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| Calais Resources Inc.Manhattan Project | i NI 43-101 Technical Report on Exploration |
|----------------------------------------|--------------------------------------------------|

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| 1      | INTRODUCTION (ITEM 4)                                                             | 1-1                                             |
|--------|-----------------------------------------------------------------------------------|-------------------------------------------------|
|   | 1.1                                                                               | Terms of Reference and Purpose of the Report    | 1-1 |
|   | 1.2                                                                               | Reliance on Other Experts (Item 5)              | 1-1 |
|   |                                                                              | 1.2.1                                           | Sources of Information | 1-2 |
|   | 1.3                                                                               | Qualifications of Consultant (SRK)              | 1-2 |
|   |                                                                              | 1.3.1                                           | Site Visit | 1-3 |
| 2      | PROPERTY DESCRIPTION AND LOCATION (ITEM 6)                                        | 2-1                                             |
|   | 2.1                                                                               | Property Location                               | 2-1 |
|   | 2.2                                                                               | Mineral Titles                                  | 2-1 |
|   |                                                                              | 2.2.1                                           | The Manhattan South Project Area (MSPA) | 2-2 |
|   |                                                                              | 2.2.2                                           | The Manhattan North Project Area (MNPA) | 2-3 |
|   |                                                                              | 2.2.3                                           | Legal Issues | 2-4 |
|   | 2.3                                                                               | Location of Mineralization                      | 2-4 |
|   | 2.4                                                                               | Royalties, Agreements and Encumbrances          | 2-5 |
|   |                                                                              | 2.4.1                                           | Royalties | 2-5 |
|   |                                                                              | 2.4.2                                           | Agreements | 2-5 |
|   |                                                                              | 2.4.5                                           | Encumbrances | 2-5 |
|   | 2.5                                                                               | Environmental Liabilities and Permitting        | 2-7 |
|   |                                                                              | 2.5.1                                           | Required Permits and Status | 2-7 |
|   |                                                                              | 2.5.2                                           | Compliance Evaluation | 2-8 |
| 3      | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY (ITEM 7) | 3-1                                             |
|   | 3.1                                                                               | Topography, Elevation and Vegetation            | 3-1 |
|   | 3.2                                                                               | Climate and Length of Operating Season          | 3-1 |
|   | 3.3                                                                               | Access to Property                              | 3-1 |
|   | 3.4                                                                               | Surface Rights                                  | 3-1 |
|   | 3.5                                                                               | Local Resources and Infrastructure              | 3-1 |
|   |                                                                              | 3.5.1                                           | Access Road and Transportation | 3-2 |
|   |                                                                              | 3.5.2                                           | Power Supply | 3-2 |
|   |                                                                              | 3.5.3                                           | Water Supply | 3-2 |
|   |                                                                              | 3.5.4                                           | Buildings & Ancillary Facilities | 3-2 |
|   |                                                                              | 3.5.5                                           | Tailings Storage Area | 3-2 |
|   |                                                                              | 3.5.6                                           | Waste Disposal Area | 3-2 |
|   |                                                                              | 3.5.7                                           | Manpower | 3-2 |
| 4      | HISTORY (ITEM 8)                                                                  | 4-1                                             |
|   | 4.1                                                                               | Ownership                                       | 4-1 |
|   | 4.2                                                                               | Past Exploration and Development                | 4-1 |
|   | 4.3                                                                               | Historic Mineral Resource and Reserve Estimates | 4-1 |
|   | 4.4                                                                               | Historic Production                             | 4-2 |
| 5      | GEOLOGICAL SETTING (ITEM 9)                                                       | 5-1                                             |
|   | 5.1                                                                               | Regional Geology                                | 5-1 |
|   | 5.2                                                                               | Local Geology                                   | 5-1 |
|   |                                                                              | 5.2.1                                           | Local Lithology | 5-1 |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | ii NI 43-101 Technical Report on Exploration |
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|   |                                                      | 5.2.2                                   | Alteration                | 5-1  |
|--------|-----------------------------------------------------------|-----------------------------------------|---------------------------|------|
|   |                                                      | 5.2.3                                   | Structure                 | 5-2  |
| 6      | DEPOSIT TYPE (ITEM 10)                                    | 6-1                                     |
| 7      | MINERALIZATION (ITEM 11)                                  | 7-1                                     |
|   | 7.1                                                       | Mineralized Zones                       | 7-1                       |
|   |                                                      | 7.1.1                                   | Manhattan South           | 7-1  |
|   |                                                      | 7.1.2                                   | Manhattan North           | 7-1  |
| 8      | EXPLORATION (ITEM 12)                                     | 8-1                                     |
|   | 8.1                                                       | Surveys and Investigations              | 8-1                       |
|   |                                                      | 8.1.1                                   | Procedures and Parameters | 8-1  |
|   | 8.2                                                       | Interpretation                          | 8-1                       |
| 9      | DRILLING (ITEM 13)                                        | 9-1                                     |
|   | 9.1                                                       | Type and Extent of Drilling             | 9-1                       |
|   | 9.2                                                       | Results                                 | 9-2                       |
| 10     | SAMPLING METHOD AND APPROACH (ITEM 14)                    | 10-1                                    |
|   | 10.1                                                      | Sample Methods                          | 10-1                      |
|   | 10.2                                                      | Factors Impacting Accuracy of Results   | 10-1                      |
| 11     | SAMPLE PREPARATION, ANALYSES AND SECURITY (ITEM 15)       | 11-1                                    |
|   | 11.1                                                      | Sample Preparation and Assaying Methods | 11-1                      |
|   | 11.2                                                      | Quality Controls and Quality Assurance  | 11-1                      |
|   | 11.3                                                      | Interpretation                          | 11-1                      |
| 12     | DATA VERIFICATION (ITEM 16)                               | 12-1                                    |
| 13     | ADJACENT PROPERTIES (ITEM 17)                             | 13-1                                    |
|   | 13.1                                                      | Statement                               | 13-1                      |
| 14     | MINERAL PROCESSING AND METALLURGICAL TESTING (ITEM 18)    | 14-1                                    |
| 15     | MINERAL RESOURCES AND MINERAL RESERVE ESTIMATES (ITEM 19) | 15-1                                    |
| 16     | OTHER RELEVANT DATA AND INFORMATION (ITEM 20)             | 16-1                                    |
| 17     | INTERPRETATION AND CONCLUSIONS (ITEM 21)                  | 17-1                                    |
|   | 17.1                                                      | Field Surveys                           | 17-1                      |
|   | 17.2                                                      | Analytical and Testing Data             | 17-1                      |
|   | 17.3                                                      | Exploration Conclusions                 | 17-1                      |
| 18     | RECOMMENDATIONS (ITEM 22)                                 | 18-1                                    |
|   | 18.1                                                      | Recommended Work Programs               | 18-1                      |
|   |                                                      | 18.1.1                                  | Costs                     | 18-1 |
| 19     | REFERENCES (ITEM 23)                                      | 19-1                                    |
| 20     | GLOSSARY                                                  | 20-1                                    |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | iii NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

