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«TECHNICAL REPORT CALICO PEAK MOLYBDENUM PROPERTY Rico Area, Dolores County Colorado Latitude N 37.710272 and Longitude W -108.090352. UTM 12S ...»

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TECHNICAL REPORT

CALICO PEAK MOLYBDENUM PROPERTY

Rico Area, Dolores County Colorado

Latitude N 37.710272 and Longitude W -108.090352.

UTM 12S 756488E/4177643 E

Prepared for:

NAPIER VENTURES INC.

Suite 2001, 837 West Hastings Street,

Vancouver, British Columbia, Canada V6C 3N7

Phone: (604) 294-1082

Fax: (604) 473-9138

Email: mrafteryis@telus.net

Prepared by:

BARRY PRICE, M.SC. P.GEO.

BJ PRICE GEOLOGICAL CONSULTANTS INC.

Suite 1028 470 Granville Street, Vancouver, BC, Canada Phone: 604 682 1501 Fax: 604 642 4217 bpricegeol@telus.net AND JAMES G. BAUGHMAN, B.SC. P.GEO (WYOMING)

DENVER, COLORADO

March 24, 2011

PHOTOGRAPH OF CALICO PEAK FROM THE SOUTH

Showing pronounced alteration.

CALICO PEAK PROPERTY, COLORADO Page |i Technical Report

CALICO PEAK MOLYBDENUM PROPERTY

Rico Area, Colorado

NAPIER VENTURES INC.

SUMMARY

The authors have been retained to provide a technical report on the Calico Peak project situated near Rico, in Dolores County Colorado, and is prepared for Napier International LLC. Napier International LLC (Napier) completed its acquisition of the Calico Peak property during the fall of 2010. Napier International LLC has retained B.J. Price Geological Consultants Inc. and James Baughman to prepare this report in support of disclosures on the property by Napier. Field work was conducted on this project in September and October 2010 under the supervision of co-author Baughman. Co-Author Baughman visited the property numerous times, most lately on October 2, 2010. Co-author Price has not visited the property but is familiar with porphyry molybdenum deposits.

The Calico property is located approximately 52 km (32 Miles) north-northwest of Durango, Colorado at Calico Peak along the west portion of the Rico Mountain Range in the Rico Mining District. It is centered on a large potassic (alunitic) alteration zone with polymetallic veins related to a Tertiary intrusive porphyry suite. There are 65 Lode Mining Claims (approximately 1300 acres) within which are a number of older patented claims held by others. Fourty four claims were acquired by staking and twenty-one additional claims were later purchased.

The Calico Property was first explored by old time prospectors in the late 1800s. The Rico Mining District was originally discovered in 1869 but the rich silver ores were not mined in large quantities until

1879. The district produced lead, zinc, gold, and a little copper in addition to silver. The ore occurs in veins related to faults, as well as in replacement deposits in limestone. A large amount of mineralization was alsofound where gypsum layers within the Hermosa Formation had been dissolved, leaving open space for ore-bearing solutions. Early Tertiary intrusives (Laramide) are common in the district, and are probably closely genetically related to the mineralization.

In more recent times during the 1970s and 1980s Anaconda Mining Company explored the Calico Peak Property where it identified the potential porphyry molybdenum target. Anaconda Mining Company completed surface work including geological mapping, surface sampling and drilling of three shallow drill holes to depths of 500 feet to identify a molybdenum porphyry target. The results indicated porphyry mineralization existed, but the project was abandoned in the early 1980s when the molybdenum market was depressed.

B.J.PRICE GEOLOGICAL AND J.G. BAUGHMAN JANUARY 2011 CALICO PEAK PROPERTY, COLORADO P a g e | ii Napier has not completed any work on its own, aside from the brief program supervised by co-author Baughman, which consisted of limited geologic mapping and sampling, soil sampling, geochemical analysis of rock and soil sampling and an orientation Induced Polarization (IP) geophysical survey.

Similar porphyry molybdenum targets have been explored east of Rico, where a small but high grade molybdenum resource was also drilled by Anaconda.. This is the type of target sought by Napier. Two very large deep porphyry molybdenum deposits are being mined in Colorado, providing an exploration model.

