Exhibit 12.1


October 2001                                                    [GRAHIC OMITTED]

                                Technical Report

                              Tambo Grande Project
                                      Peru



                                  Prepared for

                            Manhattan Minerals Corp.
                                Vancouver, Canada



                                       by

                          Stephen Juras, PhD., P. Geo.
                                Vancouver, Canada



                                                  Distribution List:
                                                  ------------------

                                                  Manhattan:         8 copies
                                                                     3 CD
                                                  MRDI:              3 copies
                                                                     3 CD



L466A                                                          [GRAPHIC OMITTED]


<PAGE>


                                IMPORTANT NOTICE

          This report was prepared  exclusively  for  Manhattan  Minerals  Corp.
          (Manhattan)  ComincoComincoby  MRDI  Canada,  a  division  of AMEC E&C
          Services Limited (MRDI).  The quality of information,  conclusions and
          estimates  contained  herein  is  consistent  with the level of effort
          involved in MRDI's services and based on: i) information  available at
          the time of preparation, ii) data supplied by outside sources and iii)
          the  assumptions,  conditions  and  qualifications  set  forth in this
          report.  This report is intended to be used by Manhattan only, subject
          to the terms and  conditions of its contract with MRDI.  Any other use
          of, or reliance  on, this report by any third party is at that party's
          sole risk.


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]


                                TABLE OF CONTENTS
                                -----------------

                                                                            Page


1.0  SUMMARY.................................................................1-1

2.0  INTRODUCTION AND TERMS OF REFERENCE.....................................2-1
     2.1    Introduction.....................................................2-1
     2.2    Terms of Reference...............................................2-1

3.0  DISCLAIMER..............................................................3-1

4.0  PROPERTY DESCRIPTION AND LOCATION.......................................4-1
     4.1    Mineral Tenure...................................................4-1
     4.2    Permits and Agreements..........................................4-17
     4.3    Socio-Economic Issues...........................................4-18

5.0  ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE
     AND PHYSIOGRAPHY........................................................5-1

6.0  HISTORY.................................................................6-1
     6.1    Ownership........................................................6-1
     6.2    Work.............................................................6-1

7.0  GEOLOGICAL SETTING......................................................7-1
     7.1    Regional Geology.................................................7-1
     7.2    District Geology.................................................7-3
     7.3    TG-1 Deposit.....................................................7-4
     7.4    TG-3 Deposit.....................................................7-7
     7.5    B-5 Deposit.....................................................7-10

8.0  DEPOSIT TYPES...........................................................8-1

9.0  MINERALIZATION..........................................................9-1
     9.1    TG-1 and TG-3 Sulphide Deposits..................................9-1
     9.2    TG-1 Oxide Deposit...............................................9-1
     9.3    B-5 Deposit......................................................9-2

10.0 EXPLORATION............................................................10-1

11.0 DRILLING...............................................................11-1

12.0 SAMPLING METHOD AND APPROACH...........................................12-1

13.0 SAMPLE PREPARATION, ANALYSES AND SECURITY..............................13-1
     13.1    Standard Reference Material....................................13-2
     13.2    Pulp Duplicate Assays..........................................13-6
     13.3    Coarse Reject Duplicate Assays................................13-11
     13.4    Core Recovery in Mineralized Zones............................13-11

14.0 DATA VERIFICATION......................................................14-1

15.0 ADJACENT PROPERTIES....................................................15-1

16.0 MINERAL PROCESSING AND METALLURGICAL TESTING...........................16-1


Project No.:  L466A                                                        TOC-i


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES.........................17-1
     17.1    Geologic Models................................................17-1
     17.2    Interpolation Plans............................................17-2
     17.3    Model Validation...............................................17-4
     17.4    Resource and Reserve Classification and Summaries..............17-5
     17.5    Recovery.......................................................17-9

18.0 OTHER DATA AND INFORMATION.............................................18-1

19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION.......................19-1

20.0 CONCLUSIONS............................................................20-1

21.0 REFERENCES.............................................................21-1


                                 LIST OF TABLES

  Table 1.1:  Tambo Grande Project Mineral Resource and Mineral
              Reserve Summary................................................1-4
  Table 1.2:  Sulphide Recoveries:  Reserve and Projected....................1-5
  Table 4.1:  Deposit Coordinates, Tambo Grande Project......................4-1
  Table 4.2:  List of Concessions............................................4-2
  Table 11.1:  Drill Hole Statistics for TG-1, TG-3 and B-5 Deposits........11-1
  Table 16.1:  Mineral Reserve Recoveries, Oxide Ore........................16-3
  Table 16.2:  Mineral Reserve Classification Recoveries
                and Concentrate Grades, Sulphide Ore........................16-4
  Table 16.3:  Projected Recoveries and Concentrate Grades, Sulphide Ore....16-5
  Table 17.1:  TG-1 Variogram Summary.......................................17-3
  Table 17.2:  Interpolation Parameters for TG-1 and TG-3...................17-4
  Table 17.3:  Mineral Resource and Mineral Reserve Summary.................17-6
  Table 17.4:  Metal Prices ($).............................................17-7
  Table 17.5:  Metallurgical Recovery (%)...................................17-7
  Table 17.6:  Concentrate Grade (% Cu, % Zn)...............................17-7
  Table 17.7:  Transport, Smelter and Refining Terms........................17-8
  Table 17.8:  Geotechnical Wall Parameters.................................17-8
  Table 17.9:  Cut-off Grades for NSR Calculation...........................17-9
  Table 17.10:  Mineral Reserves Recoveries, Oxide Ore......................17-9
  Table 17.11:  Mineral Reserve Classification Recoveries
                and Concentrate Grades, Sulphide Ore.......................17-10
  Table 17.12:  Projected Recoveries and Concentrate Grades, Sulphide Ore..17-10


Project No.:  L466A                                                       TOC-ii


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]


                                 LIST OF FIGURES

 Figure 4.1:  Country Location Map..........................................4-14
 Figure 4.2:  Departmental Location Map.....................................4-15
 Figure 4.3:  Property Location Map.........................................4-16
 Figure 4.4:  Pit Location and Proposed Town Relocation Plan................4-19
 Figure 7.1:  Simplified Regional Geology of the Lancones Basin
              (Tegart et al., 2000)..........................................7-2
 Figure 7.2:  TG-1 Section 1385W, Looking Northwest (Tegart et al., 2000)....7-5
 Figure 7.3:  Simplified Stratigraphic Column of the TG-1 Oxide Zone
              (Tegart et al., 2000)..........................................7-6
 Figure 7.4:  TG-3 Deposit Long Section, Looking Northwest
              (Tegart et al., 2000)..........................................7-8
 Figure 7.5:  B-5 Deposit Long Section, Looking Northeast....................7-9
 Figure 7.6:  High Grade Footwall Copper Replacement - Hole
              00B-5-014, 593 m to 673 m.....................................7-11
 Figure 7.7:  B-5 Deposit Long Section......................................7-11
 Figure 10.1:  Target Areas, Bouguer Gravity Contour Map....................10-2
 Figure 10.2:  Scale and Text from Total Fields Magnetic Intensity Map......10-3
 Figure 11.1:  TG-1 Drill Hole Collar Location Plan.........................11-2
 Figure 11.2:  TG-3 Drill Hole Location Plan................................11-3
 Figure 11.3:  B-5 Drill Hole Location Plan.................................11-4
 Figure 13.1:  QA/QC Sample Preparation Flowsheet...........................13-2
 Figure 13.2:  Myra Falls Sulphide Standard - Copper........................13-3
 Figure 13.3:  TG-1-SU2B Sulphide Standard - Copper.........................13-3
 Figure 13.4:  Myra Falls Sulphide Standard - Zinc..........................13-4
 Figure 13.5:  CDN-GS2 Oxide Standard - Gold................................13-5
 Figure 13.6:  TG-1-SDBA Oxide Standard - Gold..............................13-5
 Figure 13.7:  TG-1-SDBA Oxide Standard - Silver............................13-6
 Figure 13.8:  Sulphide Pulp Duplicates - Copper (>0.1%)....................13-7
 Figure 13.9:  Sulphide Pulp Duplicates - Zinc (>0.2%)......................13-8
 Figure 13.10:  Oxide Pulp Duplicates - Gold (>0.3 g/t).....................13-9
 Figure 13.11:  Oxide Pulp Duplicates - Silver (>10.0 g/t).................13-10
 Figure 13.12:  Sulphide Coarse Reject Duplicates - Copper (>0.01%)........13-11
 Figure 13.13:  Sulphide Coarse Reject Duplicates - Zinc (>0.01%)..........13-12
 Figure 13.14:  Oxide Coarse Reject Duplicates - Gold (>0.01 g/t)..........13-12
 Figure 13.15:  Oxide Coarse Reject Duplicates - Silver (>0.7 g/t).........13-13


Project No.:  L466A                                                      TOC-iii


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]


                                   APPENDICES
                                   ----------

Appendix A     On-Site Procedures Manual

               Regional Setting, Stratigraphy,  Alteration and Mineralization of
               the Tambo Grande VMS District,  Piura Department,  Northern Peru,
               by Peter Tegart, Gordon Allen and Andrew Carstensen

Appendix B     B-5 Drill Holes Assays > 0.5% Cu or Zn
               TG-1 Oxide Composites > 1 g/t Au
               TG-1 Sulphide Composites > 0.5% Cu or Zn
               TG-3 Composites > 0.5% Cu or Zn

Appendix C     Drill Hole Sections
               (Geology, Composites, Cu% + Zn% Block Models)

               TG-1    1210W
                       1350W
                       1490W

               TG-3    3300N
                       3500N
                       3700N

Appendix D     Metallurgical Flowsheets


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

1.0  SUMMARY

     Manhattan  Minerals  Corporation  (Manhattan)  commissioned  MRDI Canada, a
     division of AMEC E&C Services  Limited  (MRDI),  to provide an  independent
     Qualified  Person's  Review  and  Technical  Report  for the  Tambo  Grande
     Project.  Stephen  Juras,  P.Geo.,  an  employee  of  MRDI,  served  as the
     Qualified Person responsible for the preparation of the Technical Report as
     defined in National Instrument 43-101,  Standards of Disclosure for Mineral
     Projects, and in compliance with Form 43-101F1 (the "Technical Report").

     The Tambo Grande  Project is located in the district of  Tambogrande in the
     Department of Piura in northern Peru. The regional capital, Piura, is 40 km
     southwest,  and Lima lies  about 865 km south.  The  project  area is 50 km
     south of the Ecuadorian  border. The project covers 90,800 ha and comprises
     101 mining  concessions.  These are divided  into three  sub-projects:  the
     Tambo Grande  Concessions,  the Lancones  Concessions  and the Papayo Joint
     Venture  Concessions.  Three deposits occur within the project:  TG-1, TG-3
     and B-5.  Estimated  Mineral Resources exist for TG-1 and TG-3, and Mineral
     Reserves for TG-1.

     Manhattan's land position is in good standing. The Tambo Grande Concessions
     cover  10,000  ha.  Manhattan  has been  granted  an  option  to earn a 75%
     interest  in the  concessions.  The  remaining  25%  interest  is  held  by
     Centromin, a government-owned  company (formerly Minero Peru). The Lancones
     Concessions,  which are the largest group, occupy 75,700 ha. Manhattan owns
     100% interest in these  concessions.  The Papayo Joint Venture  Concessions
     cover 3,200 ha.  Manhattan  has been granted an option to earn 51% in these
     lands from Cedimin  S.A., a wholly  owned  subsidiary  of Compania de Minas
     Buenaventura  S.A.  In March of 2000,  Manhattan  acquired  1,900 ha in two
     concessions  called  Perla.  These lie about 20 km west of the Tambo Grande
     Concessions and are commonly referred to as part of the Lancones group.

     The Option Agreement governs the ownership,  exploration and development of
     the Tambo  Grande  Concessions  and  includes a number of  conditions.  The
     conditions  for  Manhattan  include a time period to complete a feasibility
     study (May 2003); operating requirements (treatment of an average of 10,000
     t/d of ore); at least $100 million in net assets;  a royalty  commitment to
     Centromin of a copper-price-based sliding scale NSR royalty interest in the
     Tambo Grande Concessions ranging from zero at 0.60 $/lb to 5% at 1.20 $/lb;
     and a  guarantee  that the mining  methods  to be used will not  physically
     affect  the town of  Tambogrande  or cause  damage  to its  population.  In
     addition,  the  tailings  deposits  must be  located in areas that will not
     affect the surrounding agricultural areas.

     The  implications  for  the  development  of a  mine  on the  Tambo  Grande
     Concessions  of the  location  of the town of  Tambogrande  relative to the
     location  of the TG-1  deposit


Project No.:  L466A                                                  Section 1-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     have not been completely assessed at this time. Nonetheless,  Manhattan has
     been working  closely with community  leaders to establish a  co-operative,
     mutually  beneficial  relationship  with the area residents in an effort to
     ensure  that  impacts  are   minimized.   Manhattan   will   continue  with
     socio-economic  studies and  initiatives  to address this matter as part of
     the ongoing work program.

     The deposits in the Tambo Grande Project are pyritic  volcanogenic  massive
     sulphide  deposits.  These  mid-Cretaceous  deposits lie proximal to dacite
     extrusive rocks overlying mafic volcanic rocks.  They are graben hosted and
     typically  mineralogically  zoned. The deposits  comprise a central pyritic
     core,   a   flanking   sphalerite/chalcopyrite/pyrite   zone  and  a  basal
     chalcopyrite/pyrite   zone.  In  addition,  the  TG-1  deposit  contains  a
     late-stage,  supergene-copper-enriched massive sulphide zone at the top and
     margins  of the  sulphides.  TG-1 also  contains  a late  stage  auriferous
     exhalative baritic unit that overlies the sulphides and comprises the oxide
     ore zone at TG-1.

     The database used to estimate the Mineral Resources and Mineral Reserves at
     TG-1  consists  of 336 drill  holes.  The  Mineral  Resources  at TG-3 were
     estimated  from 53 drill  holes.  Samples  were  assayed for gold,  silver,
     copper,  zinc and  lead.  Data  transfer  to the  resource  databases  from
     original  assay  certificates  was  verified  through  a 5%  check  of  the
     databases.  A comprehensive  quality assurance and control program was done
     for the work at the Tambo Grande Project. The results of standard reference
     materials for all metals demonstrated that the assay process was in control
     for  the   drill   programs.   Duplicate   sample   results   showed   good
     reproducibility  for all  metals.  A program  of coarse  reject  duplicates
     validated the sample  preparation  for the work.  MRDI  concluded  that the
     quality  assurance and control  programs for the Tambo Grande  Project were
     well designed and executed.

     The  mineral  resource  estimates  for the  TG-1  and  TG-3  deposits  were
     calculated under the direction of Stephen Juras,  P.Geo., in 1999 and 2000.
     The  estimates  were derived  from  3-dimensional  block  models  utilizing
     commercial mine planning software (Gemcom(R)).  In the modelling procedure,
     industry-accepted  methods were used to create interpolation  domains based
     on geological zone (oxide, transition, sulphide, stockwork) and to estimate
     grade based on ordinary kriging.  Reasonableness of grade interpolation was
     reviewed by visual  inspection of sections and plans displaying block model
     grades,  drill hole  composites  and geology.  Good agreement was observed.
     Global and local bias checks in the block models,  using  nearest-neighbour
     estimated values versus the kriged values, found no evidence of bias.

     The TG-1  category of  Indicated  Mineral  Resources  is  supported  by the
     present  drilling  grid. The drill spacing is a nominal 35 m on section and
     between  sections.  Geologic and grade continuity is also  demonstrated for
     this  level of  resource  classification.  The  model was  classified  by a
     proximity-to-composite  protocol. Blocks containing an estimate with two or
     more samples from different  drill holes within 27 m or one sample


Project No.:  L466A                                                  Section 1-2


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     within 9 m were  classified as indicated  resources.  The TG-3 resource was
     deemed to be entirely within the Inferred Mineral Resources  category.  The
     classification   logic  used  at  Tambo  Grande  is  consistent   with  CIM
     definitions referred to in National Instrument 43-101.

     As of December 31, 2000, the  mineralization of the Tambo Grande Project is
     classified as Mineral  Resources and Mineral  Reserves for the TG-1 deposit
     and as Mineral Resources for the TG-3 deposit. Summaries are shown in Table
     1.1.

     The  TG-1  mine   development   has  been   envisioned  as  a  conventional
     truck/shovel operation. Forecast production is 7,500 t/d mill feed from the
     oxide and transitional  deposits  followed by 15,000 t/d mill feed from the
     sulphide deposit.  Optimization of a pit shell to define a point at which a
     resource-to-reserve  evaluation  could be made was performed  utilizing the
     floating cone algorithm within Mintec's  MineSite(R)  software package. The
     overall  pit  design was based on wall  angles  derived  from  geotechnical
     investigations,  along with the criterion of minimizing  disturbance to the
     town of Tambogrande.  This pit design fell between the shells that had been
     created at $0.85 copper and $0.95 copper.

     Projections  of gold and silver  leach  recoveries  from the TG-1 oxide ore
     appear reasonable and are based on an appropriate level of testwork.  Based
     on this  testwork,  recoveries  are expected to be 90% and 62% for gold and
     silver, respectively.  Recovery values used for copper and zinc in the TG-1
     sulphide  ore have been  revised  since the Mineral  Reserves  Estimate was
     developed (see Table 1.2). The new projections  appear to be reasonable and
     consistent  with the testwork.  Key to the improved  metallurgy  during the
     period  September  2000 to December 2000 was the use of fresh samples and a
     modified flowsheet procedure.


