Diamonds / GSL Claims

Geological Reports

REPORT on the DRYBONES BAY PROPERTY

NTS 85I/4
Latitude 62° 08' North
Longitude 113° 52' West
Lower Beaulieu River Area
Northwest Territories

For GOLD WIN VENTURES INC.
P.O. Box 8474 Bentall Centre
Vancouver, BC

By W. G. Timmins P.Eng. May 31, 2002

Table of Contents

SUMMARY
INTRODUCTION AND TERMS OF REFERENCE
DISCLAIMER
PROPERTY DESCRIPTION AND LOCATION
ACCESS CLIMATE, TOPOGRAPHY AND VEGETATION
HISTORY
REGIONAL GEOLOGY
DEPOSIT TYPE - KIMBERLITE MODEL
PROPERTY GEOLOGY AND MINERALIZATION
EXPLORATION, GEOPHYSICS AND DRILLING
ADJACENT PROPERTIES
MINERAL PROCESSING ET AL; MINERAL RESOURCES ESTIMATE ET AL
OTHER RELEVANT DATA AND INFORMATION
CONCLUSIONS AND RECOMMENDATIONS
RECOMMENDED BUDGET
STATEMENT OF QUALIFICATION
REFERENCES

List of Figures

LOCATION MAP of DRY BONES BAY AREA Fig. 1
CLAIM PLAN Fig. 2
REGIONAL GEOLOGY Fig. 3
KIMBERLITE MODEL Fig. 4
REGIONAL AEROMAGNETIC SURVEY Fig. 5
DETAILED AEROMAGNETIC SURVEY Anomaly "A" Fig. 6a
Anomaly "B" Fig. 6b

SUMMARY

Consolidated Gold Win Ventures Inc. has acquired by option agreement, the 6 mineral claims located 50 kilometers southeast of the city of Yellowknife, NWT. on the eastern shore of Great Slave Lake.

The property is underlain by Archean granitic rocks intruding Burwash Formation sediments of the Yellowknife Supergroup.

A diamondiferous kimberlite occurs beneath a small bay near the mouth of Drybones Bay on the adjacent property.

Airborne and limited ground magnetic surveys have been conducted over the property and 21 holes totaling 5550 meters have been drilled in the kimberlite body on the adjacent property.

The airborne geophysics indicates the occurrence of two anomalies on the property with close affinities to the anomaly associated with the kimberlite.

A program to define the airborne magnetic anomalies, consisting of ground magnetic surveys and initial drilling is recommended at a total estimated cost of $100,000.

INTRODUCTION AND TERMS OF REFERENCE

With the renewed diamond exploration interest being sparked by the New Shoshoni Ventures activity in the Drybones Bay area of Great Slave Lake, Northwest Territories, Canada, several areas of interest identified in the initial 1990's diamond exploration frenzy including Consolidated Goldwin's property were acquired. This area had been covered by staking for Southern Era, DeBeers and others in that exploration period which resulted in the discovery of one operating, one under construction diamond mine and several very advanced and potential diamond operations.

The 6 mineral claims located 50 kilometers southeast of the city of Yellowknife, N.W.T. on the eastern shore of Great Slave Lake has been acquired by Consolidated Gold Win Ventures Inc. under option agreement with New Shoshoni Ventures Ltd.

The author was retained by Consolidated Gold Win Ventures Inc. to collect and review the relevant data and to recommend an appropriate program of work in order to further explore the mineral prospect.

The author has relied only on his visit to the site and on reports and data by previous qualified persons who reported on the various exploration programs carried out between 1994 - 1996.

DISCLAIMER

The property, under laying Great Slave Lake was not visited directly but the outcrops on the nearby islands and mainland, where possible, were inspected between January 14 - 19, 2002.

PROPERTY DESCRIPTION AND LOCATION

The property consists of 6 located, contiguous mineral claims totaling approximately 1000 hectares described below Name Claim # Expiry Date

The claims are located in Southern Mining District, NTS Map 85 I 4, N.W.T. Co-ordinates of the centre of the property are 62° 08¢ North Latitude, 113° 52¢ West Longitude.

The property title includes the mineral rights and assessment work in the amount of $2.00 per hectare per year prior to the expiration date must be performed in order to keep the claims in good standing. The property has not been legally surveyed.

The claims are held under option agreement by Consolidated Gold Win Ventures Inc. from New Shoshoni Ventures Inc. The option agreement requires Consolidated Gold Win Ventures Inc. to make staged cash payments of $20,000 and issue 200,000 shares of stock and incur an exploration work expenditure of $750,000 over a seven year period.

