Liard Resources Ltd.

April 17, 2009 23:59 ET

Liard Announces Filing of Amended and Restated Management Information Circular and Amended Technical Report

CALGARY, ALBERTA--(Marketwire - April 17, 2009) - Jan Alston, President of Liard Resources Ltd. (the "Company") announces that at the request of the Alberta Securities Commission (the "ASC"), the Company has filed an Amended and Restated Management Information Circular (the "Circular") and Amended Technical Report pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the "Technical Report").

The Company has applied for the revocation of cease trade orders issued by the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission on June 2, June 3 and June 10, 2004, respectively (collectively, the "Orders") and the revival of its business in order to carry out the acquisition of an interest in the Silver Valley Two Mile Joint Venture originally announced on December 5, 2008. Revocation of the Orders is part of the Company's efforts to re-structure its corporate and financial affairs.

During the process of reviewing the Company's application to have the Orders revoked, the ASC, as principal regulator, advised the Company by letter that it had completed a review of the Circular dated March 24, 2009 with respect to a Plan of Arrangement involving the Company, Silver Royal Apex, Inc., Liard USA Inc. and the shareholders of Silver Royal Apex, Inc. (the "Arrangement") and its Technical Report entitled, "Exploration of the Two Mile Creek Project area near Osburn, Idaho for Lead and Silver" dated February 17, 2009 (collectively, the "Disclosure Documents") and provided the Company with certain comments in respect of the Disclosure Documents.

The Company has resolved all of the ASC's outstanding comments and has filed the following amended and restated Disclosure Documents, which are available on the System for Electronic Disclosure and Retrieval at www.sedar.com:



1. Amended and restated Circular;

2. Amended and restated Technical Report;

The Circular has been revised for the purpose of adding certain disclosure
required by National Instrument 51-102 - Continuous Disclosure Obligations,
Form 51-102F6 - Executive Compensation and National Instrument 52-110 - Audit Committees.
The additional information disclosed in the amended and restated Circular is reproduced below:

Audit Committee Matters

Currently the audit committee of Liard consists of the following:

Jan Alston Not independent as he is the CEO of the Company.

He is financially literate based on his education

(law degree - 1981) and business experience.

Bruce Murray Not independent because of the consulting contract

between the Company and a private company

controlled by his affiliates. He is financially

literate based on his education (commerce degree -

1979) and business experience.

Laurel Eckhart Independent. She is financially literate based on

her business experience.

External Auditor Fees

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2007 2008

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Audit Fees - $99,620

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Audit Related Fees - -

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Tax Fees - -

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All Other Fees - $10,000

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Total - $109,620

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Notes:

(1) Preparation of December 31, 2004 to 2008 audits and preparing

corporate tax returns for December 31, 2006 to 2008.

(2) Fees for the compilation report on the proforma financials and

procedures and preparation of consents.

Reliance on Exemption

The Company is relying upon the exemption in section 6.1 of National

Instrument 52-110.

Executive Compensation

The following table discloses, for the period indicated, total

compensation received by the following executive officers: those who

acted as the Company's Chief Executive Officer and Chief Financial

Officer (the "Named Executive Officers"). The Company did not have

any executive officers whose total salary and bonus exceeded

$150,000.

Please refer to www.sedar.com for the table disclosing executive

compensation.

Options to Acquire Common Shares Granted during the Year Ended

December 30, 2008

No options were granted or exercised by the Named Executive Officers

during the period indicated.

Compensation of Directors

$80,000 in remuneration was paid to directors in their capacity as

directors. Directors of the Company are also eligible for

participation in the option plan. Consulting fees of $44,990 was

charged to the Company by a private company controlled by affiliates

of Bruce Murray. No options were granted to directors and officers of

the Company during the financial year ended December 31, 2008.

Employment Contracts

The Company has not entered into employment contracts with the Named

Executive Officers.

Pension Plans

The Company has not established a pension plan for the benefit of its

executive officers.

Deferred Compensation Plans

The Company does not have any deferred compensation plans relating to

a Named Executive Officer.

Compensation Discussion and Analysis

The Company has been inactive for approximately 3 years and has a

board of four. No separate compensation committee has been appointed.

Executive compensation is reviewed and approved by the independent

directors, Laurel Eckhart and John Niedermaier.

