Criteria JORC Code explanation Commentary

Sampling  Nature and quality of sampling (eg cut  No sampling is applicable to this

techniques channels, random chips, or specific announcement

specialised industry standard

measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

 Aspects of the determination of mineralisation that are Material to the Public Report.

 In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain

1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Drilling  Drill type (eg core, reverse circulation,  No drilling is applicable to this

techniques open-hole hammer, rotary air blast, announcement

auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-

sampling bit or other type, whether

core is oriented and if so, by what method, etc).

Drill  Method of recording and assessing  No sampling is applicable to this

sample core and chip sample recoveries and announcement

recovery results assessed.

 Measures taken to maximise sample recovery and ensure representative nature of the samples.

 Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain

of fine/coarse material.

Criteria JORC Code explanation Commentary

Logging  Whether core and chip samples have  No drilling is applicable to this

been geologically and geotechnically announcement

logged to a level of detail to support appropriate Mineral Resource

estimation, mining studies and metallurgical studies.

 Whether logging is qualitative or quantitative in nature. Core (or

costean, channel, etc) photography.

 The total length and percentage of the relevant intersections logged.

Sub-  If core, whether cut or sawn and  No sampling is applicable to this

sampling whether quarter, half or all core taken. announcement

techniques  If non-core, whether riffled, tube

and sampled, rotary split, etc and whether sample sampled wet or dry.

preparation  For all sample types, the nature, quality and appropriateness of the

sample preparation technique.

 Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

 Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

 Whether sample sizes are appropriate to the grain size of the material being sampled.

Quality of  The nature, quality and  No sampling is applicable to this

assay data appropriateness of the assaying and announcement

and laboratory procedures used and

laboratory whether the technique is considered tests partial or total.

 For geophysical tools, spectrometers, handheld XRF instruments, etc, the

parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

 Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory

checks) and whether acceptable

levels of accuracy (ie lack of bias) and precision have been established.

Verification  The verification of significant  No sampling is applicable to this

of intersections by either independent or announcement

sampling alternative company personnel.

and  The use of twinned holes.

assaying  Documentation of primary data, data entry procedures, data verification,

data storage (physical and electronic)

protocols.

 Discuss any adjustment to assay data.

Location of  Accuracy and quality of surveys used  No sampling is applicable to this

data points to locate drill holes (collar and down- announcement

hole surveys), trenches, mine

Criteria JORC Code explanation Commentary

workings and other locations used in

Mineral Resource estimation.

 Specification of the grid system used.

 Quality and adequacy of topographic control.

Data  Data spacing for reporting of  No sampling is applicable to this

spacing Exploration Results. announcement

and  Whether the data spacing and distribution distribution is sufficient to establish

the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and

classifications applied.

 Whether sample compositing has been applied.

Orientation  Whether the orientation of sampling  No sampling is applicable to this

of data in achieves unbiased sampling of announcement

relation to possible structures and the extent to geological which this is known, considering the structure deposit type.

 If the relationship between the drilling orientation and the orientation of key

mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported

if material.

Sample  The measures taken to ensure  No sampling is applicable to this

security sample security. announcement

Audits or  The results of any audits or reviews of  No sampling is applicable to this

reviews sampling techniques and data. announcement

Criteria

JORC Code explanation

Commentary

Mineral

tenement and land tenure status

 Type, reference name/number, location and ownership including

agreements or material issues with

third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

 The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

 Tenement E45/3548 is located in the East Pilbara region of Western Australia. Montezuma Mining Company Ltd has entered into an option agreement with Ucabs Pty Ltd

("UCABS"), whereby Montezuma may acquire 75% of UCABS's interest in the Woodie Woodie West Project.

Exploration done by other

parties

 Acknowledgment and appraisal of exploration by other parties.

 No known exploration conducted by any other parties.

Geology

 Deposit type, geological setting and style of mineralisation.

 Precambrian rocks within the eastern Pilbara. Manganese mineralisation in this region consists predominantly of hydrothermally

altered Carawine Dolomite.

Criteria JORC Code explanation Commentary

Drill hole  A summary of all information  No known drilling on E45/3548

Information material to the understanding of the exploration results including a

tabulation of the following

information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception

depth

o hole length.

 If the exclusion of this information is

justified on the basis that the information is not Material and this

exclusion does not detract from the

understanding of the report, the Competent Person should clearly explain why this is the case.

Data  In reporting Exploration Results,  No sampling is applicable to this

aggregation weighting averaging techniques, announcement

methods maximum and/or minimum grade

truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

 Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

 The assumptions used for any reporting of metal equivalent values should be clearly stated.

Relationship  These relationships are particularly  No sampling is applicable to this

between important in the reporting of announcement

mineralisation Exploration Results.

widths and  If the geometry of the mineralisation intercept with respect to the drill hole angle is lengths known, its nature should be

reported.

 If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

Diagrams  Appropriate maps and sections (with  No sampling is applicable to this

scales) and tabulations of intercepts announcement

should be included for any significant discovery being reported

These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Balanced  Where comprehensive reporting of  No sampling is applicable to this

reporting all Exploration Results is not announcement

Criteria

JORC Code explanation

Commentary

practicable, representative reporting

of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Other

substantive exploration data

 Other exploration data, if meaningful and material, should be reported including (but not limited to):

geological observations; geophysical

survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

 A total of 7,730m of Dipole Dipole Induced Polarisation geophysical test work was carried out over two

north-south orientated lines and five

east-west orientated lines on E45/3548.The two north-south lines identified four areas of interest, of which one is considered prospective in that it has returned a chargeability reading of 16mV/V. The top of the zone of interest has been interpreted to be less than 100m from surface. The remaining geophysical results have been interpreted to have identified deep Permian glacial till that has little prospectivity.

Further work

 The nature and scale of planned further work (eg tests for lateral

extensions or depth extensions or large-scale step-out drilling).

 Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling

areas, provided this information is

not commercially sensitive.

 A Reverse Circulation drilling program is planned to test the four areas of interest identified by the DDIP geophysical program. It is too early, at this stage, to comment on possible extensions and step-out drilling. It is likely that a small number of geological targets will also be drilled during this relatively

small campaign.