1. SUMMARY

1.1 Property Description, Location and Accessibility

The Crater Mountain property, consisting of exploration licence 1115 (EL 1115), covers about 44km² and straddles the Chimbu Province and Eastern Highland Province boundary. Crater Mountain is 50km SW of Goroka. The property is centered at about 6 ° 32'S latitude and 145 ° 05 ° E longitude. Access is reasonable with nearby airstrips and 4WD track access to about 8km from the licence area. Drill programs have been helicopter supported. The property has local relief of 1,200m with highest point at 3,100m.

1.2 Property Ownership

The Crater Mountain tenement (EL 1115) was granted to Macmin on 26^th September 1994 and renewed every two years. Renewal and licence area reductions have resulted in the present 44km² tenement for which a renewal (due 25/9/02) is lodged and in progress. New Guinea Gold Corporation (NGG), subject to shareholder and regulator approval, is presently acquiring 100% interest in the Crater Mountain property from Macmin.

1.3 Property Geology and Mineralisation

The Crater Mountain volcanic complex is one of several stratovolcanoes situated near the margin of the Australian Continental Plate. The volcanic complex is underlain by Cretaceous to Lower Tertiary marine sedimentary rocks. The Crater Mountain volcanic complex has a larger, mainly andesitic early phase (Pliocene - Early Pleistocene) and later (Holocene to Recent) generally basaltic phase. Ground magnetic interpretation of the Nevera prospect area showed several structures trending NNE-SSW. The geology has been interpreted as a higher level, less eroded analog of the Porgera and Mt. Kare geological settings.

The Nevera project and Nimi prospects are the best known areas of mineralisation on the Crater Mountain project. The prospects are represented by argillic alteration zones with silicification and pyrite mineralisation. Vein and disseminated galena has been mapped in the Nevera prospect area. Coincident anomalous lead and zinc values occur with some gold soil anomalies. Mineralisation is localised along a northerly to NNE trending structural zone.

1.4 Status of Past Exploration and Exploration Concept

The Crater Mountain area, with large areas of surface argillic alteration, has been part of prospecting and exploration licences since the early 1970's. The exploration focus has switched from an early porphyry copper target to an epithermal gold target of the Porgera type. Seven diamond drill holes totaling 1,918.2m have been used to test a small area of the Nevera prospect. Three holes totaling 986 metres were drilled by BHP in 1997 and four holes totaling 932.2m were drilled by Macmin in 1998. The best intersections are summarised below in Table 1.

The best mineralisation may be in contact areas between a buried intrusive and overlying sediments and volcanoclastic rocks. Holes NEV 2 and NEV 5 both ended in good mineralisation with deeper testing, an excellent drill target. A number of surface geochemical and geological targets established by previous operators remain untested.

1.5. Conclusions and Recommendations

Extensions of previously drilled intersections in holes NEV 2 and NEV 5 present an excellent target for developing a viable gold deposit at the Nevera prospect. Geochemical soil anomalies present in the Nevera alteration zone represent targets that may warrant future drilling.

A Stage 1 program of geochemical and geological follow-up of surfaces targets is estimated to cost CDN$125,000 and is adequate to satisfy minimum exploration requirements.

A Stage 2, 1,000 metre drill program is estimated to cost CDN$250,000 and should be used to further test the dip and strike extensions of significant gold intercepts in holes NEV 2 and NEV 5. A larger Stage 3 drill program is contingent on the success of Stage 1 surface and Stage 2 drill programs.

The cost of the proposed Stage 1 and Stage 2 programs is estimated at CDN$375,000.

1.6 Opinion that the Property is of Sufficient Merit to Justify Work Recommended

In the opinion of the writers, the Crater Mountain property is of sufficient merit to justify the recommended work programs.

2. INTRODUCTION AND TERMS OF REFERENCE

2.1 Terms of Reference and Purpose

The writers were retained by NGG to review and compile new and historical exploration data, appraise the exploration potential, and make recommendations for further work on the Crater Mountain property. The data was compiled in the form of a technical report.

