11

Marienberg Minerals

Oct 11 2015 www.marienbergminerals.com

Silver- Indium- Copper - Zinc Exploration

Project in Saxony, Germany

Marienberg Minerals

Forward Looking Statements

This presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this presentation, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that Marienberg Minerals (the “Company”) expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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Marienberg Minerals

Location of Marienberg Exploration LicenseSaxony, Germany

3

Czech

Republic

352 square km Exploration

Licence Area

Town of Marienberg

FREIBERG

30 km

State of Saxony - Eastern Germany

Frankfurt

KGHMSilver Mines

Munich

Marienberg Minerals

Rediscovering A Large Historic Silver District in Germany Booming silver camp 1520-1600 with some silver mining until 1899 Surprisingly, no modern exploration and minimal drilling or geophysics Erzgebirge («Ore Mountains») region produced an estimated 219 million ounces of silver Historic mining methods limited to shallow depths typically less than 150 meters Very high indium content of up to 3500 g/t, recently identified by academic studies Very large 352 km2 exploration license with numerous historic mining areas and multiple

high potential target areas for exploration Drill-ready silver targets (indium-zinc-copper +/- cobalt, tin) initially will test below known

and historically mined extensive silver-rich vein systems Favourable deal terms to earn 80% of project Expert and seasoned management team with decades of relevant international exploration

experience and track-record of discoveries Focused on the discovery of economically robust, world class deposits for development

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Marienberg Minerals

Excellent Potential for World Class Silver Deposits Marienberg silver veins analogous to the silver-rich «Bi-Co-Ni veins» in the famous «Cobalt Silver

Mining Camp» in Ontario Canada which produced >600 million ounces At Marienberg, an older mineralized «kb» vein system (silver-copper-zinc-indium-tin) occurs with the

Ag «Bi-Co-Ni» veins, giving greater potential for large high-value deposits Well-known mineralization in mineral collections around the world and a wealth of academic studies,

yet almost no modern exploration or drilling Historic silver mining 1500-1860s small scale and unmechanized, typically on topographic highs due

to limited de-watering capabilities, and mining mostly on vein systems that came to surface Mining slowed or ceased at various times over the centuries due to: wars (30 years’, Napoleonic ,

WWs), plagues, floods, inability to de-water, a move from silver to gold as dominant currency, devaluation of silver, and the influx of low cost silver from the New World

From 1945-60, Wismut (state-owned) pursued mostly uranium with some shafts and workings Silver mineralization (+/- copper-zinc-tin) occurs in many areas across the large 35,200 hectare

property (at Cobalt the central 3,500 ha area produced over 250 million oz of silver) If Cobalt Ontario area discovered today, it would be one of the top ten largest silver mines in the

world by resource size

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Marienberg Minerals

Germany has a Critical Interest in Raw Materials With ever-increasing imports, the EU are recognizing benefit to be gained from

exploiting natural resources closer to home Europe produces only 3% of metals it consumes – increased awareness of vulnerability Germany launched a “Raw Materials Strategy” in 2010 to safeguard a sustainable supply

of non-energy mineral resources & strategic metals

6 Source: KfW, Adelphi/IZT Study, Sept. 2011

“Germany considers the availability of strategic metals, important industrial minerals and energy resources at reasonable prices of crucial importance to the future of its high-tech industries”.

Specifically acknowledges importance of supporting domestic exploration

Imported € 48 billion (US$ 65 billion) in metals and minerals in 2011

Six companies actively exploring in Saxony, including KGHM (world’s largest silver producer)

Supply Risk

Vu

lne

rab

ilit

y

Marienberg Minerals 7

Value of silver not just as a precious metal but a main industrial metal One of most conductive substances and in almost all “high-tech” applications Industrial use silver not all recovered through recycling so greater “loss” than gold Gold/Silver price ratio unusually high (75-80) - correction expected, with a silver price increase Despite high ratio, global production for silver only ~9-10 times that of gold, and estimated

global resources for silver only 9-11 times that of gold 22% global mine production is from Mexico which has increasing jurisdictional risk for mining 4 of the world’s 10 largest silver mines by reserves are in Europe (3 within 200 km of Marienberg)

