1182 Ste-Madeleine, C.P. 5043, St-André-Avellin (Québec) Canada J0V 1W0Téléphone / Fax : (819) 983-4828 E-mail : geophysics@tlb.sympatico.ca

Golden Share Mining Corp.LaRose Property

Thunder Bay District, N.W. OntarioN.T.S. 52B/10

Report on Total Field GroundMagnetometer Surveys

St-André-Avellin, Québec Gérard Lambert, P.Eng.December 6th, 2011 Consulting Geophysicist

Golden Share Mining Corp. LaRose Property, Mag surveys

TABLE OF CONTENTS

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Property description, location, access . . . . . . . . . . 2

Description of the geophysical surveys . . . . . . . . . 6

Results and interpretation . . . . . . . . . . . . . . . . . . . 8

Conclusion and recommendations . . . . . . . . . . . . 10

Appended: Scale

LaRose Grid, Total Field Magnetic contours map . . . . . . . . . . 1:5,000

La Rose Grid, Magnetic survey readings and profiles . . . . . . . . 1:5,000

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Introduction

In late November and early December 2011, ground geophysical investigations,

consisting namely in Total field Magnetometer surveys, were carried out over a grid of lines on

the LaRose Property in the Thunder Bay area, Ontario, for Golden Share Mining Corp.

The purpose of these surveys was to map the lithologies, geological units and structural

features underlying the property and to investigate favourable zones of alteration, these features

being potentially of economic interest if they are found to carry significant concentrations of base

or precious metals. Considering the paucity of good, modern, reliable ground geophysical data on

the property, the present surveys were thus meant to complement the geophysical understanding

about the property’s metallogenic and economic potential.

This report describes the work done, discusses the results obtained and the interpretation

of the data. Recommendations for any future work are presented in the conclusion.

The geophysical surveys were carried out between November 27th and December 5th,

2011, by crews of Services Exploration of Rouyn-Noranda, Québec.

Property description, location and access

The LaRose Property survey area is located west of the Shebandowan Lakes area in

northwestern Ontario. The survey area is situated at about 116 km (as the crow flies) to the west

of Thunder Bay and 16 km to the WSW of Lake Burchell, at about 14km off to the south of the

Trans-Canada highway (Hwy 11), near Lat 48/33'N and Long 90/51'W in NTS sheet 52B/10.

The survey area is accessible by vehicle, as the grid is transected by several secondary logging

roads and trails that lead into the claim block from Hwy 11. Please refer to the figures on pages

3, 4 and 5, showing various location maps of the property and survey area.

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The claims which were covered by the geophysical surveys are shown on the figure on the

next page.

Description of the geophysical surveys

The total field magnetometer surveys were carried out along lines spaced every 100

meters, from L-1000S to L-5000S, oriented northwest-southeast and turned-off from base line

0+00E. Tie lines 1500W, 500W and 500E were also laid out in order to control the lines’

deviation. Several G.P.S. control points (UTM Nad-83, zone 15) were read and established, in

order to keep track of the operator’s path along each line, to monitor the line deviations and to

assist in locating the grid lines in the UTM Nad-83 coordinate system. The final maps are

believed to represent as faithfully as possible the relationship existing between the position of the

grid lines and the property boundaries but no guarantee can be expressed about the absolute

accuracy of the various survey points and of some topographic features.

Magnetic surveys

The magnetic survey was conducted along all the survey lines, using GEM-Systems

model GSM-19 overhauser magnetometers, capable of reading the intensity of the earth's

magnetic field with a precision of 0.01 gamma.

Readings of the earth's magnetic field were taken every 12.5 meters along the lines. The

magnetic field measurements were corrected for diurnal drift by using the data from an automatic

base station, monitoring and recording the earth's magnetic field variations every 10 seconds.

The final results of the magnetic surveys are presented on the maps appended to this

report, at the scale 1:5,000. Posted readings (minus 56,700 gammas), profiles (base level of

56,700 gammas, profile scale 1cm=500 gammas) and colour contours (contour interval 25

gammas) of the total field magnetic data are presented on these plan maps.

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A total of approximately 72.7 line-km of magnetic data was gathered on the LaRose grid

during the course of these surveys by geophysical operator Sylvain Brousseau, under the

supervision of Pierre Gervais of Services Exploration, of Rouyn-Noranda, Qué.

Results and Interpretation

Crustal rocks having a substantial magnetic susceptibility include most types of mafic

(intrusive or extrusive) varieties. In increasing order of magnetic susceptibility, we have:

syenites, diorites, andesites, basalts, gabbros, diabases, pyroxenites/peridotites and Iron

Formations. Metamorphic rocks tend to exhibit a variable and often unpredictable magnetism,

depending on their original composition and their degree and type of metamorphism.

The principal controlling mineral of course is magnetite, a ferrimagnetic mineral. The

mineral pyrrhotite is also a common magnetic mineral but its very high electrical conductivity

makes it easy to distinguish from magnetite, which is seldom conductive.

Rocks of low magnetic susceptibility include most types of sediments (except iron

formations), most felsic plutonic rocks and major, hydrothermally-altered, tectonic structures.