This technical report has been prepared in compliance with the requirements of National Instrument 43-101 and Form 43-101 F1 and is intended to be used as a support document to be filed with the British Columbia Securities Commission and TXS Venture Exchange.

2.2 Source of Information and Data

The management of NGG have been involved in exploration of the Crater Mountain tenement area since the early 1980's, and now control all property files since Kennecott's 1970 work. These files are kept in Macmin's Gold Coast Office and are the basis for this report. Trevor Smith gained personal knowledge of the property geology from a site visit. Peter Christopher has examined several PNG properties but has not examined the Crater Mountain property.

2.3 Field Involvement of the Qualified Person

This report is based on extensive property files reviewed in Macmin's Gold Coast, Queensland, Australia Office between August 1^st and 7^th, 2002 by Dr. Peter A. Christopher, P.Eng. It is also based on a property examination by Geologist, Trevor Smith, on 16/01/98 with then operator, BHP. Mr Smith gained knowledge of the geology and mineral deposits of PNG while managing Minorco Exploration's PNG Office between August 1997 and May 1999.

3.0 DISCLAIMER

The writers have included a property title and ownership section as required by NI 43-101. The ownership information was obtained from documents in the property files and reviewed with Macmin personnel. The data is believed to be accurate, however ownership is a legal matter and should be confirmed by NGG legal counsel.

4. PROPERTY DESCRIPTION AND LOCATION

4.1 Location (Figures 1 and 2)

The Crater Mountain property consists of a 44km² area that straddles the boundary between the Chimbu Province and Eastern Highland Province of PNG. Crater Mountain is 50km SW of Goroka, the base for Pacific Helicopters. The licence is centered at about 6 ° 32'S latitude and 145 ° 05 ° E longitude and is covered by parts of the Crater and Goroka 1:100,000 topographic sheets.

4.2 Property Title and Ownership

The Crater Mountain exploration licence (EL 1115) covering 700km² was granted to MACMIN (PNG) LIMITED on 26 September 1994. The licence has gone through several two year renewals and area reductions. The present tenement covers 44km² with the location of 13 blocks shown on Figure 2. A renewal, due 25/9/02, is lodged and processing is presently in progress.

New Guinea Gold Corporation (NGG), subject to shareholder and regulatory approval, is presently acquiring 100% interest in the Crater Mountain property from Macmin.

BHP joint ventured the Crater Mountain project with Macmin between August 1995 and April 1998. BHP's withdrawal resulted in return of 100% equity to Macmin. BHP retained a first right of refusal to purchase any equity in the project which may be for sale between the completion of a bankable feasibility study and the commencement of mine construction.

Subject to any agreement made under Section 17 of the PNG Mines Act, the State reserves the right to elect at any time, prior to the commencement of mining, to make a single purchase up to 30% equitable interest in any mining discovery arising from this licence, at a price pro rata to the accumulated exploration expenditures and then to contribute to further exploration and development in relation to the lease on a pro rata basis, unless otherwise agreed. Macmin estimates that CDN$1,632,727 has been spent on EL 1115 by itself and BHP.

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES AND INFRASTRUCTURE

5.1 Accessibility

4WD road access is open to Ubaigubi Village on the northern slope of Crater Mountain about 8km ENE of the exploration camp and core storage area. BHP's major mode of transportation was by helicopter from Goroka on the Highlands Highway but suggested use of the Lufa Road and local nearby airstrips at Maimafu, Juasa and Kora to reduce ferry time. Macmin ferried drill equipment successfully from Lufa and had reduced mobilisation charges.

5.2 Physiography

The Crater Mountain property is situated in the New Guinea Highlands physiographic region. The area is faulted and in places a deeply dissected high plateau. The terrain within the prospect area is steep with local relief of 1,200m and the highest peak is at 3,100m. Ridges are typically narrow with very steep flanks. The Nevera Prospect is characterised by numerous cliffs and waterfalls.