Project No.:  L466A                                                  Section 1-3


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 1.1: Tambo Grande Project Mineral Resource and Mineral Reserve Summary

<TABLE>
----------------------------------------------------------------------------------------------------------------------
                                                                                            Grade
                                                                         ---------------------------------------------
                                                                            Copper       Zinc      Gold      Silver
                                                              Tonnes         (%)         (%)      (g/t)      (g/t)
======================================================================================================================
<S>                                                          <C>             <C>         <C>       <C>         <C>
TG-1 Gold Deposit
Mineral Resources
Indicated Mineral Resources (a)                               8,081,000       -           -        3.7         70
Inferred Mineral Resources                                      669,000       -           -        3.7         75
Mineral Reserves                                                -             -           -
Probable Mineral Reserves (b)                                 8,056,000       -           -        3.5         67
.......................................................................................................................
TG-1 Sulphide Deposit
Mineral Resources
Indicated Mineral Resources (c)
   Type 1                                                    14,500,000      2.2         0.2       0.6         29
   Type 2                                                    23,400,000      1.0         2.1       0.7         36
   Type 3                                                    11,200,000      2.1         0.2       0.3         16
   Stockwork                                                  1,400,000      1.6          -         -          -
Total Indicated Mineral Resources                            50,500,000      1.6         1.1       0.6         28
Inferred Mineral Resources
   Type 1                                                     1,200,000      2.0         0.4       0.6         30
   Type 2                                                     2,500,000      1.0         2.2       0.6         32
   Type 3                                                     1,600,000      1.7         0.3       0.3         13
   Stockwork                                                    200,000      1.3          -         -          -
Total Inferred Mineral Resources                              5,500,000      1.4         1.1       0.5         25
Mineral Reserves
Probable Mineral Reserves (d)
   Type 1                                                    15,100,000      2.1         0.1       0.6         26
   Type 2                                                    21,600,000      1.1         2.1       0.7         34
   Type 3                                                    11,100,000      1.8         0.1       0.3         13
   Stockwork                                                  1,400,000      1.3          -         -          -
Total Probable Mineral Reserves                              49,200,000      1.6         1.0       0.6         26
.......................................................................................................................
TG-3 Sulphide Deposit
Inferred Mineral Resources (e)                               82,000,000      1.0         1.4       0.8         25
----------------------------------------------------------------------------------------------------------------------
</TABLE>

(a)  The resource was calculated  based on a cut-off grade of 1.0 g/t gold. High
     values were cut to 40 g/t gold and 4,000 g/t silver.
(b)  The reserve was  calculated on a Net Smelter Return (NSR) cut-off of $8.53,
     which covers processing, and general and administrative costs. The reserves
     incorporate 95,000 t of external dilution taken at zero grade. The open pit
     design  shows  that the  deposit  can be  mined  at a strip  ratio of 1.9:1
     (waste:ore).   The  Mineral  Reserves  are  contained  within  the  Mineral
     Resources.
(c)  The resource was  calculated  using a cut-off grade of 0.75% Cu Equivalent.
     High assays were cut to 9.0% copper and 8.0% zinc.
(d)  The reserve was calculated on variable NSR cut-offs (Type 1 = $4.75, Type 2
     = $5.97,  Type 3 and  Stockwork  = $4.60),  which  covers  processing,  and
     general and  administrative  costs. The reserves  incorporate  200,000 t of
     external  dilution and 400,000 t of internal dike  dilution,  both taken at
     zero  grade.  The open pit design  shows that the deposit can be mined at a
     strip ratio of 1.2:1 (waste:ore). The Mineral Reserves are contained within
     the Mineral Resources.
(e)  The  resource  was  calculated   using  a  cut-off  grade  of  0.5%  copper
     equivalent. No cutting factor was applied.


Project No.:  L466A                                                  Section 1-4


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 1.2:  Sulphide Recoveries:  Reserve and Projected

--------------------------------------------------------------------------------
                      Copper (%)                            Zinc (%
           ---------------------------------    --------------------------------
Ore Type      Reserve         Projected            Reserve         Projected
================================================================================
Type 1          60               73                   -                -
Type 2          62               71                  74               76
Type 3          87               87                   -                -
--------------------------------------------------------------------------------


Project No.:  L466A                                                  Section 1-5


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

2.0  INTRODUCTION AND TERMS OF REFERENCE

2.1  Introduction

     Manhattan  Minerals  Corporation  (Manhattan)  commissioned  MRDI Canada, a
     division of AMEC E&C Services  Limited  (MRDI),  to provide an  independent
     Qualified  Person's  Review  and  Technical  Report  for the  Tambo  Grande
     Project.  Stephen  Juras,  P.Geo.,  an  employee  of  MRDI,  served  as the
     Qualified Person responsible for the preparation of the Technical Report as
     defined in National Instrument 43-101,  Standards of Disclosure for Mineral
     Projects, and in compliance with Form 43-101F1 (the "Technical Report").

     Information and data for the review and report were obtained from Manhattan
     in Vancouver, B.C.

     The work entailed review of pertinent  geological data in sufficient detail
     to prepare the Technical  Report.  Stephen  Juras,  P.Geo.,  in addition to
     supervising  the  preparation  of  the  Technical  Report,   conducted  and
     supervised  the  review  of the  geological  data and was  responsible  for
     directing the resource  estimation work by MRDI during 2000.  Brian McEwen,
     P.Geo., and William  Colquhoun,  P.Eng.,  both employees of MRDI,  provided
     Qualified Person's support. Mr. McEwen conducted independent site visits to
     the Tambo Grande Project during 1999 and 2000. Mr. Colquhoun  conducted the
     review on metallurgical matters.

2.2  Terms of Reference

     Throughout  this report the term Tambo Grande Project,  or the project,  is
     used to define all deposits and Manhattan land holdings. The three deposits
     that  comprise the Tambo Grande  Project are referred to by their  original
     anomaly names: TG-1, TG-2 and B-5.

     Minero Peru has changed its corporate name to Centromin.  Any references to
     Minero Peru in this report are meant to define Centromin.

     All references to dollars ($) are  considered to be United States  dollars.
     Other abbreviations are as follows:

     grams                          g           pounds                       lb
     grams per tonne                g/t         percentage                   %
     kilometres                     km          tonnes                       t
     metres                         m           tonnes per day               t/d


Project No.:  L466A                                                  Section 2-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     During the period 1997  through  2001,  AMEC E&C Services  Limited  (AMEC),
     MRDI's parent company,  or precursor companies conducted various studies of
     the  Tambo  Grande  Project  for  Manhattan.  To  simplify  this  document,
     references  to  MRDI or  MRDI  employees  may  also  refer  to AMEC or AMEC
     employees.


Project No.:  L466A                                                  Section 2-2


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

3.0  DISCLAIMER

     MRDI's  review  of the  Tambo  Grande  Project  relied  on  referrals  to a
     memorandum from  Klohn-Crippen  titled "Tambo Grande Open Pit Overall Scope
     Design,"  dated  May  18,  2000.  MRDI  used  this  information  under  the
     assumption that it was prepared by a Qualified Person.


Project No.:  L466A                                                  Section 3-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

4.0  PROPERTY DESCRIPTION AND LOCATION

     The Tambo Grande  Project is located in the district of  Tambogrande in the
     Department  of Piura in  northern  Peru  (see  Figures  4.1 and  4.2).  The
     regional  capital,  Piura,  is 40 km southwest,  and Lima lies about 865 km
     south. The project area is 50 km south of the Ecuadorian border.

     The  Tambo  Grande  Project  covers  90,800  ha and  comprises  101  mining
     concessions.  This is divided  into three  sub-projects:  the Tambo  Grande
     Concessions,   the  Lancones  Concessions  and  the  Papayo  Joint  Venture
     Concessions.

     Three deposits are known to exist in the project area:  TG-1, TG-3 and B-5.
     Their approximate locations, in UTM coordinates, are shown in Table 4.1.

     Table 4.1:  Deposit Coordinates, Tambo Grande Project

     ------------------------------------------------------------------
                                                UTM Coordinates
                                         ------------------------------
     Deposit            Concession          Northing        Easting
     ==================================================================
     TG-1              Tambo Grande        9,455,000        573,500
     TG-3              Tambo Grande        9,453,000        573,500
     B-5                  Papayo           9,442,500        570,000
     ------------------------------------------------------------------

4.1  Mineral Tenure

     Manhattan's  land position  includes four concession  blocks (see Table 4.2
     and Figure 4.3).  All are in good  standing.  The Tambo Grande  Concessions
     cover  10,000  ha.  Manhattan  has been  granted  an  option  to earn a 75%
     interest  in these  concessions.  The  remaining  25%  interest  is held by
     Centromin, a government-owned company. The Lancones Concessions,  which are
     the largest group,  occupy 75,700 ha. Manhattan owns 100% interest in these
     concessions. The Papayo Joint Venture Concessions cover 3,200 ha. Manhattan
     has been granted an option to earn 51% interest in these lands from Cedimin
     S.A., a wholly owned subsidiary of Compania de Minas  Buenaventura  S.A. In
     March of 2000, Manhattan acquired 1,900 ha in two concessions called Perla.
     These lie about 20 km west of the Tambo Grande Concessions and are commonly
     referred to as part of the Lancones group.

     The land holdings have not been legally surveyed.


Project No.:  L466A                                                  Section 4-1


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2: List of Concessions

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
Tambo Grande Project
1     Tambo Grande-1        610070-A         1000    V1:N9460 E568                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9460 E573                      May 22, 95
                                                     V3:N9458 E573
                                                     V4:N9458 E568
2     Tambo Grande-2        610070-B         1000    V1:N9458 E568                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9458 E573                      May 22, 95
                                                     V3:N9456 E573
                                                     V4:N9456 E568
3     Tambo-Grande-3        610070-C         1000    V1.N9456 E568                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9456 E573                      May 22, 95
                                                     V3:N9454 E573
                                                     V4:N9454 E568
4     Tambo-Grande-4        610070-D         1000    V1:N9454 E568                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9454 E573                      May 22, 95
                                                     V3:N9452 E573
                                                     V4:N9452 E568
5     Tambo-Grande-5        610070-E         1000    V1:N9452 E568                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9452 E573                      May 22, 95
                                                     V3:N9450 E573
                                                     V4:N9450 E568
6     Tambo-Grande-6        610070-F         1000    V1:N9460 E573                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9460 E578                      May 22, 95
                                                     V3:N9458 E578
                                                     V4:N9458 E573
7     Tambo-Grande-7        610070-G         1000    V1:N9458 E573                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9458 E578                      May 22, 95
                                                     V3:N9456 E578
                                                     V4:N9456 E573
8     Tambo-Grande-8        610070-H         1000    V1:N9456 E573                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9456 E578                      May 22, 95
                                                     V3:N9454 E578
                                                     V4:N9454 E573
9     Tambo-Grande-9        610070-I         1000    V1:N9454 E573                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9454 E578                      May 22, 95
                                                     V3:N9452 E578
                                                     V4:N9452 E573
10    Tambo-Grande-10       610070-J         1000    V1:N9452 E573                      R.J.2181-95  Jul. 23, 96
                                                     V2:N9452 E578                      May 22, 95
                                                     V3:N9450 E578
                                                     V4:N9450 E573
Total Concessions                           10,000
...................................................................................................................
</TABLE>


Project No.:  L466A                                                  Section 4-2


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
Lancones Project
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
1     Beaver-1              01-02954-96      1000    V1:N9452 E565        Sep. 19, 96   R.J.846-97   Dec.15, 97
                                                     V2:N9452 E568                     Jan. 31, 97
                                                     V3:N9450 E568
                                                     V4:N9450 E571
                                                     V5:N9449 E571
                                                     V6:N9449 E566
                                                     V7:N9451 E566
                                                     V8:N9451 E565
2     Beaver-2              01-02685-96      1000    V1:N9450 E571        Sep. 1, 96   R.J.1424-97   Dec. 15, 97
                                                     V2:N9450 E574                     Feb. 25, 97
                                                     V3:N9447 E574
                                                     V4:N9447 E571
                                                     V5:N9448 E571
                                                     V6:N9448 E570
                                                     V7:N9449 E570
                                                     V8:N9449 E571
3     Beaver-3              01-02689-96      1000    V1:N9449 E566        Sep. 11, 96  R.J.2039-97   Dec. 15, 97
                                                     V2:N9449 E570                     Mar. 24, 97
                                                     V3:N9448 E570
                                                     V4:N9448 E571
                                                     V5:N9447 E571
                                                     V6:N9447 E567
                                                     V7:N9446 E567
                                                     V8:N9446 E566
4     Beaver-4              01-02693-96      1000    V1:N9447 E567        Sep. 11-96   R.J.2053-97   Dec. 15, 97
                                                     V2:N9447 E574                     Mar. 24, 97
                                                     V3:N9445 E574
                                                     V4:N9445 E571
                                                     V5:N9446 E571
                                                     V6:N9446 E567
5     Beaver-5-11           01-03100-96      1000    V1:N9446 E568        Sep. 30, 96  R.J.2045-97   Dec. 15, 97
                                                     V2:N9446 E571                     Mar. 24, 97
                                                     V3:N9445 E571
                                                     V4:N9445 E574
                                                     V5:N9444 E574
                                                     V6:N9444 E567
                                                     V7:N9445 E567
                                                     V8:N9445 E568
6     Beaver-6              01-02699-96      1000    V1:N9444 E567        Sep. 11, 96  R.J.2036-97   Dec. 15, 97
                                                     V2:N9444 E574                     Mar. 24, 97
                                                     V3:N9443 E574
                                                     V4:N9443 E570
                                                     V5:N9442 E570
                                                     V6:N9442 E567
7     Beaver-7              01-02704-96      1000    V1:N9446 E565        Sep. 11, 96   R.J.822-97   Dec. 15, 97
                                                     V2:N9446 E567                     Jan. 31, 97
                                                     V3:N9441 E567
                                                     V4:N9441 E565
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                  Section 4-3


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
8     Beaver-8              01-02709-96      1000    V1:N9442 E567        Sep. 11, 96  R.J.1704-97   Dec. 15, 97
                                                     V2:N9442 E570                     Feb. 28, 97
                                                     V3:N9441 E570
                                                     V4:N9441 E571
                                                     V5:N9439 E571
                                                     V6:N9439 E570
                                                     V7:N9440 E570
                                                     V8:N9440 E565
                                                     V9:N9441 E565
                                                     V10:N9441 E567
9     Beaver-9              01-02711-96      1000    V1:N9440 E564        Sep. 11, 96   R.J.221-97   Jul. 22, 99
                                                     V2:N9440 E570                     Jan. 24, 97
                                                     V3:N9438 E570
                                                     V4:N9438 E566
                                                     V5:N9439 E566
                                                     V6:N9439 E564
10    Beaver-10             01-02712-96      1000    V1:N9439 E564        Sep. 11, 96   R.J.699-97   Jul. 22, 99
                                                     V2:N9439 E566                     Jan. 30, 97
                                                     V3:N9438 E566
                                                     V4:N9438 E570
                                                     V5:N9437 E570
                                                     V6:N9437 E569
                                                     V7:N9436 E569
                                                     V8:N9436 E567
                                                     V9:N9437 E567
                                                     V10:N9437 E564
11    Beaver-11             01-02713-96      1000    V1:N9437 E564        Sep. 11, 96   R.J.344-97   Jul. 22, 99
                                                     V2:N9437 E567                     Jan. 24, 97
                                                     V3:N9436 E567
                                                     V4:N9436 E569
                                                     V5:N9434 E569
                                                     V6:N9434 E567
                                                     V7:N9435 E567
                                                     V8:N9435 E564
12    Beaver-12             01-02714-96      1000    V1:N9441 E571        Sep. 11, 96  R.J.1699-97   Dec. 15, 97
                                                     V2:N9441 E573                     Feb. 28, 97
                                                     V3:N9440 E573
                                                     V4:N9440 E574
                                                     V5:N9439 E574
                                                     V6:N9439 E575
                                                     V7:N9438 E575
                                                     V8:N9438 E570
                                                     V9:N9439 E570
                                                     V10:N9439 E571
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                  Section 4-4


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
13    Carneros-1            01-01463-98      1000    V1:N9466 E580        Jun. 16, 98  R.J.3017-99   Dec. 31, 99
                                                     V2:N9460 E580                      Oct.15, 99
                                                     V3:N9460 E578
                                                     V4:N9464 E578
                                                     V5:N9464 E579
                                                     V6:N9466 E579
14    Carneros-2            01-01464-98      1000    V1:N9464 E578        Jun. 16-98   R.J.3018-99   Dec. 31, 99
                                                     V2:N9460 E578                     Oct. 15, 99
                                                     V3:N9460 E575
                                                     V4:N9463 E575
                                                     V5:N9463 E577
                                                     V6:N9464 E577
15    Carneros-3            01-01465-98      1000    V1:N9465 E575        Jun. 16-98   R.J.3019-99   Dec. 31, 99
                                                     V2:N9460 E575                     Oct. 15, 99
                                                     V3:N9460 E573
                                                     V4:N9465 E573
16    Carneros-4            01-01466-98      1000    V1:N9470 E575        Jun. 16-98   R.J.3020-99   Dec. 31, 99
                                                     V2:N9465 E575                     Oct., 15, 99
                                                     V3:N9465 E573
                                                     V4:N9470 E573
17    Carneros-5            01-01467-98      1000    V1:N9471 E578        Jun. 16-98   R.J.3021-99   Dec. 31, 99
                                                     V2.N9469 E578                     Oct. 15, 99
                                                     V3:N9469 E577
                                                     V4:N9468 E577
                                                     V5:N9468 E575
                                                     V6:N9470 E575
                                                     V7.N9470 E573
                                                     V8:N9471 E573
18    Carneros-6            01-01468-98      200     V1:N9469 E579        Jun. 16, 98  R.J.3022-99   Dec. 31, 99
                                                     V2:N9468 E579                     Oct. 15, 99
                                                     V3:N9468 E577
                                                     V4:N9469 E577
19    Chica                 01-03197-96      300     V1:N9450 E574        Oct. 1, 96    R.J.367-97   Dec. 15, 97
                                                     V2:N9450 E576                     Jan. 24, 97
                                                     V3:N9449 E576
                                                     V4:N9449 E575
                                                     V5:N9448 E575
                                                     V6:N9448 E574
20    Curvan-1              01-03375-96      1000    V1:N9476 E580        Oct. 16, 96   R.J.826-97   Jul. 22, 99
                                                     V2:N9476 E585                     Jan. 31, 97
                                                     V3:N9474 E585
                                                     V4:N9474 E580
21    Curvan-2              01-03376-96      1000    V1:N9476 E585        Oct. 16, 96   R.J.815-97   Jul. 22, 99
                                                     V2:N9476 E590                     Jan. 31, 97
                                                     V3:N9474 E590
                                                     V4:N9474 E585
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                  Section 4-5