Silver – a Better Investment than Gold

Gold/Silver price ratio recently reached 75-80Uses for Silver

Marienberg Minerals 8

Indium (In) is the ONLY transparent metal, also conductive & malleable Essential component of all touch screen and flat screen technologies with no substitutes Indium price recent price US$295/kg (about US$10/oz – almost as valuable as silver) 95% global mine production as by-product of zinc mines, some from copper ores Typical indium grades mined worldwide 60-100 g/t (Marienberg samples up to 3500 gpt)

$U

S /

Kil

og

ram

Potential for Indium to Add Significant Value

Historical Indium Prices (2000 – 2014)

Marienberg PrincipalsElaine Ellingham MBA, MSc, PGeo (Toronto) CEO

– Experienced Mining Executive & Geologist, formed several junior exploration companies – Recent interim CEO for Richmont Mines, a Canadian gold producer– Ten years’ experience as advisor to international mining clients & private equity funds– TSX 1997–2005 as National Leader, Mining and Manager, Company Listings– 16 years in exploration, corporate development and investor relations for IAMGOLD, Campbell

Resources, Rio Algom, Aurogin Resources & St. Joe Canada– Director of Richmont Mines, Wallbridge Mining, Aurania Resources and Williams Creek Gold

Siegfried (Sig) Weidner BSc, PGeo (Vancouver) President– Geologist with over 25 years of international exploration with a proven track record of discoveries– German-citizen, Canadian resident– Expertise in grassroots to advanced stage project management and led prefeasibility work in varied

geological environments and commodities with a focus on copper, gold and silver– Senior management roles with junior and major multinational mining companies including leadership

in community relations, marketing and financing activities– Experience includes 5 years with BHP-Billiton and 13 years with Rio Algom Exploration and more

recently, 7 years as VP Exploration for Geologix Explorations

Franci Knezević (Frankfurt) In-Country Manager– Lawyer graduated from Johann Wolfgang Goethe University, Frankfurt 2002 – Business development and international resource project management experience– Involved with Marienberg project acquisition and corporate management since 2010– Instrumental in securing and maintaining exploration license and corporate structures

Dr. Thomas Seifert PhD (Freiberg) Technical Advisor- Professor at Freiberg Institute- Economic Geologist for German Government- PhD focused on ore genesis in the old Saxony silver – tin belt

9 Marienberg Minerals

Marienberg Minerals

Marienberg Property Ownership

Agreement finalized to earn an 80% interest in the 352 km2 Marienberg exploration license by:

– Spending CDN $750,000 on exploration by September 2017– Completing a minimum of 3 drill holes by April 1, 2016– Paying $100,000 in cash upon earn-in– Issuing ~1,500,000 shares of MM – Option extendable for 1 year by paying CDN$75,000 in cash or shares– If full CDN$750k is not spent, still earn 30% interest if CDN$375k is spent– Owner can vend in remaining 20% for shares at time of earn-in at 15% discount to

property valuation; MM will have the option to pay up to 50% in cash

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Marienberg Minerals 11

Erzgebirge – An Under-explored Metal-Rich Mining District850 Year Mining History

• Over 850 years of mining history for silver, copper, cobalt, tin and minor uranium

• 200 million ounces silver production estimated from the Erzgebirge region from 1168 to 1900 from major centres including:

Freiberg Jachymov Schneeberg Annaberg Marienberg

• In 1867 “The Mining and Metallurgy of Gold and Silver” noted:

“Formerly the mines of Marienberg, a small town 25 miles southwest of Freiberg, were exceedingly flourishing and in the 16th century, ores were frequently found there producing 85% of silver. The troubles attending the Thirty Years War [1618-1648] put an end, however, to their prosperity; since that period they have never exhibited any degree of activity.” further…

”The average richness of the silver ores throughout Saxony is from 60 to 70 ounces per ton…”

Czech R

epublic

Germany

DRESDEN

FREIBERG

Erzgebirge “Ore Mountains” Mining Region

Exploration license area

Marienberg Minerals12

Exploration Projects in ErzgebirgeMining Revival Underway in Europe

COMMODITIES1 Avrupa Minerals Ltd. (TSXV)

Oelsnitz Au Sn2 Treliver Minerals (UK)

2a Kottenheide Sn W Zn In Cu2b Eibenstock Sn W Zn In Cu2c Breitenbrunn Sn W Zn In Cu