5.3 Climate

Diurnal temperature variation is moderate with maximum range of 20 to 25 ° C. At higher elevations within the Nevera Prospect, minimum temperatures below 10 ° C are common. Annual rainfall at Karamui 10km west of the prospect, is 3,200mm (Bain, 1974). There is a pronounced wet season from October to March. The high rainfall has enhanced vegetation growth with moss forest and dense, broad leaf undergrowth. One lower slopes, less dense vegetation is found in areas underlain by fine grained marine sedimentary rocks. Commercial logging has not been undertaken.

5.4 Local Resources and Infrastructure

Supplies and services are available at Goroko and the local settlement can supply labourers for exploration purposes. Macmin used Regional Drilling of Lae, PNG for their 1998 drill program.

6.0 HISTORY

Regional exploration in the Crater Mountain area was started on PA 148 (1970-71) and PA 272 (1971) by Kennecott with broad reconnaissance stream sediment sampling of the southern and western drainages of Crater Mountain. The program was orientated toward porphyry copper deposits with no gold analyses.

CRA Explorations conducted similar work in 1971 and 1972 on PA 146 which covered the northern flank of Crater Mountain. Values of 166ppm Pb, 510ppm Zn, and 1.25ppm Ag in Ava Creek near Ubaigubi led to low grade Pb-Zn in argillic altered, pyritic rocks. CRA returned in 1977 and explored PA 432 from 1977 to 1979. A float sample from the present Nevera Prospect contained 105ppm Pb, 480ppm Zn and 0.1ppm Au, and float from the Nimi Prospect contained up to 0.12% Cu, 1.1% Zn, 680ppm Pb, 3ppm Ag, 10ppm Mo and widespread values of 0.1ppm Au. The prospects were described as bleached, pyritic-argillic altered volcanics and several hot springs were noted.

In 1983, Esso reassessed the area with reconnaissance indicating an epithermal gold target. In 1984 Esso applied for PA 566 covering a 592km² area. Helicopter borne radiometrics and aeromagnetics were flown over the Crater Mountain PA during 1985. The Crater Mountain volcanics are distinguishable from underlying marine sediments, but rugged topography and cloud cover resulted in poor coverage.

In 1988 City Resources completed 26 hand trenches totaling 1,150m on the Nevera Prospect. About 400m of outcrop was channel sampled and an aerial photo interpretation completed.

EL 1115, Crater Mountain, was applied for by Macmin (PNG) NL on 30 January 1994 and granted on 26 September 1994 for a two year period.

In 1995 Macmin conducted a grid based soil program and 970 samples were collected. Samples were collected by hand auger at an average depth of 0.7m on lines spaced 200m apart and samples at 25m intervals, with coverage of about 4 square kilometres. The best results were from the northern part of the Nevera Prospect. Two intersecting anomalous zones with soil values to 17.7 g/t were delineated. The anomalous zone was in excess of 1,500m long, up to 600m wide, and open to the north. On line 10800N a 200m interval averaged 4.76g/t Au; on line 1100N a 100m interval, including the high value of 17.7g/t Au, averaged 4.76 g/t Au; and on line 11400N a 7.5m interval averaged 0.47g/t Au. A 20m wide rock chip sample, in the anomalous area on line 10800N, averaged 2.18g/t Au.

A joint venture agreement was reached with BHP Minerals Exploration Pty Ltd (BHP) on 30 August 1995. BHP explored the tenement from February 1996 to mid-May 1996. Application for renewal of a reduced (353km²) licence was granted in March 1997.

In 1996 BHP completed a program of gridding, geological mapping, geochemical (including re-assaying Macmin samples for multi-element data) and petrographic sampling and a ground magnetic survey. A petrographic study resulted in an alteration model suggesting that the Nevera Prospect represented the top of a telescoped porphyry Cu/Au system.

In 1997 BHP completed 3 holes totaling 986m with the best results obtained from hole NEV 2 with a 115m interval between 225m and 340m (end of hole) averaging 1.83 g/t Au (Table 2). The hole terminated in good mineralisation (last 2m sample 1.23g/t Au and last 36m @ 1.51g/t Au). In April 1998 BHP suffered worldwide restructuring which resulted in withdrawal from exploration in PNG and the Crater Mountain JV.