As an inactive company which has just recently taken the steps to

find a new business and update its regulatory filings, its executive

compensation philosophy, objectives and processes are simple. In

achieving the Company's objective, the CEO which is a part time

position without salary or benefits, expended considerable time on

the affairs of the Company. His compensation is based on the amount

of time spent, and on what he could have earned elsewhere, payable as

a management fee. No options or other stock based compensation were

awarded. No bonus was considered. Given the current state of the

Company the Board has not formulated any comprehensive compensation,

policies, objectives, benchmarks or processes.

---------------------------

With respect to the Technical Report, the amendment and the restatement involves
revisions necessary to thoroughly address the requirements of National Instrument
43-101 - Standards of Disclosure for Mineral Projects and Form 43-101F1. The revised
technical information that appears on pages 35-47 of the Circular is provided below:

Two Mile JV Property

Following is information about the Two Mile JV Property, which has

been summarized or is a direct extract from the Thomson Report.

Certain figures and tables from the amended Thomson Report, dated

April 14, 2009, are included in this Information Circular. The

remaining figures and tables are contained in the Amended and

Restated Technical Report (NI 43-101), which has been filed on SEDAR

at www.sedar.com. Please see the full text of the Thomson Report for

full citations of the authors referenced below.

Most of the information about the property and surrounding areas are

given in United States terms and units although metric units are also

used at times. References to currency are always in United States

dollars.

Property Description and Location

The Two Mile Creek Exploration Project is situated in the Coeur

d'Alene Mining District, Shoshone County, Idaho (See Figure 1). The

main rocks in the exploration area are quartzites of the Burke and

Revett Formations and argillites of the Prichard Formation. The Coeur

d'Alene Mining District hosts numerous lead and silver deposits.

Please refer to www.sedar.com for graphical representation of

Figure 2.

Figure 2: Two Mile Creek Exploration Project location map with claim

block outline and geophysical traverses (red lines oriented ESE)

shown in Figure 3.

The Two Mile Creek Exploration Project can be reached by exiting

Interstate Highway 90 at the Osburn, ID exit via Two Mile Creek Road,

and is comprised of 3 patented mining claims (Table 1 and Figs. 1 and

2) and 710 unpatented mining claims (Appendix 1). The property covers

an overall area of 22 square miles. Azteca Gold Corp. has increased

its holdings of unpatented claims in 2008 due to proactive staking

activities. The claims are located in Sections 1 and 12 T. 48 N.,

R. 3 E., Sections 3, 4, 5, 6, 7, 8, 9, 10, 17 and 18 T. 48 N.,

R. 4 E., Sections 13, 24, 25 and 36 T. 49 N., R 3 E., and Sections

15, 16, 17, 18, 19, 20, 21, 22, 27, 28, 29, 30, 31, 32, 33 and 34 of

T. 49 N. R. 4 E. An outline of the claim block and the patented

claims are shown in Figure 2.

Table 1: Three (3) patented mine claims for the Two Mile Creek

Exploration Project.

Patented Mineral Survey

Claim Name Number

---------------------------------

Emmerson 3460

---------------------------------

Essex 3460

---------------------------------

Hardscrabble 2062

---------------------------------

The Two Mile Creek Exploration Project previous mine activity is

limited to a few prospector tunnels, most of which are now closed by

cave in. A Plan of Operations for Mining Activities was submitted to

the U.S.D.A. Forest Service and was approved in October 2007. The

approved plan permitted 6 drill site locations to test the results of

a geophysical survey conducted by Quantec Consulting Inc. in May

2007. This report presents the potential for mineralized zones as

indicated by the geophysical survey conducted by Quantec Consulting

Inc. and as reported by Azteca Gold Corp. in their Dec 8th 2008 press

release regarding hole DDH-005A. This update also presents new assay

results from a section of core from hole DDH-005A reported by Azteca

Gold Corp. in their January 13, 2009 press release and information on

progress of the drilling of hole DDH-006.

Accessibility, Climate, Local Resources, Infrastructure and

Physiography

The Two Mile Creek Exploration Project is located near Osburn, Idaho

within the Coeur d'Alene mining district, Shoshone County, Idaho. The

area is accessed from Spokane, Washington via Interstate 90 east, to

the Osburn exit.

The Two Mile Creek Exploration Project area is in a sub-alpine area

with average annual rainfall of approximately 25 inches and average

annual snowfall of approximately 48 inches. Summers are generally dry

and warm while winter can bring heavy accumulations of snow in the

mountains. The climate is favorable for year-round exploration

operations. The exploration project area is in low foothills of

gentle to moderate terrain.

The closest major airports to the Two Mile Creek Exploration Project

area are in Spokane, Washington (32 miles west of Coeur d'Alene on

I-90) and Missoula, Montana (108 miles east of Lookout Pass on I-90).