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
22    Curvan-3              01-03377-96      1000    V1:N9474 E577        Oct. 16, 96   R.J.840-97   Jul. 22, 99
                                                     V2:N9474 E582                     Jan. 31, 97
                                                     V3:N9472 E582
                                                     V4:N9472 E577
23    Curvan-4              01-03378-96      1000    V1:N9474 E582        Oct. 16, 96   R.J.816-97   Jul. 22, 99
                                                     V2:N9474 E587                     Jan. 31, 97
                                                     V3:N9472 E587
                                                     V4:N9472 E582
24    Curvan-5              01-03379-96      1000    V1:N9472 E573        Oct. 16, 96   R.J.831-97   Jul. 22, 99
                                                     V2:N9472 E583                     Jan. 31, 97
                                                     V3:N9471 E583
                                                     V4:N9471 E573
25    Curvan-6              01-03380-96      1000    V1:N9472 E583        Oct. 16, 96   R.J.713-97   Jul. 22, 99
                                                     V2:N9472 E586                     Jan. 30, 97
                                                     V3:N9470 E586
                                                     V4:N9470 E579
                                                     V5:N9471 E579
                                                     V6:N9471 E583
26    Curvan-7              01-03381-96      1000    V1:N9471 E578        Oct. 16, 96   R.J.803-97   Jul. 22, 99
                                                     V2:N9471 E579                     Jan. 31, 97
                                                     V3:N9470 E579
                                                     V4:N9470 E586
                                                     V5:N9468 E586
                                                     V6:N9468 E585
                                                     V7:N9469 E585
                                                     V8:N9469 E578
27    Curvan-8              01-03382-96      1000    V1:N9469 E579        Oct. 16, 96  R.J.1082-97   Jul. 22, 99
                                                     V2:N9469 E585                     Feb. 11, 97
                                                     V3:N9468 E585
                                                     V4:N9468 E583
                                                     V5:N9466 E583
                                                     V6:N9466 E582
                                                     V7:N9467 E582
                                                     V8:N9467 E580
                                                     V9:N9468 E580
                                                     V10:N9468 E579
28    Curvan-9              01-03388-96      1000    V1:N9467 E580        Oct. 17, 96   R.J.804-97   Jul. 22, 99
                                                     V2:N9467 E582                     Jan. 31, 97
                                                     V3:N9466 E582
                                                     V4:N9466 E583
                                                     V5:N9463 E583
                                                     V6:N9463 E581
                                                     V7:N9464 E581
                                                     V8:N9464 E580
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                  Section 4-6


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
29    Curvan-10             01-03387-96      1000    V1:N9464 E580        Oct. 17, 96   R.J.813-97   Jul. 22, 99
                                                     V2:N9464 E581                     Jan. 31, 97
                                                     V3:N9463 E581
                                                     V4:N9463 E583
                                                     V5:N9460 E583
                                                     V6:N9460 E580
30    Guanaco-1             01-02955-96      1000    V1:N9454 E578        Sep. 19, 96   R.J.843-97   Dec. 15, 97
                                                     V2:N9454 E583                     Jan. 31, 97
                                                     V3:N9452 E583
                                                     V4:N9452 E578
31    Guanaco-2             01-02956-96      400     V1:N9452 E578        Sep. 19, 96   R.J.719-97   Dec. 15, 97
                                                     V2:N9452 E580                     Jan. 30, 97
                                                     V3:N9450 E580
                                                     V4:N9450 E578
32    Lancones-1            01-03156-96      1000    V1:N9460 E578        Oct. 1, 96    R.J.192-97   Jul. 22, 99
                                                     V2:N9460 E580                     Jan. 24, 97
                                                     V3:N9455 E580
                                                     V4:N9455 E578
33    Lancones-2            01-03157-96      1000    V1:N9460 E580        Oct. 1, 96    R.J.729-97   Jul. 22, 99
                                                     V2:N9460 E582                     Jan. 30, 97
                                                     V3:N9455 E582
                                                     V4:N9455 E580
34    Lancones-3            01-03158-96      1000    V1:N9460 E582        Oct. 1, 96    R.J.346-97   Jul. 22, 99
                                                     V2:N9460 E584                     Jan. 24, 97
                                                     V3:N9455 E584
                                                     V4:N9455 E582
35    Lancones-4            01-03159-96      800     V1:N9455 E578        Oct. 1, 96    R.J.738-97   Jul. 22, 99
                                                     V2:N9455 E584                     Jan. 30, 97
                                                     V3:N9456 E584
                                                     V4:N9456 E585
                                                     V5:N9454 E585
                                                     V6:N9454 E578
36    Lancones-9            01-03164-96      1000    V1:N9444 E582        Oct. 1, 96    R.J.251-97   Dec. 15, 97
                                                     V2:N9444 E587                     Jan. 24, 97
                                                     V3:N9442 E587
                                                     V4:N9442 E582
37    Lancones-10           01-03165-96      1000    V1.n9444 E577        Oct. 1, 96    R.J.372-97   Dec. 15, 97
                                                     V2:N9444 E582                     Jan. 24, 97
                                                     V3:N9442 E582
                                                     V4.N9442 E577
38    Lancones-11           01-03166-96      800     V1:N9446 E575        Oct. 1, 96   R.J.4305-97   Dec. 15, 97
                                                     V2:N9446 E576                      May 30, 97
                                                     V3:N9444 E576
                                                     V4:N9444 E577
                                                     V5:N9442 E577
                                                     V6:N9442 E573
                                                     V7:N9443 E573
                                                     V8:N9443 E575
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                  Section 4-7


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
39    Lancones-12           01-03167-96      900     V1:N9442 E575        Oct. 1, 96   R.J.1211-97   Dec. 15, 97
                                                     V2:N9442 E582                     Feb. 18, 97
                                                     V3:N9440 E582
                                                     V4:N9440 E580
                                                     V5:N9441 E580
                                                     V6:N9441 E575
40    Lancones-13           01-03168-96      1000    V1:N9441 E575        Oct. 1, 96   R.J.1441-97   Dec. 15, 97
                                                     V2:N9441 E580                     Feb. 25, 97
                                                     V3:N9440 E580
                                                     V4:N9440 E579
                                                     V5:N9439 E579
                                                     V6:N9439 E574
                                                     V7:N9440 E574
                                                     V8:N9440 E575
41    Lancones-14           01-03169-96      1000    V1:N9440 E580        Oct. 1, 96    R.J.191-97   Dec. 15, 97
                                                     V2:N9440 E582                     Jan. 24, 97
                                                     V3:N9435 E582
                                                     V4:N9435 E580
42    Lancones-15           01-03170-96      1000    V1:N9440 E579        Oct. 1, 96    R.J.365-97   Dec. 15, 97
                                                     V2:N9440 E580                     Jan. 24, 97
                                                     V3:N9437 E580
                                                     V4:N9437 E576
                                                     V5:N9438 E576
                                                     V6:N9438 E575
                                                     V7:N9439 E575
                                                     V8:N9439 E579
43    Lancones-16           01-03171-96      1000    V1:N9438 E570        Oct. 1, 96    R.J.727-97   Jul. 22, 99
                                                     V2:N9438 E576                     Jan. 30, 97
                                                     V3:N9437 E576
                                                     V4:N9437 E573
                                                     V5:N9436 E573
                                                     V6:N9436 E569
                                                     V7:N9437 E569
                                                     V8:N9437 E570
44    Lancones-17           01-03172-96      1000    V1:N9437 E573        Oct. 1, 96    R.J.247-97   Jul. 22, 99
                                                     V2:N9437 E580                     Jan. 24, 97
                                                     V3:N9435 E580
                                                     V4:N9435 E577
                                                     V5:N9436 E577
                                                     V6:N9436 E573
45    Lancones-18           01-03173-96      1000    V1:N9436 E569        Oct. 1, 96    R.J.175-97   Jul. 22, 99
                                                     V2:N9436 E577                     Jan. 24, 97
                                                     V3.N9435 E577
                                                     V4:N9435 E571
                                                     V5:N9434 E571
                                                     V6:N9434 E569
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                  Section 4-8


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
46    Lancones-32           01-03187-96      1000    V1:N9434 E569        Oct. 1, 96   R.J.1442-97   Dec. 15, 97
                                                     V2:N9434 E571                     Feb. 25, 97
                                                     V3:N9435 E571
                                                     V4:N9435 E572
                                                     V5:N9431 E572
                                                     V6:N9431 E569
47    Lancones-33           01-03188-96      800     V1:N9433 E566        Oct. 1, 96    R.J.357-97   Dec. 15, 97
                                                     V2:N9433 E567                     Jan. 24, 97
                                                     V3:N9434 E567
                                                     V4:N9434 E569
                                                     V5:N9431 E569
                                                     V6:N9431 E566
48    Lancones-34           01-03189-96      1000    V1:N9435 E564        Oct. 1, 96    R.J.734-97   Dec. 15, 97
                                                     V2:N9435 E567                     Jan. 30, 97
                                                     V3:N9433 E567
                                                     V4:N9433 E566
                                                     V5:N9431 E566
                                                     V6:N9431 E564
49    Lancones-35           01-03190-96      1000    V1:N9431 E570        Oct. 1, 96    R.J.735-97   Dec. 15, 97
                                                     V2:N9431 E572                     Jan. 30, 97
                                                     V3.N9426 E572
                                                     V4:N9426 E570
50    Lancones-36           01-03191-96      1000    V1:N9431 E566        Oct. 1, 96    R.J.736-97   Jul. 22, 99
                                                     V2:N9431 E568                     Jan. 30, 97
                                                     V3:N9426 E568
                                                     V4:N9426 E566
51    Lancones-37           01-03198-96      1000    V1:N9431 E568        Oct. 1, 96    R.J.363-97   Jul. 22, 99
                                                     V2:N9431 E570                     Jan. 24, 97
                                                     V3:N9426 E570
                                                     V4:N9426 E568
52    Lancones-38           01-03199-96      1000    V1:N9431 E564        Oct. 1, 96    R.J.737-97   Jul. 22, 99
                                                     V2:N9431 E566                     Jan. 30, 97
                                                     V3:N9426 E566
                                                     V4:N9426 E564
53    Lancones-39           01-03200-96      1000    V1:N9428 E559        Oct. 1, 96    R.J.366-97   Dec. 15, 97
                                                     V2:N9428 E564                     Jan. 24, 97
                                                     V3:N9426 E564
                                                     V4:N9426 E559
54    Lancones-40           01-03201-96      1000    V1:N9430 E559        Oct. 1, 96    R.J.739-97   Dec. 15, 97
                                                     V2:N9430 E564                     Jan. 30, 97
                                                     V3:N9428 E564
                                                     V4:N9428 E559
55    Lancones-41           01-03202-96      1000    V1:N9432 E559        Oct. 1, 96    R.J.740-97   Dec. 15, 97
                                                     V2:N9432 E564                     Jan. 30, 97
                                                     V3:N9430 E564
                                                     V4:N9430 E559
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                  Section 4-9


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
56    Lancones-42           01-03203-96      1000    V1:N9434 E559        Oct. 1, 96    R.J.377-97   Jul. 22, 99
                                                     V2:N9434 E564                     Jan. 24, 97
                                                     V3:N9432 E564
                                                     V4.N9432 E559
57    Lancones-43           01-03204-96      1000    V1:N9436 E559        Oct. 1, 96    R.J.352-97   Jul. 22, 99
                                                     V2:N9436 E564                     Jan. 24, 97
                                                     V3:N9434 E564
                                                     V4:N9434 E559
58    Lancones-44           01-03205-96      1000    V1:N9438 E559        Oct. 1, 96    R.J.345-97   Jul. 22, 99
                                                     V2:N9438 E564                     Jan. 24, 97
                                                     V3:N9436 E564
                                                     V4:N9436 E559
59    Lancones-45           01-03206-96      1000    V1:N9440 E559        Oct. 1, 96    R.J.385-97   Jul. 22, 99
                                                     V2:N9440 E564                     Jan. 24, 97
                                                     V3:N9438 E564
                                                     V4:N9438 E559
60    Lancones-46           01-03225-96      1000    V1:N9445 E563        Oct. 1, 96    R.J.791-97   Dec. 15, 97
                                                     V2:N9445 E565                     Jan. 31, 97
                                                     V3:N9440 E565
                                                     V4:N9440 E563
61    Lancones-47           01-03226-96      1000    V1:N9445 E561        Oct. 2, 96    R.J.572-97   Dec. 15, 97
                                                     V2:N9445 E563                     Jan. 28, 97
                                                     V3:N9440 E563
                                                     V4:N9440 E561
62    Lancones-48           01-03227-96      1000    V1:N9445 E559        Oct. 2, 96    R.J.573-97   Jul. 22, 99
                                                     V2:N9445 E561                     Jan. 28, 97
                                                     V3:N9440 E561
                                                     V4:N9440 E559
63    Lancones-49           01-03192-96      1000    V1:N9447 E559        Oct. 1, 96    R.J.741-97   Jul. 22, 99
                                                     V2:N9447 E564                     Jan. 30, 97
                                                     V3:N9445 E564
                                                     V4:N9445 E559
64    Lancones-50           01-03193-96      1000    V1:N9448 E559        Oct. 1, 96   R.J.1443-97   Jul. 22, 99
                                                     V2:N9448 E566                     Feb. 25, 97
                                                     V3:N9446 E566
                                                     V4:N9446 E565
                                                     V5:N9445 E565
                                                     V6:N9445 E564
                                                     V7:N9447 E564
                                                     V8:N9447 E559
65    Lancones-51           01-03194-96      600     V1:N9451 E559        Oct. 1, 96    R.J.350-97   Jul. 22, 99
                                                     V2:N9451 E561                     Jan. 24, 97
                                                     V3:N9448 E561
                                                     V4:N9448 E559
66    Lancones-52           01-03195-96      100     V1:N9446 E567        Oct. 1, 96   R.J.3979-97   Dec. 15, 97
                                                     V2:N9446 E568                      May 27, 97
                                                     V3:N9445 E568
                                                     V4:N9445 E567
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                 Section 4-10


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
67    Llama-1               01-02943-96      700     V1:N9450 E576        Sep. 19, 96  R.J.1445-97   Dec. 15, 97
                                                     V2:N9450 E583                     Feb. 25, 97
                                                     V3:N9449 E583
                                                     V4:N9449 E576
68    Llama-2               01-02944-96      1000    V1:N9449 E576        Sep. 19, 96  R.J.1338-97   Dec. 15, 97
                                                     V2:N9449 E578                     Feb. 21, 97
                                                     V3:N9444 E578
                                                     V4:N9444 E576
69    Llama-3               01-02945-96      1000    V1:N9449 E578        Sep. 19, 96   R.J.853-97   Dec. 15, 97
                                                     V2:N9449 E580                     Jan. 31, 97
                                                     V3:N9444 E580
                                                     V4:N9444 E578
70    Llama-4               01-02946-96      1000    V1:N9449 E580        Sep. 19, 96  R.J.1125-97   Dec. 15, 97
                                                     V2:N9449 E582                     Feb. 12, 97
                                                     V3:N9444 E582
                                                     V4:N9444 E580
71    Llama-5               01-02947-96      1000    V1:N9449 E582        Sep. 19, 96   R.J.744-97   Dec. 15, 97
                                                     V2:N9449 E584                     Jan. 30, 97
                                                     V3:N9444 E584
                                                     V4:N9444 E582
72    Llama-6               01-02948-96      1000    V1:N9449 E584        Sep. 19, 96  R.J.1092-97   Jul. 22, 99
                                                     V2:N9449 E586                     Feb. 11, 97
                                                     V3:N9444 E586
                                                     V4:N9444 E584
73    Pequena               01-03196-96      100     V1:N9441 E573        Oct. 1, 96   R.J.1698-97   Dec. 15, 97
                                                     V2:N9441 E574                     Feb. 28, 97
                                                     V3:N9440 E574
                                                     V4:N9440 E573
74    Vega-2                01-03229-96      1000    V1:N9422 E592        Oct. 2, 96    R.J.790-97   Dec. 15, 97
                                                     V2:N9417 E592                     Jan. 31, 97
                                                     V3:N9417 E590
                                                     V4:N9422 E590
75    Vega-4                01-03231-96      1000    V1:N9422 E588        Oct. 2, 96    R.J.788-97   Dec. 15, 97
                                                     V2:N9422 E590                     Jan. 31, 97
                                                     V3:N9417 E590
                                                     V4:N9417 E588
76    Vega-6                01-03233-96      1000    V1:N9422 E586        Oct. 2, 96    R.J.776-97   Dec. 15, 97
                                                     V2:N9422 E588                     Jan. 30, 97
                                                     V3:N9417 E588
                                                     V4:N9417 E586
77    Vega-8                01-03235-96      500     V1:N9423 E586        Oct. 2, 96    R.J.777-97   Dec. 15, 97
                                                     V2:N9423 E591                     Jan. 30, 97
                                                     V3:N9422 E591
                                                     V4:N9422 E586
78    Vega-10               01-03237-96      1000    V1:N9425 E584        Oct. 2, 96    R.J.841-97   Dec. 15, 97
                                                     V2:N9425 E586                     Jan. 31, 97
                                                     V3:N9420 E586
                                                     V4:N9420 E584
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                 Section 4-11


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
79    Vega-11               01-03238-96      1000    V1:N9425 E582        Oct. 2, 96   R.J.3475-97   Dec. 15, 97
                                                     V2:N9425 E584                     Apr. 30, 97
                                                     V3:N9420 E584
                                                     V4:N9420 582
80    Tambito               01-03239-96      500     V1:N9461 E568        Oct. 2, 96   R.J.3320-97   Jul. 22, 99
                                                     V2:N9461 E573                     Apr. 30, 97
                                                     V3:N9460 E573
                                                     V4:N9460 E568
81    Perla 1               01-00696-00      1000    V1: N9457 E548       Apr. 28, 00  R.J. 2738-00  Jul. 25, 00
                                                     V2:N9457 E550
                                                     V3: N9452 E550
                                                     V4: N9452 E548
82    Perla 2               01-00697-00      900     V1: N9455 E550       Apr. 28, 00  R.J.2737-00   Jul. 25, 00
                                                     V2:N9455 E553
                                                     V3: N9452 E553
                                                     V4: N9452 E550
83    Las Lomas 20          01-01218-00     1,000    V1: N9468 E577       May 16, 00
                                                     V2:N9463 E577
                                                     V3: N9463 E575
                                                     V4: N9468 E575
84    Las Lomas 21          01-01217-00     1,000    V1:N9468 E580        May 16, 00
                                                     V2:N9466 E580
                                                     V3:N9466 E579
                                                     V4:N9464 E579
                                                     V5:N9464 E577
                                                     V6:N9468 E577
Total Concessions                           77,600
...................................................................................................................
El Papayo Project
1     El Papayo-1           2249             1000    V1:N9449,691.918     May 7, 80    R.D. 129-92   Mar. 20, 98
                                                     E576139.155          (CEDIMIN)    Jul. 30, 92
                                                     V2:N9444704.662
                                                     E575782.393
                                                     V3:N9444847.367
                                                     E573787.491
                                                     V4:9449834.623
                                                     E574144.253
2     El Papayo-2           2250             400     V1:N9444704.662      May 7, 80    R.D. 128-92   Mar. 20, 98
                                                     E575782.393          (CEDIMIN)    Jul. 30, 92
                                                     V2:N9442709.760
                                                     E575639.688
                                                     V3:N9442852.465
                                                     E573644.786
                                                     V4:9444847.367
                                                     E573787.490
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                 Section 4-12


