Minsud Resources Corp. | 56 Temperance Street, Suite 200 | Toronto, Ontario, M5H 3V5, Canada

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SUMMARY REPORT

LA ROSITA PROJECT

SANTA CRUZ PROVINCE

ARGENTINA

Prepared by:

Minsud Resources Corp.

Fernando Ganem, Project Manager

Roberto Milanese, Minera Sud Argentina S.A., Exploration Vice President.

Howard Coates, P. Geo., Minsud Resources Corp, Exploration Vice President.

October, 2012

Disclaimer

• The content of this Presentation and any related information you will read in the pages that follow (the “Information”) has been prepared by Minsud Resources Corp. (The “Company”) on the basis of information and sources believed to be reliable. However, the Information does not take account the investment objectives, financial situation and particular needs of any particular person and is not intended to be considered by any person as general advice to any class of persons. Therefore, you should not rely on the Information and should obtain relevant and specific professional advice to evaluate and assess the Information.

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• The Company reserves the right, at its sole discretion, to modify all or any part of this presentation without any liability or notification to any person. This Information includes statements which may be considered forward–looking. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company".

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• Mr. Howard Coates, Professional Geoscientist, Director of the Company and a geological consultant, is a qualified person as defined by Canadian National Instrument 43-101. Mr. Coates has read and approved the contents of this presentation

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SUMMARY REPORT ON THE LA ROSITA PROPERTY, DESEADO MASSIF, SANTA

CRUZ PROVINCE, ARGENTINA

Introduction

Minsud Resources Corp (“Minsud”) of Toronto, Canada, through its 98.30% owned Argentina

subsidiary, Minera Sud Argentina S. A. (“MSA”), has completed an exploration program on the

La Rosita Property located in the Deseado Massif region, Santa Cruz Province, Argentina

(Figure 1). The exploration project is an early stage prospect with widespread indications of

low-sulphidation epithermal Au-Ag mineralization. This summary describes geological mapping,

rock geochemistry, ground magnetometer surveying and mechanical trenching completed

between May 2011 and June 2012.

Figure 1: Location Map

Properties

Minsud subsidiary MSA owns a 100% interest in mineral rights that comprise the La Rosita

Property, covering an unsurveyed area of some 9,970 ha or 99.7 km2 (Figure 2). The Property is

located some 350 kilometres north of the provincial capital city of Rio Gallegos. A summary of

mineral rights is provided in Table 1.

The La Rosita exploration claim expired November 29, 2011. Prior to the expiration date, and in

accordance with the required legal procedure, the Company requested within the La Rosita claim

concession area, three mining claims (Manifestaciones de descubrimiento) named Alfa, Alfa II

and Alfa III covering a cumulative 9,970 hectares or the whole La Rosita exploration claim.

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Table 1: La Rosita Property, Summary of Mineral Rights

Property File Number Claims

Type

Area

(ha)

Ownership Date

Issued

Expiry

Date

La Rosita C409.392-MSA-06 Exploration

(Cateo) 9,970 MSA (100%)

May 16,

2008

Nov. 29,

2011

Alfa 429.263-MSA-09 Mining

(successor) 3,984 MSA (100%) pending N/A

Alfa II 424.173-MSA-10 Mining

(successor) 1,992 MSA (100%)

April 20,

2012 N/A

Alfa III 429.514-MSA-11 Mining

(successor) 3,994 MSA (100%) pending N/A

Total 9,970

Figure 2: La Rosita Property Map

On April 20, 2012, Alfa II where the Mogote Hill area is located was granted to the Company by

the Secretary of Mines, Santa Cruz Province. The other two Alfa and Alfa III are still pending

secretarial approval.

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Provincial regulations call for filing an environmental report prior to undertaking activities, for

example such as trenching/drilling activities. On February 1, 2011 an Environmental Impact

Report (“EIR”) (Informe de Impacto Ambiental de Exploración) was filed on 426.125/MSA/11

and approved through resolution # 077 dated May 2, 2011. An extended EIR for trenching and

drilling was requested on November 3, 2011 and approved through Resolution 282 of Secretary

of Mines – Santa Cruz Province.

In addition access to private property must be agreed to by landowners. On September 27, 2011,

MSA and the La Rosita landowners, entered into a permit agreement in order for the Company to

continue with the prospecting and exploration activities in La Rosita prospect for a period of one

year.

Location, Accessibility and Regional Infrastructure

Access to the Property is good. The area is reached from the city of Comodoro Rivadavia,

Chubut Province by proceeding southerly on paved interprovincial highway N°3 for

approximately 78 kilometers to the Atlantic port city of Caleta Oliva, Santa Cruz Province and

then southwesterly along paved provincial highway P12 for 54 kilometers to the town of Pico

Truncado. From Pico Truncado continue along unpaved gravel highway P12 for approximately

290 kilometers to the La Rosita Property. The total road distance to the property from

Comodoro Rivadavia is approximately 415 kilometers. There is daily scheduled air service to

Comodoro Rivadavia from Buenos Aires.