3 International Tin (Deutsche Rohstoff) (German)3a Gottesberg Sn3b Geyer Sn3c Sadisdorf Sn

4 Saxony Minerals and Exploration AG (Freiberg, Germany)Pohla-Globenstein Sn

5 Vital Metals Limited Bockau and Bernsbach W Sn

6 European Metals plc 6a Cinovec Li Sn W6b Zlaty Kopec Sn Zn In

KGHM (Polish, largest silver producer in world)Stojanow (east of Dresden) Cu AgWeisswasser (east of Dresden) Cu Ag

1 2a

2b 2c3a

3b

3c

45

6a

6b

Marienberg Minerals352 square km

Marienberg Minerals13

Exploration License & Historic Mining AreasTwo Proven Prolific Types of Silver-Rich Veins

2. “Kb” veinsSilver-copper-zinc-indium-tin(Bolivia Ag-Sn type)

1. Silver-rich “Bi-Co-Ni” veins(analogous to Cobalt Ontario)

Tin – Tungsten veins and greissens

Pobershau(Ag-Sn)

MarienbergAg

Annaberg (Ag-Cu-Co)

Buchholz(Ag-Sn)

Drei Bruder target

Czech

Republic

Target Size:

Map below shows Canada’s Cobalt Area Silver Mines (at same scale) which produced >400 million ounces from Ag Bi-Co-Ni veins

250 m oz silver produced

(Details of small map shown in Appendix)

Exploration License Boundary

Regional structures

Exploration Target:2 types of silver-rich veins

Ag

Significant studies have been done on the mineralization in the Frieberg and Marienberg districts providing insight into the metallogenesis

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• Both “kb” and Bi-Co-Ni-Ag veins were prolific silver producing vein systems in the Erzgebirge

• Bi-Co-Ni-Ag veins are analogous to the Cobalt Ontario silver camp that produced >600 million ounces of silver

• “Kb” polymetallic veins are similar to Bolivian Ag-Sn systems, with metal zoning related to an underlying Sn-W rich intrusion

• Both vein sets are abundant in the Drei Bruder target area

targeted mineralization

Marienberg Minerals 15

• Host rocks: Upper Proterozoic sediments metamorphosed to paragneisses, mica schists and metablack shales, some orthogneisses (meta-granites)

• Carboniferous: Variscan Orogeny with African plate colliding with Europe• Young granite plutons (YIC) intruded in Late Carboniferous, now at depth of 400-1000 m • Tin-tungsten veins and tin greisen mineralization in and near granite• Late Carboniferous zoned polymetallic (Ag-In-Cu-Sn-Zn) “kb” veins • Later, post Lower Permian silver-rich Bi-Co-Ni mineralization • Two distinct vein systems both produced silver, well studied and classified since 1700s:

• Various structures host the polymetallic vein mineralization and typically distinct vein types occupy distinct directional fracture sets

• Individual vein types may be composite veins and may include several generations of different vein types including Bi-Co-Ni and kb in coexistence

Marienberg ProjectRegional Geology & Mineralization

Vein type Description

“kb” Quartz-polymetallic veins “kiesig-blende bleierzformation” with arsenopyrite, pyrite/marcasite,pyrrhotite, sphalerite, stannite, chalcopyrite, cassiterite, silver, tetrahedrite, bornite, and galena.

“Bi-Co-Ni” Carbonate - polymetallic veins with a Bi-Co-Ni-As-U-Ag association. Native silver associated with Ni-Co arsenides.

Marienberg Minerals16

Geochemistry showing weak tin anomaly (tin-bearing intrusive is buried) and gravity low

Model of Mineralization

Depth to top of buried intrusive

Depth of old workings

Buried Intrusive(YIC)

+ + ++ + +

+ + ++ + +

+ + + +

+ + ++ + + + + ++ + + + +

+ + +

+ + + + + + + + +

~500-600 m +

0 m

~150 m

surface

Sn (-W)

Tin Greisen (eg. Pobershau & Buchholz are old tin mines on the property)

TARGET: Swarms of silver-rich “Bi-Co-Ni” Veins intersecting older “kb” veins with silver-indium-copper-zinc

tin (– tungsten) increases with depth

into intrusive

“Kb veins” Silver – Zinc- Indium – Copper rich

Paragneisses (metasediments)