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| Table 2.2.1:  Summary of MSPA Claims                                           |  2-2  |
|------------------------------------------------------------------------------------------|------------|
| Table 2.2.2:  Summary of MNPA Claims                                           |  2-3  |
| Table 9.1.1:  Significant Drilling Results from the FMC 1982-1984 Exploration* |  9-1  |
| Table 18.1.1:  Phase I and Phase II Drilling Recommendations                   |  18-1 |
| Table 20.1:  Glossary                                                          |  20-1 |
| Table 20.2:  Abbreviations                                                     |  20-2 |

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| Exhibit 2-1(A):  MSPA – Summary of Patented Claims                     |  2-11 |
|----------------------------------------------------------------------------------------|------------|
| Exhibit 2-1(B):  MSPA – Summary of White Caps Claims (Unpatented)      |  2-12 |
| Exhibit 2-1(C):  MSPA – Summary of Argus Unpatented Claims             |  2-13 |
| Exhibit 2-1(D):  MSPA – Summary of Surviving Selig Claims (Unpatented) |  2-14 |
| Exhibit 2-1(E):  MNPA – Summary of Wild Horse Claims (Unpatented)      |  2-15 |

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| Figure 2-1:  General Location Map of the Manhattan Project |  2-9  |
|-----------------------------------------------------------------|------------|
| Figure 2-2:  Manhattan Claim Location Map                  |  2-10 |
| Figure 5-1:  General Geology of the Calais Project Area    |  5-3  |

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| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | I NI 43-101 Technical Report on Exploration |
|----------------------------------------|--------------------------------------------------|

| ·     | Manhattan Property Joint Venture between NMMI (24.5%) and Calais (75.5%) on 28 patented claims and 56 surviving Selig claims and 29 Argus claims , subject to the NMMI Settlement Agreement (Some claims in the original venture no longer exist, or were conveyed by Anthony Selig to third parties); the NMMI Agreement established claims subject to the agreement; |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Silenus lien - $2,000,000.  It is unclear if this is a valid lien, or applies solely to the NMMI 24.5% interest; |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·     | NMMI payment - $75,000; |
|---------------------------|-------------------------|

| ·     | Marlow Harvey, et al. – 15,000ft exploration drilling program; |
|---------------------------|----------------------------------------------------------------------|

| ·     | Marlow Harvey, et al. – 250k restrictive and 2.5m common stock; |
|---------------------------|-----------------------------------------------------------------------|

| ·     | White Cap Mines 42 unpatented claims (re-locations of former Selig claims) – Subject to a prior claim location correction and not subject to the NMMI Agreement; |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | WC-114, 115, 116, &117 unpatented claims - titled to Argus Resources, Inc.  Possible BLM clerical error as Argus claims have been transferred to Calais under applicable deeds; |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | WC#14, WC#16, WC#18, WC#20, WC#106, WC#108, WC#110, WC#112 and WC# 145 unpatented claims - dual claimed by Calais and Selig; |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·     | Calais is required to perform annual assessment work obligations; |
|---------------------------|-------------------------------------------------------------------|

| ·     | Various deeds of trust on property groups in favor of a former Argus principal; |
|---------------------------|---------------------------------------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | II NI 43-101 Technical Report on Exploration |
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| ·     | Successive agreements on various of the property groups, some of which appear to be mutually inconsistent or potentially contradictory; and |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Various liens, defects, encumbrances or limitations revealed in the litigation title commitment or updated commitment. |
|---------------------------|------------------------------------------------------------------------------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | III NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 1-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 1   | Introduction (Item 4) |
|---------------|----------------------------|

| 1.1   | Terms of Reference and Purpose of the Report |
|-----------------|----------------------------------------------|

| 1.2 | Reliance on Other Experts (Item 5) |
|-----|------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 1-2 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| ·     | Complex History of Precious Metal Deposits, Southern Toquima Range, Nevada, U.S. Geological Survey Open File report 86-0459; |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·     | Geologic Map of the Manhattan Quardrangle Nye County, Nevada, U.S. Geological Survey Geologic Quadrangle Map GQ-1775; |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------|

| ·     | Geochemisty, Geochronology, Mineralogy, and Geology Suggest Sources of and Controls on Mineral Systems in the Southern Toquima Range, Nye County, Nevada, U.S. Geological Survey Miscellaneous Field Studies Pamphlet MF-2327-Can; and |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Geologic Insights and Suggestions on Mineral Potential Based on Analysis of Geophysical Data of the Southern Toquima Range, Nye County, Nevada, U.S. Geological Survey Miscellaneous Field Studies Pamphlet MF-2327-D. |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3   | Qualifications of Consultant (SRK) |
|-----------------|------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 1-3 NI 43-101 Technical Report on Exploration |
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| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 2   | Property Description and Location (Item 6) |
|---------------|--------------------------------------------|

| 2.1   | Property Location |
|-----------------|-------------------|

| 2.2   | Mineral Titles |
|-----------------|----------------|

| ·     | Sections 5 and 6 of Township 7 North, Range 44 East; |
|---------------------------|------------------------------------------------------|

| ·     | Sections 4, 5, 6, 8, 9, 20, 21, 22, 27, 28, 29, 30, 31, 32 and 33 of Township 8 North, Range 44 East; |
|---------------------------|-------------------------------------------------------------------------------------------------------|

| ·     | Sections 25 and 36 of Township 9 North, Range 43 East; and |
|---------------------------|------------------------------------------------------------|

| ·     | Sections 30, 31, and 32 Township 9 North, Range 44 East. |
|---------------------------|----------------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-2 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| ·     | Manhattan South Project Area (MSPA).  This areas consists of 28 patented claims and 127 unpatented claims; and |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·     | Manhattan North Project Area (MNPA).  This area consists of 56 unpatented claims. |
|---------------------------|---------------------------------------------------------------------------------------------|

