Technical Report Gold –Silver Resource Estimate of the La Josefina Project Santa Cruz, Argentina C. Gustavo Fernandez, P. Geo. UAKO Consultora Geológica September 29th, 2010. Prepared for Hunt Mining Corp. Gold - Silver Resource Estimate for the La Josefina Project Page 1 Contents 1.0 Summary ................................................................................................................................. 8 2.0 Introduction .......................................................................................................................... 13 2.1. Project Scope and Terms of Reference ................................................................................ 14 2.2. Frequently used acronyms, abbreviations, definitions and units of measure ................... 14 3.0 Reliance on other experts .................................................................................................... 15 4.0 Property description and location ....................................................................................... 15 4.1. General ................................................................................................................................. 15 4.2. Mineral tenure...................................................................................................................... 17 4.3. Cerro Cazador – Fomicruz agreement................................................................................. 20 4.4. Royalties ............................................................................................................................... 21 4.5. Environmental aspects ......................................................................................................... 22 4.6. Permits Required .................................................................................................................. 22 5.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography ........................ 22 6.0 History ................................................................................................................................... 24 7.0 Geological Setting ................................................................................................................. 26 7.1. Regional geology .................................................................................................................. 26 7.2. Geology of the Deseado Massif ........................................................................................... 27 7.2.1. Pre-Jurassic rocks ............................................................................................................. 28 7.2.2. Jurassic volcanics .............................................................................................................. 29 7.2.3. Tertiary to Quaternary Flood Basalts and Post-Jurassic deposits .................................. 30 7.3. Geology of La Josefina Project ............................................................................................. 30 8.0 Deposit Types ....................................................................................................................... 33 9.0 Mineralization ...................................................................................................................... 35 9.1. General ................................................................................................................................. 35 9.2. Description of mineralized zones......................................................................................... 37 9.2.1. Noreste Area ..................................................................................................................... 37 9.2.1.1. Sinter target .................................................................................................................. 37 9.2.2. Veta Norte Area ................................................................................................................ 40 9.2.2.1. Veta Amanda Target .................................................................................................... 40 9.2.2.2. Veta Cecilia Target ........................................................................................................ 41 9.2.2.3. Veta Sur target.............................................................................................................. 43 9.2.3. Central Area ...................................................................................................................... 44 Gold - Silver Resource Estimate for the La Josefina Project Page 2 9.2.4. Piedra Labrada Area ......................................................................................................... 46 10.0 Exploration ........................................................................................................................... 47 10.1. Current Exploration .......................................................................................................... 47 10.2. Historical Exploration ....................................................................................................... 48 10.2.1. Noroeste Area................................................................................................................... 48 10.2.1.1. Sinter target .................................................................................................................. 48 10.2.1.2. Subsinter and Lejano target ......................................................................................... 48 10.2.2. Veta Norte Area ................................................................................................................ 49 10.2.3. Central Area ...................................................................................................................... 50 11.0 Drilling ................................................................................................................................... 50 11.1. Historical Drilling Summary ............................................................................................. 50 11.2. Recent Drilling Summary .................................................................................................. 51 11.3. Drilling Results .................................................................................................................. 52 11.3.1. Noreste Area ..................................................................................................................... 52 11.3.1.1. Sinter target - Historical Drilling .................................................................................. 52 11.3.1.2. Sinter target - Recent Drilling....................................................................................... 52 11.3.2. Veta Norte Area ................................................................................................................ 53 11.3.2.1. Historical Drilling .......................................................................................................... 53 11.3.2.2. Veta Norte Area– Recent Drilling................................................................................. 54 11.3.3. Central Area ...................................................................................................................... 55 11.3.3.1. Historical Drilling .......................................................................................................... 55 11.3.3.2. Central Area – Recent Drilling ...................................................................................... 56 11.3.4. Piedra Labrada Area ......................................................................................................... 57 11.3.4.1. Historic Drilling ............................................................................................................. 57 11.3.4.2. Piedra Labrada Area – Recent Drilling ......................................................................... 57 12.0 Sampling Method and Approach ......................................................................................... 57 12.1. Historical surface samples................................................................................................ 57 12.2. Historical drill samples ..................................................................................................... 57 12.3. Recent surface samples .................................................................................................... 58 12.4. Recent drill samples ......................................................................................................... 58 12.5. Cerro Cazador sampling conclusions .............................................................................. 59 13.0 Sample preparation, Analysis and Security ......................................................................... 59 13.1. Historical sampling ........................................................................................................... 59 13.2. Recent sampling ............................................................................................................... 59 Gold - Silver Resource Estimate for the La Josefina Project Page 3 14.0 Data verification ................................................................................................................... 60 14.1. Data Base audit ...............................................................................................................