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

    CALGARY, April 17 /CNW/ - 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

    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

                                                         2007           2008
        Audit Fees                                          -        $99,620
        Audit Related Fees                                  -              -
        Tax Fees                                            -              -
        All Other Fees                                      -        $10,000
        Total                                               -       $109,620
        (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

        Please refer to for the table disclosing executive

        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 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

        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 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

        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.


        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

        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 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 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 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.


        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.


        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.


        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 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 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 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

        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 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

        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

        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,

        Please refer to for graphical representation of
        Figure 7.


        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

For further information:

For further information: Jan Alston, President, Telephone: (403)
816-6974, Email:

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