| Area/Claim Group            | No. ofClaims | Subjectto MPJV | Notes                                                                                                                                                                                                                                                                                     |
|-----------------------------|--------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Patented Claims             |         |           |                                                                                                                                                                                                                                                                                      |
| Argus Patented Claims       | 26           | Yes            | Owned 60% by Calais Resources Nevada, Inc. and 40% by Nevada Manhattan Mining, Inc. ("NMMI").  Claims are subject to the MPJV, and the 2000 Settlement Agreement.  Assignment of these claims was received July 2004 from Argus Resources Inc. ("Argus").             |
| Calais                      | 1            | Yes            | Owned 100% by Calais Resources Nevada, Inc..  This claim is subject to the MPJV and the 2000 Settlement Agreement.                                                                                                                                                              |
| Calais                      | 1            | Yes            | Owned 100% by Calais Resources Nevada through a land exchange.  It is subject to the MPJV through a land exchange.                                                                                                                                                              |
| Total Patented              | 28           |           |                                                                                                                                                                                                                                                                                      |
| Unpatented Claims           |         |           |                                                                                                                                                                                                                                                                                      |
| White Caps Claims           | 42           | No             | Owned 100% by Calais Resources Nevada, Inc..                                                                                                                                                                                                                                              |
| Argus Unpatented Claims (A) | 17           | Yes            | Owned  60% by Calais Resources Nevada, Inc., and 40% by Nevada Manhattan Mining, Inc. ("NMMI").  Claims are subject to the MPJV, and the 2000 Settlement Agreement.  Assignment of these claims was received July 2004 from Argus Resources Inc. ("Argus"). |
| Argus Unpatented Claims (B) | 12           | Yes            | Owned 100% by Calais Resources Nevada, Inc.. Claim is subject to the MPJV and the 2000 Settlement Agreement.                                                                                                                                                                              |
| Surviving Selig Claims      | 56           | Yes            | Owned 100% by Anthony Selig.                                                                                                                                                                                                                                                              |
| Total Unpatented            | 127          |           |                                                                                                                                                                                                                                                                                      |
| Total Claims                | 155          |           |                                                                                                                                                                                                                                                                                      |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-3 NI 43-101 Technical Report on Exploration |
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| Area/Claim Group  | No. of Claims | Subjectto MPJV | Notes                                                                                                                                                   |
|-------------------|---------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| Unpatented Claims |          |           |                                                                                                                                                    |
| Wild Horse Claims | 56            | No             | Owned 100% by Calais Resources Colorado, Inc.  These claims were located by Calais and are outside of the MPJV and 2000 Settlement Agreement. |
| Unpatented Claims | 56            |           |                                                                                                                                                    |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-4 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 2.3   | Location of Mineralization |
|-----------------|----------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-5 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 2.4   | Royalties, Agreements and Encumbrances |
|-----------------|----------------------------------------|

| ·     | All patented claims; |
|---------------------------|----------------------|

| ·     | The Argus Unpatented Claims; and |
|---------------------------|----------------------------------|

| ·     | The Surviving Selig Claims. |
|---------------------------|-----------------------------|

| ·     | The Manhattan South Project Area’s origination is the Manhattan Properties Joint Venture as formed in June 1993 between NMMI, Marlowe Harvey/Maran Holding, Inc. (Harvey), and Argus Resources, Inc. (Argus).  The initial joint venture property consisted of 28 patented claims and 29 unpatented claims. |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | Concurrent with the MPJV formation, 13 of the original claims were encumbered for a $532,000 note in favor of Anthony C. Selig (Anthony Selig Note).  Selig, who was a contract purchaser of the properties, was granted the Deed of Trust for his role in allowing a 40% interest in certain of the unpatented and patented claims to be transferred from Argus to NMMI.  The Selig Entities were the original owners of the patented and unpatented mining claims comprising the Manhattan Properties, or had contracts to acquire those interests on various terms under agreements which were themselves subject to several amendments over time.  In March 1997, NMMI entered into a Sale and Purchase agreement with the Selig Entities to repurchase the Anthony Selig Note for $375,000.  NMMI (Manhattan Properties Joint Venture’s 24.5% partner) fulfilled the terms of the note with payments on March 1997 and June 1997.  Calais is in possession of this satisfied note, which has not yet been released of record.  As noted, the Selig entities have not yet released the quitclaim deed to the 1997 properties which is currently being held by Selig’s attorney. |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | In 1997, NMMI encumbered the Manhattan Property joint venture through NMMI’s 24.5% share.  NMMI entered into a Subscription Agreement with Silenus Limited on |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-6 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

|    | April 14, 1997.  The Subscription Agreement required NMMI to grant Silenus Limited a $2,000,000 deed of trust encompassing the Manhattan Property until the Debentures issued to Silenus are converted, redeemed or paid in full.  Further title investigation has determined that the Silenus deed of trust, executed by NMMI, has been recorded and does purport to encumber any after-acquired title of NMMI.  Calais, which was the majority interest holder in the venture at that date, questions the ability of Silenus to encumber the joint venture property and the Calais and Argus interests in those properties. |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | All above Manhattan South Project Area properties (28 patented and 131 unpatented claims) may be encumbered by the Silenus lien.  The existence and status of the Silenus lien, and whether it attaches to any venture properties, is a material concern regarding title to the Manhattan South Project Area and must be resolved before a significant expenditure on exploration of the properties is undertaken.  Not all of the unpatented claims purporting to be encumbered are current claims, or, claims titled in NMMI at the time of the purported encumberance. |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | The Sep 2000 Legal Action (Also, “2000 Settlement Agreement”) provides for Calais Resources and Argus Resources to pay to NMMI and Jeff Kramer (an officer of NMMI) $300,000 total plus 5% interest (four $75,000 annual payments, the first payment at closing and a payment on each anniversary of closing).  This payment was to reimburse NMMI’s payment of the Anthony Selig Note paid by NMMI in June 1997.  Four $37,500 payments were made to Jeff Kramer and only two $37,500 payments were made to NMMI, as NMMI could not be located after the initial two payments were made; Calais made tender of the funds, but all correspondence was returned as un-deliverable.  Two contractual payments, totaling $75,000, have not been made to NMMI.  NMMI has no address and no living officers or directors have been located.  Calais has resolved to deposit the remaining payments totaling $75,000 with the District Court as part of a proposed curative action. |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | The above March 2004 Agreement required Calais to complete a minimum of 15,000ft of exploration drilling within two years.  At Calais’ option, the agreement further provided a prescriptive path for development of the project through stages ending in a production plan for the Manhattan South Project Area.  The agreement provides a cure process and failing to cure, the 24.5% interest is returned to Argus Resources.  Calais has not received marketable title from Mr. Harvey and Calais has not conducted the 15,000ft drill program.  A number of the significant problems with title are described above.  Mr. Harvey has been notified that marketable title was not received. |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | The March 2004 Settlement Agreement also required Calais to pay Marlowe Harvey and/or related entities, 250,000 shares of Calais restricted stock in payment for the 24.5% interest.  After completion of exploration drilling (discussed above) and the identification of gold or gold equivalent resources exceeding 2Moz, Calais is to issue 2.5million shares of Calais common stock to Argus Resources.  Identification of less than 2Moz results in a proportional reduction in the 2.5million shares of stock.  Calais has not received marketable title from Mr. Harvey and no shares have been transferred. |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | The 42 unpatented claims, originally located by White Cap Mines, Inc., (and which were themselves re-locations of prior Selig claims) were conveyed to Calais Resources Nevada, Inc. in July 2004, by Quitclaim deed dated July 20, 2004, recorded August 10, |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-7 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