There is a historical resource of alunite (potassium aluminum sulphate) that has been estimated for the Calico Peak area by Mario Serna Isaza, from over 200 rock samples taken during his Master’s Degree thesis study completed in 1971. Neither the authors nor Napier have verified this estimate, which is not in compliance with NI 43-101 or CIM resource categories, and it should not be relied upon.

Alunite is a result of oxidation of sulphides and is sometimes an indicator of gold deposits or of buried porphyry copper/molybdenum systems. While the alunite is of interest, it is low grade, and the main target is a buried, moderate to large size molybdenum porphyry deposit similar to that at Silver Creek.

A secondary target would be gold-silver mineralization in veins peripheral to the suspected porphyry.

Suggested work program for the next exploration season will consist of:





 Data compilation  Prospecting, mapping and sampling  A deep IP survey  This would be followed by drilling at least 2 deep holes, 1000-2000 feet each to search for molybdenum mineralization at depth.

A tentative budget for the program would be Can $1.5 million.

–  –  –

Dated at Vancouver B.C. this March 24, 2011 respectfully submitted

B.J. PRICE GEOLOGICAL CONSULTANTS INC.

per: __________________________________________________

Barry J. Price, P.Geo. Qualified Person March 24, 2011

–  –  –

TABLE OF CONTENTS

PHOTOGRAPH OF CALICO PEAK FROM THE SOUTH

Technical Report

CALICO PEAK MOLYBDENUM PROPERTY

NAPIER VENTURES INC

SUMMARY

TABLE OF CONTENTS

INTRODUCTION AND TERMS OF REFERENCE

RELIANCE ON OTHER EXPERTS

PROPERTY DESCRIPTION AND LOCATION

Property Description

FIGURE 1. LOCATION MAP USA

FIGURE 2. LOCATION MAP COLORADOFIGURE 3.

LOCATION MAP RICO COLORADO

Location

Mineral Claims

FIGURE 4. CLAIMS AND TOPOGRAPHY – RICO AREA

FIGURE 5. CLAIM SKETCH, CALICO PEAK AREA

ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

Access

Climate

Local Resources and Infrastructure

Physiography

HISTORY

–  –  –

GEOLOGICAL SETTING

Regional Geology

FIGURE 6. SKETCH OF RICO DOME, AFTER PRATT.

FIGURE 7. GEOLOGICAL MAP OF CALICO DOME AREA (USGS Special Map 1905)

LEGEND FOR FIGURE 7.Local Geology

Cutler Formation

Dolores Formation

Entrada Sandstone and Wanakah Formation

Recent Sediments

Igneous Rocks

Intermediate Dikes

Calico Peak Porphyry

Felsite Dikes

Structure

Alteration and Mineralization

Alunite Zone

Argillic zone.

Underground Features

"Mammoth vein".

FIGURE 8. SKETCH OF ALTERATION (ANACONDA )

FIGURE 9. MAMMOTH VEIN

Geothermal Activity

FIGURE 10. HEAT FLOW IN COLORADO

FIGURE 11. HEAT FLOW AT RICO COLORADO

DEPOSIT TYPES

FIGURE 12. GEOLOGICAL CROSS-SECTION THROUGH CALICO PEAK

MINERALIZATION

EXPLORATION

2010 Field Work:

Geochemistry

FIGURE 13, CALICO PEAK SOIL GRID ON TOPOGRAPHY

FIGURE 14. CALICO PEAK SOIL GRID (IDEALIZED)

FIGURE 15. MOLYBDENUM IN SOILS AT CALICO PEAK

FIGURE 16. COLORED MO ANOMALY PLAN – 2010 SOILS

Geophysical survey

FIGURE 17. I P RECONNAISSANCE LINE 2010

FIGURE 18. PRELIMINARY IP LINE 1 AT CALICO PEAK – CHARGEABILITY EQUIVALENT

–  –  –

FIGURE 19, PRELIMINARY IP LINE 1 AT CALICO PEAK - RESISTIVITY

DRILLING

SAMPLING METHOD AND APPROACH

SAMPLE PREPARATION, ANALYSES AND SECURITY

FIGURE 20. LOCATION OF 2010 GEOCHEMICAL SAMPLES

FIGURE 21. SAMPLES AND WAYPOINTS BY J.

