Cervello Capital Presentaion April 2012

Forward Looking Statement

The following information may contain forward looking statements.
Forward looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statement. Forward-
looking information is subject to known and unknown risks, uncertainties
and other factors that may cause Oremex Silver Inc., Oremex Gold Inc.,
Llave Oro Inc., Mogul Ventures Corp., Honker Gold or Vulture Peak Gold
LP actual results, level of activity, performance or achievements to be
materially different from those expressed or implied by such forward
looking information. Such factors include, but are not limited to:
uncertainties related to historical resource estimates, work expenditure
commitments; ability to raise sufficient capital to fund future exploration or
development programs; changes in economic condition or financial
markets, regulatory, political and competitive developments; technological
or operational difficulties or an inability to obtain permits required in
connection with maintaining, or advancing projects; and labour relation
matters

Cervello Capital Inc.
• Toronto-based private merchant bank
• Global expertise and focus in the junior
resource sector
• We provide: seed capital, technical, board
and managerial leadership, guidance
through the go-public process, capital
markets advisory services to international
resource projects of interest
• Successful track record of taking
international projects through this
process by focusing on:
» Asset quality
» Technical expertise
» Creation of an appropriate
capital structure
• Operational experience:
Argentina, Brazil, Bolivia, Chile,
Colombia, Mexico, Mongolia,
and the United States.

3 | www.cervellocapital.com

Technical Leadership
MICHAEL R. SMITH, R.G.
• Over 20 years of international mining operations experience. Served as Chief Mine Geologist
for Barrick Gold Corp. at the Goldstrike Mine in Nevada. Founding CEO, discovered and led
exploration of Continental Gold’s (TSX: CNL) Buritica Project.
DAVID A. TERRY, PH.D., P.GEO.
• Over 20 twenty years of international experience in the natural resource sector with major
and junior resource companies. David’s focus has primarily been on exploration and
development of precious and base metal deposits in North and South America.
BALMER ECHEVERRI
• Geological engineer with Masters degree in Economic Geology. Over 10 years of mining
experience mainly in Colombia. Former Country Manager at Barrick-Colombia, led discovery
of the 7 million oz. Marsella deposit.
BILL FEYERABEND
• Over 30 years of experience in exploration and development around the world. A member of
the American Institute of Professional Geologists.
JOHN E. DREIER
• Founder and President of public and private companies. Played key roles in the discovery
and exploration of the Green Springs, Little Bald Mountain gold deposits and the Sanchez
and Piedras Verdes copper deposits. Managed exploration projects throughout the
Americas.

Developing Silver Resources in Mexico
TSX VENTURE: OAG
OTCQX: ORAGF
FRANKFURT: OSI

5 | TSX Venture: OAG | www.oremexsilver.com | www.cervellocapital.com

Developing Silver
Resources in Mexico
Focus on the exploration and development of silver projects along the highly
productive mineralized belt that made Mexico the largest silver-producing
country in the world
• Oremex Resources Inc. was renamed Oremex
Silver Inc. in Q3, 2011 to reflect pure silver
focus
» Spin-out of gold projects listed as Oremex Gold Inc.
(TSX.V: OAU)

• Portfolio of silver projects includes mineral
resource of 50.8M oz. of silver with P.E.A at
the Tejament project

• All projects are in mining / capital-friendly
jurisdictions

• Unlocked unrecognized value and created
shareholder value through the distribution of
dividend-in-kind of14M common shares Oremex
Gold Inc. shares La Purisima shaft at the Chalchihuites property

• Experienced Board and Management team
» Successful track record of mine building in Mexico
with seasoned ability for new project evaluation /
acquisition