|    | 2004, between White Cap Mines, Inc. (Marlowe Harvey, President) and Calais Resources Nevada, Inc.  The 42 unpatented claims were originally located in Range 44E and are currently listed in Range 41E in the Nye County Recorders records and the BLM-LR2000 claim reports.  Further survey work, and or claim location work may be required.  Work to correct the description of the proper range in documents recorded in Nye County and with the BLM was completed in 2008.  The claims are believed to have been properly located on the ground in Range 44E, and it is further believed that Nevada curative statutes allow correction of the error in the recorded documents. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | WC-114, WC-115, WC-116, WC-117 unpatented claims are titled to Argus Resources, Inc.  Further curative title work is required, which may consist of a clerical error at BLM, which received a deed transferring these interests to Calais. |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·     | WC#14, WC#16, WC#18, WC#20, WC#106, WC#108, WC#110, WC#112 and WC# 145 are dual claimed by Calais and Selig.  Further curative title work is required. |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5   | Environmental Liabilities and Permitting |
|-----------------|------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-8 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-9 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-10 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 2-11 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

|                 | Claim Name               | Mineral Survey | Township | Range  |
|----------------------|--------------------------|----------------|----------|--------|
|                 | Parcel No. 6-14          |           |     |   |
| 1     | Katie No. 1              | MS2651         | T8N      | R44E   |
| 2     | Keystone                 | MS2692         | T8N      | R44E   |
| 3     | Red Boy                  | MS2693         | T8N      | R44E   |
| 4     | Silver Pick, as modified | MS25287        | T8N      | R44E   |
| 5     | Whoopee Fraction         | MS2694         | T8N      | R44E   |
|                 | Parcel No. 6-15          |           |     |   |
| 6     | Annie Laurie             | MS2874         | T8N      | R44E   |
| 7     | Dexter No. 7             | MS2602         | T8N      | R44E   |
| 8     | Dexter No. 8             | MS2602         | T8N      | R44E   |
| 9     | Earl                     | MS2544         | T8N      | R44E   |
| 10    | Eva                      | MS3667         | T8N      | R44E   |
| 11    | Flying Cloud             | MS3667         | T8N      | R44E   |
| 12    | Snowman                  | MS3667         | T8N      | R44E   |
| 13    | Snow Drift               | MS2764         | T8N      | R44E   |
| 14    | Union No. 2              | MS2552         | T8N      | R44E   |
| 15    | Union No. 3              | MS2553         | T8N      | R44E   |
| 16    | Union No. 4              | MS2554         | T8N      | R44E   |
| 17    | Union No. 5, as modified | MS2555         | T8N      | R44E   |
| 18    | Uno                      | MS2695         | T8N      | R44E   |
|                 | Parcel No. 6-16          |           |     |   |
| 19    | Ivanhoe                  | MS2773         | T8N      | R44E   |
| 20    | Morning Glory            | MS4073         | T8N      | R44E   |
| 21    | Muleskinner              | MS2882         | T8N      | R44E   |
| 22    | Pine Nut No. 2           | MS4073         | T8N      | R44E   |
| 23    | Union                    | MS2625         | T8N      | R44E   |
| 24    | Union No. 1              | MS2625         | T8N      | R44E   |
| 25    | White Cap                | MS2579         | T8N      | R44E   |
| 26    | White Cap No. 1          | MS2579         | T8N      | R44E   |
| 27    | White Cap Extension      | MS4335         | T8N      | R44E   |
| 28    | White Cap Ext. No. 1     | MS4335         | T8N      | R44E   |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

----

| Calais Resources Inc.Manhattan Project | 2-12 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

|                 | Claim Name                 | Mineral Survey | Royalty | Township | Range |    Claimant            |
|----------------------|----------------------------|----------------|---------|----------|-------|----------------------------------|
| 1     | WC No 6                    | NMC712130      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 2     | WC No 8                    | NMC712131      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 3     | WC No 10                   | NMC712132      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 4     | WC No 12                   | NMC712133      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 5     | WC No 21                   | NMC712134      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 6     | WC No 22                   | NMC712135      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 7     | WC No 23                   | NMC712136      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 8     | WC No 24                   | NMC712137      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 9     | WC No 25                   | NMC712138      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 10    | WC No 26                   | NMC712139      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 11    | WC No 27                   | NMC712140      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 12    | WC No 28                   | NMC712141      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 13    | WC No 29                   | NMC712142      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 14    | WC No 30                   | NMC712143      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 15    | WC No 31                   | NMC712144      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 16    | WC No 32                   | NMC712145      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 17    | WC No 33                   | NMC712146      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 18    | WC No 34                   | NMC712147      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 19    | WC No 35                   | NMC712148      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 20    | WC No 98                   | NMC712149      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 21    | WC No 100                  | NMC712150      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 22    | WC No 102                  | NMC712151      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 23    | WC No 145                  | NMC712152      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 24    | SM #1                      | NMC712153      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 25    | SM #2                      | NMC712154      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 26    | SM #3                      | NMC712155      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 27    | SM #4                      | NMC712156      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 28    | SM #5                      | NMC712157      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 29    | SM #6                      | NMC712158      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 30    | SM #7                      | NMC712159      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 31    | SM #8                      | NMC712160      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 32    | SM #9                      | NMC712161      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 33    | SM #10                     | NMC712162      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 34    | SM #12                     | NMC712163      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 35    | SM #14                     | NMC712164      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 36    | SM #16                     | NMC712165      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 37    | SM #18                     | NMC712166      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 38    | SM #21                     | NMC712167      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 39    | SM #23                     | NMC712168      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 40    | SM #25                     | NMC712169      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 41    | Little Joe Fraction No. 11 | NMC712170      | 0%      | T8N      | R41E  |    Calais Resources NV |
| 42    | Little Joe Fraction No. 22 | NMC712171      | 0%      | T8N      | R41E  |    Calais Resources NV |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