Necessary supplies, equipment, and services to carry out exploration

and mine development projects are available in Kellogg, Wallace,

Mullan, Coeur d'Alene, and Wardner, Idaho, as well as Spokane,

Washington. A trained mining workforce is available in the

above-mentioned communities.

History

A document written by John Platts (1954) discusses the existence of a

few tunnels in the Two Mile Creek area. He states "two short

prospector's tunnels driven into the west bank over the old road show

veins containing ore minerals. Although the ore has not been exposed

in commercial quantities in the short tunnels, there are indications

in the surrounding area of the presence of a much more extensive vein

structure." Further up the creek a short drift followed a narrow

silver vein that was discontinuous and follows a bedding plane in

quartzite (Platts, 1954).

Platts (1954) also discussed two diamond drill holes that were

drilled "several years ago." Neither drill hole intersected

commercial grade ore, but "sludge samples taken from near the seam

and near the dikes contained silver in various amounts up to

1.5 ounces per ton." (Platts, 1954) The author has no assay reports

from these drill holes. Mr. Platts' report should be taken as his

opinion and not as a statement from a "Qualified Person" by NI 43-101

standards.

A geochemical reconnaissance program, covering the bulk of the Coeur

d'Alene District mining region, was conducted by the U.S. Geological

Survey in the late 1960s. The sampling was widely spaced and the

analytical data averaged (Springer, 1974). As a result of the

geochemical survey, a broad general picture was developed that

strongly indicated a northwesterly continuation of the 9 known

mineral belts of the Coeur d'Alene mining district (Springer, 1974).

The Two Mile Creek Exploration Project area lies within the

geochemical survey area.

In May 2007 Quantec Consulting Inc. conducted a geophysical survey

utilizing a Titan-24 Distributed Array. The Titan system is a

multi-channel, distributed-array geophysical data acquisition system,

recording broadband Magnetotelluric (MT) resistivity data, Direct

Current (DC) resistivity data and Induced Polarization (IP)

chargeability data (Quantec Consulting Inc., 2007). The Titan system

provides three independent data sets capable of accurately measuring

subsurface resistivities to depths in excess of one kilometer,

chargeability (mineralization) for deeper than conventional IP

systems can provide (Quantec Consulting Inc., 2007). Quantec

Consulting, Inc. has reported that this technology has been

successful in other parts of the United States and Canada in locating

massive sulfide deposits. The survey consisted of five lines,

oriented ESE, and was designed to maximize the coverage of the of the

Silver Royal Apex claim block (Figs. 2 and 3).

The Titan-24 survey has identified several deep chargeable, high

priority drill targets. The priority targets are all located in the

southeast corner of the property with two targets on Line A (Fig. 4),

and the remaining two on Line B (Fig. 5). Several additional

secondary targets have also been identified and consist of moderate

IP responses located on indicated fault zones that may be favorable

locations for vein style mineralization (Quantec Consulting Inc.,

2007). The targets along line A have largely been the initial focus

of the Azteca Gold Corp. drilling program. The easternmost target on

Line A was shown by geophysics to begin at a depth of about 1500 feet

below the surface; a smaller target in the west on Line A was shown

by geophysics to begin at a depth of about 600 feet below the surface

(Fig. 4).

Figure 3: Two Mile Creek Exploration Project area location map, with

geophysical survey lines. Drill hole locations are also illustrated

including surveyed locations of DDH-005A and DDH-005B.

Please refer to www.sedar.com for graphical representation of

Figure 3.

Figure 4: Line A geophysical (IP) targets illustrated in vertical

cross-section with drill holes DDH-005A and DDH-005B.

Please refer to www.sedar.com for graphical representation of

Figure 4.

Figure 5: Line B geophysical (IP) targets illustrated in vertical

cross-section with drill holes DDH-002 and DDH-003.

Please refer to www.sedar.com for graphical representation of

Figure 5.

Local Geology

The stratigraphy of the Two Mile Creek Exploration Project is

composed primarily of the Revett, Burke, and Prichard Formations with

minor amounts of igneous rocks. The Revett Formation is composed of

vitreous pure quartzite beds from one to six feet thick. The Burke

Formation is composed of quartzite, siliceous argillite, and minor

amounts of argillite. The Prichard Formation is composed of

monotonous succession of quartzose argillites to argillites

(Pennebaker, 1971). A monzonitic body is present on the eastern

boundary of the project area, and several basic dikes and syenite

dikes have been reported on the property (Pennebaker, 1971).