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 4.2 continued

<TABLE>
------------------------------------------------------------------------------------------------------------------
           Concession           M.E.M                                      Petition     Resolution      R.P.M
  #           Name              Code       Hectares      Coordinates         Date          Date        Register
==================================================================================================================
<S>   <C>                   <C>              <C>     <C>                   <C>          <C>         <C>
3     Locuto-1              2329             700     V1:N9442852.460      Oct. 1, 80   R.D. 122-92   Mar. 20, 98
                                                     E573644.790          (CEDIMIN)    Jul. 30, 92
                                                     V2:N9442709.760
                                                     E575,639.690
                                                     V3:N9439218.680
                                                     E575389.950
                                                     V4:N9439361.390
                                                     E573395.050
4     Locuto-2              2330             500     V1:N9442852.464      Oct. 1, 80   R.J. 5839-95  Mar. 20, 98
                                                     E573644.786          (CEDIMIN)    Nov. 23, 95
                                                     V2:N9440358.836
                                                     E573466.405
                                                     V3:N9440,501.541
                                                     E571,471.502
                                                     V4:N9442995.169
                                                     E571649.883
5     Locuto-3              2331             400     V1:N9442995.170      Oct. 1, 80    R.D.125-92   Mar. 20, 98
                                                     E571649.880          (CEDIMIN)    Jul. 30, 92
                                                     V2:N9441000.270
                                                     E571507.180
                                                     V3:N9441142.970
                                                     E569512.280
                                                     V4:N9443114.458
                                                     E569644.794
6     Vega Hoyada Honda     2341             100     V1:N9446344.284      Oct. 1 80     R.J.151-95   Mar. 20, 98
                                                     E566876.684          (CEDIMIN)    Jan. 31, 95
                                                     V2:N9446272.932
                                                     E567874.136
                                                     V3:N9445275.481
                                                     E567802.783
                                                     V4:N9445346.833
                                                     E566805.332
7     Vega de la Rita-1     2322             100     V1:N9445275.480      Oct. 1, 80                 Mar. 20, 98
                                                     E567802.780          (CEDIMIN)
                                                     V2:N9444278.030
                                                     E567731.430
                                                     V3:N9444349.380
                                                     E566733.980
                                                     V4:N9445346.830
                                                     E566805.330
Total Concessions                           3,200
------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                 Section 4-13


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 4.1:  Country Location Map


Project No.:  L466A                                                 Section 4-14


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 4.2:  Departmental Location Map


Project No.:  L466A                                                 Section 4-15


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 4.3:  Property Location Map


Project No.:  L466A                                                 Section 4-16


<PAGE>

Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

4.2  Permits and Agreements

     The Option Agreement governs the ownership,  exploration and development of
     the Tambo Grande Concessions and includes the following provisions:

     o    Minero Peru has granted  Manhattan a three-year  option period (expiry
          May 2003) to complete a feasibility  study and financing  plan, and to
          elect to proceed with the development of a mining project on the Tambo
          Grande Concessions.

     o    Manhattan  is  required  to meet two  qualifying  conditions  prior to
          exercising  the  option:  it must  operate  a mining  complex  with an
          average treatment  capacity of 10,000 t/d, and it must have net assets
          of at least $100 million.  Manhattan may qualify directly or through a
          company  that may own,  directly  or  indirectly,  a 25%  interest  in
          Manhattan or any subsidiary of Manhattan.

     o    In the event that the option is  exercised,  Manhattan and Minero Peru
          will  incorporate a mining  company,  Empresa Minera Tambo Grande S.A.
          (EMTG),  which will be owned 75% by Manhattan  and 25% by Minero Peru.
          EMTG will  acquire 100% of the Tambo  Grande  Concessions  from Minero
          Peru and will develop and operate the mining project.

     o    Manhattan  will  commit to  developing  the mine  within four years of
          exercising the option.  In the event that the mine is developed within
          the four-year  period for less than the amount  committed,  no penalty
          will be payable.  In the event that the mine is not  developed  within
          the four years,  Manhattan will pay a penalty of 30% of the difference
          between the amount  committed and any lesser amount  actually spent on
          the development of the mining project during that period.

     o    Manhattan  will  arrange the debt  financing  required by EMTG for the
          development of the mining project,  including Minero Peru's share, and
          will contribute the entire equity financing required by EMTG.

     o    Minero Peru will retain a copper-price-based sliding scale NSR royalty
          interest in the Tambo  Grande  Concessions  ranging  from zero at 0.60
          $/lb. to 5% at 1.20 $/lb.

     o    Manhattan  will  guarantee that the mining methods to be used will not
          physically  affect  the town of  Tambogrande  or cause  damage  to its
          population.  In  addition,  the tailings  deposits  will be located in
          areas that will not affect the surrounding agricultural areas.

     In December  1998,  legislation  was  introduced in Peru that restricts and
     prohibits mining  activities in urban and urban expansion  areas.  However,
     concessions  previously  staked in those areas will remain  valid  provided
     that  within  two  years of the  effective  date of that  legislation,  the
     titleholder  provides  evidence of  authorization of the use of the surface
     land or  ownership of the surface  land and files an  environmental


Project No.:  L466A                                                 Section 4-17


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     impact study  satisfactory  to the General Mining Bureau.  The  legislation
     provides  that the  aforesaid  two-year  period  may be  extended  with the
     approval of a Supreme Decree.

     Since the Tambo Grande  Concessions lie within the 50 km frontier zone with
     Ecuador,  Manhattan was required to obtain prior Supreme Decree approval to
     own an interest in the Tambo Grande Concessions. This frontier zone Supreme
     Decree was published on May 7, 1999.

     On April 11, 2001,  the  Government  of Peru  granted  Manhattan a one-year
     extension  to the Option  Agreement  with Minero  Peru on the Tambo  Grande
     Concessions.  The new term of the agreement extends the time for completing
     the commitments under the Option Agreement from May 2002 to May 2003.

     Manhattan  was granted an option by Cedimin in November  1997 to acquire up
     to 100% interest in Cedimin's Papayo property. The property comprises seven
     concessions  aggregating 3,200 ha and lies contiguously to the south of the
     Tambo Grande  Concessions.  Manhattan can earn a 51% interest in the Papayo
     Joint  Venture  Concessions  by  spending $5 million  over five  years.  In
     addition,  it must make a payment of $250,000 to Cedimin  (payable  equally
     over five years to 2002,  subject to payment in full prior to the  exercise
     of the  option).  Manhattan  may earn a  further  29% of the  Papayo  Joint
     Venture  Concessions  by funding  Cedimin's  49% cost share of the next $10
     million property expenditures.  Subsequently, it may acquire the balance of
     20% for a consideration of $5 million.

     In June 2001,  Cedimin granted a 15-month  extension to Manhattan's  option
     agreement on the Papayo Joint Venture Concessions. The new term extends the
     time period for  exercising  the option to January 15, 2004.  An additional
     payment of $50,000 is due in the final year of the agreement.  There are no
     changes to the other terms of the option.

4.3  Socio-Economic Issues

     A part of the TG-1 deposit  underlies the town of  Tambogrande  (see Figure
     4.4). Current Peruvian  legislation protects the town, its citizens and its
     agricultural  areas with  respect to mining and  processing.  In  addition,
     under the Option  Agreement,  the company is required to guarantee that any
     mining  methods  used  will  not  physically  affect  the  town or harm its
     citizens,  and that the  tailings  will not affect the  agricultural  areas
     surrounding the town. The implications for the development of a mine on the
     Tambo  Grande  Concessions  of the  location  of the  town  of  Tambogrande
     relative  to the  location  of the TG-1  deposit  have not been  completely
     assessed at this time. Nonetheless, Manhattan has been working closely with
     community  leaders  to  establish  a  co-operative,   mutually   beneficial
     relationship  with the area  residents  in an effort to ensure that impacts
     are  minimized.  Manhattan  will continue with  socio-economic  studies and
     initiatives to address this matter as part of its ongoing work program.


Project No.:  L466A                                                 Section 4-18


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 4.4:  Pit Location and Proposed Town Relocation Plan


Project No.:  L466A                                                 Section 4-19


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

5.0  ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

     The Tambo  Grande  Project is  located in the  coastal  plain  province  of
     northern Peru in the  Department  of Piura (see Figure 4.3).  Topography in
     the area is relatively  flat,  with  elevations  ranging from 70 m to 150 m
     above sea  level.  A few small  hills of  volcanic  or  plutonic  rocks are
     present,  emergent from the flat-lying  Tertiary  marine  sediments and the
     Quaternary  eolian sands.  South of the Piura River, the area has low sandy
     hills and typical  desert  flora.  The TG-1  deposit  lies on the  northern
     margin of the Piura River,  which flows  westerly  into the Pacific  Ocean.
     Much of the project  area is under  cultivation,  irrigated  by a system of
     canals from reservoirs to the north.

     The project is well served by paved highways and secondary  roads. The port
     of Paita lies  approximately 110 km west of the area. The Ecuadorian border
     is about 50 km to the north.

     Climate  reflects its proximity to the equator  (5(degree)  South latitude)
     and the  Pacific  Ocean  (90 km).  The  area is warm and dry with  abundant
     sunshine. A hot and humid season occurs from January to March. Temperatures
     during the dry season may rise to 35(0) C in the daytime and are  typically
     accompanied by cool desert nights.

     Current administrative  facilities consist of offices for communication and
     engineering  functions set up in Piura,  which  receives  daily air service
     from Lima.


Project No.:  L466A                                                  Section 5-1


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

6.0  HISTORY

6.1  Ownership

     Bureau de Recherches Geologiques et Minieres of France (BRGM),  pursuant to
     various  Peruvian  government  decrees and agreements and in particular the
     Base  Agreement and the  Additional  Agreement,  executed in 1979 and 1981,
     respectively,  pursued the acquisition,  exploration and development of the
     Tambo  Grande  Concessions.  These  Agreements  gave  BRGM an  initial  75%
     beneficial  interest in the Tambo  Grande  Concessions,  subject to certain
     exploration and financing conditions.

     On October 14, 1993,  BRGM  entered into a letter of intent with  Manhattan
     pursuant  to which  BRGM  granted  Manhattan  the option to acquire a 52.5%
     aggregate  interest  (70% of  BRGM's  75%  interest)  in the  Tambo  Grande
     Concessions, as modified by a letter of amendment dated February 11, 1997.

     On March 12, 1997,  Manhattan  purchased the balance of BRGM's  interest in
     the Tambo Grande Concessions for $23 million,  which increased  Manhattan's
     interest  in the  concessions  from 52.5% to 75%.  On April 8,  1997,  BRGM
     conveyed its entire 75% interest in the Tambo  Grande  Concessions  arising
     under  the  Agreements  to  Manhattan.  The  transfer  of the  interest  to
     Manhattan was subject to the approval of the Government of Peru.

     On May 15, 1999,  the Supreme  Decree  approving  the Option  Agreement was
     published,  and on May 17,  1999,  Manhattan  and Minero Peru  executed the
     Option Agreement, which replaces the Agreements.

6.2  Work

     The Tambogrande area was first known for its iron  occurrences,  and it was
     not until 1977 that  geochemically  anomalous  base metals were  discovered
     through an  exploration  program  run by BRGM with the  cooperation  of the
     Instituto  Geologico  Minero y  Metalurgico  (INGEMET),  an  agency  of the
     Government of Peru.  Self-potential  geophysical  surveys conducted in 1978
     indicated  the  presence  of  conductive  anomalies,  and two  drill  holes
     established   the  presence  of  a  massive   sulphide  body  with  pyrite,
     chalcopyrite and sphalerite. In 1979, the Base Agreement was signed between
     INGEMET  and BRGM to explore  the  project  and  prepare a  pre-feasibility
     study.

     During  1979 and 1980,  BRGM  carried  out a  gravity  survey,  an  induced
     polarization  survey,  a drilling  program,  geostatistical  studies  and a
     technical-economic pre-feasibility study. In 1981, the Additional Agreement
     was signed between  INGEMET,  Minero Peru and BRGM to prepare a feasibility
     study and finance and develop the


Project No.:  L466A                                                  Section 6-1


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Tambo Grande Project                                           [GRAPHIC OMITTED]

     project.  However,  no  subsequent  work was  undertaken  because of legal,
     political and investment conditions in Peru.

     Since  there  is  little  or no  exposed  sulphide  mineralization,  it was
     necessary to use indirect methods for exploration.  The  self-potential and
     induced polarization  geophysical methods initially utilized on the project
     proved  unsatisfactory  for defining  anomalies of significance,  partially
     because of conductive overburden.  Gravity methods were tested and found to
     be very successful. The TG-1 anomaly, a 700 m by 350 m gravity anomaly that
     partially  underlies  the town of  Tambogrande,  was used as the  basis for
     conducting a 21 hole drill program, resulting in the discovery of the Tambo
     Grande deposit.

     Preliminary  metallurgical testing was undertaken by BRGM in 1978. Polished
     section  studies  show that  pyrite is the most  abundant  mineral.  Pyrite
     occurs as fine-grained,  polycrystalline masses or as automorphic crystals.
     Chalcopyrite occurs both within pyrite grains and intergranularly.  It also
     occurs  as  exsolution  blebs  in  sphalerite.  Small  amounts  of  galena,
     tetrahedrite  and  covellite are also present.  The  preliminary  flotation
     tests  showed  that  copper  and  zinc  concentrates  could  be  reasonably
     produced.  Additional  metallurgical tests were done by BRGM in 1980. These
     tests  suggested that finer  grinding  (about 20 um) would be necessary for
     good recovery of metal values by differential flotation.

     Ground  gravity  surveys  by BRGM in 1977 and 1988  delineated  55  gravity
     anomalies.   Geophysical  work  completed  by  Manhattan  in  January  1997
     consisted of 11,000 km of  fixed-wing  airborne  magnetic  and  radiometric
     surveys.


Project No.:  L466A                                                  Section 6-2


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

7.0  GEOLOGICAL SETTING

     The  following   geological   descriptions  have  been  summarized  from  a
     geological paper by Tegart, Allen and Carstensen (2000), which is available
     in Appendix A.

7.1  Regional Geology

     The  Tambo  Grande  massive  sulphide  district  in  northern  Peru  formed
     contemporaneously with a pre-Albian  (Mid-Cretaceous)  marine rift known as
     the Lancones Basin (see Figure 7.1). Mafic and less common silicic volcanic
     and  volcaniclastic  rocks of the Ereo and La Bocana  formations filled the
     basin.  These rocks are exposed in a 40 km wide by 80 km long northeasterly
     plunging  anticline  located along the southeastern  side of the basin. The
     southwestward extent of the volcanic sequence is not known because Tertiary
     continental  sedimentary  rocks of the  Sechura  Basin  cover the  Lancones
     Basin.

     The Ereo  Formation  consists of at least 500 m of basalt pillow lava flows
     intercalated with hyaloclastic breccias,  minor dacite flows and tuff beds,
     and lesser  volcaniclastic  strata.  Intruding mafic dykes are common.  The
     base of the Ereo  Formation has not been  observed.  The Ereo  Formation is
     unconformably  overlain by 250 m of Upper Albian agglomeratic  andesite and
     dacite interbedded with calcareous arenite,  limestone,  greywacke and tuff
     of the La Bocana Formation.  Numerous base-metal and barite occurrences are
     also  found  in the  La  Bocana  Formation.  Approximately  1,500  m of the
     Lancones  Formation lies  conformably on the La Bocana on the east and west
     flanks of the anticline,  but is absent along the anticlinal  crest. On the
     eastern  flank  of  the  anticline,  the  Lancones  Formation  is  composed
     primarily  of andesitic  pyroclastic  rocks,  whereas the western  flank is
     composed of andesitic pyroclastic rocks and interbedded  calcareous arenite
     and greywacke layers. The basin extends north into Ecuador where volcanism,
     coeval with Lancones  Basin basal  sequences,  is  represented by andesitic
     flows and volcaniclastic rocks of the Celica and Macuchi formations.  These
     rocks also contain volcanogenic massive sulphide occurrences.

     The depocentre of the Lancones Basin shifted  westward in Cenomanian  time,
     with  deposition  of the  Copa  Sombrero  Formation  consisting  of  flysch
     successions up to 3,700 m thick.  The formation is represented in the lower
     units by debris  flows,  turbiditic  sandstone  and  breccias  intruded  by
     igneous sills and dykes. Up-section the stratigraphic sequence changes to a
     finer turbidite facies  consisting of rhythmically  interbedded black shale
     and greywacke sandstone.


Project No.:  L466A                                                  Section 7-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 7.1:  Simplified  Regional  Geology of the Lancones Basin (Tegart et al.,
2000)


Project No.:  L466A                                                  Section 7-2


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     By Mid-Cretaceous,  Tethyan spreading waned,  ending northeast  extensional
     tectonism and further development of the Lancones Basin.  Pacific spreading
     centres became active, resulting in east and northeasterly directed oblique
     subduction  along  the  western  margin  of South  America.  This  event is
     reflected in the Tambo Grande region by arcuate  east-west-trending  normal
     faults (down to the north), which disrupt the Cretaceous host rocks.

     Intrusive  stocks within the Lancones Basin form part of the Upper Mesozoic
     and Cenozoic  Coastal  Batholith that stretches the length of western Peru.
     Within the Lacones Basin,  the  intrusions are composed  entirely of gabbro
     and diorite  and are  confined  to a  relatively  small area north of Tambo
     Grande. The age of these intrusions has not been determined, but chemically
     they are similar to the basal volcanic series of the Ereo Formation and may
     be the subvolcanic  equivalent of these volcanic  rocks.  Peripheral to the
     basic  intrusions are  granodiorite  and monzonite  stocks analogous to the
     Western  Peruvian  batholiths.  These are found  around  the  margin of the
     basin.

     At the end of the Cretaceous,  the tectonic  setting of the northern Andean
     Cordillera changed.  As a result, a thick sequence of Tertiary  terrigenous
     sediments was deposited on the southern  portion of the Lancones  Basin and
     northern  part of the younger,  continental  Sechura Basin that lies to the
     south.  The  Piura  River  in the  Tambo  Grande  area  coincides  with the
     present-day  northern limit of the  continental  basin.  The  stratigraphic
     sequence is characterized by intercalated lutite, poorly consolidated sandy
     layers, pebble conglomerate  cemented with calcite,  white friable marl and
     evaporite.

7.2  District Geology

     The  Tambo  Grande   deposits  are  hosted  by  the  lower   Mid-Cretaceous
     basalt-dominated  Ereo  Formation.  Most of the  understanding  of the Ereo
     volcanic  stratigraphy in the Tambo Grande district comes from  exploration
     drill holes.  This unit mainly comprises flow breccia units and is overlain
     and locally  intercalated with an intermediate to felsic section consisting
     of  andesite  and lesser  dacite  flow and  fragmental  rocks.  The dacitic
     deposits form dome complexes typically  coincident with underlying basaltic
     highs. All massive sulphides found to date overlie  tuffaceous dacite units
     within basins flanked by dacitic domes.  Andesitic rocks overlie the felsic
     section as  amygdaloidal  lavas,  flow breccias and debris flows.  Basaltic
     pillow lavas and amygdaloidal flows cap the sequence.