A magnetic relief map is essentially an image showing the distribution of the magnetite

within the underlying lithologies. Inferences as to the rock types remain dependent upon the

chemical behavior of the magnetite when rock-forming processes took place, as well as the

quantity of oxygen available at that time.

As a rule, very strongly magnetic rocks are of ultramafic origins or are constituted of

oxide Iron Formations. Strongly to moderately magnetic rocks will usually consist of gabbros,

diabases, basalts. Weakly magnetic rocks would include granodiorites, diorites, granites,

rhyolites, dacites and andesites. Sedimentary formations such as shales, sandstones and

carbonates usually have no magnetic susceptibility to speak of.

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A more diagnostic aspect to identifying the types of rocks, apart from the absolute

magnetic amplitudes, is the shape of the magnetic anomalies: dykes, sills, flow sheets and

sedimentary horizons (BIF) will usually produce long, linear and narrow magnetic features.

Small and medium-sized intrusives will typically produce round or elliptic shapes of similar size.

Stocks and batholiths will usually exhibit magnetic signatures over very large areas with

common semi-circular magnetic zonations at their borders.

On the LaRose grid, the earth’s magnetic field has a background intensity of about 56,900

±50 gammas. The magnetic relief on this grid is somewhat active, with several small positive

magnetic peaks and a number of negative anomalies distributed in a poorly-organized pattern.

The anomalies rarely exceed 500 gammas in net amplitude and typically consist of one or two,

sometimes three, consecutive readings, producing signatures that generally have a short

wavelength. The overall grain or pattern of magnetic anomalies indicate the presence of weakly

to moderately magnetic units located very close to the surface, along a series of NE-SW trends.

They could likely be a family of small pyrrhotite bands occurring in sub-cropping patches. A

field visit is warranted over the stronger and more persistent magnetic spikes, as there is a very

good possibility that prospecting these areas will yield positive explanations for some of the

magnetic anomalies in these areas. Some suggestions would be: 1) along trend located between

L-4400S/1325W and L-3900S/1250W; 2) along trend located between L-3800S/325W and L-

2800S/225W; 3) along trend located between L-2900S/1460W and L-1300S/1300W.

An in-depth quantitative or geological interpretation is beyond the scope of this report but

there certainly is enough detailed information contained in the magnetic relief defined as a result

of this magnetometer survey to justify carrying out a refined analysis of this relief with the

assistance of a geological compilation map and hopefully translate this analysis in terms of

potential traps for metallic mineralization.

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Conclusion and recommendations

The Total Field ground magnetometer surveys which were recently completed over the

LaRose Property for Golden Share Mining Corp. have successfully defined a generally quiet

magnetic relief containing several small magnetic units that suggest the occurrence of many

narrow NE-SW-trending bands of pyrrhotite-enriched rocks. The depths to tops vary from zero to

a few meters at the most. It is quite probable that a thorough surface prospecting program on the

grid will allow for the explanation of some of the sharp or spikey magnetic anomalies. The more

quiet magnetic relief elsewhere on the grid may be an indicator that this area could be underlain

by rocks of felsic, intermediate or sedimentary composition.

With only a limited knowledge of the detailed geology of property area at this point, it is

difficult from a geophysical point of view alone, to rate the magnetic relief and magnetic

anomalies in terms of their economic potential, particularly if one is looking for gold, but it is

expected that some possibility of alteration and shearing may exist in the areas of subdued

magnetic activity and these should be checked in the field.

Recommending further work on this project, I think that it would be worthwhile to

assemble a compilation of past exploration work in this area, to see if the interpretation of the

magnetic signatures can be used to “calibrate” certain known mineralized zones and therefore

allow for some extrapolations. If pyrite-hosted precious metals are being considered as

exploration targets, then surveys applying the Induced Polarization technique should be

contemplated as a more direct method in defining and characterizing these targets.

Respectfully submitted,

St-André-Avellin, Québec Gérard Lambert, P.Eng.December 6th, 2011 Consulting Geophysicist

1182 Ste-Madeleine, PO Box 5043, St-André-Avellin (Québec) Canada J0V 1W0Téléphone / Fax : (819) 983-4828 E-mail : geophysics@tlb.sympatico.ca

STATEMENT OF QUALIFICATION

I, the undersigned Gerard Lambert, P.Eng, consulting geophysicist, declare the following:

1- I am an independent geophysical consultant, and have been practicing as such since 1987.

2- I have graduated from Laval University in Quebec City, Qué., Canada, in 1978, earning adegree in Geological Engineering (B.A.Sc.), specializing in Mining Geophysics.

3- I have been working in Mining Geophysics since 1973 and have been employed and havepracticed as a professional engineer continually since 1978.

4- I am a member in good standing of Quebec’s Order of Professional Engineers since 1978.

5- I have reviewed and interpreted the geophysical results (magnetometer surveys) on GoldenShare Mining Corp.’s LaRose property in northwestern Ontario using industry-standard practiceand have done so with the best of my knowledge and expertise.

6- I have no direct nor indirect interest and do not intend to acquire any such interest in GoldenShare Mining Corp. or any of its subsidiaries.

St-André-Avellin, Québec, Canada,December 6th, 2011

Gérard Lambert, P.Eng.Consulting Geophysicist