Project Locations

TEJAMEN (Durango State) SAN LUCAS (Durango State)
• Flagship property with 50.8M oz • Similar geology as Tejamen but with base
NI 43-101 compliant resource metals
with P.E.A • Further drilling to establish resource and
• Viability of open pit, heap leach follow up high grade zones, 1,856 g/t Ag
operation (Snowden Report, ’06)
• Potential to expand resource
CHALCHIHUITES (Zacatecas State)
• Located in prolific silver producing district
» Grades up to 3,800 g/t Ag, 0.99 g/t Au
+1.6% Pb
• Skarn and CRD manto system with past
EL SOL (Durango State) production of high-grade silver-zinc-lead
• Potential for silver-rich, • Initializing follow-up underground and surface drill
base metal skarns programs
• Adjacent to Southern Silver’s • On strike with and adjacent to First Majestic
Cerro Las Minitas Silver’s (NYSE: AG) Del Toro Project (within 4km)
• Strong IP geophysics
demonstrating buried intrusive
and sulfide mineralization
indicate excellent drill
targets


Tejamen Project

Vein outcrops
• Flagship project
CERRO PRIETO • 100% mineral rights

• Surface access being negotiated

Perimeter potential • Wardrop Report (2006) defines
LOS MANTOS 50.8M oz. silver
open pit › 22Mt at 69 g/t silver

• Snowden Report (2006) outlines
viability of open pit, heap leach
operation
› 10,000 TPD
› Estimated CapEx USD $45M
› 2:1 strip ratio
› 3.5 - 4.0M oz. silver per year
 Operating cost scenario of
Block model shows Los Mantos remains open to the south $5.75/tonne
and east › Cash operating cost of $4/oz Ag

Significant exploration upside in feeder veins beneath Los
Mantos and Cerro Prieto deposits, grades 6m of 1,400 g/t Ag,
with about 5% lead & zinc


Value Underpinning
Oremex Silver Unchanged


Advancing High Potential Gold Assets in México
TSX VENTURE: OAU
FRANKFURT: OM8

10 | TSX Venture: OAU | www.oremexgold.com | www.cervellocapital.com

Portfolio of Gold Projects
in Mexico’s Prolific Mining Belt
Canadian gold exploration and Oremex Gold Spin-out Structure
development company created from the APPROX.
SHAREHOLDER APPROX. %
spin-out of gold assets owned by Oremex SHARES

Silver Inc. (formerly Oremex Resources Oremex Silver Inc. 14,000,000 40.5%
Inc.) in 2011.
Black Birch (CPC) 3,342,520 9.7%
The company has a portfolio of 100%
owned gold properties in the prolific New from Financing 17,200,000 49.8%

mining regions of Mexico. Total Basic 34,542,520

• Intent to dividend Oremex Gold Inc.
Options & Warrants 2,568,502
shares to Oremex Silver Inc.
shareholders in the new year
Financing Warrants 8,600,000

Oremex Gold Inc. Fully Diluted 45,711,022

• Approx. 34.8 million shares issued
• $2.6 million cash (Dec.30.2011)
• Fully diluted: 47 million


Project Locations
Exploring and advancing exciting early stage projects within Mexico’s
emerging Sierra Rosario Gold Belt. The company’s projects, new
management team and experienced Board of Directors represent a platform
NAVIDAD for value and growth creation in well-established, mining-friendly regions.
CERRO DEL ORO (Zacatecas State)
• Located in the historic Melchor Ocampo gold
mining district
• 22km north of Goldcorp Inc.’s world-class,
MACO Peñasquito, gold-silver-lead-zinc mine
• Underground drilling program and ground
geophysical program commencing prior to Phase I
SAN LUCAS surface drilling program
CERRO DEL ORO
SANTA CATARINA
SANTA CATARINA (Sinaloa State)
• Located in the prolific Sierra Rosario Gold Belt
• Massive sulphide deposit: 20m of 3.2g/t Au, hosted
in carbonates
• Surface sampling has yielded up to 2.1m @ 20.5 g/t
gold
• Drill program to commence in 2012
• JV with Oro Mining Ltd. (TSX.V - OGR) to acquire
75% interest in the surrounding 29,000 hectares of
the Concordia/ Guasima Projects