Regional infrastructure is good with the town of Gobernador Gregores about 70 kilometers and a

one hour drive southwest of the Property (See Figure 1 above). This town has basic services

including food, accommodation, automotive service stations, a gravel airstrip, electrical power,

mobile telephone, educational, medical, recreational and basic shopping facilities. The company

bases its field operations out of rented facilities at La María Ranch (Photo 1). Other than bush

road access, the Property has no campsite or mining related infrastructure.

Photo 1: La María Ranch

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Adjacent Properties:

The project is located some 25 km NE of the Martha Mine (Coeur D’Alene) and 35 km from

the Manantial Espejo Mine (Panamerican Silver) (Figure 3). Other producing mines in Santa

Cruz Province include: Cerro Vanguardia Mine (AngloGold – Fomicruz), San Jose Mine

(Hochschild – McEwen Minerals), Martha Mine (Coeur d’Alene) and Manantial Espejo Mine

(Pan American Silver). Additionally, several new projects are being readied for production and

several others are advanced exploration projects in progress such as Cerro Negro (Goldcorp),

Cerro Moro (Extorre), La Josefina (Hunt Mining), La Paloma (Minera IRL), El Tranquilo

(Patagonia Gold), Joaquin-Santa Rita-Virginia (Mirasol Resources), Sierra Blanca and Las

Calandrias (Mariana Resources), Pingüino (Argentex).

Figure 3: Adjacent Properties Map

Geological Setting

The Deseado Massif of southeastern Argentina is a remnant of one of the world’s largest silicic

volcanic provinces known as the Chon Aike Province of Jurassic-lowermost Cretaceous age

which underlies much of Patagonia and possibly includes similar rocks in Antarctica (Figure 4).

The Mesozoic volcanic, subvolcanic, volcaniclastic, epiclastic and sedimentary rocks of the

Deseado Massif are formally referred to as the Bahia Laura Group (Figures 5 and 6). The

principal stratigraphic unit of the Bahia Laura Group is the approximately 300 m thick Chon

Aike Formation (not to be confused with the Chon Aike Province), which underlies an area of

some 100 000 km2

in Chubut and Santa Cruz Provinces (Pankhurst, et.al., 1998). Felsic sub-

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aerial pyroclastic rocks predominate; ignimbrites form approximately 85% of the outcrop, with

subordinate epiclastic deposits, air-fall tuffs and intercalated lavas.

The Chon Aike Formation sequence is associated with lacustrine epiclastic rocks referred to as

the La Matilde Formation, which is locally fossiliferous (Pankhurst, et.al., op.cit.). These

laminated tuffs and tuffaceous sediments interdigitate with the ignimbrites and do not represent a

significant hiatus in volcanic activity, but rather the reworking of pyroclastic material between

eruptions. Very rarely, they include 10 m thick, coarse, matrix-supported breccias, interpreted as

debris-flow deposits.

Figure 4: Chon Aike Province and related lithologies

(Source Pankhurst, et.al., 1998)

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Rhyolitic dykes up to 20 m wide cross-cut the pyroclastic and epiclastic sequences. The dykes

are sometimes zoned, being more feldspar-phyric in the core than at the margin, and are

considered as feeders to the rest of the sequence. Rhyolite domes stand out above the local

volcaniclastic plateau. They exhibit flow-banding, sometimes highly contorted, whilst upper

parts of the domes are auto-brecciated.

Figure 5: Schematic Stratigraphic Section

There are extensive areas of basaltic andesites and andesites in the central part of the Deseado

Massif. These rocks are collectively assigned to the Bajo Pobre Formation. Bajo Pobre is a

slightly older formation

The above formations overlie the Roca Blanca Formation pyroclastic and epiclastic units of

earliest Jurassic age.

Epithermal precious metals vein systems in the Deseado Massif are located along distinctive

WNW and NNW structural trends proximal to rhyolite domes.

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Figure 6: Regional Geology Map (4969-I, Gobernador Gregores, SEGEMAR)

Photo 2: Epithermal vein stockwork, Los Mogotes Hill, La Rosita Property.

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Photo 3: Epithermal vein float with sulphide mineralization, La Rosita Property.

Exploration Program:

During 2011-12 campaign, an early stage exploration program was performed, including:

a ground magnetometer survey covering some 16 km2 (320.3 line km),

detailed surface geological mapping and at 1:2,000 scale over an area of approximately 6

km2, and

3.5 line km of mechanical trenches (51 trenches) to define geological units, alteration

features and as an initial test of potentially mineralized structures.