In 1998 Macmin completed trenching, further auger soil sampling and drilling of 4 core holes totaling 983.2m. The best intersection was in hole NEV 5 which contained 24m (from 214-238) grading 6.55g/t Au. Crater Mountain drill results are summarised on Table 2 and on Figure 7.

At the Nevera SW prospect (Figure 6) an area about 2km² and 1.5km south-west of the Nevera Prospect, 5 rock float samples contained stringy anomalous lead (0.3 to 13.2%), zinc (up to 33.31%), silver (25 to 453g/t) and gold (0.3 to 0.6g/t). Since lead and zinc anomalism is broadly associated with gold at Porgera, the Nevera South-west Prospect may contain better gold values at depth (Macmin, 4^th Quarter 1998 Report).

From 1999 to the present, Macmin has held the Crater Mountain tenement by application of minimum assessment and reduction to 44km². The tenement requires renewal on 25/09/2002. The renewal application has been lodged and hearings scheduled.

7.0 GEOLOGICAL SETTING

7.1 Regional Geology (Figure 3)

The Pliocene to Quaternary Highland strata-volcanoes are located along the southern margin of the New Guinea Mobile Belt with Crater Mountain situated between the southern margin of the Mobile Belt and the northern boundary of the Papuan Fold Belt. The Mobile Belt is a tectonically active zone which trends WNW between the Australian Continental Plate and Melanesian Oceanic Plate (Dow, 1975; Rogerson and McKee, 1990). The plate boundary is marked by a series of prominent faults, such as the Lagaip fault, Kaugel valley fault and the southern boundary of the Kubor massif in the north (Davies et. al.,1997). The continuation of this boundary lies roughly twenty kilometres to the north of the Crater Mountain area. To the east, the boundary is marked by the Owen Stanley Thrust Belt (Figure 3). The area was the site of the New Guinea Orogen from later Mesozoic to Tertiary times with deformation resulting from continual terrane accretion on to the Australian Continental Plate since the Eocene. Uplift started in the Pleistocene and continues to the present.

The Crater Mountain Volcanic Complex is part of the composite PNG Highlands andesitic stratovolcanic development with activity from Pliocene to Recent. Volcanic units are underlain by Cretaceous to lower Tertiary marine black-shale, siltstone and minor limestone.

7.2 Property Geology (Figures 4 and 5)

Regional property mapping was compiled by Sheddon (1983), as shown on Figure 4, and local geology in the Nimi and Nevera areas was mapped by BHP and Macmin as shown on Figure 5.

Cretaceous and early Tertiary marine siltstone, black shale and minor limestone form the basement through which andesitic stratovolcanics were extruded. The sedimentary basement rocks are overlain by the Crater Mountain volcanic complex which was deposited during two separate phases of volcanism. The older and more voluminous Phase I activity took place in Pliocene or Early Pleistocene about 2 Ma and the later Phase II episode took place in Holocene to Recent times.

Phase I volcanics composed of andesitic volcanic rocks include porphyritic andesite lavas, agglomerates, volcanic breccias and tuffs. Intrusive dioritic plugs and porphyritic dykes cut Phase I volcanics. The intrusive rocks are better exposed in the Nimi Prospect area.

The Phase II volcanics are generally basaltic in chemical composition with flows, some scoria and lahar. The Crater Mountain complex includes two large craters >1km in diameter and about 30 small cones or vent areas. Large parts of the project area are covered in a several metres thick blanket of recent volcanic ash, presumably a continuation of the Phase II volcanics.

A NNE fault zone extends through the Nimi and Nevera Prospect areas. A less pronounced E-W trend is also shown on Figure 5. Radial fracture patterns have also been suggested for crater areas.

8.0 DEPOSIT TYPES

The Crater Mountain Project is within the Papua New Guinea Highlands geological trend that also contains the Porgera and Mt Kare deposits. Similarities have been noted between the Nimi and Nevera Prospect areas of Crater Mountain and postulated pre-erosional areas at Porgera and Mt Kare. The gold-base metal association found at Porgera and Mt Kare is suggested by early float sampling at Crater Mountain. The presence of a buried intrusive body with higher grade mineralisation in the contact areas has been suggested by petrographic evidence and telescoped alteration (Pontifex, 1997) but not yet located by drilling (Figures 6 and 7).