Cerro del Oro

• Two concessions totaling 78.9
hectares in northern Zacatecas
state
• Concessions cover the core of
the historical Melchor Ocampo
gold mining district
• Widespread gold mineralization
» 460 samples ave. 0.47g/t Au
• Assay highlights from surface chip
sampling:
» 3.2m at 8.3 g/t Au; 13.8m at
2.85 g/t gold; 25.2m at 0.53 g/t
gold and 64.1m at 0.45 g/t gold
• Expanded mineralized
intrusive/skarn domain to 500m
by 500m area from a 450m by
300m area
Underground drilling program and ground geophysical program
commencing prior to Phase I drilling program


Company Highlights

• Uniquely Positioned
» Five, 100% owned properties in the prolific
mining regions of Mexico
» Mining, capital-friendly jurisdictions
» Well financed with attractive share structure
• Exploration Upside
» Highly prospective, early stage gold
projects hosting multiple targets
» Located in well-known gold mining districts
» Significant drill program planned for current
year
• Focused Growth Platform
» Management & Board with a successful
track record of exploration, development San Lucas Property
and discovery in Mexico as well as
elsewhere in Latin America
• Mexico has a growing economy and attractive mining legislation
» Canadian companies represent ~70% of all mining companies in Mexico


• Developing 100% owned flagship asset, Black Hills thermal coal
project located in Middle Gobi.
• Extensive Russian exploration history and the recently completed
drill program will resulted in an initial NI 43-101 compliant
resource of 89.6 million tons of Inferred Resources in Ovdog
Hudag coal deposit.

15 | www.mogulvc.com | www.cervellocapital.com

Mongolia Overview

• Home to some of the world’s largest
natural resource deposits including
coal, gold and copper
• Next door to the biggest consumer of
commodities in the world – China
• Mining is the most important sector
“contributes 30% of GDP and 70% of
exports”(1)
• Mongolian government focused on
long-term development of resource-
related sectors and favorable policies Drilling Camp, 2011
towards business and foreign
investments
• Stable business-friendly democracy: 20 year uninterrupted history
of peaceful and democratic government
• Homogenous country with minimal risk of ethnic or religious conflict
Source: (1) the Ministry of Mineral Resources & Energy of Mongolia


Black Hills Project Key Advantages

• Strategic location
close to existing rail line
(parallel line planned)
providing ready access
to Chinese markets
• Open pit accessible
thermal coal resources
with expected low strip ratio
• NI 43-101 compliant Inferred
Resource of 89.6 Mt from
2,370m of drilling in
14 holes at Ovdog
Hudag deposit
• Property has potential for presence of other
commodities (Cu, Fe)


Company Objectives

• Excellent potential to significantly expand the
projects’ coal resources through:
» Infill and step-out drilling at Ovdog Hudag
deposit where substantially larger historical
resources were delineated by Russian work in
the 1960s and 1970s through more detailed
drilling
» Ovdog Hudag Coal Deposit remains open to the
north
» Drilling of the Ikh Ulaan Nuur deposit 7km NNE
of Ovdog Hudag (86.4 Mt*1)
» Testing the undrilled area between the two
known deposits
» Phase II drill program planned to commence
April 2012
» Potential for copper deposit demonstrated by
surface sampling of skarn grading up to 6% Cu


Timeline

H1 2011 H2 2011 Q1 2012 Q2 2012
TRANSACTION
Completed due diligence, Complete audit and prepare Complete public RTO, close
property review, Title Opinion, info Circ. Pubco. funding – public listing
private financing, closed TS LLC
purchase, RTO agreement with Received approvals and signed
TSX listed CPC an order for issuance of the
mining license
EXPLORATION
Complete initial independent Complete drill program to Completed NI 43-101 report Implement NI 43-101
historical review of coal confirm coal characteristics and recommended program
occurrences historical work
ACQUISITION
Completed acquisition of TS Review other potential coal
coal project acquisitions
DEVELOPMENT
Confirmation drilling of Black Converted Exploration license Confirm resource and expand
Hills to Mining License drilling