----

| Calais Resources Inc.Manhattan Project | 2-13 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

|                 | Claim Name              | Mineral Survey | Royalty | Township | Range |    Claimant            |
|----------------------|-------------------------|----------------|---------|----------|-------|----------------------------------|
| 1     | Little Joe #1           | NMC93115       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 2     | Little Joe #2           | NMC93116       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 3     | Little Joe #3           | NMC93117       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 4     | Little Joe #4           | NMC93118       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 5     | Little Joe #5           | NMC93119       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 6     | Little Joe #6           | NMC93120       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 7     | Little Joe #7           | NMC93121       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 8     | Little Joe #8           | NMC93122       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 9     | Little Joe #9           | NMC93123       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 10    | Little Joe #10          | NMC93124       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 11    | Little Joe #11          | NMC93125       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 12    | Little Joe #12          | NMC93126       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 13    | Little Joe #13          | NMC93127       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 14    | Little Joe #14          | NMC93128       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 15    | Little Joe #15          | NMC93129       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 16    | Little Joe #16          | NMC93130       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 17    | Little Joe #17          | NMC93131       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 18    | Little Joe #18          | NMC93132       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 19    | Little Joe Fraction #19 | NMC93133       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 20    | Little Joe Fraction #20 | NMC93134       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 21    | Little Joe Fraction #21 | NMC93135       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 22    | Mable A                 | NMC93107       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 23    | Lillie Fraction         | NMC93108       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 24    | Little Johnnie Fraction | NMC93109       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 25    | Pandora Fraction        | NMC93110       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 26    | Turtle Dove Fraction    | NMC93111       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 27    | Combination             | NMC93112       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 28    | Granny Fraction         | NMC93113       | 2%      | T8N      | R44E  |    Calais Resources NV |
| 29    | Yellow Horse Fraction   | NMC93114       | 2%      | T8N      | R44E  |    Calais Resources NV |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

----

| Calais Resources Inc.Manhattan Project | 2-14 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

|                 | Claim Name           | Mineral Survey | Royalty | Township    | Range |    Claimant             |
|----------------------|----------------------|----------------|---------|-------------|-------|-----------------------------------|
| 1     | WC # 2               | NMC260866      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 2     | WC # 4               | NMC260868      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 3     | WC # 13              | NMC443689      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 4     | WC # 14              | NMC443690      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 5     | WC # 15              | NMC260879      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 6     | WC # 16              | NMC443691      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 7     | WC # 17              | NMC260881      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 8     | WC # 18              | NMC443692      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 9     | WC # 19              | NMC260883      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 10    | WC # 20              | NMC443693      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 11    | WC # 36              | NMC260900      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 12    | WC # 37              | NMC260901      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 13    | WC # 38              | NMC260902      | 2%      | T7 & 8N | R44E  |    Calais Resources NV  |
| 14    | WC # 39              | NMC260903      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 15    | WC # 40              | NMC260904      | 2%      | T7 & 8N | R44E  |    Calais Resources NV  |
| 16    | WC # 41              | NMC260905      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 17    | WC # 42              | NMC260906      | 2%      | T7 & 8N | R44E  |    Calais Resources NV  |
| 18    | WC # 43              | NMC260907      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 19    | WC # 44              | NMC260908      | 2%      | T7 & 8N | R44E  |    Calais Resources NV  |
| 20    | WC # 46              | NMC260910      | 2%      | T7 & 8N | R44E  |    Calais Resources NV  |
| 21    | WC # 69              | NMC443718      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 22    | WC # 70              | NMC443719      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 23    | WC # 71              | NMC443720      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 24    | WC # 73              | NMC443722      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 25    | WC # 75              | NMC443724      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 26    | WC # 77              | NMC443726      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 27    | WC # 97              | NMC260961      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 28    | WC # 99              | NMC260963      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 29    | WC # 101             | NMC260965      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 30    | WC # 103             | NMC260967      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 31    | WC # 104             | NMC443749      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 32    | WC # 105             | NMC260969      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 33    | WC # 106             | NMC443750      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 34    | WC # 107             | NMC260971      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 35    | WC # 108             | NMC443751      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 36    | WC # 109             | NMC260973      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 37    | WC # 110             | NMC443752      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 38    | WC # 111             | NMC260975      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 39    | WC # 112             | NMC443753      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 40    | WC # 113             | NMC260977      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 41    | WC # 114             | NMC260978      | 2%      | T8N         | R44E  |    Argus Resources Inc. |
| 42    | WC # 115             | NMC260979      | 2%      | T8N         | R44E  |    Argus Resources Inc. |
| 43    | WC # 116             | NMC260980      | 2%      | T8N         | R44E  |    Argus Resources Inc. |
| 44    | WC # 117             | NMC260981      | 2%      | T8N         | R44E  |    Argus Resources Inc. |
| 45    | WC # 126             | NMC260990      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 46    | WC # 128             | NMC260992      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 47    | WC # 130             | NMC260994      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 48    | WC # 132             | NMC260996      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 49    | WC # 134             | NMC260998      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 50    | WC # 136             | NMC261000      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 51    | WC # 140             | NMC261004      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 52    | WC # 141             | NMC261005      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 53    | WC # 142             | NMC261006      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 54    | WC # 143             | NMC261007      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 55    | Boggie Lode          | NMC569966      | 2%      | T8N         | R44E  |    Calais Resources NV  |
| 56    | Granny Lode Fraction | NMC594683      | 2%      | T8N         | R44E  |    Calais Resources NV  |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

