Professionals in resources, mining, processing, construction and the environment www.cam-llc.com NI 43-101 TECHNICAL REPORT Olza Zinc-Lead Project, Zawiercie, Rokitno, and Chechlo Exploration Permits, Poland Prepared for: Rathdowney Resources Limited Effective Date for Mineral Resources; 18 May 2012 Effective Date for Property Titles: 20 September 2012 Report Date: 18 October 2012 Project Number: 112114 Prepared by: Chlumsky, Armbrust & Meyer, LLC Fred Barnard, Ph.D., CPG Robert L. Sandefur P.E. 12600 W. Colfax Ave., Suite A-140 Lakewood, Colorado 80215 Telephone: (303) 716-1617 Fax: (303) 716-3386 TABLE OF CONTENTS Page No. Section 1.0 SUMMARY ...................................................................................................... 1 1.1 Introduction ................................................................................................. 1 1.2 Property ...................................................................................................... 1 1.3 Setting and Local Resources ....................................................................... 2 1.4 History ...................................................................................................... 2 1.5 Geology and Mineralization ....................................................................... 2 1.6 Exploration and Drilling ............................................................................. 3 1.7 Sampling and Analysis ............................................................................... 4 1.8 Data Verification ......................................................................................... 5 1.9 Mineral Resource Estimates ....................................................................... 5 1.10 Interpretation and Conclusions ................................................................... 7 1.11 Recommendations ....................................................................................... 8 2.0 INTRODUCTION AND TERMS OF REFERENCE .............................................. 10 3.0 RELIANCE ON OTHER EXPERTS ...................................................................... 12 4.0 PROPERTY DESCRIPTION AND LOCATION ................................................... 13 4.1 Zawiercie, Rokitno, and Chechlo Exploration Permits ............................... 13 4.2 Mineral Exploration and Mining Regulations ............................................ 19 4.3 Fees and Royalties ...................................................................................... 22 4.4 Environmental Issues .................................................................................. 22 4.4.1 Nature Preserves ........................................................................... 22 4.4.2 Cultural Issues .............................................................................. 23 4.4.3 Groundwater Issues ...................................................................... 23 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ........................... 24 5.1 Geographic Setting ...................................................................................... 24 5.2 Infrastructure ............................................................................................... 24 5.3 Social and Environmental Setting ............................................................... 25 6.0 HISTORY ...................................................................................................... 26 6.1 Previous Property Ownership ..................................................................... 26 6.2 Historical Drilling ....................................................................................... 26 6.2.1 Zawiercie Historical Drilling ........................................................ 27 6.2.2 Rokitno Historical Drilling ........................................................... 31 6.2.3 Chechlo Historical Drilling .......................................................... 32 6.3 Historical Core Recovery ............................................................................ 33 6.4 Historical Sample Preparation and Analysis ............................................... 35 6.5 Historical Exploration Results .................................................................... 36 6.5.1 Zawiercie ...................................................................................... 36 6.5.2 Rokitno ......................................................................................... 39 6.5.3 Chechlo ......................................................................................... 41 6.5.4 Historical Tonnage-Grade Estimates ............................................ 43 6.5.5 Zawiercie ...................................................................................... 45 6.5.6 Rodaki-Rokitno Szlacheckie ........................................................ 46 6.5.7 Chechlo ......................................................................................... 47 7.0 GEOLOGICAL SETTING AND MINERALIZATION ......................................... 49 7.1 Regional Geological Setting ....................................................................... 49 7.2 Regional Stratigraphy ................................................................................. 50 7.3 Local Stratigraphy ....................................................................................... 51 7.4 Zawiercie Concession ................................................................................. 53 CAM 112114 i Rathdowney Olza Zinc-Lead Project 18 October 2012 TABLE OF CONTENTS Page No. Section 7.4.1 Zawiercie Geology ....................................................................... 53 7.5 Rokitno - Property Geology and Mineralization ......................................... 56 7.5.1 Rokitno Geology........................................................................... 57 7.5.2 Rokitno Mineralization ................................................................. 62 7.6 Chechlo - Property Geology and Mineralization ........................................ 63 7.6.1 Chechlo Geology .......................................................................... 63 7.6.2 Chechlo Mineralization ................................................................ 65 7.7 Silver Content of Olza Project Mineralization ............................................ 66 8.0 DEPOSIT TYPES .................................................................................................... 69 9.0 EXPLORATION ...................................................................................................... 71 9.1 Exploration methods ................................................................................... 71 9.1.1 IP-Resistivity Surveys .................................................................. 71 9.1.2 Gravity Surveys ............................................................................ 72 9.2 Exploration Potential .................................................................................. 73 10.0 DRILLING ...................................................................................................... 76 10.1 Drilling Program ......................................................................................... 76 10.2 Drilling Procedures ..................................................................................... 78 10.3 Core Processing by Rathdowney ................................................................ 79 10.4 Drilling Results ........................................................................................... 81 10.5 Bulk Density ............................................................................................... 86 10.5.1 Definitions .................................................................................... 86 10.5.2 Methodology ................................................................................. 86 10.5.3 Results .......................................................................................... 88 11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ............................... 90 11.1 Security ...................................................................................................... 91 11.2 Sample Preparation ..................................................................................... 91 11.3 Analyses ...................................................................................................... 91 11.4 Quality Assurance/Quality Control ............................................................. 92 11.4.1 Methodology ................................................................................. 92 11.4.2 Standards ...................................................................................... 93 11.4.3 Blanks ........................................................................................... 96 11.4.4 Duplicates ..................................................................................... 98 11.5 CAM Statement of Opinion ........................................................................ 100 12.0 DATA VERIFICATION.......................................................................................... 101 12.1 Verification of Historical Data .................................................................... 101 12.1.1 Review of Historical Drill Samples .............................................. 101 12.1.2 Re-Survey of Historical Drill Collars ..........................................