9.0 MINERALISATION (FIGURES 5 TO 8)

Sulphide and gold mineralisation at Crater Mountain is associated with intense silica, argillic and carbonate alteration. Alteration, mineralisation and veining generally increases near structures.

The most common mineralisation in the Nevera Prospect area is pyrite as veinlets, disseminations and stockworks. Disseminations and veinlets of galena and sphalerite with carbonate or pyrite are noted in drill core. At least three phases of mineralisation are present. Mineralisation is in a broad zone of argillic alteration with local zones of phyllic (sericite-quartz-clay-pyrite) and advanced argillic alteration. Petrographic descriptions suggest that silica introduction has converted andesitic rocks to more acidic units. Gold mineralisation is probably associated with silica flooding, but silica introduction has produced only a minor quartz vein component.

Five named prospects occur within the Crater Mountain Structural Corridor (Figures 5 and 6). Four are in the Nevera Alteration area, a 5km long by over 2km wide argillic altered area. The Nimi Prospect, a 0.6 by 2.0km argillic altered area, is about 10km SSW of the Nevera Prospect.

The Nevera prospect is the most advanced with all of the previous drilling. The prospect is at the northern end of the mineralised structural zone. The prospect is at a high level in what may be a major gold system. Significant drill intersections are summarised in Table 2. Hand dug trenches contain values of 35m @ 3.1g/t Au and 54m @ 1.21g/t Au, but surface evaluation of the zone is complexed by 3 to 6 metres of recent volcanic ash. Recent work has clearly avoided sampling this volcanic ash, however it is not clear to what extent it was identified in the earlier exploration and it may have been mistakenly sampled.

The Nevera South Prospect is 2km to 3km south of the drilled area. It was defined by two pan concentrated stream values of 2.56g/t Au and 86.3g/t Au (Figure 6). Difficult access has prevented adequate follow-up.

The Nevera South-west Prospect is about 2.5km southwest of the drilled area, and is defined by numerous anomalous lead/zinc/silver soil and rock float values in an area of approximately 2km. Rock float samples assayed between 0.3% and 13.2% lead, 0.56% and 33.31% zinc, 25g/t and 453g/t silver, and 0.3g/t and 0.6g/t gold (Figure 6).

The Nevera West Prospect, on the western edge of the Nevera area, is defined by a NW trending zone of arsenic soil anomalism with erratic anomalous lead, zinc or gold values. Arsenic values are up to 860ppm and strong gold in soil values of 15g/t and 46g/t were obtained. A several hundred metre wide anomalous zone follows the sedimentary/volcanic rock contact for about 3km (Figure 6).

The Nimi Prospect (Figure 5) is a argillic altered zone with erratic high stream sediment gold values to 0.35g/t Au and pan concentrate values to 7.51g/t Au. Silver is prominent with rock float values to 500g/t Ag and 3g/t Au.

10. EXPLORATION BY MACMIN

10.1 Results, Procedures and Parameters

Macmin, the vendor to NGG, has explored the property since 1994. Initial exploration consisted of geological mapping, soil sampling and hand trenching. Anomalous results encouraged BHP to joint venture the property in 1995 and continue systematic ground exploration and diamond drill 3 holes totaling 986m. Macmin resumed exploration in 1998 when BHP withdrew from PNG. Macmin continued surface soil sampling and hand trenching and drilled 4 holes totaling 983.2m. Recent work has mainly involved air-photo interpretation, data evaluation and minimum ground work to satisfy assessment.

10.2 Interpretation of Exploration Information

Geochemical surveys, geological mapping and petrographic studies and nearly 2,000m of diamond drilling have indicated that a large gold system of possible economic significance may exist at the Nevera Prospect.

The intrusive and sedimentary/volcanic rock contact, often the focus of the best mineralisation, is below the level of present drilling. The steep project topography may provide opportunities to access lower levels without having to drill significantly deeper holes.