BAUGHMAN

TABLE OF ROCK SAMPLES FROM 2010 (J. Baughman)

TABLE OF ROCK ASSAYS J.G.BAUGHMAN

DATA VERIFICATION

ADJACENT PROPERTIES

Silver Creek Molybdenum deposit

FIGURE 22. SKETCH OF SILVER CREEK MOLYBDENITE DEPOSIT

FIGURE 23. DRILL SECTION, SILVER CREEK MOLYBDENUM DEPOSIT

Model:

MINERAL PROCESSING AND METALLURGICAL TESTING

MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

Alunite: AlK3(SO4)2(OH)6, Potassium Aluminum Sulfate Hydroxide.

OTHER RELEVANT DATA AND INFORMATION

Environmental and social notes

Geothermal potential

INTERPRETATION AND CONCLUSIONS

RECOMMENDATIONS

FIGURE 22. SCHEMATIC DRILL SECTION PROPOSED DRILLING

PROPOSED BUDGET

SIGNATURE PAGE

REFERENCES

CERTIFICATE OF AUTHOR BARRY JAMES PRICE, M.SC., P.GEO

CERTIFICATE OF AUTHOR JAMES G. BAUGHMAN

APPENDIX I

SUMMARY OF RELEVANT GEOLOGIC, GEOENVIRONMENTAL, AND GEOPHYSICAL INFORMATION

Deposit geology

Examples

Spatially and (or) genetically related deposit types

Potential environmental considerations

Exploration geophysics

–  –  –

GEOLOGIC FACTORS THAT INFLUENCE POTENTIAL ENVIRONMENTAL EFFECTS

Deposit size

Host rocks

Surrounding geologic terrane

Wall-rock alteration

Nature of ore

Deposit trace element geochemistry

Ore and gangue mineralogy and zonation

Mineral characteristics

Secondary mineralogy

Topography, physiography

Hydrology

Mining and milling methods

ENVIRONMENTAL SIGNATURES

Drainage signatures

Metal mobility from solid mine wastes

Soil, sediment signatures prior to mining

Potential environmental concerns associated with mineral processing

Smelter signatures

Geoenvironmental geophysics

REFERENCES CITED

APPENDIX II

MINING IN COLORADO

Molybdenum

Background

In biology

Sources

Uses

Substitutes and Alternative Sources

Further Reading

APPENDIX III – ANALYTICAL SHEETS FROM ROCK AND SOIL SAMPLES

(IN PDF VERSION ONLY)PHOTOGRAPH OF RICO COLORADO

–  –  –

INTRODUCTION AND TERMS OF REFERENCE

The authors have been retained by the Directors of Napier Ventures Inc. to compile available geological data concerning the Calico Peak area and the molybdenum deposit known to exist nearby. The author has not visited the property, as it lies at high elevation at the mountain crest and is under snow for much of the year.

Co Author Baughman visited the property September 25-28, 2010 and spent several days on the property sampling and mapping.

Napier Ventures Inc. is a Canada-based capital pool company (CPC). An American wholly-owned subsidiary is Napier International LLC, formed to carry on business in Colorado. The principal business of the Company is to identify, evaluate and acquire mineral assets, properties or businesses with a view to completing a qualifying transaction for the company. Officers and directors are: Michael P. Raftery, President, Chief Executive Officer, Chief Financial Officer, Director; Donald Scoretz, Director; and Danny Yu Director.

The purpose of this report is to document the major property acquisition (The Calico Peak Molybdenum property) as part of the regulatory requirements for a Capital Pool Corporation (CPC) Co-author Baughman visited the property a number of times, most recently on October 2, 2010. Co Author Price has not visited the property but has explored and described similar properties in Canada and elsewhere.

Both co-authors are independent consultants and are both Qualified Persons (QP) for the purposes of this report.

Information used in this report has been provided by Napier and by personal site visits by co-author Baughman, and data collection as well as review of historic Anaconda Mining Company data files in September through December 2010. This report also includes personal observations made by JGB in the course of field visits and on general geologic information available to the public through peer review journals, publications by the U.S. Geological Survey, and agencies of the State of Colorado.

The purpose of this report is to provide an independent evaluation of the Calico Peak project, the exploration and discovery potential in that area, past exploration, its relevance and adequacy to assess the mineralization potential of the area, and provide recommendations for future work. This report conforms to the guidelines set out by the Canadian National Instrument 43-101.

–  –  –

RELIANCE ON OTHER EXPERTS



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