This report contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Such forward-looking statements, including but not limited to, those with respect to potential size and grade of a mineralized zone, potential expansion of mineralization, size and timing of exploration and development programs, estimated project capital and other project costs, and the timing of submission and receipt and availability of regulatory approvals, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement reported to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, among others, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, precious metal recoveries, changes in project parameters as plans continue to be refined, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation and permitting requirements. Although the writer has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.

"The Cave Mine Project represents an extraordinary opportunity to discover a major new bulk tonnage polymetallic metal district in North America. Existing infrastructure will allow the testing of these targets inexpensively and quickly. The Cave Mine Project Area has remained under the radar of major mining companies for nearly a century" - said Brian Jones, Principal Geologist.

The Cave Mine project in Beaver County Utah is owned by Grand Central Silver Mines Inc. In this report cross-sections for five exploration targets are shown and described. The reader is referred to previous reports for additional details related to these and other targets on the property. Comprehensive reports include Jones and others (2012), McCandless (2012) and Hahn (2011). Selected additional reports are listed in the references section.

Technical Report for the Cave Mine Project, Beaver County, Utah, USA - PDF

Executive Summary - PDF

Sections

Drill Summary

Drilling Results

Creole Skarn Targets

Lincoln District Porphyry Copper Targets

Doughnut Flats Porphyry Copper Targets

Cave Mine Targets

Bonanza Ridge Targets

Bingham Canyon - The Southwest Property
PDF presentation

• The Southwest property consists of 114 acres (46.2 hectares) patented lode mining claims 100% owned by Grand Central Silver Mines, accessed by an excellent county road which is located on the south west side of Kennecott's Bingham Copper-Gold mine.
• Work to date includes: One round of reverse circulation (RC) drill holes was undertaken. Total drill footage is 5,262.5 meters (m) (17,265.5 feet); each 1.53m (5 ft.) drill sample taken was analyzed for gold (FA-AA) and 34 element ICP-MS 4-acid digest. A 3-dimensional induced polarization geophysical survey (3D-IP), ground magnetic survey, detailed surface and underground geologic mapping, 297 rock chip surface samples (two generations) (FA-AA finish and 34 elements ICP-MS), 162 soil samples (63 element partial extraction plus FA-AA gold), 344 underground rock channel samples (FA-AA and ICP_MS and one vertical RC/Core copper drill hole to 830.6m (2,725 ft.) were completed.
• All geochemical analysis was conducted by ALS-Chemex in Vancouver, BC. Sample preparation was conducted by ALS-Chemex in Elko, NV.
• Gold+/Silver mineralization was encountered in all drill holes highlighted by 7.62m (25ft.) of 700ppb Au and 22.6 ppm Ag @41.15m (135 ft.) in hole 3; 7.62m (25 ft.) of 633ppb Au @42.76m (140 ft.) in hole 7; 6.1m (20 ft) 2528ppb Au, 7.65ppm Ag & 0.36% Zn @315.47m (1035.17 ft.) in hole 8; 3.05m (10ft.) of 1068ppb Au and 189.2ppm Ag@ 193.55m (635 ft.) in hole 2; 12.9m (40 ft.) 159ppbAu, 25.0ppm Ag and .023% Zn @303.28m (995 ft.) in hole 13.
• Two pulses of gold mineralization observed: one with the silver and other base metals, the second with manganese, zinc, and antimony, but without silver.
• Mineralization focused in multitude of anatomizing Northeast-Southwest trending faults and sheers in a dilatational dextral shear couple.
• Similar to Kennecotts Barneys Canyon and Melco open pit mines (1.5 million ounces of gold were recovered), the Southwest property lies within the gold arsenic geochemical halo to the Bingham Canyon porphyry copper-molybdenum-gold deposit although it was never drill tested until 2006 by Grand Central Silver Mines. Pre-mining Melco dimensions were ~60m (196.9 ft.) width by 730m (2,395 ft.) length and >300m (984.3 ft.) depth extent and~1 million contained ounces of gold.
• Forty-one percent (41) of all surface rock chip samples contain 50ppb or greater gold and ten percent greater (19) 500ppb with a peak of 14,350ppb.
• Nineteen percent of all surface rock chip samples contain 5.0ppm or greater silver and seven percent greater than 1opt with a peak of 223.8opt.
• The second round of surface sampling focused on newly exposed sites and road cuts, revealing additional NE trending gold+/silver mineralization shears containing rock channel samples running up to 0.418opt gold and 208.8 opt silver.
• Silver is strongly partitioned to the northeast 1/3rd of the property at the surface and relatively absent in the southwest 2/3rd though gold shows no partitioning. However, drill holes in the southern 2/3rd of the property show strongly elevated silver with gold.
• Interpretation of the 3-D IP path data indicates many weak chargeability anomalies that have not been drilled tested.
• Potential synergy between a gold-silver discovery at either the Southwest and or Northwest properties and Kennecott's Barney's Canyon heap leach operation.
• Additional gold+/silver targets have not been tested, however, what is important to note is that the upside potential to identify an economic ore body deposit is excellent.