----

| Calais Resources Inc.Manhattan Project | 2-15 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

|                 | Claim Name    | Mineral Survey | Royalty | Township    | Range         |    Claimant            |
|----------------------|---------------|----------------|---------|-------------|---------------|----------------------------------|
| 1     | Wild Horse 1  | NMC 866234     | 0%      | T9N         | R43E          |    Calais Resources CO |
| 2     | Wild Horse 2  | NMC 866235     | 0%      | T9N         | R43E          |    Calais Resources CO |
| 3     | Wild Horse 3  | NMC 866236     | 0%      | T9N         | R43E          |    Calais Resources CO |
| 4     | Wild Horse 4  | NMC 866237     | 0%      | T9N         | R43E          |    Calais Resources CO |
| 5     | Wild Horse 5  | NMC 866238     | 0%      | T9N         | R43 & 44E |    Calais Resources CO |
| 6     | Wild Horse 6  | NMC 866239     | 0%      | T9N         | R43E          |    Calais Resources CO |
| 7     | Wild Horse 7  | NMC 866240     | 0%      | T9N         | R43E          |    Calais Resources CO |
| 8     | Wild Horse 8  | NMC 866241     | 0%      | T9N         | R43E          |    Calais Resources CO |
| 9     | Wild Horse 9  | NMC 866242     | 0%      | T9N         | R43 & 44E |    Calais Resources CO |
| 10    | Wild Horse 10 | NMC 866243     | 0%      | T9N         | R43 & 44E |    Calais Resources CO |
| 11    | Wild Horse 12 | NMC 866244     | 0%      | T9N         | R43 & 44E |    Calais Resources CO |
| 12    | Wild Horse 13 | NMC 866245     | 0%      | T9N         | R43 & 44E |    Calais Resources CO |
| 13    | Wild Horse 14 | NMC 866246     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 14    | Wild Horse 15 | NMC 866247     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 15    | Wild Horse 16 | NMC 866248     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 16    | Wild Horse 17 | NMC 866249     | 0%      | T9N         | R43 & 44E |    Calais Resources CO |
| 17    | Wild Horse 18 | NMC 866250     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 18    | Wild Horse 19 | NMC 866251     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 19    | Wild Horse 20 | NMC 866252     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 20    | Wild Horse 21 | NMC 866253     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 21    | Wild Horse 22 | NMC 866254     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 22    | Wild Horse 23 | NMC 866255     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 23    | Wild Horse 24 | NMC 866256     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 24    | Wild Horse 25 | NMC 866257     | 0%      | T8 & 9N | R44E          |    Calais Resources CO |
| 25    | Wild Horse 26 | NMC 866258     | 0%      | T9N         | R44E          |    Calais Resources CO |
| 26    | Wild Horse 27 | NMC 866259     | 0%      | T8 & 9N | R44E          |    Calais Resources CO |
| 27    | Wild Horse 28 | NMC 866260     | 0%      | T8 & 9N | R44E          |    Calais Resources CO |
| 28    | Wild Horse 29 | NMC 866261     | 0%      | T8 & 9N | R44E          |    Calais Resources CO |
| 29    | Wild Horse 30 | NMC 866262     | 0%      | T8 & 9N | R44E          |    Calais Resources CO |
| 30    | Wild Horse 31 | NMC 866263     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 31    | Wild Horse 32 | NMC 866264     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 32    | Wild Horse 33 | NMC 866265     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 33    | Wild Horse 34 | NMC 866266     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 34    | Wild Horse 35 | NMC 866267     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 35    | Wild Horse 36 | NMC 866268     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 36    | Wild Horse 37 | NMC 866269     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 37    | Wild Horse 38 | NMC 866270     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 38    | Wild Horse 39 | NMC 866271     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 39    | Wild Horse 40 | NMC 866272     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 40    | Wild Horse 41 | NMC 866273     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 41    | Wild Horse 42 | NMC 866274     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 42    | Wild Horse 43 | NMC 866275     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 43    | Wild Horse 44 | NMC 866276     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 44    | Wild Horse 45 | NMC 866277     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 45    | Wild Horse 46 | NMC 866278     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 46    | Wild Horse 47 | NMC 866279     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 47    | Wild Horse 48 | NMC 866280     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 48    | Wild Horse 49 | NMC 866281     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 49    | Wild Horse 50 | NMC 866282     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 50    | Wild Horse 51 | NMC 866283     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 51    | Wild Horse 52 | NMC 866284     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 52    | Wild Horse 53 | NMC 866285     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 53    | Wild Horse 54 | NMC 866286     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 54    | Wild Horse 55 | NMC 866287     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 55    | Wild Horse 56 | NMC 866288     | 0%      | T8N         | R44E          |    Calais Resources CO |
| 56    | Wild Horse 57 | NMC 866289     | 0%      | T8N         | R44E          |    Calais Resources CO |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

----

| Calais Resources Inc.Manhattan Project | 3-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 3   | Accessibility, Climate, Local Resources, Infrastructure and Physiography (Item 7) |
|---------------|-----------------------------------------------------------------------------------|

| 3.1   | Topography, Elevation and Vegetation |
|-----------------|--------------------------------------|

| 3.2   | Climate and Length of Operating Season |
|-----------------|----------------------------------------|

| 3.3   | Access to Property |
|-----------------|--------------------|

| 3.4   | Surface Rights |
|-----------------|----------------|

| 3.5   | Local Resources and Infrastructure |
|-----------------|------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

----

| Calais Resources Inc.Manhattan Project | 3-2 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

----

| Calais Resources Inc.Manhattan Project | 4-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 4   | History (Item 8) |
|---------------|------------------|

| 4.1   | Ownership |
|-----------------|-----------|

| 4.2   | Past Exploration and Development |
|-----------------|----------------------------------|

| 4.3   | Historic Mineral Resource and Reserve Estimates |
|-----------------|-------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 4-2 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 4.4   | Historic Production |
|-----------------|---------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 5-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 5   | Geologic Setting (Item 9) |
|---------------|---------------------------|

| 5.1   | Regional Geology |
|-----------------|------------------|

| 5.2   | Local Geology |
|-----------------|---------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 5-2 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 5-3 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 6-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 6   | Deposit Type (Item 10) |
|---------------|------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 7-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 7   | Mineralization (Item 11) |
|---------------|--------------------------|

| 7.1   | Mineralized Zones |
|-----------------|-------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 8-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 8   | Exploration (Item 12) |
|---------------|-----------------------|

| 8.1   | Surveys and Investigations |
|-----------------|----------------------------|

| 8.2   | Interpretation |
|-----------------|----------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 9-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 9   | Drilling (Item 13) |
|---------------|--------------------|

| 9.1   | Type and Extent of Drilling |
|-----------------|-----------------------------|