The Revett and Burke Formations are located east of the intersection

of the Carpenter Gulch and Two Mile Faults. To the west of these

faults lies the Prichard Formation. The Carpenter Gulch Fault is a

thrust fault with a generally N-S strike and a westerly dip of about

30 degrees. The movement of this fault has placed older Prichard

Formations on top of younger Burke Formation. The Carpenter Gulch

Fault curves and connects with the Two Mile Fault this in turn joins

the Blackcloud Fault (Pennebaker, 1971).

Veins within the project area vary in thickness depending on which

rock is hosting the vein (Juras, 1995). According to Juras (1995) a

vein hosted by quartzite that is several feet thick will decrease in

thickness when it is hosted by siliceous argillite and further

decrease, possible even disappear, when hosted by argillites. The

mineralization of the Two Mile Creek areas is vein hosted.

Deposit Type

The Coeur d'Alene Mining District is situated at the western end of

the Lewis and Clark Shear Zone (Bennett and Venkatakrishnan, 1982;

Leach et al., 1988). Precious metal and base-metal deposits occur

throughout the Lewis and Clark Shear Zone (Leach, et al. 1988). The

deposits are primarily veins within the Belt Supergroup (Leach, et

al., 1998), and mines in the district exploit ore in the steeply

dipping veins (Bennett and Venkatakrishan, 1982).

The Two Mile Creek Exploration Project area hosts many quartz veins

associated with faults that potentially contain lead and silver

deposits. The project is in the Coeur d'Alene Mining District.

Mineralization

Pennebaker (1971) identified two types of mineralization within the

Two Mile Creek Exploration Project area. The first is the Royal vein.

This vein contains quartz, ankerite, pyrrhotite, pyrite, sphalerite,

and galena. It cuts the Prichard Formation on the western side of the

project area and is in the hanging wall of the Carpenter Gulch Fault.

In the footwall of the Carpenter Gulch Fault near the center of the

property is the second type of mineralization. It consists of several

thin veins that, according to Table 3 of Pennebaker's (1971) report,

were high in silver. The author does not have access to either the

original lab reports or the samples that were collected by Pennebaker

and others for his report. In Pennebaker's opinion the relative

concentrations of silver, copper, antimony, and lead indicated that

these veins were typical of Silver Belt type ore. The eastern side of

the property has received very little exploration.

Exploration

The Brennan-Preuss Report noted that a Plan of Operations for Mining

Activities was submitted to the U.S.D.A. Forest Service for

permitting of 6 drill sites that would test the results of the

geophysical survey. Permitting with the Forest Service was successful

in October 2007, allowing for the 6 permitted drill hole sites to be

placed within the Two Mile Creek Exploration Project area. These

drill holes were selected to test the results of the geophysical

survey conducted by Quantec Consulting Inc. in May 2007. To date,

Azteca Gold Corp. has been actively pursuing a drill operation

discussed below.

Drilling

To date, there has been some progress in drilling activity conducted

in the Two Mile Creek Exploration Project area by Azteca Gold Corp.

and its contractor(s). Since the October 2007, a total of 7 diamond

core drill holes have been placed within the property boundary. Two

of the 7 drill holes are active at the time of this report (DDH-005B

and DDH-006; Fig. 2). Table 2 provides the status of currently active

and completed drill site activity in the Two Mile Creek Exploration

Project area as of February 17, 2009. Figure 3 shows the location of

drill holes discussed below and shown in Table 2 as well as the

cross-sectional view of geophysical targets along geophysical

traverse Lines A and B (Figs. 4 and 5).

Azteca Gold Corp. and their drilling contractor regularly pay

particular attention to the position of the drill hole, regularly

surveying all drill holes with a Reflex EZ-Trac, multi-shot magnetic

down-hole survey tool, manufactured by Reflex. Additionally, at the

date of this amended report, Azteca Gold Corp. had previously

contracted Directional Drilling Services Inc. to perform gyro-surveys

of both drill holes DDH-005B and DDH-006 to confirm the accuracy of

the magnetic surveys. Both holes have been surveyed to 8,650 and

6,400 ft., respectively, and it has been confirmed that the magnetic

surveys and the gyro surveys are in very good agreement (within the

expected accuracy of each tool). The positions of the drill holes in

plan view are illustrated in Figure 3. The surveys indicate that

drill hole DDH-005A at the intercept with the massive mineralization

(7,950 ft. depth) has an approximately easting of 450 ft. and a

northing of 375 ft. from the collar location. Additionally drill hole

DDH-005B wedges off from drill hole DDH-005A at 3,950 ft. and is

following a trajectory angling north of DDH-005A. So, for example, at

a depth of 6,000 ft., drill hole DDH-005B is 75 ft. west and 50 ft.

north of drill hole DDH-005A at an equivalent depth, projecting an

approximate 200+ ft offset between the drill holes at final depth.

