GoldMinerPulse Report: NGEx Resources Inc. Metal Value

NGEx Resources Inc. (NGQ) NI 43-101 Metal Value Report

The NGEx Resources Inc. website is at www.ngexresources.com.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2009-09-24.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**NGEx Resources Inc. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$271.24
Average Ore Value per Tonne	US$42.09
Metal Value Leverage (MVL)	91.32
Market Capitalization as a Percentage of Metal Value	1.1%
Recent Closing Stock Price	C$2.95 [note 1]
Fully Diluted Share Count	134.16 M [note 2]
Percentage In Situ Proven + Probable Reserve	0%
Percentage In Situ Measured + Indicated Resource	28%
Percentage In Situ Inferred Resource	72%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	6.39 M oz
Average Gold Ore Grade	0.2 g/t
Market Capitalization per oz of Gold In Situ	US$62.34 ( C$61.92 )
Gold Equivalent Ounces Estimate	21.08 M oz
Market Capitalization per oz of Gold Equivalent	US$18.90 ( C$18.77 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count taken from NGEX Resources Inc., Investor Information web page (viewed September 2009)

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Silver	Copper	Zinc
Total Counts (reserves + resources)	6.39 M oz	8.40 M oz	2.79 M t	536.55 K t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$3.89 / lb	$0.96490 / lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$82.23	$2.11	$178.40	$8.51
Percentage of Total Metal Value	30.32%	0.78%	65.77%	3.14%
Metal Value Percentage Proven + Probable	0%	0%	0%	0%
Metal Value Percentage Measured + Indicated	35%	28%	24%	45%
Metal Value Percentage Inferred	65%	72%	76%	55%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	Copper	Zinc	MI%	I%
Josemaria	San Juan, Argentina	$156.53 ( 57.7% )	US$45.65	3.25 M oz		1.79 M t		0	100%
GJ Kinaskan Donnelly	British Columbia, Canada	$86.64 ( 31.9% )	US$30.84	2.97 M oz	2.83 M oz	747.45 K t		73%	27%
Hambok	Western Eritrea, Eritrea	$28.07 ( 10.3% )	US$135.93	172.65 K oz	5.57 M oz	249.36 K t	536.55 K t	43%	57%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

GJ Kinaskan Donnelly

Latest NI43-101 Report: TECHNICAL REPORT ON THE GJ COPPER-GOLD PORPHYRY PROJECT LIARD MINING DIVISION BRITISH COLUMBIA, CANADA
2007-04-30 (134 pages).

Project Location: British Columbia, Canada. View Google Map.

Average Ore Value (all estimate types): US$30.84

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$27.60	2.15 M oz	0.262 g/t	254.74 M t
Copper	$35.66	557.88 K t	2,190.000 g/t	254.74 M t

Estimate notes: See NI 43-101 p. 10 of 134, Table 1 Summary of Giroux estimates
0.05 % Cu Cut-off

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.24	329.35 K oz	0.210 g/t	48.78 M t
Copper	$5.46	85.37 K t	1,750.000 g/t	48.78 M t

Estimate notes: "See NI 43-101 p. 10 of 134, Table 1 Summary of Giroux estimates";
0.05 % Cu Cut-off

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.31	490.72 K oz	0.208 g/t	73.38 M t
Silver	$0.71	2.83 M oz	1.200 g/t	73.38 M t
Copper	$6.66	104.20 K t	1,420.000 g/t	73.38 M t

Estimate notes: See NI 43-101 p. 11 of 134, Table 3 for GJ Kinaskan Donnelly North;
0.05 % Cu Cut-off

Hambok

Latest NI43-101 Report: Hambok Deposit, Mogoraib Exploration License, Gash-Barka District, Western Eritrea 43-101 Technical Report and Preliminary Resource Assessment
2009-01-23 (102 pages).

Project Location: Western Eritrea, Eritrea.

Average Ore Value (all estimate types): US$135.93

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.89	68.80 K oz	0.200 g/t	10.70 M t
Silver	$0.59	2.35 M oz	6.840 g/t	10.70 M t
Copper	$6.70	104.86 K t	9,800.000 g/t	10.70 M t
Zinc	$3.82	240.75 K t	22,500.000 g/t	10.70 M t

Estimate notes: See Table 19: Indicated Resource within the Mineralized Shell on p. 76 of 102 in the NI 43-101 dated January 2009.
Cutoff 0.75 %Zn

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.34	103.85 K oz	0.190 g/t	17.00 M t
Silver	$0.81	3.22 M oz	5.890 g/t	17.00 M t
Copper	$9.24	144.50 K t	8,500.000 g/t	17.00 M t
Zinc	$4.69	295.80 K t	17,400.000 g/t	17.00 M t

Estimate notes: See Table 20: Inferred Resource within the Mineralized Shell on p. 76 of 102 in the NI 43-101 dated January 2009.
Cutoff 0.75% Zn

Josemaria

[Source: xxxx]

Latest NI43-101 Report: Preliminary Resource Estimate Update for the Josemaria Project, San Juan Province, Argentina
2007-11-20 (206 pages).

Project Location: San Juan, Argentina.

Average Ore Value (all estimate types): US$45.65

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$41.86	3.25 M oz	0.220 g/t	460.00 M t
Copper	$114.68	1.79 M t	3,900.000 g/t	460.00 M t

Estimate notes: See Table 16.8: Total Resource, 2007 Resource Model, Josemar�a. on p. 117 of 206 in the NI43-101 dated November, 2007.
0.3% TCu cutoff

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