Further drilling is warranted at the Nevera Prospect. Smaller budgets could be used to evaluate numerous anomalous stream sediment and rock float results from previous surveys.

10.3 Logistics of Investigation

EL 1115 has been explored by Macmin (PNG) Limited and joint venture partner BHP with the work supervised by company personnel but contractors used for geophysical surveys, petrographic studies and drilling. NGG is acquiring the PNG property from Macmin and both NGG and Macmin share the same professional personnel. Macmin and NGG management are qualified persons using criteria outlined in NI 43-101.

10.4 Data Reliability

Exploration of the Crater Mountain area has been conducted by Esso, CRAE, City Resource, BHP and by Macmin personnel. Work conducted by the major companies support the Macmin exploration results. The writers have checked several Macmin/NGG PNG projects and found their work to be of good quality.

11. DRILLING

Two stages of diamond drilling have been conducted on the Nevera Prospect in the Crater Mountain tenement. Three holes totaling 986m were drilled by BHP in 1997 and four holes totaling 983.2m were drilled by Macmin in 1998. The 1998 program used Regional Drilling of Lae, PNG. The drilling program was conducted with NQ or larger core. The drill results are summarised on Table 2.

12. SAMPLING METHOD AND APPROACH

Soil sampling, mainly by Macmin personnel, was completed over the Nevera Prospect and Nevera West Prospect area. Samples were initially collected along ENE trending lines spaced at 200m and sampled at 25m intervals. Some fill in sampling was conducted along lines spaced at 100m and shorter sample intervals. An auger was used to penetrate a surface ash layer and sample depths averaged over 0.7m.

Samples were dried and shipped to Analabs in Lae, PNG for Cu, Pb, ZN, Ag, As and gold analysis. Base metals on silver were analysed by AA methods and gold by file assay and AA.

13. SAMPLE PREPARATION, ANALYSIS AND SECURITY

BHP and Macmin both logged and split core (using a saw) at the site. A core storage area is at the Nevera camp. BHP used 3 metre sample intervals and Macmin 2 metre sample intervals. Both companies sent samples to Analabs (a division of Pilbara Laboratories (Nuigini) Pty Ltd) in Lae, PNG, for gold assay (method 650 or 630) and Cu, Pb, Zn, Ag and As (method 625 Macmin, 102 BHP).

Geologist, Peter McNeil, a qualified person and director of Macmin and NGG, supervised sample preparation, logging and security for the Macmin program.

14. DATA VERIFICATION

The writers have not taken personal samples to verify data but have reviewed analytical results which indicate regular reruns by the lab and checks of high or unusual results. Since erratic high values are encountered, large assay samples should be used and metallic assays considered to check high grade results.

The Crater Mountain Project is at an early stage and has been worked by a number of major companies. All pervious holders have obtained results of interest and several have independently confirmed significant gold values. As the drilling progresses, check sampling should be conducted by an independent qualified person.

15. ADJACENT PROPERTIES

The writers are not aware of significant adjacent properties. The Crater Mountain property is situated in a geological setting that has world-class mineral deposits like Porgera, Mt Kare, and Ok Tedi.

16. MINERAL PROCESSING AND METALLURGICAL TESTING

No mineral processing or metallurgical testing has been undertaken since the Crater Mountain property is at an early exploration stage.

17. MINERAL RESOURCES AND MINERAL RESERVE ESTIMATES

There are no mineral resources or mineral reserve estimates for the Crater Mountain property. The project is at an early exploration stage and has some significant drill intersections, but insufficient data for resource estimates.

18. OTHER RELEVANT DATA AND INFORMATION

The writers are not aware of other relevant data that is material to the Crater Mountain property.

19. INTERPRETATION AND CONCLUSIONS

The Crater Mountain tenement (EL 1115) has been demonstrated by previous explorers to have excellent potential for developing a large epithermal gold deposit. Several named occurrences have been identified but most of the previous work has been on the Nevera prospect at the northern end of a 15km, NNW trenching, mineralised belt.