Mineralization occurs within complex vein and fissure systems within paragneisses , but the veins can extend down into the underlying granitic Young Intrusive Complex (YIC)

Marienberg Minerals

Exploration Licence granted May 2011 Initial review of historic data and many academic studies, working with technical

advisor Dr. Seifert of the Freiberg Institute Marienberg CEO was consultant to project and on-site in 2011 Geological recon included surface sampling of mine dumps and analytical work

confirming presence of indium in vein material plus high grades of Ag, Zn, Cu

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Developed 3-D model from government data

Underground reconnaissance accompanied by government representatives

Re-assayed academic samples from underground confirming high values of mineralization

Work Completed on Marienberg Project

Drei Bruder underground

Work Completed on Marienberg Property

Marienberg Minerals

1. Diamond drill Program (~2000 m) • Drilling under pre-1900 shallow mine workings at

Drei Bruder (NW of Marienberg) where silver-rich polymetallic veins were mined

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Planned Exploration Program

2. Evaluate Property-Wide Targets• Geophysics testing over known mineralization and initial lines over high probability target

areas• Broader property-wide compilation, field investigation to evaluate priority areas• Apply modern exploration techniques to identify additional high-probability targets

Approximate location of initial Drill Set Ups at Drei Bruder

Marienberg Minerals 19

Initial target area

MARIENBERG

Silver-rich “Bi-Co-Ni” veins Ag-rich indium & base metal “kb” veins

Planned Exploration Program1. Diamond Drilling at Drei Bruder Area

• Drill permits expected December for initial ~2,000 metres, drilling 4-5 holes

• Drill test under pre-1900 shallow mine workings (~150 m depth), in area with high density of silver rich polymetallic veins

• Underground workings well known and mostly surveyed – 3-D model prepared

• High probability of intersecting mineralization

• Results will provide preliminary indication of grades, vein density and potential

Old Workings in the Drei Bruder Area • Many old mine dumps (haide), excavations (pinge) as well as adits (stolln) accessed

via shafts (schachte) are still visible today from small scale mining 1790-1870• Old workings well documented and most surveyed by German government

10 Marienberg Minerals

0 75 metres

Analytical Results from Drei Bruder

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In Ag Zn Sn Cu Pb Co Bi Au Lippm ppm % % % % % % ppb ppm

Samples Collected from Underground Workings 5UG-A6 2290 92.5 41.2 0.022 0.464 0.14 0.024 0.008 < 2 41.45U6-A1 100 252.0 0.268 0.953 17.3 0.004 0.394 0.053 < 2 11.95U7-A6 21 302.0 0.027 0.068 24.6 0.004 0.205 0.058 < 2 56.25U1-A5 530 38.4 8.65 0.032 0.315 0.044 0.002 0.01 < 2 43.65U7-A3 83.9 2840 0.034 0.108 25.7 0.005 0.005 0.218 < 2 63.15U7-A4 160 4820 0.004 0.135 56.1 0.002 < 0.001 0.38 101 12.8

Old Surface Waste Dump Samples (not vein, many metasomatic wallrock)M003 2.5 10.3 0.021 0.023 0.02 0.1 0.031 0.009 < 2 108M005 100 14.2 4.59 0.085 0.14 0.021 0.001 0.003 < 2 107M008 64.4 5.51 2.83 0.113 0.207 0.021 0.003 0.001 < 2 83.3M015 68.8 8.09 1.71 0.298 0.094 0.089 < 0.001 < 0.001 45 49.2M016-1 15.9 59.1 0.535 0.067 0.09 0.126 0.012 0.019 < 2 131M016-2 15.4 83.6 0.549 0.065 0.266 0.464 0.009 0.017 < 2 214M017 70.8 23.3 3.29 0.122 0.035 0.968 0.002 0.001 < 2 117KIESH-1 200 75.2 4.84 0.142 0.465 0.493 < 0.001 0.012 < 2 118KZWB 10 29.1 0.145 0.014 0.991 0.028 0.002 0.087 < 2 23

Waste dump samples (mostly wall rock and metasomatic alteration) only to verify presence of indium and mineral assemblage but exceeded expectations with:

up to 200 ppm indium up to 83.6 g/t silver up to 4.84% zinc up to 0.99% copper up to 0.97% lead up to 0.298% tin