     Locally derived  heterolithic  debris flow deposits are also present.  They
     generally  occur as  fan-like  deposits  along  fault  scarps and formed in
     response to graben development. At TG-3 a sulphide fragment-bearing variant
     occurs proximal to thick sulphide accumulations.


Project No.:  L466A                                                  Section 7-3


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     Several  varieties  of  intrusive  rocks  cut both the  volcanic  units and
     sulphide deposits.  The intrusions  probably occur as both dykes and sills.
     Mafic intrusions are more common than felsic or intermediate bodies.

     The  structural  setting of the district is dominated by oblique  secondary
     and  tertiary  grabens  with  conjugate  fault  sets  developed  during the
     formation of the  northeast-trending  Lancones  Basin rift.  North-south to
     southeast   chevron-shaped   second-order   basins   host  the   favourable
     stratigraphy   and  all  known   sulphide   accumulations.   TG-1  fills  a
     double-sided  third-order basin within the confines of the secondary basin.
     TG-3 sulphides were deposited in a second-order basin.

7.3  TG-1 Deposit

     The TG-1 deposit is primarily  underlain and flanked by porphyritic  dactic
     rocks with  minor  intercalated  basalt  and  andesite  (see  Figure  7.2).
     Portions of the deposit are underlain and flanked by  amygdaloidal  basalt.
     Heterolithic debris flows and conglomerates form fan-like deposits that are
     proximal to and  underlie  the sulphide  deposits.  Intercalated  volcanics
     include amygdaloidal basalt flows, primarily in the southern portion of the
     deposit,   and  numerous   felsic   pyroclastic   units  in  the  north  to
     north-central part of the deposit.  Sedimentary  deposits occur distally to
     the south of TG-1 and comprise 1 m to 3 m thick lutite  layers that contain
     bedded sulphides.  These units are intercalated with amygdaloidal  andesite
     and basalt flows.

     The TG-1 deposit is hosted  within a complex  graben  setting  created from
     primary,  secondary and tertiary structures. The main structural control is
     a  north-south   trending   secondary  graben   approximately  1  km  wide.
     Northwesterly   trending  secondary  structures  created  a  tertiary  rift
     approximately  300 m to 400 m across.  It is this latter feature that hosts
     the sulphide deposit. The thickness of this sub-basin, and consequently the
     sulphide  thickness,  was controlled by a set of  northeast-trending  cross
     faults that formed a complex  stair-step floor to the sub-basin.  While the
     sulphide    deposit   is    apparently    restricted    to   the   tertiary
     northwest-trending   rift,   the  overlying   hypogene   oxides  have  been
     demonstrated to extend beyond the confines of the basin.

     The TG-1  deposit  contains an oxidized  cap that forms a  continuous  unit
     overlying (and extending  beyond) the TG-1 sulphide body.  Parts of it crop
     out in the town of Tambogrande,  where it forms the impressive  gossan hill
     and  several  smaller  outcrops,  and in a new  exposure  caused  by recent
     flooding  of the Piura River  along the west side of the  deposit.  In most
     areas, however, it is overlain by an average of 15 m of unconsolidated sand
     and  gravel.  This  oxide  zone  is  complex.  It  appears  to be a mix  of
     late-stage  iron and  barite-rich  exhalative  units and rhyolite tuff (see
     Figure  7.3).  The cap  likely  represents  the last  phase  of  exhalative
     activity in the formation of the TG-1 deposit.


Project No.:  L466A                                                  Section 7-4


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 7.2: TG-1 Section 1385W, Looking Northwest (Tegart et al., 2000)

                               [GRAPHIC OMITTED]


Project No.:  L466A                                                  Section 7-5


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 7.3:  Simplified  Stratigraphic  Column of the TG-1 Oxide Zone (Tegart et
al., 2000)

                               [GRAPHIC OMITTED]


Project No.:  L466A                                                  Section 7-6


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     Alteration  styles  recognized at TG-1 are  quartz/epidote  zones in distal
     footwall  and  lateral  rocks and  sericite/quartz/lesser  chloritic  zones
     associated  with footwall  stockwork  zones.  Intermediate  to felsic units
     internal  to the  deposit  have  undergone  a  strong  acidic  destruction,
     resulting  in vuggy silica  alteration.  A  pronounced  wedge-like  zone of
     argillic to silicic  alteration  occurs along the eastern and  northeastern
     flanks of the sulphide deposit.  Whole rock data reveal  significant sodium
     depletion,  and  silica  enrichment  has  occurred  in  both  footwall  and
     intercalated volcanic units.

     Late  supergene  weathering  has affected the deposit.  This has led to the
     development  of a saprolitic  clay-rich  gossan,  which  typically caps the
     oxide  stratigraphy  at  TG-1.  Supergene  weathering  may  or  may  not be
     responsible for the creation of the  ferruginous  siliceous rocks and other
     units commonly  present between the baritic unit and the capping  clay-rich
     gossan.

7.4  TG-3 Deposit

     The oldest units drilled in the TG-3 area are basaltic  flows.  These rocks
     are overlain by amygdaloidal  andesites and cut and overlain by porphyritic
     dacite  intrusive and extrusive  rocks (see Figure 7.4).  The sulphides are
     associated with the dacitic units. Sulphides were deposited  simultaneously
     with dacite dome  construction  within marginal basins and on the flanks of
     the domes.  Periods of  quiescence  in dome  building  allowed for sulphide
     deposition to extend laterally,  resulting in the stacked mushroom shape in
     the south part of the TG-3 deposit. The sulphide  accumulations were forced
     to grow vertically and reached significant thicknesses (+300 m). The end of
     TG-3  hydrothermal  deposition  was  marked  by  andesitic  volcanism  that
     deposited a sequence of lava and debris flow deposits. Basalt flows cap the
     section.

     Thin lutite  units with  banded  sulphides  are present in the  hangingwall
     stratigraphy at TG-3.  These beds may correlate with those seen in holes to
     the south of TG-1. If so, they would suggest that TG-3 is older than TG-1.

     The structural  setting at TG-3 is less well  understood than that at TG-1.
     TG-3 appears to have developed in a less confined setting,  controlled more
     by  competition  for space with  eruptive  rocks and  debris  flows than by
     rift-basin walls.

     Alteration at TG-3 includes extensive  quartz-epidote  alteration of distal
     footwall,  lateral and  hangingwall  rocks.  The  footwall  proximal to the
     sulphide  deposit  comprises   stockwork-related  sericitic  and  chloritic
     alteration  and  widespread  silicification.  Rocks  at TG-3  have not been
     significantly subjected to oxidation, as is seen at TG-1.


Project No.:  L466A                                                  Section 7-7


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 7.4: TG-3 Deposit Long Section, Looking Northwest (Tegart et al., 2000)

                               [GRAPHIC OMITTED]


Project No.:  L466A                                                  Section 7-8


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 7.5:  B-5 Deposit Long Section, Looking Northeast


Project No.:  L466A                                                  Section 7-9


<PAGE>

Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

7.5  B-5 Deposit

     The B-5 deposit is a very large  zoned  sulphide  mound that  appears to be
     relatively undisturbed  tectonically or metamorphically.  The sulphides lie
     in a northwesterly  oriented basin developed in basalt. At this early stage
     of  drilling,  it is  difficult  to define the  dimensions  of the sulphide
     mound, but it appears to be 500 m long in the northwest dimension and 400 m
     wide east-west. The thickest massive sulphide intersection occurred in Hole
     B-5-005 at the  southern  end of the  anomaly,  where 240 m were cut.  Hole
     B-5-014 also  intersected  240 m of massive  sulphides in the  east-central
     portion of the  anomaly.  The lower part of this  intersection  contained a
     stockwork copper zone in part replacing volcanic rocks.

     Geologically the B-5 deposit occurs in a similar  Cretaceous  stratigraphic
     sequence as TG-1 and TG-3.  Basalt  footwall  rocks are cut and overlain by
     multistage  dacite  domes  with  franking  massive  sulphides.  Hangingwall
     lithology is basalt. Approximately 380 m to 400 m of recent eolian sand and
     Tertiary  volcanoclasitc rocks cover the Cretaceous section. One difference
     noted at B-5 is that sulphides lie directly on basaltic  footwall rocks and
     not on dacite,  as is seen at TG-1 and TG-3.  The dacite domal rocks at B-5
     flank the sulphides but do not appear to underlie them.

     The  sulphide  mound at B-5 is zoned with a barren  pyrite  core,  flanking
     copper-zinc-silver-gold   mineralization  and  basal  copper   replacement.
     Pyrite,  chalcopyrite  and  sphalerite are the dominant  sulphide  minerals
     within the massive sulphide pile. Minor galena is also present. The host to
     silver has been identified as tetrahedrite. Although their distribution and
     quantity are not well understood,  the secondary copper minerals  covellite
     and chalcocite are also present.  Principal gangue minerals are calcite and
     barite.

     Basal copper stockwork replacement at B-5 (see Figure 7.6) has affected the
     footwall  rocks and to a lesser  extent the lower  portions of the sulphide
     pile,  as is  seen  at TG-1  and  TG-3.  Intense  pyrite  and  chalcopyrite
     replacement has created viartually complete massive sulphide replacement of
     footwall  rocks within parts of the stockwork  zone.  From the limited data
     available,  the intense replacement appears to be structurally  controlled,
     most prominently northwesterly but perhaps along several other orientations
     as well.

     Alteration styles are similar to the other Tambo Grande deposits.  Footwall
     patchy  quartz-epidote  alteration lies distal to the sulphides.  B-5 has a
     large  stockwork  zone  directly  underlying  the sulphide pile (see Figure
     7.7).  The  stockwork  zone  is  characterized  by  fracture-controlled  to
     pervasive  quartz-sericite  alteration.  Silicification  is also  common in
     footwall rocks.  Dark chlorite has limited extent in the stockwork zone but
     is commonly associated with intense chalcopyrite replacement.


Project No.:  L466A                                                 Section 7-10


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     A  stratiform  gold  deposit  similar in geometry to TG-1 but  different in
     mineralogy  partially overlies the sulphides at B-5. Main components of the
     gold  deposit  are  calcite,  quartz and  unidentified  clay (with  optical
     properties  similar to biotite or  chlorite),  black  fetid mud,  ankerite,
     siderite,  pyrrhotite,  spheroidal or botryioidal pyrite (clearly different
     than  the  underlying   crystalline  pyrite  associated  with  the  massive
     sulphide) and lesser hematite and limonite.  The zone has been  intersected
     in only a few holes to date and averages about 5 m in thickness.

     Figure 7.6: High Grade Footwall Copper Replacement - Hole 00B-5-014,  593 m
     to 673 m

     [GRAPHIC OMITTED]



     Figure 7.7:  B-5 Deposit Long Section

     [GRAPHIC OMITTED]


Project No.:  L466A                                                 Section 7-11


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

8.0  DEPOSIT TYPES

     The Tambo  Grande  deposits  are  examples of  volcanic-associated  massive
     sulphide  deposits (VMS).  These are essentially  pyritic massive sulphides
     with  zones  of  chalcopyrite  and  sphalerite  and  are  usually  precious
     metal-bearing.  These  deposits  occur within  tectonically  (growth fault)
     controlled  volcanic or  volcaniclastic  basins in active volcanic  regions
     associated with rifting environments (e.g.,  back-arc or intra-arc areas of
     an island arc  system).  Host  rocks are  typically  mafic to  intermediate
     volcanic rocks, felsic volcanic and volcaniclastic units,  subaqueous fine-
     to coarse-grained  epiclastic  deposits and fine-grained marine sedimentary
     rocks (shales, mudstones,  siltstones). Commonly the deposits are capped by
     an exhalative layer (iron formation,  sulphate - barite, anhydrite, chert).
     The deposit form is massive to lensoidal and variable layered.

     Principal  sulphide  minerals  are  pyrite,  sphalerite,  chalcopyrite  and
     galena.  Common  non-sulphide  minerals are quartz,  barite and  carbonate.
     Mineralogic  zoning is  characteristic  of these  deposits,  with  cores of
     pyrite,   basal  zones  of   chalcopyrite-rich   sulphides   and   marginal
     sphalerite/chalcopyrite-bearing  sulphides.  Some  deposits  may contain an
     upper zone of late-stage supergene copper enrichment.

     Alteration  is common and is  generally  adjacent to and below the sulphide
     deposits,   focussed   around   feeder   structures.   Stockwork   sulphide
     mineralization is commonly associated with these feeder systems.

     The genetic model for the Tambo Grande  deposits  consists of basins formed
     in a rifted marine  continental  margin.  The basins are secondary  grabens
     characterized  by mafic volcanic  horsts,  felsic volcanic domes,  flanking
     volcanic  breccias,  conglomerates  adjacent  to  syn-volcanic  faults  and
     overlying heterolithic debris flows. Some of the deposits have a late-stage
     auriferous  sulphate (barite) cap.  Negligible  post-mineral  tectonism and
     magmatism  has  occurred,  preserving  original  volcanic  and  mineralogic
     textures.


Project No.:  L466A                                                  Section 8-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

9.0  MINERALIZATION

9.1  TG-1 and TG-3 Sulphide Deposits

     The TG-1 and TG-3 massive  sulphide  deposits consist of 85% to 99% pyrite,
     up to 15% barite, on average 5% combined  chalcopyrite and sphalerite,  and
     small amounts of quartz and calcite.  Sulphide minerals are found in zones,
     and the patterns are similar in both deposits (see Figures 7.2 and 7.4). In
     general,   the   deposits   contain  a   base-metal-poor   pyrite  zone,  a
     chalcopyrite-rich zone (called Type 3) and a  chalcopyrite-sphalerite  zone
     (called  Type 2). The pyrite zone is found in the core of the  deposits and
     at the top part of sulphides at TG-1,  whereas the chalcopyrite zone occurs
     along the base and margins of the  deposits.  Disseminated  magnetite  is a
     significant   constituent   of  the   chalcopyrite-rich   basal  zone.  The
     chalcopyrite-sphalerite  zone is  distributed  around the pyrite core above
     the basal  chalcopyrite  and extends to the margins of the  deposits on all
     sides.  This mineral zone  contains  the major  portion of the  sulpho-salt
     mineralogy,   principally  as  tennantite.   A  fourth  mineralogical  zone
     containing  chalcocite,  digenite,  covelite  and pyrite is present at TG-1
     (called Type 1). It lies above the  chalcopyrite-sphalerite  zone and below
     the capping pyrite.

     Gangue mineralogy consists of barite, calcite and minor quartz. These occur
     as a matrix  interstitial to pyrite grains and makes up to 20% of the rock.
     With depth at TG-3,  calcite becomes more abundant and eventually  dominant
     with  depth,  whereas  at TG-1 the  matrix  shifts  from  barite  to quartz
     dominant with depth.

     The  sulphides  at TG-1 and TG-3  exhibit a variety of  textures,  although
     massive  crystalline  sulphides  are most  common.  Coarse-grained  massive
     sulphides  can have up to 5% pore  space,  probably  formerly  filled  by a
     sulphate  (anhydrite).  The second most common texture within the sulphides
     is a  distinctive  brecciated  type.  This  texture is caused by  generally
     rounded  sulphide  fragments  supported within a matrix of smaller sulphide
     fragments and barite.  Fragments  within these breccias can contain pyrite,
     chalcopyrite and sphalerite.

9.2  TG-1 Oxide Deposit

     Immediately  overlying the massive sulphides and typically in sharp contact
     is a thin,  up to 2 m  thick  unit  composed  of  cherty  or  vuggy  silica
     (exhalative)   or   unlithified   silica  sand.  The  zone  is  called  the
     Transitional  zone and is  silver-rich,  commonly  containing  in excess of
     1,000 g/t of silver.  Petrographic  work has shown the presence of abundant
     native silver, argentite as well as the silver-mercury amalgam.

     Overlying the Transitional zone is the Oxide zone - a complex intercalation
     of felsic  volcaniclastic  material and barite sandstone and  goethite-rich
     gossan. The barite sandstone ranges up to 15 m in thickness and is commonly
     friable. The gossan


Project No.:  L466A                                                  Section 9-1


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Tambo Grande Project                                           [GRAPHIC OMITTED]

     overlies  the barite  sandstone.  The gold  mineralization  is found in the
     barite sandstone and the goethite-rich  gossan,  especially where barite is
     present.  Petrographic  study  reveals  that  gold is  associated  with and
     typically encapsulated in barite grains.

9.3  B-5 Deposit

     The limited data indicate that the B-5 massive  sulphide  deposit  displays
     the same sulphide mineral zoning as TG-1 and TG-3. The B-5 deposit contains
     a base-metal-poor pyrite core, a basal chalcopyrite-rich zone and a lateral
     chalcopyrite-sphalerite  zone.  The central  top  portion of the  sulphides
     contains an overlying  gold-silver zone. This zone spatially  resembles the
     gold zone  overlying the TG-1  sulphides and comprises  botryoidal  pyrite,
     calcite  aggregates and massive sulphide clasts in a black carbonaceous mud
     matrix. It contains barite but in much less concentration than at TG-1.


Project No.:  L466A                                                  Section 9-2


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

10.0 EXPLORATION

     Manhattan's  exploration  program focussed on the systematic  evaluation of
     gravity anomalies. These anomalies can represent massive sulphide deposits,
     and Manhattan used  3-dimentional  modelling  techniques to  differentiate,
     analyze and prioritize  their  potential  value as a target for exploration
     drilling.  Since 1996,  Manhattan has completed numerous gravity surveys at
     regional  (500  m and  250  m  separations)  and  detailed  (50 m to  100 m
     separations) levels (see Figure 10.1).

     In addition to gravity  surveys,  airborne  magnetic  and  electro-magnetic
     (EM-37) surveys were also instituted.  The magnetic surveys,  made at 200 m
     and locally 100 m separations,  were useful in revealing areas underlain by
     magnetic footwall basaltic strata, which delineate regional structures (see
     Figure 10.2). EM work has been confined to the TG-3 area.

     During  2000,  41,800 m of diamond  drilling  were  completed in 262 holes.
     Three new anomalies  were tested.  Including  the TG-1 deposit,  a total of
     nine gravity anomalies have been drilled since the start of the project. Of
     these nine, three are large,  massive-sulphide  deposit discoveries,  three
     have sulphides  present and need follow-up  work, two have no sulphides but
     still need follow-up work, and only one has been  eliminated.  In addition,
     another  23  anomalies  have yet to be  tested,  and  almost  one-third  of
     Manhattan's property remains unexplored.

     Manhattan's  exploration  program  in 2000  focussed  primarily  on in-fill
     drilling of the TG-1 deposit and  drilling at the B-5 deposit.  Exploration
     spending during 2000 was $7.9 million.  Since 1999,  Manhattan has invested
     more than $25 million in exploration and development in the region.