About 22 km of bush road construction was carried out to allow easy access the main

target areas.

Initial reconnaissance work by Minsud in the La Rosita exploration claim area located

prospective lithological units, interesting alteration and base/precious mineralized outcrops and

float in the Los Mogotes Hill sector. Systematic detailed geological mapping has been

completed on part of the Alfa II mining claim, approximately 6 km2 including Los Mogotes Hill

(Figure 7). Bedrock exposures in the 6 km2 area all belong to the Bahia Laura Group, and except

for a small area of La Matilde Formation laminated tuffs on Los Mogotoes Hill, all lithologic

units are typical of the Chon Aike Formation.

The Chon Aike Formation exposures are indicative of a prospective environment for silver-gold

mineralization. The subaerial felsic volcaniclastic assemblage appears to be vent proximal in

general setting, hydrothermally altered, and extensively cut by sub-volcanic felsic domes,

volcanic necks and dykes, as well as various breccias.

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Figure 7: Stratigraphic Map

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A ground magnetometer survey covering some 16 km2 (320.3 line km) was completed in 2011 in

the south-western part of the La Rosita exploration claim (Figure 8). The magnetic survey and

mapping program has defined a conjugate shear structural system, with maximum extensional

effort coincident with the general strike of the outcropping mineralized veins. The magnetic

survey also revealed three magnetic high features, possibly linked to mineralized acid domes

underlying the Mogotes Hill target.

The 2012 trenches did not encounter any mineralization sections that might be considered

commercially significant in grade or thickness. However, the trench analytical data has

confirmed the existence of widespread areas of geochemically anomalous silver and gold as well

as much larger zones of anomalous base metals (Cu, Pb, Zn) as well as the pathfinders mercury

and arsenic. Additionally anomalous values of tungsten and antimony were encountered in the

system. It is believed that the currently outlined 4,000 m of combined veins still have potential

for the discovery of high grade Ag-Au deposits similar to those being mined in the region

(Targets: Mogotes Hill, Maria Sol Veins and Breccia Hormiga). Additionally acid domes related

to hydrothermal alteration and disseminated sulphides are believed to have potential for

discovery of Ag-Au low grade/ bulk tonnage mineralization (magnetic anomalies in the Mogotes

Hill Target and acid domes related to the sub outcropping Maria Sol Target). Breccia complex

systems that contain promising mineralization/alteration features have also been identified

(Felices Pascuas Breccia and Eastern Red Breccias Targets).

Photo 4: 2012 Trenches at Los Mogotes Hill.

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Figure 8: Total Magnetic Intensity Map.

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Figure 9: Trenching Location Map

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Figure 10: Typical Detailed Trench Maps

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Figure 11: Typical Detailed Trench Geochemical Results

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Tabulation of Trenching Highlight Results

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General Conclusions

The combined exploratory methods enabled the mapping of various styles and intensities of the

classical alteration types as well as a variety of chalcedonic silica and carbonate veins, vein

stockworks and breccias systems (Figure 12). The area exhibits a variety of overlapping styles of

alteration, veining and mineralization. These enigmatic features indicate an extended temporal

range of magmatic activity and potentially multiple stages of mineralization.

Figure 12: Conceptual Target Model Cross Section

The magnetic survey and mapping program has defined a conjugate shear structural system, with

maximum extensional effort coincident with the general strike of the outcropping mineralized

veins. The magnetic survey also revealed three magnetic high features, possibly linked to

mineralized acid domes underlying the Mogotes Hill target.

The combined features of lithology, structure, alteration, precious/base metal geochemistry,

pathfinder element geochemistry, and magnetic features all indicate that the outcrops are

possibly near or immediately above the boiling zone. The link between the main alteration

system, the intrusion of acidic domes and shear stress field, create the right conditions for the

formation of Ag-Au mineralization. The minor anomalies observed in precious and base metals,

as well as the strong distribution of pathfinders conform to the mineralization model, and

indicate an optimum erosion level, with potential for a discovery within 300 meters of surface.

Exploration work carried out so far indicates the possible presence, at shallow depth, of an

extensive low sulfidation epithermal system, similar to most deposits of the Deseado Massif.

Minsud plans to continue with the systematic multidisciplinary approach to target definition.

Planned Future Exploration:

The next phase of target development will be an Induced Polarization/Resistivity survey

preparatory to drill target definition.

Summary report as of October 2012 prepared by: Fernando Ganem, Project Manager; Roberto

Milanese, Vice President Exploration, Minera Sud Argentina S. A.; and Howard Coates, P. Geo.,

Vice President Exploration, Minsud Resources Corp.

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