A Premier Gold Explorer in Colombia

20 | www.llaveoro.com | www.cervellocapital.com

Value Creation

• Large scale gold project acquisitions identified
• Located in Antioquia state Pre-IPO
$3.4M @ $0.20
• Very prolific gold region over past several Financing
hundred years Shares
28,709,850
• A premier Colombian-based team with a track Outstanding
record of significant exploration success
» Identified, assembled, negotiated and Fully Diluted 40,009,881
advanced exploration on Continental
Gold’s key assets (TSX: CNL)
Warrants 8,500,000 @ $0.30
• Strong Board with extensive experience
building companies and creating shareholder
value in the capital markets Options 2,800,031 @ $0.20
• Advancing the public listing process
• Majors nearby:
» AngloGold Ashanti (NYSE: AU),
Continental Gold (TSX: CNL),
B2 Gold (TSX: BTO)


Projects

POPALES PROJECT
• 7km away from Continental Gold’s 4moz. Buritica
project
• Multiple gold bearing veins identified through
preliminary exploration
• High grade vein and bulk mining potential
• Drill ready project with high grade vein and bulk
mining potential
• Grades up to 68 g/t Au
• Altered rock between veins assayed up to 13 g/t Au

EL RAYO PROJECT
• Located approximately 55km NE of Medellin
• Open cut exposes a shear zone ~11m wide, length
appears to be 1+km
• Chip samples yielded 4.2 g/t Au to 16.6 g/t Au
• Two mineralized zones identified:
• 200m by 50m of gold anomalies ranging
LLAVE ORO INC. PROPERTIES 0.1 – 5.4 g/t Au
• 270m by 170m ranging
0.1 – 2.6 g/t Au


Popales Geochemistry

• Widespread mineralization
indicates:
» Large hydrothermal system and
» Provides numerous drill targets
• Copper and silver mineralization is
associated with gold mineralization
• Mineralization very similar to
Continental Gold’s Buritica 4Moz.
deposit

Popales & Buritica
Comparison
• Multiple gold bearing veins identified through
preliminary exploration
• Grades up to 68 g/t Au
• Altered rock between veins assayed up to
13 g/t Au 100 m
• Drill-ready project with 7 drill holes
identified
• High grade vein and bulk mining potential
• Distribution and type of high-grade veins at
Popales is very similar to Buritica’s 4Moz. Au
deposit
• Identified 45 high-grade Buritica-like veins
Illustrations: Top: Popales Veins Bottom: Buritica Veins


Overview

• Early-stage investment opportunity
• Start-up level valuation
• Significant catalysts and activity during
2012
• Ongoing program
» Geological mapping and sampling
» Both Popales and El Rayo have multiple
“drill ready” targets
» Final stages of permitting
» Continued due diligence on additional
project acquisitions
» Advancement of go–public process
Sample from high grade vein, Popales
• Best in class team with vast expertise in
Colombia
• Still “early days” in Colombia


Potential to Hold a Multi-Million Tonne
Vein Type Gold Deposit


Investor Highlights

• Multimillion, bulk-mineable ounce Gold
potential in Alaska
» In the prolific Tintina Gold Belt
» Potential to hold a multi-million
16.5M oz
tonne vein type deposit with gold
values ranging up to 80 or 90g/t Au
6.7M oz

• Previously explored
• NI 43-101 report (Jan.30.2011) 29.3M oz

• Multiple bulk minable targets
identified by surface work and drilling
• Proven track record: strong team of
mining and financial professionals
• Infrastructure: modern mining camp
and landing strip 10km away, former
USAF fighter base 70km away