Further drilling is warranted to test the Nevera prospect along strike and below holes NEV 2 and NEV 5. Smaller budgets could be used to maintain assessment and surface evaluate the Nevera West, Nevera South, Nevera Southwest and Nimi prospect areas.

20. RECOMMENDATIONS

Recommendations for further exploration of the Crater Mountain tenement (EL 1115) are justified on the basis of past success. The writers recommend a two stage program with a Stage 1 used to test the Nevera West, South and South-west prospects and Nimi prospect areas with auger soil sampling, hand trenching, and geological mapping. The Stage 1 program is estimated to cost CDN$125,000 and will meet assessment requirements for Year one of the renewed EL 1115. A recommended Stage 2, 1,000m diamond drill program is estimated to cost CDN$250,000. The Stage 2 drill program will satisfy minimum assessment requirements for Year 2 of EL 1115. The combined Stage 1 and Stage 2 programs cost an estimated total of CDN$375,000.

21 COST ESTIMATES

Cost estimates for the Stage 1 and Stage 2 programs follow. Stage 2 is not contingent on results from Stage 1.

21.1 Cost Estimate for Stage 1 Program of Trenching, Soil Sampling & Mapping

21.2 Cost Estimate for Stage 2 Program of Diamond Drilling

Stage 2: Diamond Drilling CDN$

21.3 Total Cost Estimate for Stages 1 and 2

Total cost for Stages 1 and 2 is CDN$375,000.

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Pile, J.L., and Philip, R., 1997. EL 1115 Crater Mountain Annual Report for the Period Ending 26 September 1996, for BHP Minerals, dated March 1997.

Pontifex, I.R., 1997. Mineralogical Report No. 7444 for BHP Minerals Exploration, dated October 8, 1997.

Readdy, L., 1988. Air Photo Geological Interpretation (P.A. 566).

Rebek, R.J., Every, K., and Rosengun, P., 1979. Crater Mountain P.A. 432 (NG) - Reconnaissance and Follow-up Exploration Final Report for C.R.A. Exploration Pty Limited dated May 1979.

Rogerson, R. and McKee, C., 1990. Geology, Volcanism and Mineral Deposits of Papua New Guinea, in Geology of the Mineral Deposits of Australia and Papua New Guinea (Ed. F.E. Hughes) AIMM, pp 1689-1701.

Rogerson, R., Hilyard, D., Francis, G. and Finlayson, E., 1987. The Foreland Thrust Belt of Papua New Guinea, in Proceedings Pacific Rim Congress 87, AIMM: Melbourne, pp 579-583.

Rutland, R.W.R., Etheridge, M.A., and Solomon, M., 1990. The Stratigraphy and Tectonic Setting of the Ore Deposits of Australia, in Geology of the Mineral Deposits of Australia and Papua New Guinea (Ed. F.E. Hughes) pp. 15-26 AIMM, Melbourne.

Shedden, S.H., 1983. Crater Mountain Assessment Report for Esso Papua New Guinea Inc. dated August 1983.

Sillitoe, R.H., Baker, E.M., and Brook, W.A., 1984. Gold Deposits and Hydrothermal Eruption Breccias Associated with a Maar Volcano at Wau, Papua New Guinea. Econ. Geol., Vol. 79, pp. 638-655.

Templeton, R.C., 1988. P.A. 566 Crater Mountain, Annual Report to December 16, 1988, for City Resources (PNG) Pty Limited, dated December 16, 1988.

Warren, R.G., 1972. A Commentary on the Metallogenic Map of Australia and Papua New Guinea. Bull. 145, Dept. of National Development, Australia.

Warren, R.G., 1972. Metallogenic Map of Australia and Papua New Guinea. Bureau of Mineral Resources, Geology and Geophysics, Canberra.

Welsh, T.C. and McCulla, M.S., 1987. A Review of the Porgera, Ladolam (Lihir Island), and Misima Gold Deposits and the Wild Dog and Lakekamu Gold Prospects, Papua New Guinea, Deposit Types and Geological Settings. Geological Survey of PNG Rept. # 87/30.