Project No.:  L466A                                                 Section 10-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 10.1:  Target Areas, Bouguer Gravity Contour Map


Project No.:  L466A                                                 Section 10-2


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 10.2:  Scale and Text from Total Fields Magnetic Intensity Map


Project No.:  L466A                                                 Section 10-3


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

11.0 DRILLING

     Most of the diamond  drilling on the Tambo Grande  Project was completed in
     1999 and 2000 by Manhattan. Work concentrated on TG-1 and TG-3 delineation.
     A small program was executed on the B-5 deposit.  Data for all deposits are
     shown by period in Table 11.1.  Locations of these drill holes are shown in
     Figures 11.1 to 11.3.  BRGM  carried out a 21 drill hole program  (3,435 m)
     from 1978 to 1980.  These holes were twinned by Manhattan  and not used for
     resource estimation.

     Table 11.1:  Drill Hole Statistics for TG-1, TG-3 and B-5 Deposits

     -------------------------------------------------------------------
     Deposit                             1999        2000       Total
     -------------------------------------------------------------------
     TG-1           # of drill holes        93        243         336
                    metres              10,300     30,120      40,420
     TG-3           # of drill holes        53        -            53
                    metres              20,180        -        20,180
     B-5            # of drill holes       -           14          14
                    metres                 -        8,180       8,180
     -------------------------------------------------------------------

     Drill hole  collars  were  located  relative to  respective  grids (at TG-1
     partly  governed  by  street  layout),  and  final  collar  locations  were
     surveyed.  MRDI checked the surveyed  coordinates  of 10 drill holes with a
     Global Positioning System (GPS) device and found no discrepancies.

     The drill holes were down hole surveyed.  Nearly all drilling was vertical.
     The  initial  test in most drill  holes was done by a Tropari or Sperry Sun
     instrument.  Further tests, taken generally every 100 m down the hole, were
     made with either an acid etch  clinometer (4%  hydrofluoric  acid solution)
     for  holes  less than 200 m deep or a  Tropari/Sperry  Sun  instrument  for
     deeper drill holes. Deviation in almost all cases was minimal. MRDI checked
     the  readings  on 5% of the drill  holes  and found  them to have been read
     correctly.

     Standard logging and sampling  conventions were used to capture information
     from the drill core. These followed the procedures  outlined in the On-Site
     Procedures  Manual (see Appendix A).  Logging is completed on  hand-written
     logs and includes the following information: interval, zone, rock type, and
     sulphide   type  code;   structural   information;   and   alteration   and
     mineralization observation. The recorded information was transferred into a
     custom-designed  MS Access database.  In addition,  a graphic log was drawn
     next  to the  hand-written  information.  These  graphic  logs  documented,
     through  a  set  of  defined  patterns,  symbols  and  colours,  the  zone,
     lithology, structure and mineralization types. The core was also logged for
     geotechnical information,  following a formalized procedure outlined in the
     On-Site Procedures Manual (see Appendix A).


Project No.:  L466A                                                 Section 11-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 11.1:  TG-1 Drill Hole Collar Location Plan


Project No.:  L466A                                                 Section 11-2


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 11.2:  TG-3 Drill Hole Location Plan


Project No.:  L466A                                                 Section 11-3


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 11.3:  B-5 Drill Hole Location Plan


Project No.:  L466A                                                 Section 11-4


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     Prior  to any  sampling,  all core was  photographed,  following  protocols
     established in the On-Site Procedures Manual.

     During  the 1999 and 2000  campaigns,  MRDI  representatives,  led by Brian
     McEwen, P.Geo.,  reviewed the core logging and sampling procedures at site.
     Core  recovery was  observed to be good to excellent in the various  zones.
     The  Transition  zone at TG-1 had the poorest  recovery.  (Recovery  versus
     grade analyses by MRDI showed no apparent  correlation  between metal grade
     and core  recovery.)  Overall  the 1999 and 2000  drill  programs  and data
     capture were conducted in a competent manner.


Project No.:  L466A                                                 Section 11-5


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

12.0 SAMPLING METHOD AND APPROACH

     The sampling  protocol and overall  quality  assurance and quality  control
     procedures  for the Tambo Grande  Project were  documented in detail in the
     On-site  Procedures  Manual (Revision 1, January 2000) included in Appendix
     A.  The core was  systematically  sampled  at 1 m  intervals.  Sampling  in
     mineralized  sections  was  bracketed  by at least 1 m long  samples.  This
     approach is sound and is appropriate for this type of mineralization.

     The samples  were  tagged and then split in half using a diamond  core saw.
     One half was returned to the core box and other bagged, tagged and secured.
     Standard,  duplicate  and blank  samples were then inserted into each batch
     submitted  to the  lab  (1 in 20 for  duplicates,  1 in 40  for  blank  and
     standards).

     These procedures were observed by Brian McEwen, P.Geo., during the drilling
     program.  The  sample  preparation  was done  according  to the  documented
     procedures in clean and  well-maintained  facilities.  The sampling process
     was deemed satisfactory for the 1999 and 2000 drill campaigns.

     Lists of significant  composited  assays for the TG-1 oxide, TG-1 sulphide,
     TG-3 and B-5 deposits of the Tambo Grande  Project are shown in Appendix B.
     Only values greater than 0.5% copper or 0.5% zinc for sulphide zone samples
     and greater than 1 g/t gold for oxide zone samples were tabulated.


Project No.:  L466A                                                 Section 12-1


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

13.0 SAMPLE PREPARATION, ANALYSES AND SECURITY

     The quality assurance and quality control program is described in detail in
     the On-Site Procedures Manual in Appendix A. The procedure used is shown as
     a flow sheet in Figure 13.1. To control the process,  blanks (material with
     nil value) and standard  reference material (standard or SRM) were inserted
     into each  batch.  Coarse  blanks  were used to check for the  presence  of
     contamination in both sample  preparation and assaying.  Analytical results
     from the standards were used to evaluate laboratory accuracy and precision.
     Coarse  reject  duplicates  were used to  evaluate  the sample  preparation
     performance. Pulp check assay duplicates provided a measure of the accuracy
     of the initial  determination  performed by the primary  laboratory  and an
     estimate of the analytical variance and pulp sub-sampling variance.

     The core  samples were jaw crushed and screened to better than 75% minus 10
     mesh.  The crushed  sample was then reduced by riffle  splitting to a 250 g
     sample,  bagged  and  labelled.   These  steps  were  done  at  an  on-site
     preparation  facility.  The remaining reject was bagged and stored at site.
     The samples were then sent to Intertek  Testing  Services (Bondar Clegg) in
     Vancouver,  British Columbia.  The 250 g samples were pulverized to greater
     than 95%  minus  200 mesh  (oxide  samples)  or  minus  150 mesh  (sulphide
     samples)  and  analyzed by atomic  absorption  analysis  with a  multi-acid
     digestion.  Gold in the oxide zone was  analyzed by fire assay using a 30 g
     sub-sample.  Additionally,  if a base metal  (copper,  zinc or lead)  value
     exceeded 15%, the sample was re-tested by wet chemical methods.


Project No.:  L466A                                                 Section 13-1


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.1:  QA/QC Sample Preparation Flowsheet

                               [GRAPHIC OMITTED]


13.1 Standard Reference Material

     A standard was submitted with every batch of sulphide  samples.  There were
     two  standards  for copper and one  standard for zinc.  Graphs  showing the
     performance  of the sulphide  standards  are shown in Figures 13.2 to 13.4.
     The  performance of the assaying was good and showed that the assay process
     was in control for the drill program in all sulphide grade ranges.


Project No.:  L466A                                                 Section 13-2


<PAGE>

Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.2: Myra Falls Sulphide Standard - Copper

                                [GRAPHIC OMITTED]


Figure 13.3: TG-1-SU2B Sulphide Standard - Copper

                                [GRAPHIC OMITTED]


Project No.:  L466A                                                 Section 13-3


<PAGE>

Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.4: Myra Falls Sulphide Standard - Zinc

                                [GRAPHIC OMITTED]

     A gold and silver  standard  was  inserted in every batch of oxide  samples
     assayed.  Two  standards  were used.  Gold  results fell within the control
     limits for both standards  (see Figures 13.5 and 13.6).  Silver assays from
     both standards  were more erratic (see Figure 13.7).  Results shows scatter
     around the accepted  value but within wider  control  limits.  Silver often
     shows this kind of  behaviour  for two reasons:  the  standard  material is
     usually developed for gold, and the silver may not be as homogeneous as the
     gold;  and the fire assay  process is usually tuned to gold so that some of
     the silver may be volatilized during assaying. MRDI believes the oxide gold
     and silver  results  demonstrate  sufficient  accuracy  for use in resource
     estimation.


Project No.:  L466A                                                 Section 13-4


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.5: CDN-GS2 Oxide Standard - Gold

                                [GRAPHIC OMITTED]


Figure 13.6: TG-1-SDBA Oxide Standard - Gold

                                [GRAPHIC OMITTED]


Project No.:  L466A                                                 Section 13-5


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.7: TG-1-SDBA Oxide Standard - Silver

                               [GRAPHIC OMITTED]

13.2 Pulp Duplicate Assays

     Results of the sulphide pulp duplicate assays are shown in Figures 13.8 and
     13.9.  Performance  was 95% within +/- 10% for copper  values  greater than
     0.1% Cu and 90% within +/- 10% for zinc values  greater  than 0.2% Zn. MRDI
     considers that the sulphide  duplicate program performed well and indicates
     good reproducibility of the copper and zinc values.

     Results  of the oxide  pulp  duplicate  assays are  displayed  in  relative
     difference  charts in Figures 13.10 and 13.11.  Performance  was 80% within
     +/- 10% for both gold and silver  values  greater than 0.3 Au g/t and 10 Ag
     g/t,  respectively.  Both the gold and silver check assays of pulp material
     scatter around the "original  equal check" line on the scatter plot suggest
     that the assays are  unbiased,  but more than 10% fall outside the relative
     difference  limits of 10%. The results  suggest  that  particles of coarser
     gold may be present.  While the assaying  process is likely under  control,
     some sampling error is  contributing to the lack of  correspondence  in the
     check assays.  Nonetheless,  MRDI believes the assays are still  adequately
     controlled for resource estimation for the Tambo Grande Project.


Project No.:  L466A                                                 Section 13-6


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.8: Sulphide Pulp Duplicates - Copper (>0.1%)

                                [GRAPHIC OMITTED]
                                [GRAPHIC OMITTED]


Project No.:  L466A                                                 Section 13-7


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.9: Sulphide Pulp Duplicates - Zinc (>0.2%)

                                [GRAPHIC OMITTED]
                                [GRAPHIC OMITTED]


Project No.:  L466A                                                 Section 13-8


<PAGE>

Figure 13.10: Oxide Pulp Duplicates - Gold (>0.3 g/t)

                               [GRAPHIC OMITTED]
                               [GRAPHIC OMITTED]


Project No.:  L466A                                                 Section 13-9


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.11: Oxide Pulp Duplicates - Silver (>10.0 g/t)

                                [GRAPHIC OMITTED]
                                [GRAPHIC OMITTED]


Project No.:  L466A                                                Section 13-10


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

13.3 Coarse Reject Duplicate Assays

     The coarse  reject  duplicate  assays are shown in Figures  13.12 to 13.15.
     Results show good  performance of the coarse reject check assays,  which is
     attributed  to the fineness of the ground  rejects  (the rejects  typically
     consisted  of near 90%  passing  100  mesh).  MRDI  deems  that the  sample
     preparation is validated for this program.

13.4 Core Recovery in Mineralized Zones

     Scatter plot analysis of core  recovery  versus either gold or silver grade
     in the oxide zone shows very little relationship between the two. There may
     be a slight  tendency for higher grades to be  associated  with better core
     recovery.  In the sulphide  zone there is no apparent  correlation  between
     copper or zinc grade and core  recovery.  MRDI  believes that the estimated
     grade in the model will not be affected  by core  recovery in either of the
     zones.

     MRDI  concludes  that the quality  assurance  and control  programs for the
     Tambo Grande Project were well designed and executed. The results show that
     all stages of the  preparation  and analytical  process were in control and
     validate the assay values obtained from the 1999 and 2000 drilling.

Figure 13.12: Sulphide Coarse Reject Duplicates - Copper (>0.01%)

                                [GRAPHIC OMITTED]


Project No.:  L466A                                                Section 13-11


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.13: Sulphide Coarse Reject Duplicates - Zinc (>0.01%)

                                [GRAPHIC OMITTED]


Figure 13.14: Oxide Coarse Reject Duplicates - Gold (>0.01 g/t)

                               [GRAPHIC OMITTED]


Project No.:  L466A                                                Section 13-12


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Figure 13.15: Oxide Coarse Reject Duplicates - Silver (>0.7 g/t)

                                [GRAPHIC OMITTED]


Project No.:  L466A                                                Section 13-13


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

14.0 DATA VERIFICATION

     As a test of data  integrity,  the data used for  estimating the 2000 Tambo
     Grande  mineral  resources  were  checked.  MRDI  conducted  a 5%  check of
     randomly chosen drill holes.  Copper, zinc, lead, gold and silver data were
     checked  against  original  assay  certificates.  Collar  coordinates  were
     checked against the original survey forms.

     Results from the data checks showed a near zero error rate.  MRDI concludes
     that the assay and survey database used for resource estimation is clean.


Project No.:  L466A                                                 Section 14-1


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

15.0 ADJACENT PROPERTIES

     Adjacent  properties  are not  relevant  for the review of the Tambo Grande
     Project.


Project No.:  L466A                                                 Section 15-1


<PAGE>


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

16.0 MINERAL PROCESSING AND METALLURGICAL TESTING

     The TG-1 ore body  consists  of an  oxidized  cap that  will  initially  be
     exploited for gold and silver and forms a continuous  unit  overlying  (and
     extending beyond) a  copper-zinc-silver-gold  volcanogenic massive sulphide
     ore body.  The oxide and sulphide  metallurgy of the various TG-1 ore types
     was assessed in two main phases of testwork,  under the supervision of MRDI
     personnel. This testwork was conducted at the following laboratories:

     o    Lakefield  Research  (Lakefield)  in Ontario - oxide  leach,  sulphide
          flotation and sulphide ferric leach testwork
     o    Process  Research  Associates  (PRA) in  Vancouver,  B.C.  - oxide and
          transition leach, sulphide flotation and pressure leach testwork.
     o    Vancouver Petrographics Ltd., Vancouver, B.C. - mineralogical analysis
     o    G&T  Metallurgical  Services  (G&T)  in  Kamloops,   B.C.  -  sulphide
          flotation, speciation and modal analysis
     o    Advanced Mineral Technology  Laboratory  (Amtel) in London,  Ontario -
          mineralogical analysis
     o    MinnovEx Inc.  (MinnovEx) in Mississauga,  Ontario - SAG mill and Ball
          mill index work.

     MRDI reviewed the  metallurgical  testwork reports that support the Mineral
     Reserve classification of the TG-1 deposit.

     The first phase of metallurgical testwork on oxide and sulphide samples was
     conducted  between  November 1999 and September 2000 and forms the basis of
     the  September  2000  Progress   Report   reserve   estimate  and  recovery
     projections used in this Technical  Report.  There are three main ore types
     in  the  sulphide  deposit.  Type  3 ore  responded  well  to  conventional
     flotation.  However,  based on modal analysis and industry  experience with
     similar types of ore, the  metallurgy of the Type 1 and Type 2 ores did not
     meet  expectations in the phase 1 testwork.  The precious metal recovery to
     copper   concentrate   also   required   optimization.   Further  work  was
     recommended,  particularly  to optimize the metallurgy of Type 1 and Type 2
     ores, plus some additional confirmation testing of Type 3 ore.

     In December 2000 sulphide  metallurgy  projections  were updated because of
     improvements  established in a second phase of flotation  studies conducted
     between  September and December 2000.  Using freshly prepared samples and a
     simplified flowsheet procedure,  copper metallurgy and recoveries improved.
     A   preliminary   feasibility   sulphide   flotation   flowsheet  was  also
     established.

     To  verify  these  new  metallurgical  projections  and  develop  the final
     feasibility study concentrate recovery and grades,  additional  feasibility
     sampling and flowsheet


Project No.:  L466A                                                 Section 16-1


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     confirmation  testwork was recommended.  This work program was initiated in
     January  2001  and  was  halted  following  the  temporary   suspension  of
     feasibility work. Recently, Lakefield Research undertook an analysis of the
     quality of stored  samples.  This study  indicated  that the  samples  have
     oxidized in storage, and it will be necessary to conduct a further sampling
     campaign if additional metallurgical testing is necessary.

     Testwork has been carried out on drill core  composites  of the various ore
     types from the TG-1  deposit.  The samples  were  selected  and  composited
     according to the ore types identified by Manhattan's geologists and used in
     MRDI's resource calculations.

     The grades of the various  samples  collected are in  reasonable  agreement
     with the preliminary  block model grade estimates of the TG-1 deposit.  The
     metallurgical sample locations have been well documented by Manhattan,  and
     the spatial  coverage of the ore types in the TG-1 deposit  represented  by
     these  samples is  regarded  as  reasonable.  MRDI  recommended  some minor
     additional  sampling  to  finalize  the  feasibility  testwork  and improve
     in-fill sulphide sample coverage to the north of the deposit.  However, due
     to the limited nature of this sampling and the current understanding of the
     deposit  mineralogy  and  metallurgy,  the  results  of this  testwork  are
     unlikely to materially affect overall recovery projections.

     There are two main metallurgical types in the oxide deposit:

     o    90% oxide Au-Ag ore
          -    60% as siliceous gossan
          -    30% as baritic sandstone

     o    10% transition high-grade Au-Ag ore.

     Mineralogical  analysis and cyanidation leach testwork was conducted on all
     these ore types.  Projections of gold and silver leach  recoveries from the
     oxide and  transition  ores are based on test results  from two  laboratory
     batch test programs.  This has allowed a reasonable  estimate to be made of
     the likely  metallurgical  performance and reagent  consumptions  using the
     selected cyanide leach feasibility flowsheets.

     The  flowsheet  for  oxide ore is  presented  in  Appendix  D. SAG and ball
     milling  will be used to grind the ore to 80%  passing  40 um.  The  milled
     product  will be  thickened  and  subjected  to  conventional  leaching  in
     cyanide.  The  pregnant  solution  will then be  separated  from the barren
     tailings  using  countercurrent  decantation.  Cyanide  destruction  on the
     tailings  stream,  using the SO2/air  technique,  will also be incorporated
     into the flowsheet. Pregnant solution will be clarified and de-aerated in a
     conventional  Merrill-Crowe  circuit and the precious metals recovered from
     solution by zinc precipitation.  The precious metal sludge will be upgraded
     to produce a gold/silver-bearing dore for shipment to a refinery.


