Company Web Site: www.nayaritgold.com

This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-01. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2012-02-03.

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Recent Production

• 2009 : Note: This report values Nayarit Gold as a stand alone company, not withstanding the CAPITAL GOLD CORPORATION AND NAYARIT GOLD INC. ENTER INTO BUSINESS COMBINATION AGREEMENT announcment from February 11, 2010.

Source(s):

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2012-02-03

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver
Orion	MX	$4.80	0	92%	8%	149.64 K oz	11.56 M oz
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2012-Feb-03
Metric / Metal						Gold	Silver
Metal Totals						149.64 K oz	11.56 M oz
Metal Prices in US$ (from 2012-02-03)						$1,725.90 / oz	$33.63 / oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)						$1.92	$2.89
Percentage of Total Metal Value						39.92%	60.08%
PP% | MI% | I%						0 | 87% | 13%	0 | 95% | 5%
GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2012-Feb-03
Metal Value per Share (MVpSh)						US$4.80
Average Ore Value per Tonne						US$
Metal Value Leverage (MVL)						-no stock price-
Recent Stock Price						C$   (TSX/TSXV close on 2012-02-03.)   Conversion rate used: 1 Cnd$ = 1.00682 US$ )
Fully Diluted Share Count						134.64 M    ( Fully diluted share count was taken from the Nayarit Gold Inc., Share Structure web page (viewed February 2010). )
PP% | MI% | I%						0 | 92% | 8%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade						g/t
Market Capitalization     per oz of Gold In Ground						$0.00   US$  |   0.00   C$
Gold Eq Oz Estimate						374.82 K oz   ( 149.64 K oz are in ground)
Market Capitalization     per oz of Gold Equilavent						$0.00   US$  |   0.00   C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade						g/t
Market Capitalization     per oz of Silver In Ground						$0.00   US$  |   0.00   C$
Silver Eq Oz Estimate						19.24 M oz   ( 11.56 M oz are in ground)
Market Capitalization     per oz of Silver Equilavent						$0.00   US$  |   0.00   C$
See terms for more about GoldMinerPulse metrics.

GoldMinerPulse Coverage Status:

• GoldMinerPulse coverage of Nayarit Gold Inc. has started but is not complete.

(NI) 43-101 Report:

Title: NI 43-101 Preliminary Economic Assessment Nayarit Gold Inc. Orion Project, Animas/Del Norte Zone State of Nayarit, Mexico
Date: 2010-02-05 (250 pages)

Project Location: Nayarit, Mexico  /  Mining Region: Sierra Madre Occidental

Map View: View the Orion project on a Google Map.

Most Optimistic Resource Estimates (MORE):

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.67	130.26 K oz	3.660 g/t	1.11 M t
Silver	$2.75	11.01 M oz	309.240 g/t	1.11 M t
Estimate notes: See Table 15.11.1: SRK Mineral Resource Statement for the Orion Gold-Silver Deposit, February 1, 2010 on p. 142 of 250 in the NI 43-101 dated February 2010. Quantities reported are from Total All Areas row of the table.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.25	19.38 K oz	3.330 g/t	181.00 K t
Silver	$0.14	550.04 K oz	94.520 g/t	181.00 K t
Estimate notes: See notes for Inferred. cutOffNotes