See Figure 6 for a perspective 3-D illustration of the locations of

the surveyed drill holes DDH-005A and DDH-005B.

Table 2: Two Mile Creek Exploration Project drill hole locations and

status as of February 17, 2009.

Please refer to www.sedar.com for Table 2.

Figure 6: Scale perspective 3-D model of drill holes DDH-005A,

DDH-005B, and DDH006 showing the extent of surveyed drill holes. The

property boundary is also illustrated.

Please refer to www.sedar.com for graphical representation of

Figure 6.

Azteca Gold Corp. contracted M2 Technical Inc. to log the core

collected from DDH-001, DDH-001A, DDH-002 and DDH-003. Assays have

also been performed on samples from these drill cores. The author has

examined the log files as well as the assays and has determined that

the results are not significant enough to report here.

Azteca Gold Corp. Dec 8th, Dec 22nd, 2008, and January 13, 2009 press

releases reported that mineralization was encountered in drill hole

DDH-005A. However, as of this date the core has not been completely

logged. The author has examined the length of the drill core assayed

(see below) stored at secure Azteca Gold Corp. facilities as well as

numerous hand samples and thin sections from selected parts of the

core. The first preliminary assays on the mineralization of drill

hole DDH-005A are reported below and were received by Azteca Gold

Corp. in early January 2009 and were reported in the press release on

January 13, 2009. Assaying and subsequent assay releases will be

ongoing for holes DDH-005A, DDH-005B, and DDH-006 during 2009.

Although the primary target (recognized by geophysics) was indicated

to be located at a depth of about 1500 ft., Azteca Gold Corp. decided

to focus their efforts the drill site of DDH-001 and DDH-001A by

extending deeper into the subsurface along DDH-005A and DDH-005B.

11.1 Description of Drill Core DDH-005A

DDH-005A is an NQ-sized core hole collared at approximately 3,650 ft.

elevation with total depth ("TD") of 8,784 ft. or about 5,134 ft.

below sea level. Azteca Gold Corp. has advised the author that at

7,950 ft. the mineralization becomes massive. The massive

mineralization continues for approximately 50 ft. intermittently,

with continuity of the massive mineralization over as large as 10 ft.

intercepts. Preliminary assay results are presented below.

The author examined the core between depths 7,898 ft. and 7,961 ft.

From 7,898 ft. to 7,937.50 ft. the core consists of quartzite cut by

stockwork veins of galena and sphalerite ranging in thickness from

1.5 mm - 1.0 cm. Veins increase in modal abundance at the deeper

sections of this interval. The veins are oriented steeply with

respect to the core axis; the core was not oriented during drilling.

At 7,937.60 ft., massive mineralization of sphalerite + galena is

evident and extends to a depth of 7,953.6 ft. where it abruptly

changes back to quartzite with stockwork veining. A second massive

mineralized section of the core is seen between 7,965 and 7,966 ft.

The orientation of the massive parts of the core relative to the core

axis is indeterminable. Within the first massive section described,

between 7,946.70 and 7,946.90 ft., a younger chalcopyrite-bearing

quartz vein is present. The chalcopyrite is in a thin vein, which is

steeply oriented relative to the core axis. Pyrrhotite is observed at

a depth of 7,973.50 ft. in a vein which is steeply oriented relative

to the core axis.

11.2 Description of Drill Core DDH-005B

Another drill hole, DDH-005B was successfully wedged-off of the

parent drill hole DDH-005A at approximately 3,960 ft. and was at a

depth of 7,227 ft. The separation of the two drill holes as measured

in plan-view is increasing as planned as of February 17, 2009. The

target total depth of drill hole DDH-005B is 9,500 ft. with the

purpose of investigating further the extent of down dip

mineralization in which hole DDH-005A was terminated at a TD of

8,784 ft. Disseminated and stockwork type mineralization has been

encountered from 3,960 ft. to the current depth reported above.

Azteca Gold Corp. anticipates that DDH-005B will intersect similar

mineralization to that encountered in DDH-005A but stresses that the

same mineralization is not necessarily guaranteed.