Project No.:  L466A                                                 Section 16-2


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     With the exception of some minor operating parameters and technical issues,
     metallurgical  testwork of the oxide and  transition  ores is complete to a
     level required for feasibility assessment.

     Projections  of gold and silver  leach  recoveries  from the TG-1 oxide ore
     appear  reasonable  and are based on an  appropriate  level of  feasibility
     testwork.  Based on this testwork,  anticipated  recoveries are as shown in
     Table 16.1.

     Table 16.1:  Mineral Reserve Recoveries, Oxide Ore

     ---------------------------------------------------------------
                                 Gold (%)           Silver (%)
     ===============================================================
     Oxide Ore                      90                 61.8
     ---------------------------------------------------------------

     These  estimates  include an estimated 1.5% loss in precious metal recovery
     due to countercurrent decantation and zinc precipitation inefficiencies.

     The TG-1 sulphide ores are volcanogenic  massive sulphides  containing more
     than 80%  sulphide  minerals.  All the ores  contain  pyrite as the primary
     constituent. There are three sulphide ore types:

     o    Type 1 contains  on average  2.1%  copper  (80% of which is  secondary
          copper minerals chalcocite and covellite).

     o    Type 2 contains on average 1.1% copper (90% as chalcopyrite)  and 2.1%
          zinc (as sphalerite).

     o    Type 3 contains on average1.8% copper (as chalcopyrite).

     Modal analysis and open-circuit and  locked-cycle  flotation  testwork were
     conducted on the three types of sulphide ore. Some of the Type 1 and Type 2
     samples  used in the phase 1  testing  exhibited  signs of aging,  and MRDI
     regards the  performance  projections  used in the current  September  2000
     reserve to be conservative relative to the updated phase 2 projections. The
     phase 2  testwork  used fresh Type 1 and Type 2 ore  samples  and  modified
     procedures,   and  permitted  a  more  reliable   estimate  of  the  likely
     metallurgical  performance of these ores. The modified flowsheet  procedure
     was also  more  consistent  with the  intended  feasibility  flowsheet  and
     included   improvements  in  the  reagent  suite  and  concentrate  regrind
     practice. Despite these improvements,  mineralogical evidence and an as-yet
     unoptimized  reagent suite suggest that the potential of these ores has not
     been fully realized.  MRDI expect that the additional testwork will support
     this. A  hydrometallurgical  alternative to flotation for Type 1 ore, which
     is high in secondary copper sulphides,  was also assessed, but a comparison
     study showed that flotation was more economic for processing this ore.


Project No.:  L466A                                                 Section 16-3


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     The Type 3 ore copper  mineralization  is  predominantly  chalcopyrite  and
     yielded consistently good flotation metallurgy.

     In most  instances,  the assays  obtained  for  concentrate  minor  element
     analysis  related to earlier  non-optimized  testwork.  This work indicated
     that the  copper  concentrates  produced  from Type 1 and Type 2 ore may be
     subject to minor penalties for arsenic, antimony and selenium, and possibly
     Type  2 for  the  sum of its  lead  and  zinc  content.  Nevertheless,  the
     concentrates are not expected to contain deleterious elements in sufficient
     quantities to attract  significant  smelter  penalties.  Copper concentrate
     produced from Type 3 ore is unlikely to contain any  deleterious  elements.
     The  copper  concentrates  are  expected  to yield a small  precious  metal
     credit. Provision has therefore been made in the smelter schedule terms for
     a minor penalty and a small  precious  metal credit.  MRDI deems this to be
     reasonable.

     The  flowsheets  for  processing  sulphide ore are presented in Appendix D.
     Copper and zinc concentrates  will be produced by flotation.  All ore types
     are fine-grained, requiring a primary grind of 80% passing 45 um to achieve
     adequate  liberation for rougher flotation.  Two parallel lines of grinding
     and copper  flotation will be utilized.  This  configuration  is consistent
     with the TG-1  mining  sequence  and the  production  of Type 1 ore,  which
     requires separate  processing to optimize its copper  metallurgy.  A single
     mill line will also be equipped  with a zinc circuit to process Type 2 ore.
     When Type 3 ore is processed the zinc circuit will be by-passed.

     The TG-1 sulphide  recoveries  and  concentrate  grades used in the Mineral
     Reserve Estimate are shown in Table 16.2, and the projected  recoveries and
     concentrate grades are shown in Table 16.3. While the latter figures are to
     be confirmed in the final testwork,  they generally show  improvement  over
     the values used in the Mineral Reserve Estimate.

     Table 16.2:  Mineral  Reserve  Classification  Recoveries  and  Concentrate
                  Grades, Sulphide Ore

     ---------------------------------------------------------------------------
                          Copper (%)                        Zinc (%)
                ----------------------------------------------------------------
     Ore Type    Recovery        Concentrate      Recovery        Concentrate
                                    Grade                            Grade
     ===========================================================================
     Type 1         60               24               -                -
     Type 2         62               24              74               52
     Type 2         87               27               -                -
     ---------------------------------------------------------------------------


Project No.:  L466A                                                 Section 16-4


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]


     Table 16.3: Projected Recoveries and Concentrate Grades, Sulphide Ore

     ---------------------------------------------------------------------------
                            Copper (%)                      Zinc (%)
                 ---------------------------------------------------------------
      Ore Type     Recovery        Concentrate    Recovery        Concentrate
                                      Grade                          Grade
     ===========================================================================
      Type 1          73               24             -                -
      Type 2          71               26            76               52
      Type 2          87               27             -                -
     ---------------------------------------------------------------------------

     The  projected  improvement  in Type 1 and  Type 2  metallurgy  is based on
     improvements  achieved in a second phase of metallurgical  testwork carried
     out  after the  September  2000  Mineral  Reserve  Classification  Progress
     Report.  The  new  projections  are  reasonable  and  consistent  with  the
     testwork.  Key to the improved  metallurgy during the period September 2000
     to  December  2000 was the use of fresh  samples  and a modified  flowsheet
     procedure.  Despite these improvements there is evidence that the potential
     of all these  ores has not yet been  fully  optimized.  MRDI  expects  that
     additional testwork will confirm this.


Project No.:  L466A                                                 Section 16-5


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

     The Mineral  Resource and Mineral  Reserve  estimates for the TG-1 and TG-3
     deposits were calculated under the direction of Stephen Juras,  P.Geo.,  in
     1999 and 2000.  The  estimates  were made from  3-dimensional  block models
     utilizing commercial mine planning software (Gemcom(R) and MineSite(R)).

17.1 Geologic Models

     Tambo Grande  deposits  TG-1 and TG-3 were  modelled  separately.  The TG-1
     model origin, in UTM coordinates, was 574,000 m East, 9,453,000 m North and
     100 m elevation.  Block size for TG-1 model was 5 m East, 5 m North and 2.5
     m elevation  for the oxide zone, 5 m elevation for the sulphide  zone.  The
     TG-1  model  was  rotated   62(degree)   anti-clockwise   relative  to  UTM
     coordinates.  The TG-3 model  origin was 572,700 m East,  9,452,500 m North
     and 100 m  elevation.  Block  size was 10 m in all three  directions.  This
     model was not rotated.

     The grade  modelling  philosophy  was based on using  geologic  features to
     control the extent of interpolation.  Mineralized  envelopes were developed
     on oblique sections in two directions and checked in plan. The criteria for
     constructing  the  envelopes  were the  zone  contact  (oxide,  transition,
     sulphide  and  stockwork),   the  main  sulphide   mineral  zones  (pyrite,
     chalcopyrite/pyrite,  sphalerite/chalcopyrite/pyrite, secondary copper) and
     internal  waste rock zones  (volcaniclastic  layers and mafic dikes).  MRDI
     reviewed  the  shapes  and  found  them  to be  properly  constructed.  The
     east-west  oblique  interpretations  were  used  to  construct  solids  for
     modelling.

     MRDI  examined the assay data defined by the  mineralized  envelopes  using
     histograms,  probability  plots and  contact  profiles.  Results  show that
     distributions in the oxide zone do not support using internal rock types as
     individual  estimating domains.  The same conclusion was reached for copper
     distribution in the sulphide zones.  The  distribution of zinc was distinct
     to the  sphalerite/chalcopyrite/pyrite  zone and supported treating it as a
     separate estimating domain.

     The final  resource  model did not use  internal  domains  for metal in the
     oxide zone or for copper in the sulphide  zone, but did have distinct zones
     for zinc.  However,  domains respecting the morphology of the TG-1 sulphide
     body were made (for search ellipse  orientation only) at zones called North
     (model rows 1 to 72),  Central (model rows 73 to 127) and South (model rows
     128 to 300).  MRDI found this approach to be sound for estimating  grade in
     these deposit types.

     The assays were grouped  into 2 m down-hole  composites  for the  sulphide,
     oxide and stockwork domains.  The compositing  honoured the geology domains
     by breaking the composites on the domain code values.  The composite length
     for the TG-1  transition  zone or domain was 0.5 m. This  length was chosen
     because  length  weighting of the


Project No.:  L466A                                                 Section 17-1


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     composites  is not an option in Gemcom(R),  which treats all  composites as
     point  data.  To minimize  potential  bias of  variable  length  composites
     treated as equal length in thin units with variable thicknesses,  a shorter
     composite length was chosen. MRDI found minimal bias in the 0.5 m composite
     values in the  transition  zone.  Overall  MRDI  reviewed  the  compositing
     process and found it to have performed correctly.

     MRDI conducted  spatial  analyses of gold,  silver,  copper and zinc in the
     various  zones  in  TG-1  and,  because  of  much  lower  data  density,  a
     preliminary  analysis on TG-3.  Nugget  effects are relatively low for gold
     and  silver in the oxide and  transition  zones of TG-1.  The  patterns  of
     anisotropy are  consistent  with the nature of this  mineralization  in the
     respective zones.  Copper and zinc results in the sulphide zone show low to
     moderate  nugget effects.  The patterns of anisotropy are again  consistent
     with what is known about the geology of this zone.

     Extreme  high-grade  metal values were examined in the TG-1 zones to assess
     the risk of achieving the predicted  annual metal grade during  production.
     MRDI  conducted a Monte Carlo analysis for gold and silver in the oxide and
     transition  zone and for copper and zinc in the sulphide zone. The analysis
     for the oxide zone values showed low risk  associated  with higher gold and
     silver  values.  Capping  within  the oxide zone was at 30 g/t for gold and
     3,000 g/t for silver.  The risk for these two metals in the transition zone
     is high,  however;  a capping strategy was therefore adopted whereby assays
     were  capped at 40 g/t for gold  values  and 4,000 g/t for  silver  values.
     Results for the base metals in the sulphide zone showed low risk associated
     with higher grades.  Cap grades were set accordingly at 9% Cu and 8% Zn. No
     capping analysis was done for the TG-3 deposit.

     Bulk density data were obtained from  measurements done by Manhattan at its
     Piura  facilities.  Two methods were  employed,  immersion in water with no
     coating, and immersion in water with polyethylene coating. Overall, samples
     were measured every 2 m in the oxide zone,  every 20 m in sulphides and one
     measurement for each major,  non-massive sulphide lithology per drill hole.
     Procedures  and results have been  validated by inspection at site by Brian
     McEwen,  P.Geol.,  and  through  independent  bulk  density  determinations
     performed by Intertek Testing Services (Bonder Clegg). Average bulk density
     values  were   calculated  for  each   mineralization   type  and  assigned
     accordingly in the resource model.  The bulk density of the TG-1 oxide zone
     was   more   variable   and  was   determined   through   a   kriging   and
     nearest-neighbour interpolation.

17.2 Interpolation Plans

     TG-1

     Each  TG-1  grade  model  had a unique  variogram,  which  was used for all
     interpolation  except stockwork zone. The variogram parameters are shown in
     Table   17.1.    Interpolation   was   done   by   ordinary   kriging   and
     nearest-neighbour  methods.  Search


Project No.:  L466A                                                 Section 17-2


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     ellipse  dimensions  and the number of  composites  used are shown in Table
     17.2. MRDI inspected the variograms and interpolation  parameters and found
     them to be acceptable for grade interpolation at TG-1.

     TG-3

     TG-3 grades were  interpolated by MRDI using inverse distance  weighting to
     the third power. Interpolation parameters used are shown in Table 17.2.

Table 17.1: TG-1 Variogram Summary

<TABLE>
-------------------------------------------------------------------------------------------------------------------------
                  Nugget     C1       C2     Structure              RH Rotation About                   Range Along
                                                        ------------------------------------------- ---------------------
                                                         Z Axis    Y Axis     Z Axis     Z Axis       Y Axis    X Axis
=========================================================================================================================
<S>                <C>      <C>     <C>      <C>             <C>      <C>        <C>       <C>           <C>      <C>
Oxide Zone
Bulk Density       0.484    0.384   0.132    Spherical      -86      -75         95        51.0          15.6     145.6
                                             Spherical      -25       12         56       109.5        3494.9     372.4
Silver             0.293    0.545   0.163    Spherical     -116       87         93        43.2          12.6      69.9
                                             Spherical       24       -4        -43       369.9         399.8    2183.0
Gold               0.226    0.542   0.233    Spherical        7      -24         76         8.8          36.6       6.3
                                             Spherical       36        2          2        26.0        2869.9     591.7
..........................................................................................................................
Transition Zone
Silver             0.250    0.600   0.150    Spherical      -50        0          0         2.0           42.0     75.0
                                             Spherical      -44        0          0         5.0          100.0     40.0
Gold               0.440    0.560            Spherical     -180        0          0         5.0          100.0    100.0
..........................................................................................................................
Sulphide Zone
Copper             0.272    0.497   0.230    Spherical       10       -60          3        13.9          20.8      89.1
                                             Spherical       -3        87          5       170.3         691.5      55.5
Zinc               0.297    0.471   0.232    Spherical       12        -7         -3        43.5          59.5      29.5
                                             Spherical       33        17         61        63.3         260.2     249.9
..........................................................................................................................
Stockwork Zone
Copper             0.088    0.583   0.329    Spherical      -33        35         53         9.0          35.0      69.0
                                             Spherical       -2       -27         57        82.0         520.0      94.0
-------------------------------------------------------------------------------------------------------------------------
</TABLE>


Project No.:  L466A                                                 Section 17-3


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 17.2: Interpolation Parameters for TG-1 and TG-3

<TABLE>
-------------------------------------------------------------------------------------------------------------------
                            No. of Composites per Block                         Search Ellipse
                         ----------------------------------- ------------------------------------------------------
Zone                        Max       Min        Per DH       Y (m)     X (m)     Z (m)     Rot1    Rot2     Rot3
===================================================================================================================
<S>                         <C>        <C>          <C>         <C>       <C>       <C>      <C>      <C>     <C>
TG-1
Oxide Zone
First Pass                   8         3            2           40        40        5        0        0       0
Second Pass                  6         2            2           75        75        25       0        0       0
....................................................................................................................
Bulk Density
First Pass-OK                8         3            2           40        40        5        0        0       0
Second Pass-NN               1         1            1          150       150        25       0        0       0
-------------------------------------------------------------------------------------------------------------------
Transition Zone
First Pass                  24         8            6           40        40        20       0        0       0
Second Pass                 24         5            6          105       105        20       0        0       0
....................................................................................................................
Bulk Density
First Pass-OK                8         3            2           70        70        5        0        0       0
Second Pass-NN               1         1            1          140       140        10       0        0       0
-------------------------------------------------------------------------------------------------------------------
Sulphide Zone
Cu Model
South                        8         3            2          125        85        40       90      20       0
Central                      8         3            2          125        85        40       90       8       0
North                        8         3            2          125        85        40       90      -30      0
....................................................................................................................
Zn Model
South                        8         3            2          125        85        40       90      20       0
Central                      8         3            2          125        85        40       90       8       0
Central 2                    8         3            2          125        85        40       90      -40      0
North                        8         3            2          125        85        40       90      -30      0
-------------------------------------------------------------------------------------------------------------------
Stockwork Zone
First Pass                  10         3            2           40        40        10       0       -10      0
Second Pass                 10         3            2          120       120        40       0       -10      0
===================================================================================================================
TG-3
First Pass                  12         1          none          75        75        10       0        0       0
Second Pass                 12         1            3          300       300        50       0        0       0
-------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: Rot1, Rot2, Rot3 are rotation angles based on  Gemcom(R)convention.  OK -
       Ordinary Kriging Interpolation, NN - Nearest Neighbour Interpolation.

17.3 Model Validation

     MRDI  completed a detailed  review of the TG-1 resource  block models.  All
     models were  checked for proper  coding of drill hole  intervals  and block
     model  cells,  in both  section  and plan.  Coding was found to be properly
     done.  Metal  grade  interpolation  was  examined  relative  to drill  hole
     composite  values by inspecting  sections and plans. The checks showed good
     agreement  between  drill hole  composite  values  and model


Project No.:  L466A                                                 Section 17-4


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     cell values. Examples of representative sections and plans containing block
     model metal grades, drill hole composite metal values and zone outlines are
     included in Appendix C.

     MRDI also  checked the block model  estimates  for global bias by comparing
     the  average  metal  grades  (with no  cut-off)  from the  model  (ordinary
     kriging)    with   means    from    nearest-neighbour    estimates.    (The
     nearest-neighbour  estimator produces a theoretically  unbiased estimate of
     the average  value when no cut-off grade is imposed and is a good basis for
     checking the performance of different  estimation methods.) Results show no
     evidence of bias in the estimate.

     MRDI also  checked for local trends in the grade  estimates.  This was done
     for the metal  grades by plotting  the results  from the  nearest-neighbour
     estimate  versus the kriged  results bench by bench.  The kriged  estimates
     should  be  smoother  than  the   nearest-neighbour   estimate,   thus  the
     nearest-neighbour  estimate should  fluctuate around the kriged estimate on
     the plot. Results show no significant trends in any of the metals in any of
     the zones.

17.4 Resource and Reserve Classification and Summaries

     The  mineralization of the Tambo Grande Project as of December 31, 2000, is
     classified as Mineral Resource and Mineral Reserve for the TG-1 deposit and
     as Mineral  Resource  for the TG-3  deposit.  Summaries  are shown in Table
     17.3. The TG-1 category of Indicated  Mineral Resources is supported by the
     present  drilling  grid. The drill spacing is a nominal 35 m on section and
     between  sections.  Geologic and grade continuity is also  demonstrated for
     this  level of  resource  classification.  The  model was  classified  by a
     proximity to composite protocol.  Blocks containing an estimate with two or
     more  samples  from  different  drill holes  within 27 m or with one sample
     within  9 m were  classified  as  Indicated  Mineral  Resources.  The  TG-3
     resource  was  deemed  to  belong  entirely  within  the  Inferred  Mineral
     Resources  category.  The  classification  logic  used at Tambo  Grande  is
     consistent with CIM definitions referred to in National Instrument 43-101.


