Atacama Pacific Gold Corporation

TECHNICAL REPORT on the CERRO MARICUNGA GOLD PROJECT Region III CHILE Prepared for ATACAMA PACIFIC GOLD CORPORATION 330 Bay Street, Suite 1210, Toronto, Ontario Canada M5H 2S8 November 9, 2012 Prepared By: Magri Consultores Limitada Dr. Eduardo Magri TABLE OF CONTENTS 1.0 SUMMARY ..................................................................................................................................... 1 2.0 INTRODUCTION ............................................................................................................................. 4 3.0 RELIANCE ON OTHER EXPERTS ...................................................................................................... 5 4.0 PROPERTY DESCRIPTION AND LOCATION ..................................................................................... 7 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............ 11 6.0 HISTORY ....................................................................................................................................... 12 7.0 GEOLOGICAL SETTING AND MINERALIZATION ............................................................................ 13 7.1 Property Geology .............................................................................................................. 14 8.0 DEPOSIT TYPE .............................................................................................................................. 28 9.0 EXPLORATION .............................................................................................................................. 28 10.0 DRILLING ...................................................................................................................................... 29 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY .................................................................... 33 12.0 DATA VERIFICATION .................................................................................................................... 37 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ............................................................. 38 13.1 Recent Metallurgical Test Results – October 2011 to October 2012 ................................ 39 13.2 Ball Mill Grindability Tests ................................................................................................. 43 14.0 MINERAL RESOURCE ESTIMATES................................................................................................. 44 14.1 Introduction and Scope of Work ....................................................................................... 44 14.2 Description of Modeling Procedure .................................................................................. 44 14.3 Available Data, QA‐QC and Twin Hole Analyses ............................................................... 46 14.4 Exploratory Data Analysis ‐ EDA ...................................................................................... 101 14.5 Variography ..................................................................................................................... 113 14.6 Resource Estimation ....................................................................................................... 116 14.7 Validations ....................................................................................................................... 118 14.8 Specific Gravity Model .................................................................................................... 129 14.9 Resource Categorization ................................................................................................. 130 14.10 Resource Tabulation ....................................................................................................... 136 15.0 MINERAL RESERVE ESTIMATES .................................................................................................. 138 16.0 MINING METHODS .................................................................................................................... 138 17.0 RECOVERY METHODS ................................................................................................................ 138 18.0 PROJECT INFRASTRUCTURE ....................................................................................................... 138 19.0 MARKET STUDIES AND CONTRACTS .......................................................................................... 138 20.0 ENVIRONMENTAL STUDIES, PERMITTING OR COMMUNITY IMPACT ....................................... 139 21.0 CAPITAL AND OPERATING COSTS .............................................................................................. 140 i 22.0 ECONOMIC ANALYSES ............................................................................................................... 140 23.0 ADJACENT PROPERTIES ............................................................................................................. 140 24.0 OTHER RELEVANT DATA AND INFORMATION ........................................................................... 143 25.0 INTERPRETATION AND CONCLUSIONS ...................................................................................... 143 27.0 REFERENCES .............................................................................................................................. 144 28.0 CERTIFICATE OF AUTHOR .......................................................................................................... 147 FIGURES Figure 1.1 Location Map of the Maricunga Project and Mines located in I to IV Regions – Chile 1 Figure 4.1 Detailed Location Map of the Cerro Maricunga Gold Project .................................... 2 Figure 4.2 Cerro Maricunga Concession Map .............................................................................. 9 Figure 7.1 Regional Geology and Deposits of the Maricunga Belt .............................................. 16 Figure 7.2 Maricunga Property Geological Map .......................................................................... 17 Figure 7.3 Legend for Figure 7.2 ................................................................................................. 17 Figure 7.4 Geology of the Mineralized Zone at Maricunga ........................................................ 18 Figure 7.5 Schematic Schematic Cross Section Looking NS ‐ Cerro Maricunga Gold Mineralization Host Rocks and Structures.................................................................. 19 Figure 10.1 Maricunga Project Drill Hole Plan – Phases I to III ..................................................... 30 Figure 10.2 Cross Section 1550 NW – Phoenix Zone .................................................................... 31 Figure 10.3 Cross Section 550 NW – Crux Zone ............................................................................ 32 Figure 11.1 Sample Preparation Protocol – RC and QA‐QC .......................................................... 34 Figure 11.2 Sample Preparation Protocol – DDH and QA‐QC ....................................................... 35 Figure 14.2.1 View of the Maricunga Mineralized Zones ................................................................ 45 Figure 14.3.1 Results for all RC field duplicates – Au ....................................................................... 51 Figure 14.3.2 Results for the RC field duplicates ‐ Au ≥ 0.1 ppm ..................................................... 52 Figure 14.3.2 Results for DDH coarse duplicates ‐ Au ...................................................................... 53 Figure 14.3.4 Results for the DDH coarse duplicates ‐ Au ≥ 0.1 ppm .............................................. 54 Figure 14.3.5 Results for all pulp duplicates – Au ............................................................................. 55 Figure 14.3.6 Results for the pulp duplicates ‐ Au ≥ 0.1 ppm ................................................ 56 Figure 14.3.7 Results for all Standards ............................................................................................. 57 Figure 14.3.8 Control chart for Standard G303‐8 ............................................................................ 58 Figure 14.3.9 Control chart for Standard G909‐7 ............................................................................ 58 Figure 14.3.10 Control chart for Standard G907‐2 ............................................................................ 59 Figure 14.3.11 Control chart for Standard G907‐7 ............................................................................ 59 Figure 14.3.12 Gold Grade Values per Lot – In House Blanks ............................................................ 61 Figure 14.3.13 Time Sequenced Au Values – In House Blanks .......................................................... 61 ii Figure 14.3.14 Geostats Blank Certified Material ‐ Au ....................................................................... 63 Figure 14.3.15 Trend Plots ‐ Au Grades ............................................................................................. 67 Figure 14.3.16 Scatter, Q‐Q and Relative Difference Plots ‐ Au ........................................................ 68 Figure 14.3.17 Trend Plots ‐ Au Grades ............................................................................................. 70 Figure 14.3.18 Scatter, Q‐Q and Relative Difference Plots ‐ Au ........................................................ 71 Figure 14.3.19 Trend Plots ‐ Au

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