Tintina Gold Belt

• In the Tintina Gold Belt Discovery Outcrop
(near Galena, Western Alaska)
• Discovered in 1981 by Anaconda
• 20 claims totaling 1,295 hectares
• Vein is defined by 200 surface samples and 10 diamond drill holes
• Year round exploration possible given common light snowfall to the
area


Exploration Potential

• Two known northeast trending gold veins: Main and West
» Cumulative exposure over 150m
» Main Vein: continuous train 1km along strike and 170m vertical interval
• Historical exploration has barely identified the potential of the mineralized gold deposit
» Historic exploration traced the vein to a max. depth of 50m below surface
• Mineralization is open to the North, South and at depth


Past Exploration Work

• 1981 – 1983: geological mapping,
ground magnetometer, IP and
MAXMIN EM survey, geochemical
sampling and 10 diamond drill holes
totalling 1,001.2 m completed
» 4 of 10 holes reached the Main
Vein
• Values range: 1m grading 3.8 g.t Au;
5m grading 9.28 g/t Au; subinterval
grading up to 14.5 g/t Au
• Two bulk samples (160 and 72.7lbs)
collected along the Main Vein ave.
29.14 g/t Au and 29.48 g/t Ag
• Anaconda drill holes hit Gold in the
Main Vein and disseminated
mineralization near the vein


Milestones & Objectives

• Staged exploration program determined
» Objective: test the potential of the Honker veins
at depth to determine the large-scale potential
of the mineral system
• Shareholder value creation: through acquisition
and development of superior west-coast based
minerals projects

• Leverage Cervello Capital relationship and use
Honker Gold Project as the asset for a public launch Main Vein Sample

• Proposed Phase I Work Program

Geological mapping to locate additional targets
Estimated Budget:
Complete 1,500m of core drilling to locate high-grade ore
$1.5M
zones along the Main Vein and bulk tonnage deposits adjacent
to the vein


• Limited partnership investment vehicle structured
to maximize the distribution of cash flow from gold production
at the Vulture Gold Mine
• The mine, which has produced 340,000 ounces of gold
over its operational history, has a gold resource of 328,000 ounces
(non-NI 43-101 compliant) and is expected to be a low-capex,
low-cost, open pit operation

32 | www.vulturepeakgold.com | www.cervellocapital.com

Investor Focus

• Low capex, low-cost and near-term,
open pit gold production
• Primary investment objective =
cash flow distribution
• Project payback less than 18 months
• 328,000 ounce base case with
additional resource upside
• Breakeven cash flow at $450 gold
• Examining ability to provide unit
holders option to accept physical
delivery
• Some upfront tax benefits with
limited partnership structure
• NPV at $1,500 Gold = $88 million


Resource Block Model

• Block model and Resource Estimate created based on drill data from 89 holes to
a depth of 200 to 500 feet, deposit extends to at least 650 feet down dip
• Vulture Peak Gold conducted panel sampling and surveying of mine workings to
a depth of 650 feet


Potential Production Scenario
• Base case of 328,000 oz. Au
• Assumes no additional Resource
delineated
• Objective of reaching 50,000 oz/yr
production over 5 year period, assuming
no resource expansion
• Cash cost/oz anticipated to be between
US $400 and $450
• Positive preliminary metallurgical testing
completed July, 2011 by Resource
Development Inc., (Denver)
• Met testing indicates all ores leachable
at various crush and grinds
• Ore available at mining start to load on Old ore car and high grade mineralization underground
leach pads and mill high grade
• Expected Capex
• Roughly $25M
• Finance any potential expansion and milling
through cash flow
• Projected startup early 2013


Preliminary Estimate Cash
Flow Model
VULTURE MINE
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 TOTAL
DCF