Impressive underground grab samples (re-assayed at ACTLabs) as verification:

up to 2293 ppm indium up to 4820 g/t silver up to 41.2% zinc up to 56.1% copper up to 0.953% tin up to 0.394% cobalt up to 0.38% bismuth

Analytical Results from Drei Bruder Area

Marienberg Minerals 22

Drei Bruder Target AreaOld Mine Workings (projected to surface) Detailed government survey data of old mine workings guide the exploration drill program

Each colour represents a different level (depth) of the old mine workings, projected to surface

Marienberg Minerals 23

Mine Section in area of Lauta – 1899 (looking NW)Historical adits looking south (deepest recorded mining is 65m below valley floor)

Modelled veins looking E

N

Grunbuchner

Junge-Drei Brüder

Christoph

Drei Bruder Target Area3-D Modelling Of Old Mine Workings & Mineralized Veins

“kb” veins“kb” veins

“Bi-Co-Ni” veins

“Bi-Co-Ni” veins

different levels (depths) of old mine workings

Marienberg Minerals

Drei Bruder Target AreaInitial Planned Diamond Drilling

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Conceptual borehole location

Grunbuchner vein

Junge-Drei Brüdervein

Christoph vein

Target vein intersection 3D modelling of the Drei-Brüder target “kb” and

Bi-Co-Ni veins, both historically rich in silver. View to the east with preliminary borehole locations targeted to intersect multiple “kb” and BiCoNi

veins immediately below the adits.“kb” veins

“Bi-Co-Ni” veins

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0 500 m 1000 m

Drei Bruder Target AreaHigh Density of Vein Systems

1..

2.

From Beck,1894

PROPOSED WORK

1.Drei Bruder AreaInitial drill testing under shallow historic workings on Ag-rich “kb” and BiCoNi veins. Plan to drill 4-5 of these target.

2. Marienberg West Fast-track exploration on geologically favourable area along strike of veins where historic mining restricted due to topography; propose initial geophysics

MARIENBERG

Marienberg Minerals 26

Planned Exploration Program2. Initiate Property-wide Exploration to Identify Priority Targets

• Examine and evaluate numerous old silver & base metal mines and showings across property (slide 12)

• Test geophysics over known mineralization, then conduct geophysics over select areas, including along strike of known mineralization in areas where historic mining was not pursued due to de-water limitations or topography

• Determine most effective geophysical techniques for identifying mineralized veins that may not have a surface expression

• Assess the Annaberg historic silver mining area and explore showings to the southeast

• Examine potential for extension of vein system in Czech Republic trending onto property

27

Gravity Data Highlight Buried Granite Intrusions Indicates Key Target Areas for Polymetallic Vein Systems

Past Producing Tin (– Tungsten) Mines

24. Geyer26. Greifensleine27. Ehrenfriedersdorf29. Annaberg -Buchholz

30. Neundorf31. Wiesenbad32. Pobershau

Map from Recent Publication …..Stemprok & Blecha (2015) Ore Geology Review “Variscan Sn-W-Mo Metallogeny in the Gravity Picture of the Krusne hory / Erzgebirge Granite Batholith”

Approx Property Outline

Drei Bruder target

Historic silver production

Weak Tin Anomalies are Indicative of Buried Intrusive: Silver-Indium-Polymetallic Vein Target Areas

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Pobershau

WolkensteinEhrenfriedersdorftin mine

Annaberg Buchholz

Drei Brueder target (weak tin anomaly)

• Prime target areas are within the paragneisses where the tin-tungsten bearing intrusive is buried at depths of 400 m – 1000 m

• Weaker tin anomalies are indicative of the buried tin-bearing intrusive

Marienberg

Marienberg Minerals 29

Marienberg Project2015-2016 Budget

BudgetDiamond Drilling (~ 2000 m) at Drei Brueder $ 488,000

Drill Program planning & permitting $ 30,000Exploration Data /archive research & compilation $ 36,000Geological recon and sampling $ 43,000Geophysics $ 71,000General & Administrative $ 50,000Contingency $ 57,000TOTAL $ 750,000 € 500,000

Marienberg Minerals 30

Marienberg MineralCurrent Financing

Proposed Financing:

