On June 29, 2012 the Company entered
into an agreement with Mayan Minerals Ltd. to acquire a resource property in Nevada. The property consists of two Minerals Lode
Claims totaling 40 acres in the Fairview mining district, Churchill County, Nevada. The property is located 98 air miles southeast
of Reno and is accessible by road. It is in the vicinity of the Bell Mountain Mining Project which lies along the Eastern margin
of the Walker Lane mineral belt which contains a number of past-producing gold-silver deposits and major mining districts (e.g.
Tonopah, Rawhide, Paradise Peak). All of the land underlying the property is administered by the US Bureau of Land Management.
There is no private land in the area. The core of the GSR property is a block of 2 unpatented mining claims, covering 40 acres.
Under the agreement, the Company shall
pay the sum of all location, recording and maintenance fees to be submitted at a later date.
As at September 30, 2012, the titles
of above claims have not been transferred to the Company and the related purchase consideration has not been determined as well.