11.3 Description of Drill Core DDH-006

Approximately 0.62 mi (1 km) west of drill hole DDH-005A and

DDH-005B, vertical drill hole DDH-006 has progressed to a depth of

5,115 ft. with HQ-size core. Target total depth had not been decided

at the time of this report. The purpose of drill hole DDH-006 is to

further investigate a geophysical anomaly along strike of the Two

Mile Fault. Azteca Gold Corp. reported in a press release dated

February 2, 2009 that drill hole DDH-006 intersected what they

believe to be a mineralized stratigraphic sequence at 2,300 ft. with

disseminated mineralization. At a depth of about 3,575 ft. stockwork

type veining was intersected. The mineralization encountered in

DDH-005A (assays presented below) does not necessarily suggest that

there will be a similar intersection in DDH-006. As of February 17,

2009, Azteca Gold Corp. has split and sent to the assay lab, the

intervals 3,576 to 3,592 ft. The author has not examined any part of

this drill core at this time.

11.4 Preliminary Assay Results of DDH-005A

As of this date, forty-one contiguous core samples collected from

drill core DDH-005A (over the interval 7883.0 - 7968.5 ft. through

massive mineralization and adjacent stock-work type veining) have

been analyzed for Ag, Pb and Zn by American Analytical Services Inc.

between 12/31/08 and 01/07/09. The lab, located in Osburn, ID,

received the samples on 12/22/08 with a submittal form indicating the

specimen number, date of collection, hole number (DDH-005A), hole

depth start, and specimen length (in ft.). Results were reported with

a Certificate of Analysis dated 01/07/09. Assay results were reported

in ppm. Table 4 shows the results of these analyses in terms of

Zn (%), Pb (%) and Ag (g/tonne) and provides the general mineralogy

and relative orientation of the mineralization with respect to the

core axis for each of the intervals reported.

Table 4: Assay results for core samples from drill hole DDH-005A

Please refer to www.sedar.com for Table 4.

Sampling Method and Approach

Each box of core contains five two-foot rows of core. Wood blocks are

placed approximately every 10 ft. corresponding to the known drill

core length and the wood blocks are labeled with the drill depth. A

step-by-step process is followed for each core box and includes first

photographing the core box. The core is broken into lengths

appropriate for cutting using a hydraulic core splitter. The core

splitter is cleaned between splits with high-pressure air, a vacuum

and damp cloth wipe-down. Sampled core sections are placed in

uniquely labeled assay bags. Un-sampled and un-used portions of the

core are placed back in to the box from the location from which it

was taken. Sections of core selected for cutting are cut in half

lengthwise, with procedure for splitting equally across any visually

obvious veining or bedding. Intervals of core selected for assay

range from 0.5 to 5.0 ft. in length. Samples selected for assay

analysis are done so to characterize visible mineralization

(stockwork veins or massive ore).

Sample Preparation, Analyses and Security

Core extracted at the drill site is labeled and boxed and removed

from the site and transported by the drill crew to a secure facility

in Osburn, ID. No core is left on-site unattended. Core is removed

from the site after every shift. Azteca Gold Corp. employees then

transfer the core boxes to another secure facility in Spokane Valley,

WA (70 miles west) where they are processed (described in previous

section) by Azteca Gold Corp. employees. No core is ever left

unattended in any vehicle. All samples are properly labeled with

unique IDs and hole number, depth interval and sample ID data are

entered into an Excel spreadsheet, a hard copy is printed and a

CD-ROM is burned for safe storage at a separate location.

J. Thomson has examined the core preparation and sampling facilities

in Spokane Valley, WA and discussed the sample preparation process

with Azteca Gold Corp. personnel.

Azteca Gold Corp. employees fill out an American Analytical Services

Inc. Assay request form and send it via email to American Analytical

Services Inc. in Osburn, ID. The two companies discuss, via phone, a

date and time for delivery. Only Azteca Gold Corp. employees drive

and deliver the samples and sign for a chain of custody with

authorized American Analytical Services Inc. personnel present.

American Analytical Services Inc. informs Azteca when samples have

been analyzed and materials and samples are ready for pick-up.

Results are presented to Azteca Gold Corp. on CD-ROM. Samples are

picked up and brought back to Azteca Gold Corp. storage for

archiving.

American Analytical Services Inc. is a certified and licensed

chemical assay lab. This lab contractor has consistent quality

assurance processes in-place including insertion of random blanks and

standards as part of their quality control process. Samples delivered

to the lab by Azteca Gold Corp. personnel are analyzed using standard

titration and FA/ICP geochemical methods. A Certificate of Analysis

was provided by the laboratory to Azteca Gold Corp. To maintain

confidentiality, location and depth information are not provided to

the assay lab. The author spoke with Mr. Dave Swenson of American

Analytical Services Inc. who described the handling of samples

delivered to their lab. Samples are logged and dried in an oven for

24 hours followed by crushing in a jaw crusher, and cone crusher.

