Capital Services divisions, should eliminate potential conflicts of interest.

eResearch accepts fees from the companies it researches (the “Covered Companies”), and from financial institutions or other third parties. The purpose of this policy is to defray the cost of researching small and medium capitalization stocks which otherwise receive little or no research coverage.

Antioquia Gold Inc., to have eResearch conduct research on the Company on an Annual Continual Basis, paid eResearch a fee of $5,000+GST in cash, plus gave eResearch 71,430 options to purchase common shares of Antioquia at $0.30 per share until July 2011.

To ensure complete independence and editorial control over its research, eResearch follows certain business practices and compliance procedures. For instance, fees from Covered Companies are due and payable prior to the commencement of research, are accepted only in cash or currency, and not in the form of payment in shares, warrants, convertible securities or options of Covered Companies.

All Analysts are required to sign a contract with eResearch prior to engagement, and agree to adhere at all times to the CFA Institute Code of Ethics and Standards of Professional Conduct. eResearch analysts are compensated on a per-report, per-company basis and not on the basis of his/her recommendations. Analysts are not allowed to accept any fees or other consideration from the companies they cover for eResearch. Analysts are allowed to trade in the shares, warrants, convertible securities or options of companies they cover for eResearch only under strict, specified conditions, which are no less onerous than the guidelines postulated by IIROC. Similarly, eResearch, its officers and directors, are allowed to trade in shares, warrants, convertible securities or options of any of the Covered Companies under identical restrictions.

eResearch makes all reasonable efforts to provide its research, via e-mail, simultaneously to all subscribers. eResearch posts all of its research on its own website (www.eresearch.ca), disseminates its research through its extensive electronic distribution network, and provides notification of its research through newswire agencies.!

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