Microsoft Word - 4208v8_Jan16_v3



NI43-101 RESOURCE ESTIMATION


of


THE SAWAYAERDUN GOLD DEPOSIT


For


GOBIMIN INC. & XINJIANG TONGYUAN MINERALS LTD


Job No. 2020_G Mining One Pty Ltd

Doc No. 4208v1.doc

Date: 7 January 2016 Prepared by: Bin Guo


FINAL REPORT - 07/01/2016

Level 9, 50 Market Street

Melbourne VIC 3000

Ph: 03 9600 3588

Fax: 03 9600 3944



NI43-101 CERTIFICATE - DATE AND SIGNATURE

Mr Bin Guo

Level 9, 50 Market St, Melbourne, Victoria, Australia Phone +61 421 176 099

bguo@miningone.com.au

I, Bin Guo, am working as a Geologist with Mining One Pty Ltd of Level 9, 50 Market St Melbourne, Victoria, Australia. This certificate applies to the Mineral Resource Technical Report on the Sawayaerdun Gold Project, Xinjiang, China prepared for GobiMin Inc. dated 16th April 2015 (Updated 7th January 2016), do hereby certify that:

  1. I am a registered member of the Australian Institute of Geoscientists (AIG)

  2. I am a graduate of Changchun College of Geology and hold a B App Sc in Geology, which was awarded in 1992.

  3. I have had over 15 years' experience within the mining and exploration industry both in relation to technical roles and the corporate assessment and financing side of the industry. My experience covers exposure to numerous gold projects and gained an understanding of drilling, sampling, geological interpretation and resource modelling aspects. My experience enables me to sign off to the NI43-101 and JORC 2012 guidelines for most gold and base metal projects.

  4. I am a Qualified Person for the purposes of the National Instrument 43-101 of the Canadian Securities Administrators (NI43-101).

  5. I am responsible for the preparation and supervision and final editing of all sections of the technical report.

  6. I have no prior involvement in the property that is the subject of this report. I completed a site visit to the project between the 12th October 2014 and the 14th October 2014 and visited the assay laboratory in Shanshan on the 15th October 2014.

  7. To the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.

  8. I am independent of GobiMin Inc. in accordance with the application of Section 1.4 of the NI43- 101 guidelines.

  9. I have read the NI43-101 guidelines and Form 43-101F1 and the Technical Report has been prepared in compliance with that instrument and form.

  10. I consent to the public filing of the Technical Report with any stock exchange or any other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their website and accessible by the public, of the Technical Report. I have read the document and confirm that it fairly and accurately represents the information in the Technical Report.

Dated at Beijing this 16th of April 2015 (Updated 7th January 2016)


"Bin Guo" (QP)


P:2020_G4208v8_Jan16_v3 i



TABLE OF CONTENTS

EXECUTIVE SUMMARY vii

  1. INTRODUCTION 1

    1. Background 1

    2. Source Information 1

    3. Limitations 1

    4. Mining Factors 2

    5. Capability and Independence 2

    6. RELIANCE ON OTHER EXPERTS 3

      1. Overview 3

      2. PROPERTY LOCATION AND DESCRIPTION 4

        1. Summary 4

        2. Deposit Location 4

        3. Project Ownership 5

        4. ACCESSIBILITY, CLIMATE & INFRASTRUCTURE 7

          1. Project Access 7

          2. Geography and Climate 7

            1. Hydrological Conditions 7

            2. Local Climatic Conditions 7

            3. Seismicity 7

            4. Local Economy and Infrastructure 7

            5. EXPLORATION HISTORY 8

              1. Exploration Activities 8

              2. Mining History 8

              3. Technical Studies 9

              4. GEOLOGICAL SETTING AND MINERALISATION 10

                1. Summary 10

                2. Regional Geology 10

                3. Local Geology 10

                4. Mineralization and Deposit Type 12

                5. DRILLING 14

                  1. Drilling Data 14

                  2. Drill Collar and Down-hole Surveys 15

                  3. Diamond Drill Core Processing & Recovery 15

                  4. Diamond Drill Core Logging 16

                  5. 2014 Drilling 16

                  6. 2014 Drilling Results 18

                  7. SAMPLE PREPARATION & ANALYSIS 20

                    1. Assay Laboratory 20

                    2. Sample Preparation 20

                    3. Sample Transport & Security 20

                    4. Assaying Methods 20

                    5. QAQC PROTOCOLS & RESULTS 21

                      P:2020_G4208v8_Jan16_v3 ii



                      1. Site and Laboratory QAQC 21

                      2. Laboratory Repeat Sampling 23

                      3. Independent Duplicate Sampling 25

                      4. Overall Reliability of Samples 26

                      5. DATA VERIFICATION AND SELECTION 27

                        1. Data Overview 27

                        2. Data Selection 27

                        3. Overall Data Verification Assessment 27

                        4. DENSITY DATA 28

                          1. Density Measurement Database 28

                          2. Coding of Density Data into Model 28

                          3. MINERAL RESOURCE ESTIMATION 29

                            1. Previous Estimates 29

                            2. Source Data Files 29

                            3. Mined Void Modeling 30

                            4. Geological & Mineralized Domain Modeling 30

                            5. Compositing 32

                            6. Grade Capping 36

                              1. West IV Domain Top Cut Analysis 37

                                1. Variography & Estimation Search Parameters 37

                                2. Block Model Construction 40

                                3. Estimation Technique 42

                                12.9.1 Grade Interpolation Parameters 42

                                1. Oxidation Surface Coding 42

                                2. Resource Classification 42

                                3. Estimation Results 44

                                4. Dilution and Ore Losses 44

                                5. Grade Tonnage Curve 46

                                1. RESOURCE MODEL VALIDATION 47

                                  1. Wireframe vs Block Model Volume Check 47

                                  2. Composite Assays vs Block Grades 47

                                  3. Visual Checking of Block Grades vs Raw Assay Data 48

                                  4. Spatial Comparison of Composite Values vs Block Grades 49

                                  5. RESOURCE UPSIDE & EXPLORATION POTENTIAL 50

                                    1. Resource Upside Targets 50

                                    2. Exploration Potential Targets 50

                                    3. MINERAL PROCESSING AND METALLURGICAL TESTING 52

                                      1. Metallurgical Overview 52

                                      2. Metallurgical Testwork 52

                                      3. Metallurgical Conclusions 54

                                      4. OTHER RELEVANT DATA AND INFORMATION 55

                                        1. Other Data 55

                                        2. Project Risks 55

                                        3. Recommendations 56

                                        4. REFERENCES 57

                                          5. P:2020_G4208v8_Jan16_v3 iii

                                      GobiMin Inc. issued this content on 2016-01-20 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-21 02:49:05 UTC

                                      Original Document: http://www.gobimin.com/i/pdf/2016/Reports/20160120_Amended & restated technical report (NI 43-101).pdf