Company History and Background

Grand Central Silver Mines, Inc. ("GCSM," "we," "us," or the "Company") is engaged in the holding, exploration, and disposition of mineral properties that we own or lease. Many of our mineral properties are in established mining districts that have large and profitable mineral production histories, and are believed to contain deposits of gold, copper, lead, zinc, silver, molybdenum, and other metals. The company currently owns, or holds an interest in four significant non contiguous patented mining claim exploration properties in Utah and Idaho, most of which were past producers of gold, silver and other metals (44 patented claims, 482 total acres) and 3,840 acres of unpatented mining claims and 667 acres of Utah State mineral leases. Our corporate strategy is currently focused on the testing and evaluation of the type and amount of potential mineral deposits located on our properties for the purpose of maximizing the value to be realized by the Company and its shareholders upon the disposition or development of such mineral properties.

Since 1984, the Company has been organized as a corporation under the laws of the State of Utah. In March 2009 the company moved its principal offices from Carrollton, Texas to its temporary offices in Hoffman Estates, Illinois.

GCSM is the result of two predecessor companies. The first predecessor company, Winston Research, Inc. ("Winston"), was formed as a Utah corporation on June 21, 1984. The second predecessor company, Diamond Bullion Corporation ("Diamond") was formed on October 15, 1984, also as a Utah corporation. On October 31, 1984, Winston and Diamond merged. As a result of the merger, Winston acquired all of Diamond's assets in exchange for the Winston's common stock and Winston, as the surviving corporation, changed its name to Diamond Bullion Corporation. This new Diamond Bullion Corporation was also organized under the laws of the State of Utah. On December 16, 1985, Diamond Bullion Corporation changed its name to Centurion Mines Corporation. On January 30, 1998, Centurion Mines Corporation changed its name to Grand Central Silver Mines, Inc.

Cave Mine Project

The Cave Mine property is located in the southern end of the Mineral Range in the Great Basin of central Utah, sixteen kilometers south of the town of Milford and 290 kilometers southwest of Salt Lake City, Utah.

Grand Central owns and controls over 5,200 hectares of contiguous patented and unpatented mining claims and state leases in the project area. Most of the patented claims in the Lincoln district have been acquired, however, negotiations for additional claims are continuing. There are no underlying royalties or encumbrances on the unpatented mining claims.

The State of Utah is one of the best jurisdictions in the world for exploration and mining. The State is home to the Bingham Canyon copper mine, the largest ore deposit in North America. The Bingham Canyon copper mine is the worlds largest open pit operation.

The company has sampled over 500 assays and identified 37 targets. These targets include:

• Deep Lincoln Target: porphyry copper target beneath the Lincoln District, a large, zoned, polymetallic mining district with an unexplained heat source.
• Doughnut Flats Target: alluvium-covered porphyry copper target defined by a large, undrilled geophysical anomaly.
• Cave Mine Targets: polymetallic chimneys, fissures and mantos, in the untested sulfide portion of a high-grade past producing mine.
• Clipper, Rattler and Creole Targets: large copper-silver-gold skarns, with high-grade mineralization at the surface and large, undrilled magnetic anomalies.
• Bonanza Ridge Targets: gold skarns and disseminated deposits, with high-grade mineralization at the surface and strong magnetic anomalies.
• West Hecla Target: structurally controlled silver-gold systems defined by numerous high-grade silver-gold samples at the surface.

For further information please refer to the 43-101 Technical Report (McCandless) and the Executive Summary (Jones). See exploration projects.

Sunset Mine Project - Idaho

The Sunset Mine Project is comprised of approximately 92.9 contiguous acres in six patented mining claims in the Beaver Mining District in Shoshone County, Idaho. The Sunset Mine is located in North East part of Idaho and is approximately 6 (six) miles northeast of Wallace, Idaho and within the world famous Coeur d' Alene mining district. The mine is an underground mine and we only own the mineral rights to the land. We have not conducted any exploration or testing on the property. However, we know that the Sunset Mine Project produced silver, lead, and zinc intermittently from the 1890s to 1990s. The company is in the process of analyzing future exploration plans for the Sunset Mine Project.

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