$750,000 @ $0.20/share (€500,000 @ €0.13) 3,750,000 shares

Shares outstanding (proforma) 10,240,000

Post financing shares outstanding 13,990,000

__________________________________________________________________

Shareholders:E.Ellingham (CEO and Founder) S.Weidner (President) UmbonoF. Knesevic

Marienberg Minerals 31

• Experienced Management with exploration and discovery track record • Extensive corporate experience - financing, going public & managing public companies• Vision: Discover a significant world class mineral deposit to create shareholder wealth • Strategy: Leverage decades of experience to build a successful exploration company that

manages high-impact, cost-effective exploration programs on quality projects

• Marienberg offers a unique opportunity - an under-explored brownfields project• Potential to (re-)discover a major silver mining district to rival Cobalt Ontario with

additional potential value through indium – copper – cobalt - zinc • Excellent initial exploration drill targets (“low hanging fruit”) with significant “blue sky

potential” for world class silver deposits • Trustworthy and “safe” jurisdiction with infrastructure • Open to exit strategies that optimize shareholder value• Plan to “go public” within 18 months, with aim to interlist in Canada & Germany

Why Invest?

Marienberg Minerals 32

• Elaine Ellinghamelaine.ellingham@rogers.com

416-473-5351

• Siegfried (Sig) Weidnersig.weidner@gmail.com

604-808-5907

Contacts

Marienberg Minerals 33

APPENDICES

Marienberg Minerals 34

Silver production in the 1500’s at Marienberg Silver Production

Value of Silver Production

“crisis of depth”Rapid expansion of minesFounding of Marienberg

• By 1565 the “crisis of depth” related to their inability to de-water the mines

• Purchasing power of silver started to fall in 1546 and continued until 1640

• Around 1570 silver started arriving from new world (Mexico, Peru & Bolivia)

• 30 years’ war 1618-1648 profound impact on this area, mining stopped

Name of Shaft

240,000 oz

Silver arriving from the New World

Silver Devaluation

35

Estimate of production from numerous small polymetallic mining operations (1550s to 1900) in the Marienberg and Pobershau areas

Approximate Concession Boundary

Drei Brueder Target Area

0 1 km

43

92 million ounces of silver production

34

32

22

Lake Temiskim

ing

2.5 km

produced > 250 million oz

silver

2820

26

Town of North Cobalt

34

Town of Cobalt

0 1 km

Cobalt OntarioHistorical Silver Mine

Productionfrom Ag Bi-Co-Ni Veins

(Published estimates of 600 million ounces silver produced from the larger Cobalt Ontario region

from underground mines)Compiled by E Ellingham

Silver Mining Camp at Cobalt Ontario (Canada)Area Produced 600 million ounces of Silver

3638

• Marienberg silver-rich BiCoNi veins are very similar to those that produced silver in the Cobalt Camp

• The size and distribution of silver deposits at Cobalt is shown • Individual deposits up to 92

million ounces silver• If discovered now, these would

likely have been consolidated into a few larger mines

• Mining width potential:

Description of silver ore at Coniagas mine, at Cobalt …

“Width of solid ore averages 3 inches, in addition, disseminated ore extends for several feet on each side of the vein. Where a number of high grade veins occur over a width of 20-40 feet..the disseminated ore and stopes were in places at least 60 feet wide. The “silver” ore runs 500 oz/ton or more frequently more than 1000 oz/ton …36

Silver Samples from the License Area

37

Proustite – “Ruby Silver” a silver ore mineralFrom Rudolphschacht near Marienberg

Wire Silver samples from Marienberg and Annaberg

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Marienberg Project within the Variscan Orogenic BeltLate Paleozoic Continental Collision of African and European Plates

Marienberg Project within the Erzgebirge geological region

Cornwall: Prolific historic tin-copper mining plus silver-zinc, andrecently indium identified

Spain

France

England

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Mineralized Vein Systems Well StudiedThree Main types of Mineralization

Cooling history of the Erzgebirge granites according to radiometric and fluid-inclusion data from hydrothermal mineral assemblages.