| Drill Hole ID | Depth (ft) | Intercept Length (ft) | Au (oz/st) |
|---------------|------------|-----------------------|------------|
| WC-2          | 75-80      | 5                     | 0.211      |
| WC-13         | 345-350    | 5                     | 0.157      |
| WC-17         | 450-455    | 5                     | 0.260      |
| WC-19         | 215-235    | 20                    | 0.273      |
| WC-35         | 490-495    | 5                     | 0.495      |
| WC-36         | 105-170    | 65                    | 0.330      |
| WC-37         | 150-160    | 10                    | 0.125      |
| WC-41         | 170-180    | 10                    | 0.348      |
| WC-41         | 290-295    | 5                     | 0.105      |
| WC-49         | 465-490    | 25                    | 0.698      |
| WC-50         | 265-275    | 10                    | 0.202      |
| WC-54         | 415-425    | 10                    | 0.161      |
| WC-56         | 515-520    | 5                     | 0.102      |
| WC-60         | 760-765    | 5                     | 0.233      |
| WC-67         | 725-740    | 15                    | 0.210      |
| WC-67         | 750-765    | 15                    | 0.121      |
| WC-71         | 105-125    | 20                    | 0.108      |
| DH-1          | 1040-1055  | 15                    | 0.162      |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 9-2 NI 43-101 Technical Report on Exploration |
|----------------------------------------|----------------------------------------------------|

| 9.2   | Results |
|-----------------|---------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 10-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 10   | Sampling Method and Approach (Item 14) |
|----------------|----------------------------------------|

| 10.1   | Sample Methods |
|------------------|----------------|

| 10.2   | Factors Impacting Accuracy of Results |
|------------------|---------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 11-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 11   | Sample Preparation, Analyses and Security (Item 15) |
|----------------|-----------------------------------------------------|

| 11.1   | Sample Preparation and Assaying Methods |
|------------------|-----------------------------------------|

| 11.2   | Quality Controls and Quality Assurance |
|------------------|----------------------------------------|

| 11.3   | Interpretation |
|------------------|----------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 12-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 12   | Data Verification (Item 16) |
|----------------|-----------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 13-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 13   | Adjacent Properties (Item 17) |
|----------------|-------------------------------|

| 13.1   | Statement |
|------------------|-----------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 14-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 14   | Mineral Processing and Metallurgical Testing (Item 18) |
|----------------|--------------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 15-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 15   | Mineral Resources and Mineral Reserve Estimates (Item 19) |
|----------------|-----------------------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 16-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 16   | Other Relevant Data and Information (Item 20) |
|----------------|-----------------------------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 17-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 17   | Interpretation and Conclusions (Item 21) |
|----------------|------------------------------------------|

| 17.1   | Field Surveys |
|------------------|---------------|

| 17.2   | Analytical and Testing Data |
|------------------|-----------------------------|

| 17.3   | Exploration Conclusions |
|------------------|-------------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 18-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 18   | Recommendations (Item 22) |
|----------------|---------------------------|

| 18.1   | Recommended Work Programs |
|------------------|---------------------------|

| Phase I Drilling Program                                                  |
|---------------------------------------------------------------------------|
| Legal Curative Work                                                       |   | $200,000 |
| Manhattan South Diamond Core Drilling  3 holes totaling 6,000ft | One season | $300,000 |
| Field Mapping and Sampling at Manhattan North                             | One season | $100,000 |
| Project management and general overhead                                   |   | $50,000 |
| Total                                                                     | 9 Months | $650,000 |
| Phase II Resource Evaluation                                              |
| NI 43-101 Technical Report                                                | 3 Months | $150,000 |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 19-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 19   | References (Item 23) |
|----------------|----------------------|

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 20-1 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| 20   | Glossary and Abbreviations |
|----------------|----------------------------|

