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Aworld
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PRELIMINARY ECONOMICASSESSMENT
 
Update 2011Cerro Jumil Project, Morelos, Mexico
Submitted To:
Esperanza Resources Corporation1580 Lincoln Street, Suite 680Denver, Colorado 80203 USA
Submitted By:
Golder Associates Inc.44 Union Boulevard, Suite 300Lakewood, Colorado 80228 USA
Prepared ByQualified Persons:
William D. Bond, P.Geo.Dean D. Turner, P.Geo.Thomas Dyer, P.E.Doug K. Maxwell, P.E.Charlie Khoury, P.E.Ernest T. Shonts Jr., P.E.
September 2011
 
113-81626
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September 2011 ES-1
 
113-81626
 
I:\11\81626\0400\0401\11381626 RPT-FNL NI-43-101 CerroJumil-2 26SEP11.docx
 
EXECUTIVE SUMMARY
This report is a preliminary economic assessment of Esperanza’s Cerro Jumil Au-Ag project in south-central Mexico. Cerro Jumil is a potential mining property composed of seven adjacent land concessionstotaling 15,025 hectares located 85km south of Mexico City in the state of Morelos, Mexico.Golder and Associates prepared this Preliminary Economic Assessment report as an update ofDecember 23, 2009, Preliminary Economic Assessment completed by Vector Engineering. Workcompleted on the property since the date of the September 16, 2010, report consists of an additional9,469m of drilling, an updated Resource Estimate (September 16, 2010), additional metallurgical testingof approximately 18 tonnes of surface material collected from multiple locations, process facility, leachpad and pond designs, and a preliminary mine plan with associated CAPEX and OPEX cost estimates.This September 13, 2011, report is titled Cerro Jumil Preliminary Economic Assessment Mining StudyMorelos State, Mexico.The Cerro Jumil property, centered at 18
˚
46’ N, 99
˚
16’ W, is located 80km south of Mexico City and 12kmfrom Cuernavaca in the State of Morelos. The property is 3km from a paved road and is easily accessibleyear round.
Summary Resource
At a 0.3g/t gold equivalent cutoff, Mr. Turner’s independent gold-silver resource estimate reports 935,000gold equivalent ounces in the measured and indicated categories, and 252,000 gold equivalent ounces inthe inferred category (Table ES-1-1). The Cerro Jumil gold equivalent resources are currently delineatedin three zones, named the Southeast (SEZ), Las Calabazas (LCZ), and West Zones (WZ). Gold is hostedin all three zones, while silver is concentrated in the West and Las Calabazas Zones.In addition to the gold dominant mineralization, there is an inferred silver dominant resource outside ofthese zones that hosts a further 2,392,000 tonnes averaging 43.2g/t silver (3,322,000 contained silverounces) at a silver cutoff grade of 25g/t. This silver mineralization is generally adjacent to, or in thehanging wall of, the LCZ and WZ mineralized zones.
 
September 2011 ES-2
 
113-81626
 
I:\11\81626\0400\0401\11381626 RPT-FNL NI-43-101 CerroJumil-2 26SEP11.docx
 
Table ES-1-1 Cerro Jumil Resources Reported at a 0.30g/t Gold Equivalent CutoffCategory
 
Zone
 
Tonnes(000)Aug/tAgg/tAu Equivg/tAu oz(000)Ag oz(000)Au Equivoz(000)Measured
SEZ 7,389 0.92 - 0.92 218 - 218LCZ & WZ 2,722 0.73 3.4 0.77 64 296 67Subtotal 10,111 0.87 0.9 0.88 282 296 285
Indicated
SEZ 13,799 0.78 nil 0.78 347 2 347LCZ & WZ 10,496 0.84 4.9 0.90 284 1,653 302Subtotal 24,295 0.81 2.1 0.83 630 1,655 649
M & I Total 34,406 0.83 1.8 0.85 913 1,951 935Inferred
SEZ 2,230 0.80 - 0.80 57 - 57LCZ & WZ 5,319 0.90 11.1 1.03 154 1,904 175HW/FW 1,048 0.55 - 0.55 19 - 19
Total 8,596 0.83 6.9 0.91 230 1,904 252
Totals may not sum to 100% due to rounding.
Summary of Drilling and Exploration
As illustrated inTable 10-1a total drilling of 41,582m from 250 drill holes forms the basis used togenerate the resource for this report.The density of holes, quality and quantity of analysis and the controls for handling and analyzing assays,have produced data utilized to model target mineralization of Au and Ag zones in sufficient concentration,orientation and grade to develop a geologic model used to demonstrate resources in measured, indicatedand inferred categories which meet and or exceed the standards put forth in a NI 43-101 evaluation.Recent mapping and sampling of the greater Cerro Jumil concession area (15,025 hectares) reveals tentarget areas that warrant further exploration. All areas have been mapped and sampled, at least on areconnaissance basis. Most are perceived to be drill-ready, pending appropriate permissions andpermits. There are four target areas adjacent to or in close proximity to the known resource, which couldconceivably be included within its direct operations: Maize, Northern Contact, NE Intrusive Contact, andColotepec. In addition, there are six target areas outboard of the known Cerro Jumil resource. Theseareas, in their perceived order of priority, are as follows: Coatetelco, Alpuyeca, Pluma Negra, MercuryMines, La Vibora, and Jasperoid de Toros.
Summary of Metallurgical and Heap Leach Analysis
Based on the characteristics of mineralization of an oxidized skarn type deposit, the process evaluationwas determined on two options:
 
Crushed Ore to leach pad
 
Run of Mine Ore to leach pad
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