Early Sn-W mineralization at near and within granite and subsequent epithermal F-Ba-Ag- Pb-Zn-Bi-Co-Ni-U mineralization stages. (Thomas and Tischendorf 1987)

Tin – tungsten (deeper)

“kb” veins Ag – indium - polymetallic

Ag – “Bi-Co-Ni” veins(more distal)

Marienberg Minerals

Marienberg ProjectRegional Geology

40

Approx Property Outline

Marienberg Minerals 41

Historic Time Line and Production

Source: Bergbau im Erzgebirge, O.Wagenbrecht, E. Waechtler, Springer Spektrum,1990

Period Erzgebirge Area Period Marienberg Area PeriodSilver (t) Tin (t) Bi+Co (t) Silver (t) Silver (kg)

1168 Discovery of Silver near Freiberg 1168 - 1470 1,550 19,500 0 0 01241 Tin production brakes English monopoly on Cologne Metal Market1323 Wolkenstein produces silver coins1442 Ag rich copper at Pohlberg at Annaberg discovered

1519 Start of Thaler production 1521 Founding of Marienberg 1470 - 1550 1,004 16,150 0 69 68,5721525/1535 Crisis production deficit at Annaberg; Competition from Marienberg 1523 Construction of Silver "smelter" 1550 - 1600 498 9,800 100 95 95,4711540/1556 2nd prominent period for Marienberg production 1523 Start of production at Drei Brueder

1542 Discovery of Potosi Silver (Bolivia) 1526 Intense tin production at Pobershau1540 Height of Marinberg silver production1550 Change from OP to UG mining1556 Renewed silver mining and largest expansion of mining areas

1565/1585 "Tiefbaukrise" - Deep Mining Crisis1584/1595 End of mining at Lauta due to water influx

1618-1648 30 year war affected most mining activities in Erzgebirge (Germany/Bohemia) 1628 End of mining at Kiesholz 1600 - 1700 527 10,180 20,000 10 10,3651645 End of tin mining at Marienberg

1756/1763 Seven Year War 1736 Low point of silver production in Marienberg area 1700 - 1750 266 10,700 19,965 2 2,3351771/1777 Construction of Water Goepel at Marienberg 1771/1772 Hunger period due to sequential droughts 1750 - 1800 474 7,250 23,430 19 18,638

1775 Renewed silver production at Lauta

1847 Beginning of modern dewatering systems 1807 End of mining at Pobershau 1800 - 1900 1,904 8,325 26,985 11 11,0711852/1862 Consolidation of small mines into GMBH's 1839 Commencement of mining at Rudolph Shaft1856/1877 Use of steam for production purposes 1888 Bankruptcy of Marienberg Silver Consortium

1873 End of silver currency 1859 Closure of Lauta production1892 End of production at Annaberg

1930 End of Tin production at Altenberg (Global Economic Crisis) 1904 Last mining at Marienberg1939-1945 WWII 1957/1959 Ideas of Tourist mining areas (Pobershau)

1946 Wismuth exploration and production of Uranium begins1989 "Wendepunkt" - Fall of East Germany Total Production 6,223 81,905 90,480 206 206,452

Production (t)Historic Timeline and Mineral Production

Erzgebirge (Total) Marienberg

42

Largest Silver MinesBy Resource Size

Mine Country OwnershipMetals Mined

Silver Resource

(m oz)

Annual Silver Production

(million oz /yr)Mining Method Grade

Penasquito Mine Mexico Goldcorp Au Ag Zn 600 26 2 o/pPoland Polkowise Poland KGHM Cu Ag 545 16 54 gptSan Cristobal Bolivia Sumitomo Ag Pb Zn 533 3 o/p 53 gptPitarrilla Mexico Silver Standard Ag Pb Zn 478 15 o/pLubin Poland KGHM Cu Ag 442 13 ugRudna Poland KGHM Cu Ag 357 21 ug 59 gptGumuskoy - Eti Gumus Turkey KGHM Cu Ag 335 11.2 o/p 95 gptFresnillo Mexico Fresnillo Ag 308 6.2 ugAntamina Peru BHP/Xtrata/Teck Cu Zn Ag Pb 285 11.7Cannington Australia BHP Ag Pb 217 31.6 ug

Historic Mining Cobalt Ontario Canada Several Ag-Co >600Historic Mining Erzgebirge Germany Several Ag-Co-Cu-Zn ~200

* As of 2013 – miningtechnology.com