| Term                  | Definition                                                                                                                                                                                                                                       |
|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Assay:                | The chemical analysis of mineral samples to determine the metal content.                                                                                                                                                                         |
| Capital Expenditure:  | All other expenditures not classified as operating costs.                                                                                                                                                                                        |
| Composite:            | Combining more than one sample result to give an average result over a larger distance.                                                                                                                                                          |
| Concentrate:          | A metal-rich product resulting from a mineral enrichment process such as gravity concentration or flotation, in which most of the desired mineral has been separated from the waste material in the ore.                                         |
| Crushing:             | Initial process of reducing ore particle size to render it more amenable for further processing.                                                                                                                                                 |
| Cut-off Grade (CoG):  | The grade of mineralized rock, which determines as to whether or not it is economic to recover its gold content by further concentration.                                                                                                        |
| Dilution:             | Waste, which is unavoidably mined with ore.                                                                                                                                                                                                      |
| Dip:                  | Angle of inclination of a geological feature/rock from the horizontal.                                                                                                                                                                           |
| Fault:                | The surface of a fracture along which movement has occurred.                                                                                                                                                                                     |
| Footwall:             | The underlying side of an orebody or stope.                                                                                                                                                                                                      |
| Gangue:               | Non-valuable components of the ore.                                                                                                                                                                                                              |
| Grade:                | The measure of concentration of gold within mineralized rock.                                                                                                                                                                                    |
| Hangingwall:          | The overlying side of an orebody or slope.                                                                                                                                                                                                       |
| Haulage:              | A horizontal underground excavation which is used to transport mined ore.                                                                                                                                                                        |
| Hydrocyclone:         | A process whereby material is graded according to size by exploiting centrifugal forces of particulate materials.                                                                                                                                |
| Igneous:              | Primary crystalline rock formed by the solidification of magma.                                                                                                                                                                                  |
| Kriging:              | An interpolation method of assigning values from samples to blocks that minimizes the estimation error.                                                                                                                                          |
| Level:                | Horizontal tunnel the primary purpose is the transportation of personnel and materials.                                                                                                                                                          |
| Lithological:         | Geological description pertaining to different rock types.                                                                                                                                                                                       |
| LoM Plans:            | Life-of-Mine plans.                                                                                                                                                                                                                              |
| LRP:                  | Long Range Plan.                                                                                                                                                                                                                                 |
| Material Properties:  | Mine properties.                                                                                                                                                                                                                                 |
| Milling:              | A general term used to describe the process in which the ore is crushed and ground and subjected to physical or chemical treatment to extract the valuable metals to a concentrate or finished product.                                          |
| Mineral/Mining Lease: | A lease area for which mineral rights are held.                                                                                                                                                                                                  |
| Mining Assets:        | The Material Properties and Significant Exploration Properties.                                                                                                                                                                                  |
| Ongoing Capital:      | Capital estimates of a routine nature, which is necessary for sustaining operations.                                                                                                                                                             |
| Ore Reserve:          | See Mineral Reserve.                                                                                                                                                                                                                             |
| Pillar:               | Rock left behind to help support the excavations in an underground mine.                                                                                                                                                                         |
| RoM:                  | Run-of-Mine.                                                                                                                                                                                                                                     |
| Sedimentary:          | Pertaining to rocks formed by the accumulation of sediments, formed by the erosion of other rocks.                                                                                                                                               |
| Shaft:                | An opening cut downwards from the surface for transporting personnel, equipment, supplies, ore and waste.                                                                                                                                        |
| Sill:                 | A thin, tabular, horizontal to sub-horizontal body of igneous rock formed by the injection of magma into planar zones of weakness.                                                                                                               |
| Smelting:             | A high temperature pyrometallurgical operation conducted in a furnace, in which the valuable metal is collected to a molten matte or doré phase and separated from the gangue components that accumulate in a less dense molten slag phase. |
| Stope:                | Underground void created by mining.                                                                                                                                                                                                              |
| Stratigraphy:         | The study of stratified rocks in terms of time and space.                                                                                                                                                                                        |
| Strike:               | Direction of line formed by the intersection of strata surfaces with the horizontal plane, always perpendicular to the dip direction.                                                                                                            |
| Sulfide:              | A sulfur bearing mineral.                                                                                                                                                                                                                        |
| Tailings:             | Finely ground waste rock from which valuable minerals or metals have been extracted.                                                                                                                                                             |
| Thickening:           | The process of concentrating solid particles in suspension.                                                                                                                                                                                      |
| Total Expenditure:    | All expenditures including those of an operating and capital nature.                                                                                                                                                                             |
| Variogram:            | A statistical representation of the characteristics (usually grade).                                                                                                                                                                             |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 20-2 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| Abbreviation | Unit or Term                      |
|--------------|-----------------------------------|
| A            | ampere                            |
| AA           | atomic absorption                 |
| A/m2         | amperes per square meter          |
| ANFO         | ammonium nitrate fuel oil         |
| Ag           | silver                            |
| Au           | gold                              |
| AuEq         | gold equivalent grade             |
| °C      | degrees Centigrade                |
| CCD          | counter-current decantation       |
| CIL          | carbon-in-leach                   |
| CoG          | cut-off grade                     |
| cm           | centimeter                        |
| cm2          | square centimeter                 |
| cm3          | cubic centimeter                  |
| cfm          | cubic feet per minute             |
| ConfC        | confidence code                   |
| CRec         | core recovery                     |
| CSS          | closed-side setting               |
| CTW          | calculated true width             |
| °       | degree (degrees)                  |
| dia.         | diameter                          |
| EIS          | Environmental Impact Statement    |
| EMP          | Environmental Management Plan     |
| FA           | fire assay                        |
| ft           | foot (feet)                       |
| ft2          | square foot (feet)                |
| ft3          | cubic foot (feet)                 |
| g            | gram                              |
| gal          | gallon                            |
| g/L          | gram per liter                    |
| g-mol        | gram-mole                         |
| gpm          | gallons per minute                |
| g/st         | grams per short ton               |
| ha           | hectares                          |
| HDPE         | Height Density Polyethylene       |
| hp           | horsepower                        |
| HTW          | horizontal true width             |
| ICP          | induced couple plasma             |
| ID2          | inverse-distance squared          |
| ID3          | inverse-distance cubed            |
| IFC          | International Finance Corporation |
| ILS          | Intermediate Leach Solution       |
| kA           | kiloamperes                       |
| kg           | kilograms                         |
| km           | kilometer                         |
| km2          | square kilometer                  |
| koz          | thousand troy ounce               |
| kst          | thousand short tons               |
| kstpd        | thousand short tons per day       |
| kstpy        | thousand short tons per year      |
| kV           | kilovolt                          |
| kW           | kilowatt                          |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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| Calais Resources Inc.Manhattan Project | 20-3 NI 43-101 Technical Report on Exploration |
|----------------------------------------|-----------------------------------------------------|

| Abbreviation | Unit or Term                                      |
|--------------|---------------------------------------------------|
| kWh          | kilowatt-hour                                     |
| kWh/st       | kilowatt-hour per short ton                       |
| L            | liter                                             |
| Lps          | liters per second                                 |
| lb           | pound                                             |
| LHD          | Long-Haul Dump truck                              |
| LLDDP        | Linear Low Density Polyethylene Plastic           |
| LOI          | Loss On Ignition                                  |
| LoM          | Life-of-Mine                                      |
| m            | meter                                             |
| m2           | square meter                                      |
| m3           | cubic meter                                       |
| masl         | meters above sea level                            |
| MARN         | Ministry of the Environment and Natural Resources |
| MDA          | Mine Development Associates                       |
| mg/L         | milligrams/liter                                  |
| mm           | millimeter                                        |
| mm2          | square millimeter                                 |
| mm3          | cubic millimeter                                  |
| MME          | Mine & Mill Engineering                       |
| Moz          | million troy ounces                               |
| Mst          | million short tons                                |
| MTW          | measured true width                               |
| MW           | million watts                                     |
| m.y.         | million years                                     |
| NGO          | non-governmental organization                     |
| NI 43-101    | Canadian National Instrument 43-101               |
| OSC          | Ontario Securities Commission                     |
| oz           | troy ounce                                        |
| %            | percent                                           |
| PLC          | Programmable Logic Controller                     |
| PLS          | Pregnant Leach Solution                           |
| PMF          | probable maximum flood                            |
| ppb          | parts per billion                                 |
| ppm          | parts per million                                 |
| QA/QC        | Quality Assurance/Quality Control                 |
| RC           | rotary circulation drilling                       |
| RoM          | Run-of-Mine                                       |
| RQD          | Rock Quality Description                          |
| SEC          | U.S. Securities & Exchange Commission         |
| s            | second                                            |
| SG           | specific gravity                                  |
| SPT          | standard penetration testing                      |
| st           | short ton (2,000 pounds)                          |
| stph         | short tons per hour                               |
| stpd         | short tons per day                                |
| stpy         | short tons per year                               |
| TSF          | tailings storage facility                         |
| TSP          | total suspended particulates                      |
| μ       | micron or microns                                 |
| V            | volts                                             |
| VFD          | variable frequency drive                          |
| W            | watt                                              |
| XRD          | x-ray diffraction                                 |
| yr           | year                                              |

| SRK Consulting (U.S.), Inc.Manhattan_NI_43-101_Exploration_161800.050_KG_002.doc |  August 11, 2011 |
|----------------------------------------------------------------------------------|-----------------------|

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