REVENUE
Processed Ore
Ounces 19,545 48,864 48,864 48,864 48,864 29,320 244,321
% Recovery 0.74 0.74 0.74 0.74 0.74 0.74
Recovered Ounces 14,401 36,003 36,003 36,003 36,003 21,603 180,016
$$ @ $1200/oz Au $17,280,907 $43,203,594 $43,203,594 $43,203,594 $43,203,594 $25,923,571 216,018,855
$$ @ $1500/oz Au $21,601,134 $54,004,493 $54,004,493 $54,004,493 $54,004,493 $32,404,464 270,023,569
$$ @ $1800/oz Au $25,921,361 $64,805,391 $64,805,391 $64,805,391 $64,805,391 $38,885,357 324,028,283

COSTS
Property Payment $3,275,000 $3,275,000
Drilling $400,000 $100,000 $500,000
Engineering $300,000 $200,000 $500,000
Permitting $300,000 $100,000 $400,000
Payroll & facilities
constr. $400,000 $400,000 $800,000
Leach Pad Constr.
Tonnes 3,600,000 720,000 720,000 720,000 720,000 720,000 7,200,000
Leach Constr.
@ $2.16/t + mill $10,900,000 $1,440,000 $1,440,000 $1,440,000 $1,440,000 $1,440,000 $18,100,000
Water Supply $1,000,000 $1,000,000
Site Preparation $2,623,000 $2,623,000
Operating @ $7.90/t $7,704,000 $13,867,200 $13,867,200 $13,867,200 $13,867,200 $13,867,200 $1,000,000 $78,040,000

$4,675,000 $23,027,000 $15,307,200 $15,307,200 $15,307,200 $15,307,200 $15,307,200 $1,000,000 $105,238,000

OPERATING
CASH FLOW
$$ @ $1200/oz Au -$4,675,000 -$23,027,000 $1,973,707 $27,896,394 $27,896,394 $27,896,394 $27,896,394 $24,923,571 $110,780,855
$$ @ $1500/oz Au -$4,675,000 -$23,027,000 $6,293,934 $38,697,293 $38,697,293 $38,697,293 $38,697,293 $31,404,464 $164,785,569
$$ @ $1800/oz Au -$4,675,000 -$23,027,000 $10,614,161 $49,498,191 $49,498,191 $49,498,191 $49,498,191 $37,885,357 $218,790,283

DCF: $1,500/ oz Au at 10% discount: $88,000,000

$100,000 Investment
Scenario
SHARE
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 CUMULATIVE
AT

$1200
$ (15,586.45) $ (76,772.02) $ 6,580.34 $ 93,006.58 $ 93,006.58 $ 93,006.58 $ 93,006.58 $ 83,095.19 $ 369,343.37
/oz AU
$1500
$ (15,586.45) $ (76,772.02) $ 20,983.98 $ 129,016.77 $ 129,016.77 $ 129,016.77 $ 129,016.77 $ 104,702.48 $ 549,395.09
/oz AU
$1800
$ (15,586.45) $ (76,772.02) $ 35,387.61 $ 165,026.97 $ 165,026.97 $ 165,026.97 $ 165,026.97 $ 126,309.78 $ 729,446.80
/oz AU

Notes Assumes $5 million raised at $30 million pre money value
Assumes no additional resource is added to the project
Assumes all costs as estimated


Investment Structure & Summary
• Vulture Peak LLC acts as a General Partner to Vulture
Peak Gold LP
• Provides turnkey management for development of
project
• Separate US LP within Canadian LP structure
• Up to $5 million equity to be raised within the Company
• Proceeds will advance Vulture through Compliant
Resource calculation to Feasibility Study
• Major Capex requirement will be raised through Project
Finance, Credit Facility, Production Streaming
• Project payback: less than 18 months
• 328,000 oz base case with additional resource upside
• Breakeven cash flow at $450 Gold
• Primary investment objective = cash flow distribution
• Examining ability to provide unit holders option to accept
physical delivery
• Some upfront tax benefits with LP structure Blast hole drilling, 2012
• NPV at $1,500 Gold = $88 million


Cervello Capital Presentaion April 2012

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Cervello Capital Presentaion April 2012