23. SIGNATURES, STAMPS AND DATE

Dated the 10^th day of September 2002

24. CERTIFICATES OF AUTHORS

24.1. Certificate of Author Peter A. Christopher

I, Peter A. Christopher P.Eng., Ph.D., with business address at 3707 West 34^th Avenue, Vancouver, British Columbia V6N 2K9, do hereby certify that:

1. I am the owner and manager of and provide geological and consulting services through my company:
   
   Peter Christopher & Associates Inc.,
   3707 West 34^th Avenue,
   Vancouver, British Columbia, Canada V6N 2K9
   
   
2. I hold a B.Sc. (1966) from the State University of New York at Fredonia, a M.A. (1968) from Dartmouth College and a Ph.D. (1973) from the University of British Columbia.
3. I am a consulting geological engineer registered (#10474) with the Association of Professional Engineers and Geoscientists of British Columbia since 1976, and a Fellow of the Geological Association of Canada.
4. I have been practicing my profession as a geologist for over 35 years and as a consulting geological engineer since June 1981. I have authorised over 200 qualifying engineering and exploration reports, and over 20 professional publications.
5. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101") and certify that by reason of my education, affiliation with professional association and past relevant work experience, I fulfil the requirements to be a "qualified person" for the purposes of NI 43-101.
6. I am responsible for the preparation of the technical report titled "Technical Report on the Crater Mountain Property, Chimbu and Eastern Highland Provinces, Papua New Guinea" and dated 10^th September 2002 (the "Technical Report"). I visited PNG from March 7-15, 1996 and from February 26-18, 1998 and examined 5 NGG properties but I have not examined the Crater Mountain property.
7. I have not had prior involvement with the Crater Mountain property. I reviewed extensive files on the property in Macmin's Gold Coast Office from August 1-5, 2002.
8. I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
9. I am independent of the issuer applying all of the tests in section 1.5 of National Instrument 43-101.
10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form.
11. I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication of the Technical Report by the stock exchange, regulatory authority, or the company, including electronic publication in the public company files on their websites accessible by the public.

Dated this 10th day of September 2002.



________________________________
Peter A. Christopher P.Eng. Ph.D.

24.2. Certificate of Author Trevor W. Smith

I, Trevor W. Smith, B AppSc (AppGeol), GDM, MAIG with business address at 60 Bielby Road Kenmore Hills Qld 4069 Australia, do hereby certify that:

1. I am a Consulting Geologist and member of the Australian Institute of Geoscientists and the Geological Society of Australia.
2. I am the owner and manager of and provide geological and consulting services through my company:
   
   New Gen Exploration Pty Ltd
   PO Box 671
   Kenmore Qld 4069
   Australia
   
   
3. I hold a Bachelor of Applied Science (Applied Geology, 1988) from the Queensland Institute of Technology, a Graduate Diploma of Management (1993) from the University of Central Queensland, and am currently enrolled in a Master of Engineering Science (in Engineering Geology) at the University of New South Wales.
4. I have been practicing my profession as a Geologist since February 1988 and as a consulting geologist since 1999. I worked for De Beers Australia Exploration from 1988 to July 1997. I acted as Exploration Manager (PNG) for Minorco (now Anglo American p/c) from August 1997 to May 1999. I established Minorco's PNG operation and have gained a solid understanding of PNG geology and known mineral deposit models.
5. I have assisted with the preparation of the technical report titled "Technical Report on the Crater Mountain Property, Papua New Guinea, dated 10^th September 2002". I visited NGG's Crater Mountain project on January 16, 1998 with then operator, BHP. I spent about 3 hours on the property and examined the drill core from holes NEV 1, NEV 2 and NEV 3.
6. I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
7. I am independent of the issues applying all of the tests in section 1.5 of National Instrument 43-101.
8. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form.
9. I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication of the Technical Report by the stock exchange, regulatory authority, or the company, including electronic publication in the public company files on their websites accessible by the public.

Dated this 10th day of September 2002.


_________________________________________
Trevor W. Smith, BAppSc (AppGeol), GDM, MAIG