Samples are then ground in a shatter box. Barren rock is run through

the jaw and cone crushers between each sample. The shatter box is

cleaned after each use. 250 grams of the powdered samples are then

sent to the acid digestion lab. Once digestion is complete, the

samples are sent to the instrumentation lab for analysis using FA/ICP

geochemical methods. If the samples contain high Pb and Zn (e.g.,

(greater than)100,000 ppm), titration is performed as well as

gravimetric sulfur analysis. Ag and Au are analyzed using gravimetric

techniques. If the values of Ag and Au are high, they are reanalyzed

using fire assay. Duplicates are run after every 20 samples. Data is

provided on a CD-ROM to Azteca Gold Corp.

The operator, Azteca Gold Corp., periodically sends drill core

samples (typically 2nd pulps) to independent labs (in the U.S. and

Canada) to verify the results of the lab contractor (American

Analytical Services Inc.). The company periodically submits known

assay value QC materials to the lab to verify result quality. For

example, Azteca Gold Corp. sent samples from drill core DDH-001A to

an independent U.S. lab in 2007/2008 and in 2009 they submitted

samples (2nd pulps) of the massive mineralization intercept of drill

core DDH-005A to a Canadian Lab for verification of the massive

intercept results. Additionally, in 2009, Azteca Gold Corp. has,

occasionally re-submitted pulps back to the lab for verification and

comparison with the original assay.

Data Verification

As described in the previous section, quality control measures of

core collection and geochemical analyses performed at American

Analytical Services Inc. are in compliance with standard industry

best practice methods. The author has verified the data presented in

this report.

Adjacent Properties

The following information is from Mitchell and Bennett's (1983)

compilation of historic production in the Coeur d'Alene Mining

District. Table 3 lists production statistics for each property

hosted by the Burke and Prichard Formations. The information is not

necessarily indicative of the mineralization in the Two Mile Creek

Exploration Project area.

Table 3: Production statistics from the Coeur d'Alene Mining District

properties hosted by the Burke and Prichard Formations (compiled from

Mitchell and Bennett, 1983).

Please refer to www.sedar.com for Table 3.

Mineral Processing and Metallurgical Testing

To date, no metallurgical testing has been performed on the

mineralized material with regard to potential metal recovery issues.

Mineral Resource and Mineral Reserve Estimates

To date, no mineral resources or mineral reserves have been

identified in the Two Mile Creek Exploration Project area by Azteca

Gold Corp. or its contractors.

Other Relevant Data and Information

Two Mile Program Budget

-----------------------

Table 5 illustrates a program budget for the project designed to

reach the objectives outlined below under "Recommendations". The

program will be conducted throughout 2009. The continuation of the

exploration program from this phase to the next phase will be

contingent on favorable results determined during the planned 2009

exploration program. All amounts are in US dollars.

The Two-Mile Creek Exploration Project is a 50%-50% joint venture

between Silver Royal Apex, Inc. and Azteca Gold Corp. Both entities

are required to contribute 50% of the total 2009 budget.

The budget reflects drilling of 4 holes total in 2009 yielding

approximately 19,000 ft. of core. Drill holes DDH-006 and DDH-005B,

and two subsequent wedge-off holes are anticipated within this 2009

budget along with expected deep-hole geophysical investigations. The

Azteca Gold Corp. geophysics budget is based on proprietary proposals

from industry-leading geophysics providers. DDH-006 is expected to

terminate at approximately 9,000 ft. DDH-005b was wedged-off at

3,950 ft. and continues to similar depths as DDH-005A. This leaves

approximately 5,250 ft. of the 19,000 ft. allocation for two or more

additional short holes wedged-off from DDH-005A/005B each at depths

of 6,000+ ft. These additional drill holes (DDH-005C and DDH-005D)

represent two directional (wedge-off) holes intended to explore the

extent and orientation of the DDH-005A massive mineralization

intercept.

Table 5: Two Mile Creek Project Exploration Project budget.