Project No.:  L466A                                                 Section 17-5


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

Table 17.3: Mineral Resource and Mineral Reserve Summary

<TABLE>
-------------------------------------------------------------------------------------------------------------------
                                                                                         Grade
                                                                      ---------------------------------------------
                                                                         Copper       Zinc      Gold      Silver
                                                          Tonnes          (%)         (%)      (g/t)      (g/t)
===================================================================================================================
<S>                                                       <C>             <C>         <C>       <C>         <C>
TG-1 Gold Deposit
Mineral Resources
Indicated Mineral Resources (a)                            8,081,000       -           -        3.7         70
Inferred Mineral Resources                                   669,000       -           -        3.7         75
Mineral Reserves                                                           -           -
Probable Mineral Reserves (b)                              8,056,000       -           -        3.5         67
....................................................................................................................
TG-1 Sulphide Deposit
Mineral Resources
Indicated Mineral Resources (c)
   Type 1                                                 14,500,000      2.2         0.2       0.6         29
   Type 2                                                 23,400,000      1.0         2.1       0.7         36
   Type 3                                                 11,200,000      2.1         0.2       0.3         16
   Stockwork                                               1,400,000      1.6          -         -          -
Total Indicated Mineral Resources                         50,500,000      1.6         1.1       0.6         28
Inferred Mineral Resources
   Type 1                                                  1,200,000      2.0         0.4       0.6         30
   Type 2                                                  2,500,000      1.0         2.2       0.6         32
   Type 3                                                  1,600,000      1.7         0.3       0.3         13
   Stockwork                                                 200,000      1.3          -         -          -
Total Inferred Mineral Resources                           5,500,000      1.4         1.1       0.5         25
Mineral Reserves
Probable Mineral Reserves (d)
   Type 1                                                 15,100,000      2.1         0.1       0.6         26
   Type 2                                                 21,600,000      1.1         2.1       0.7         34
   Type 3                                                 11,100,000      1.8         0.1       0.3         13
   Stockwork                                               1,400,000      1.3          -         -          -
Total Probable Mineral Reserves                           49,200,000      1.6         1.0       0.6         26
....................................................................................................................
TG-3 Sulphide Deposit
Inferred Mineral Resources (e)                            82,000,000      1.0         1.4       0.8         25
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(a)  The resource was calculated  based on a cut-off grade of 1.0 g/t gold. High
     values were cut to 40 g/t gold and 4,000 g/t silver.
(b)  The reserve was  calculated on a Net Smelter Return (NSR) cut-off of $8.53,
     which covers processing, and general and administrative costs. The reserves
     incorporate 95,000 t of external dilution taken at zero grade. The open pit
     design  shows  that the  deposit  can be  mined  at a strip  ratio of 1.9:1
     (waste:ore).   The  Mineral  Reserves  are  contained  within  the  Mineral
     Resources.
(c)  The resource was  calculated  using a cut-off grade of 0.75% Cu Equivalent.
     High assays have been cut to 9.0% copper and 8.0% zinc.
(d)  The reserve were calculated on variable NSR cut-offs (Type 1 = $4.75,  Type
     2 = $5.97,  Type 3 and  Stockwork = $4.60),  which covers  processing,  and
     general and  administrative  costs. The reserves  incorporate  200,000 t of
     external  dilution and 400,000 t of internal dike  dilution,  both taken at
     zero  grade.  The open pit design  shows that the deposit can be mined at a
     strip ratio of 1.2:1 (waste:ore). The Mineral Reserves are contained within
     the Mineral Resources.
(e)  The  resource  was  calculated   using  a  cut-off  grade  of  0.5%  copper
     equivalent. No cutting factor was applied.


Project No.:  L466A                                                 Section 17-6


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     The  TG-1  deposit  has  been  envisioned  as a  conventional  truck/shovel
     operation.  Forecast  production  is 7,500 t/d mill feed from the oxide and
     transitional  deposits  followed by 15,000 t/d mill feed from the  sulphide
     deposit.  MRDI created a value model of the TG-1 deposit based on the input
     parameters shown in Tables 17.4 to 17.6.

     Table 17.4: Metal Prices ($)

     --------------------------------
      Metal                 Price
     ================================
      Gold                 300 /oz
      Silver              5.00 /oz
      Copper              0.90 /lb
      Zinc                0.55 /lb
     --------------------------------

     Table 17.5: Metallurgical Recovery (%)

<TABLE>
     -----------------------------------------------------------------------------------------
                                          Zone 1      Zone 2               Zone 3
     Metal       Oxide    Transition     Sulphide    Sulphide      Sulphide and Stockwork
     =========================================================================================
<S>                <C>        <C>           <C>          <C>                  <C>
     Gold          92         90            0            0                    0
     Silver        60         88            0            0                    0
     Copper       N/A         N/A           60          62                   87
     Zinc         N/A         N/A          N/A          74                   N/A
     -----------------------------------------------------------------------------------------
</TABLE>

     Table 17.6: Concentrate Grade (% Cu, % Zn)

     -----------------------------------------------------
                      Zone 1         Zone 2        Zone 3
     Metal           Sulphide       Sulphide      Sulphide
     =====================================================
     Copper             24             24            27
     Zinc               N/A            52           N/A
     -----------------------------------------------------

     No  recoveries  were placed  against the lead,  gold and silver  within the
     sulphide zones.

     Recovery and concentrate  parameters were taken from initial  metallurgical
     testwork.  Metal prices were developed through discussions between MRDI and
     Manhattan and were  consistent  with current  practice.  MRDI considers the
     metal prices to be reasonable and within market parameters.

     Dilution  has been  applied  both  internally  and  externally  for all the
     different  zones within the deposit.  Dilution for the oxide and transition
     zones ranges from 10% to 25% along the fringe of the deposit.  Dilution for
     the sulphide  zone ranges from 10% along the fringes of the deposit to full
     block  dilution  when the sulphide  comes in contact with the modelled dyke
     material.


Project No.:  L466A                                                 Section 17-7


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     In  addition to  metallurgical  recovery  and  concentrate  grade  factors,
     additional  factors  were  applied to the  concentrates  for  shipping  and
     handling, smelting and refining charges, as shown in Table 17.7.

     Table 17.7: Transport, Smelter and Refining Terms

<TABLE>
     ---------------------------------------------------------------------------------------------------
                                                           Copper                       Zinc
                                        Unit             Concentrate                Concentrate
     ===================================================================================================
<S>                                     <C>                  <C>                        <C>
     Treatment Charge                   $/dmt                90                         190
     Payable                              %                                              85
     Deduction                          Units               1.00
     Refining Charge                    $/lb                0.09
     Price Participation                  %         10% (at Cu >$0.90/lb)      15% (at Zn >$0.50/lb)
     Road Freight and Storage           $/wmt                19                          19
     Ocean Freight                      $/wmt                27                          27
     Moisture                             %                   8                          8
     Insurance                            %                 0.10                        0.10
     Losses                               %                 0.50                        0.50
     ---------------------------------------------------------------------------------------------------
</TABLE>

     MRDI  optimized the pit shell to define the reserve  utilizing the floating
     cone algorithm within MineSite(R).  Shells were generated from 0.70 $/lb Cu
     to 1.20 $/lb Cu at 0.05 $/lb price  increments.  The wall slopes were based
     on the work completed by Klohn-Crippen  and presented in a memorandum Tambo
     Grande Open Pit Overall Scope Design,  dated March 18, 2000. The parameters
     are tabulated in Table 17.8.

     Table 17.8: Geotechnical Wall Parameters

<TABLE>
     -----------------------------------------------------------------------------------------
     Zone                                               Area                Inter-Ramp Angle
     =========================================================================================
<S>                                                <C>                            <C>
     Unconsolidated                                   All walls                   26(degree)
     Oxide                                            All walls                   40(degree)
     Volcanics and Massive Sulphide              South and West wall              45(degree)
     Volcanics and Massive Sulphide                   East wall                42(degree)- 50(degree)
     Volcanics and Massive Sulphide                  North wall                   50(degree)
     -----------------------------------------------------------------------------------------
</TABLE>

     The  overall pit  design,  which was also  constrained  by  minimizing  the
     disturbance  to the town of  Tambogrande,  fell between the shells that had
     been created at $0.85 copper and $0.95 copper.

     Based  on the  level  of work  completed  to date  and  the  commitment  of
     Manhattan and all associated  parties  affected by the TG-1  development to
     further the project,  MRDI  believes that the  classification  used to this
     point is  appropriate.  Manhattan is currently in the process of developing
     and  presenting its  Environmental  Impact  Assessment  (EIA) for the Tambo
     Grande  Project  based on  mining  the TG-1  deposit.  Discussions  between
     Manhattan,  local and  state  governments,  non-governmental  organizations


Project No.:  L466A                                                 Section 17-8


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     (NGOs),  affected  associations,  community  groups and the local  populace
     regarding  the status and the  relative  merits of the project are ongoing.
     If, following all  negotiations,  the local population deems there to be no
     merits to the proposed development,  then a proportion of the deposit would
     have to be re-classified.

     The reporting of the mineral reserve was based on an NSR cut-off value. The
     factors  listed  in Table  17.7  were  applied  to the  different  zones to
     calculate an NSR. The cut-off  value was then based on the NSR that covered
     the projected process and general and administrative costs. The cut-off for
     the different zones shown in Table 17.9 will also include copper equivalent
     grades for the massive  sulphide zone and a gold  equivalent  grade for the
     oxide and transition zones.

     Table 17.9: Cut-off Grades for NSR Calculation

     ----------------------------------------------------------------------
                                             NSR Cut-off       Equivalent
     Zone                                       ($/t)            Cut-off
     ======================================================================
     Oxide and Transitional Zone                 8.53          1.00 g/t Au
     Massive Sulphide Zone 1                     4.75           0.72% Cu
     Massive Sulphide Zone 2                     5.97           0.87% Cu
     Massive Sulphide Zone 3                     4.60           0.45% Cu
     Stockwork                                   4.60           0.45% Cu
     ----------------------------------------------------------------------

17.5 Recovery

     Projections  of gold and silver  leach  recoveries  from the TG-1 oxide ore
     appear  reasonable  and are  based on an  appropriate  level  of  testwork.
     Anticipated recoveries based on this testwork are shown in Table 17.10.

     Table 17.10: Mineral Reserves Recoveries, Oxide Ore

     --------------------------------------------------------------
                                 Gold (%)            Silver (%)
     ==============================================================
     Oxide Ore                      90                  61.8
     --------------------------------------------------------------

     These  estimates  include an estimated 1.5% loss in precious metal recovery
     due to countercurrent decantation and zinc precipitation inefficiencies.

     The TG-1 sulphide  recoveries  and  concentrate  grades used in the Mineral
     Reserve Estimate are shown in Table 17.11 and the projected  recoveries and
     concentrate  grades in Table  17.12.  While the  latter  figures  are to be
     confirmed in the final testwork,  they generally show  improvement over the
     values used in the Mineral Reserve Estimate.


Project No.:  L466A                                                 Section 17-9


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     Table 17.11:  Mineral  Reserve  Classification  Recoveries and  Concentrate
                   Grades, Sulphide Ore

     ---------------------------------------------------------------------------
                            Copper (%)                      Zinc (%)
                  --------------------------------------------------------------
     Ore Type      Recovery        Concentrate    Recovery        Concentrate
                                      Grade                          Grade
     ========================================================-==================
     Type 1           60               24
     Type 2           62               24            74               52
     Type 2           87               27
     ---------------------------------------------------------------------------

     Table 17.12: Projected Recoveries and Concentrate Grades, Sulphide Ore

     ---------------------------------------------------------------------------
                           Copper (%)                     Zinc (%)
                  --------------------------------------------------------------
     Ore Type     Recovery        Concentrate   Recovery        Concentrate
                                     Grade                         Grade
     ===========================================================================
     Type 1          73               24
     Type 2          71               26           76               52
     Type 2          87               27
     ---------------------------------------------------------------------------

     The  projected  improvement  in Type 1 and Type 2 metallurgy  is based on a
     second phase of metallurgical testwork carried out after the September 2000
     Mineral Reserve Classification  Progress Report. The new projections appear
     to be reasonable  and  consistent  with the  testwork.  Key to the improved
     metallurgy during the period September 2000 to December 2000 was the use of
     fresh   samples  and  a  modified   flowsheet   procedure.   Despite  these
     improvements there is evidence that the potential of these ores has not yet
     been fully optimized.  MRDI expects that the additional planned feasibility
     testwork will confirm this.


Project No.:  L466A                                                Section 17-10


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

18.0 OTHER DATA AND INFORMATION

     No other data or information is relevant for the review of the Tambo Grande
     Project.


Project No.:  L466A                                                 Section 18-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION

     This section is not  relevant  because  there are no  producing  properties
     within the Tambo Grande Project.


Project No.:  L466A                                                 Section 19-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

20.0 CONCLUSIONS

     MRDI  reviewed  pertinent  data from the Tambo  Grande  Project to obtain a
     sufficient  level of  understanding to assess the existing Mineral Resource
     and Mineral Reserve statement.  MRDI's general conclusions from this review
     are as follows:

     o    The geology of the Tambo Grande Project is reasonably understood.  The
          TG-1,  TG-3 and B-5 deposits are considered to be classic  examples of
          volcanogenic  massive  sulphide  deposits.  They are graben hosted and
          typically  mineralogically  zoned.  The deposits  consist of a central
          pyritic  core,  a flanking  sphalerite/chalcopyrite/pyrite  zone and a
          basal chalcopyrite/pyrite zone. In addition, the TG-1 deposit contains
          a late-stage  supergene-copper-enriched  massive  sulphide zone at the
          top and  margins of the  sulphides.  TG-1 also  contains a  late-stage
          auriferous  exhalative  baritic unit that  overlies the  sulphides and
          comprises the oxide ore zone at TG-1.

     o    The most recent  exploration  program at Tambo Grande was  successful,
          with  the  discovery  of the  B-5  deposit.  The  exploration  program
          strongly  relies on geophysical  survey data (gravity and  magnetics),
          and  many  target  anomalies  still  exist  within  the  project  land
          holdings.  Excellent  potential exists for additional massive sulphide
          mineralization on this property.

     o    The  database  used to  estimate  the  Mineral  Resources  and Mineral
          Reserves at TG-1 consists of 336 drill holes. The Mineral Resources at
          TG-3 were  estimated  from 53 drill  holes.  Samples  were assayed for
          gold,  silver,  copper,  zinc and lead.  Data transfer to the resource
          databases from original assay  certificates  was verified through a 5%
          check of the databases.  A comprehensive quality assurance and control
          program was done for the work at Tambo Grande Project.  The results of
          standard  reference  materials  for all metals  demonstrated  that the
          assay process was in control for the drill programs.  Duplicate sample
          results  showed  good  reproducibility  for all  metals.  A program of
          coarse  reject  duplicates  validated the sample  preparation  for the
          work. MRDI concluded that the quality  assurance and control  programs
          for the Tambo Grande Project were well designed and executed.

     o    The  TG-1  and  TG-3  resource  block  models  were  developed   using
          industry-accepted  methods.  MRDI  validated  the model  estimates and
          found them to reasonably estimate grade and tonnage for the deposits.

     o    The  mineralization  of the Tambo  Grande  Project as of December  31,
          2000, is classified  as Indicated and Inferred  Mineral  Resources and
          Probable Mineral Reserves for the TG-1 deposit and as Inferred Mineral
          Resources  for the TG-3  deposit.  MRDI assessed the criteria used for
          this classification and agrees with them.


Project No.:  L466A                                                 Section 20-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

     o    The declaration of Mineral  Reserves at TG-1 is supported by the level
          of work done to date and the  commitment of Manhattan  and  associated
          parties  affected by the location of TG-1 to further the project.  The
          implications  for  the  development  of a  mine  on the  Tambo  Grande
          Concessions of the location of the town of Tambogrande relative to the
          location of the TG-1 deposit have not been completely assessed at this
          time.  Nonetheless,  Manhattan has been working closely with community
          leaders to establish a co-operative,  mutually beneficial relationship
          with the area  residents  in an  effort  to ensure  that  impacts  are
          minimized.  Manhattan  will continue with  socio-economic  studies and
          initiatives  to  address  this  matter  as  part of the  ongoing  work
          program.

     o    Projections  of gold and silver leach  recoveries  from the TG-1 oxide
          ore  appear  reasonable  and are  based  on an  appropriate  level  of
          testwork.  Recovery  values  used  for  copper  and  zinc in the  TG-1
          sulphide ore have been revised since the Mineral Reserve Estimate. The
          new  projections  appear  to be  reasonable  and  consistent  with the
          testwork.  Key to the improved  metallurgy during the period September
          2000 to  December  2000 was the use of fresh  samples  and a  modified
          flowsheet procedure.  When substantiated,  the Mineral Reserves should
          be  re-estimated  using  the  revised  recovery  factors  in  the  NSR
          formulae.

     This  independent  review by MRDI  supports the 2000 Tambo  Grande  Mineral
     Resource and Mineral Reserve statement.


Project No.:  L466A                                                 Section 20-2


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]

21.0 REFERENCES

     Tegart,   P.,  Allen,  G.,   Carstensen,   A.,  2000,   Regional   Setting,
     Stratigraphy,  Alteration  and  Mineralization  of  the  Tambo  Grande  VMS
     district,  Piura  Department,  Northern  Peru,  in VMS  Deposits  of  Latin
     America,  Geological  Association  of Canada,  Mineral  Deposits  Division,
     Special Publication No.2, p.305-335.


Project No.:  L466A                                                 Section 21-1


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]



                    APPENDIX A:

                    On-Site Procedures Manual

                    Regional    Setting,     Stratigraphy,     Alteration    and
                    Mineralization  of the  Tambo  Grande  VMS  District,  Piura
                    Department, Northern Peru, by Peter Tegart, Gordon Allen and
                    Andrew Carstensen


Project No.:  L466A                                                   Appendices


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Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]








                    APPENDIX B:

                    B-5 Drill Holes Assays > 0.5% Cu or Zn
                    TG-1 Oxide Composites > 1 g/t Au
                    TG-1 Sulphide Composites > 0.5% Cu or Zn
                    TG-3 Composites > 0.5% Cu or Zn


Project No.:  L466A                                                   Appendices


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Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]







                    APPENDIX C:

                    Drill Hole Sections
                    (Geology, Composites, Cu% + Zn% Block Models)

                    TG-1     1210W
                             1350W
                             1490W

                    TG-3     3300N
                             3500N
                             3700N


Project No.:  L466A                                                   Appendices


<PAGE>


Manhattan Minerals Corp.
Technical Report
Tambo Grande Project                                           [GRAPHIC OMITTED]








                    APPENDIX D:

                    Metallurgical Flowsheets



Project No.:  L466A                                                   Appendices