Bingham Canyon - The Northwest Property

• The property consists of 73 acres (29.54 hectares) contiguous patented Lode claims, 100% owned by Grand Central Silver Mines and is located on the Northwest side of Kennecott's Bingham Canyon Copper-Gold Mine.
• Twenty- two (22) surface samples collected to date. Average gold value from the 22 samples is 0.077opt (2627ppb) with a high of 0.217 opt (7420ppb). The average silver value is 2.73opt with a high of 13.0 opt. Samples were collected from prospects, underground workings and outcrops.
• Gold-silver bearing samples were collected over a length of ~600m (2,000 ft) from silicified and brecciated quartzite and calcareous sandstone of the Pennsylvanian Clipper Peak formation.
• The west-northwest trending asymmetric Bingham Syncline transects the center of the property. This syncline is a high potential target.
• The Nancy Hanks Mine is 100m (328 ft.) to the southeast and reported 1.5opt Au and 9% Cu from a 3m (9.9 ft.) wide vein in historic documents dating from 1901. The Colonel Sellers Mine is 120m (344 ft.) to the east reported an average 1.0opt gold from a 0.6-1.2m (1.99-3.94 ft.) wide vein, in historic documents dated in 1880.
• The Northwest property occurs within gold-arsenic halo of the Bingham Canyon porphyry copper deposit.

Exploration of the Southwest and Northwest Properties

• The Company initiated a rock chip geochemical sampling program, collecting and analyzing 344 underground samples from a tunnel underlying the property and 201 surface rock samples
• Anomalous mineral zones were plotted after examining histograms of the analytical results; which indicated the potential for high grade gold, silver and base metal mineral deposits
• Additionally, Grand Central researched and collected a large volume of technical data and maps of the Bingham district spanning from 1870 to the present to created a database that has been valuable in identifying high potential exploration target areas
• The Company collected a partial extraction geochemical survey, collecting 162 soil samples (63 elements) at spacing's of 100 feet across a grid pattern; samples assayed at up to 150 ppb gold and 4.5 ppm silver
• Gold soil anomaly approximately 2,400 feet long and varies from approximately 450 feet wide on the northeast end to 900 feet wide near the center to 800 feet wide on the southwest end
• Rock sampling geochemical analysis, a ground magnetic/ 3D induced polarization survey on 100 foot spacing's, and geologic mapping performed on the property confirmed the results, indication large mineralized zones and the potential for sign significant deposits of gold and silver and other metals
• The 3D-IP Inversion Data show a charge-ability iso-surface both coincident to the multi-element gold soil anomaly and to elevated silver values on the northern end of the Southwest Property
• In 2006, the Company implemented a drill program; drilling 13 reverse circulation rotary ("RCR") holes to depths of 1,705 feet in Quartzite and carbonate rocks for a total of 17,245 feet
• The 13 RCR holes were drilled by Lang Exploratory Drilling; an additional 143 rock channel surface samples were collected after the drilling program with the samples assaying at up o 14,350 ppm (0.418 oz/ton) gold and 7,160 ppm (208.8 oz/ton) silver; geologic analysis has identified new gold and silver zones
• The results of the geochemical analysis Indicate significant thickness of widespread anomalous gold mineralization
• 12 out of the 13 drill holes hit sections of anomalous gold> 130 ppb, with the highest graded single drill intercept at 25 feet of .06 oz/ton gold with a peak of .10 oz/ton gold over five feet; 9.92 oz/ton silver over a five foot intercept with .054 oz/ton gold was found in another drill hole
• The geologic, geochemical and geophysical data collected in the field, as well as data from historical sources, indicate the potential for significant gold, silver and other mineral deposits on the Southwest Property
• In 2008 the Company implemented a one hole drill program for 2,725 feet, drilling 2,230 feet of RCR drilling and 495 feet of core drilling. The analysis of the RCR hole shows continuous anomalous gold was found to a depth of 1,200 feet. This possibly indicates that the drill hole is near a large gold-ore body. The core drilling assays have not been received for analysis
• Kennecott has discovered a large 1.9 - 2.5 mile area of copper-gold mineralization known as the Bingham Orbit on the southwest side of the Bingham Canyon Mine. Published information in 2007 and ongoing Kennecott core-drilling (5,000 feet deep) and helicopter and ground geophysics indicates a high probability that new large, deep copper-gold ore body under or near the Southwest Property

Key Highlights

• Attractive mining properties zoned for exploration and mining, with no environmental liabilities or permitting issues
• Significant potential for large gold and silver deposits identified as "Distal Carlin Nevada" type gold mineralization, based on drilling rock sampling, geochemical analysis, geophysics, and geologic mapping perforated to date
• Proximity to Bingham Canyon Mine the world's largest copper mine, and location in one of the most productive mining regions in the world. High potential for a deep, copper-gold ore body wider antler near the Southwest Property
• Direct access to the Company's Southwest Property via two existing county-maintained access roads
• Partial ownership on the Utah Metal Tunnel provides a potential source of water as well as underground exploration access to the Southwest Property. Usable rails in tunnel and wired for communication
• Infrastructure includes road network, power, railroad, manpower In Tooele and Salt Lake City, Utah
• Key; ppb- parts per billion; ppm-parts per million; opt-ounces per ton.