Expense item Unit cost QTY Amount

---------------------------------------------------------------------

Field/travel $25,000 1 $25,000

---------------------------------------------------------------------

Field vehicles $10,000 1 $10,000

---------------------------------------------------------------------

Geochemical samples

($/sample) $50 100 $5,000

---------------------------------------------------------------------

Metallurgy/QA $15,000 1 $15,000

---------------------------------------------------------------------

Geologist ($/mo) $2,500 6 $15,000

---------------------------------------------------------------------

Field assistants ($/mo) $1,500 6 $9,000

---------------------------------------------------------------------

Environmental audit/permits $5,000 1 $5,000

---------------------------------------------------------------------

Drill road/site preparation

($/Hr) $90 100 $9,000

---------------------------------------------------------------------

Drilling ($/ft, target

footage) $175 19,000 $3,325,000

---------------------------------------------------------------------

Core Splitting/Prep

($/ft, footage) $4 19,000 $76,000

---------------------------------------------------------------------

Drilling assays ($/sample) $75 3,800 $285,000

---------------------------------------------------------------------

Aerial photography $2,000 1 $2,000

---------------------------------------------------------------------

Geophysics $150,000 1 $150,000

---------------------------------------------------------------------

Surface access agreement $15,000 1 $15,000

---------------------------------------------------------------------

Program Budget $3,946,000

------------

Interpretations and Conclusions

The Two Mile Creek Exploration Project represents an early stage

exploration target considered prospective for the discovery of

high-grade lead and silver mineralization. The status of the

exploration project to date includes a drill operation targeting a

potential deposit indicated by the results of the Quantec (2007)

geophysical survey. Phase 1 of the exploration project included

surface mapping and the drilling of several shallow holes and one

deeper hole (DDH-005A) during the 2007-2008 time period. Azteca Gold

Corp. decided, for reasons they consider to be proprietary, in 2008

to pursue drilling significantly deeper below the identified

geophysical IP targets and have discovered significant mineralization

in DDH-005A that is not uncharacteristic of other deep mines in the

Coeur d'Alene Mining District (e.g., containing galena and

sphalerite).

Two active drill holes are being worked as of the date of this report

(DDH-005B and DDH-006). In addition, progress has been made on

preliminary characterization of core DDH-005A, and assays of selected

drill core samples have been performed. Based on mineralization

encountered in DDH-005A and DDH-005B (wedge-off of 005A at 3,960 ft.)

described above, a second diamond drill rig was positioned for a

collar elevation of approximately 3,050 ft. and drilling of DDH-006

one km to the west of DDH-005A began during the week of December 8,

2008. As of February 17, 2009, the depth of DDH-006 was 5,115 ft.

While the geophysics (IP) data has been made available for review by

the author, at this time, Azteca Gold Corp. and JV Partner Silver

Royal Apex hold the results of the geophysical investigation as

proprietary information. Detailed IP plots are unable to be released

to the general public in this updated report. However, a simplified

representation of the Line A and IP target areas are shown in

Figure 7 as well as previously in Figures 4 and 5.

Figure 7: Line A geophysical targets and projections of the progress

of DDH-005A, DDH-005B and DDH-006 (as of February 17, 2009). Note

that the actual drill holes are slightly to the north and south,

respectively.

Please refer to www.sedar.com for graphical representation of

Figure 7.

Recommendations

Recommendations focus on the core that has been extracted to date.

The primary focus should be on logging the core from deep drill holes

DDH-005A, DDH-005B and DDH-006 to gain a complete understanding of

the orientation of the potential mineralization. Assays of core

samples should continue. Down-hole geophysical studies should be done

to determine the lateral extent of mineralization. Metallurgical

testing should be performed on mineralized samples to determine

feasibility of extraction. The author also recommends that a detailed

geologic map of the property be prepared to accurately locate the

trace of faults in the project area and to determine their

orientations relative to the potential targets recognized in the

geophysical surveys done in 2007 and to the drill cores. The project

developers should work aggressively in the development of models to

describe the thickness and 3-D extent of any potential ore body,

which is apparently located at significant depth.

-------------------------

Liard was an investment holding company with shareholdings in public junior oil and gas exploration and production companies. Substantially all of these investments were sold in 2006 and the net proceeds were distributed to the Company's shareholders as dividends. In 2007 and 2008 the Company was inactive. Successful completion of the proposed transaction will re-activate the Company as a junior mining exploration company. The name of the Company, pending shareholder approval, will be changed to Royal Apex Ventures, Inc. It is anticipated that Jan Alston and Bruce Murray will remain on the board of the Company after completion of the transaction, and that management of the Company will be assumed by representatives of Silver Royal Apex, Inc., the current owner of the interest in the Silver Valley Two Mile Joint Venture, with Justin Rice becoming Chairman of the Board and Mark C. Russell, of Spokane, Washington, taking the position of President and CEO.

WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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