The author has been informed by Consolidated Gold Win Ventures Inc. that necessary permits for performance of geophysical work and diamond drilling are pending. There appear to be no undue environmental concerns for the execution of an exploration program on the property at this stage.

ACCESS, CLIMATE, TOPOGRAPHY AND VEGETATION

The property is located 50 kilometers southeast of the city of Yellowknife, Northwest Territories on the northeast shore of Great Slave Lake centred approximately 62° 10' North / 113° 47' West. Yellowknife is serviced by several commercial flights daily from Edmonton and a number of local charter aircraft and helicopter services are available. The city has a population of approximately 18,000 and boasts of all of the up to date conveniences.

Access to the property is by boat, ski or float equipped aircraft or helicopter or by winter ice road.

The property is located near the northern extremity of the northern interior climatic region and is characterized by a cold, dry, sub arctic climate. Mean January and July temperatures are below -30°C and 10° - 30°C respectively, and the mean annual precipitation is approximately 200 mm or less.

Topography of the region is subdued, with elevations ranging from 156 m at Great Slave Lake to 245 m south of Watta Lake to the east of the property. Lakes and low lying swampy areas are common and comprise some 20% of the land surface. The major drainage is the Beaulieu River, which traverses the eastern part of the region, from north to south, and empties into Great Slave Lake.

The claims are located under the lake but its depth is not deemed to be adverse to mineral exploration and development.

Best coverage of the property for ground geophysical surveys and drilling of the magnetic anomalies would be accomplished during the winter months when the lakes and swamps are frozen, the season being from December to June.

This report is limited to further exploration of the claims. Local drill contractors and personnel are readily available in Yellowknife.

Should the prospect proceed to an advanced stage, detailed studies regarding tailings disposal, processing plants, water, power etc. would be required.

HISTORY

The property was staked in 2002 by Mr. David Smith, the prospector, who first recognized the Drybones Bay area as potential for the occurrence of a kimberlite pipe. This kimberlite occurrence on the adjacent property was confirmed in initial drilling in the early 1990's.

The property was staked by various companies (including Trade Winds Resources and Southern Era) at various times during the 1990's in conjunction with the activity on the Drybones Bay Kimberlite.

Low-level helicopter magnetic surveys, part of larger regional surveys, were flown over the area of the Drybones pipe and the total number of holes drilled on the pipe was 21 (including the discovery hole). Processing of the drill core performed by Ashton Mining recovered 54 diamonds of diameter >0.8 mm.

Two detailed surveys were flown over the area of these claims.

REGIONAL GEOLOGY

The property is situated within the Slave Structural Province of the Canadian Shield, which is a small Archean nucleus within the large North American Craton.

This relatively small Archean craton (approximately 213,000 sq. km) consists of a number of turbidite-filled supracrustal basins and associated marginal volcanic belts, remnants of pre-existing granitic crustal rocks, and numerous later granitic plutons.

The sedimentary supracrustal rocks known as the Yellowknife Supergroup overlie the earlier granitic rocks, and have been metamorphosed to greenschist facies. Sets of Proterozoic diabase dikes in at least three directions cut all of these rocks and show up as obvious long narrow magnetic anomalies.

Regional geology is presented as Figure 3 of this report.

DEPOSIT TYPE

KIMBERLITE MODEL

Kimberlite is a hybrid, volatile-rich potassic ultramafic rock which is thought to be derived by partial melting of carbonated peridotite in the mantle at depths in excess of 150 km. It consists principally of olivine with lesser amounts of phlogopite, diopside, serpentine, calcite, garnet, ilmenite, spinel and, rarely, diamond. Emplacement of these rocks, which is controlled by deep-seated structures is rapid, possibly 10 to 30 km per hour and as high as several hundred km per hour for the last 2 to 3 km. Near the surface, kimberlite bodies, often comprising multiple intrusive phases, take the form of small, carrot-shaped volcanic pipes or diatremes that are accompanied by associated dykes and sills (fig. 3). Ideally, an un-eroded pipe would have three components: a deep (2 to 3 km below surface), volumetrically small "root zone" consisting of crystallized kimberlitic magma extending for a vertical distance of about 05. km; a "diatreme zone" 1 to 2 km in height and reaching to within 300m of the surface, which is characterized by a large volume of kimberlite breccias and other fragmental rocks resulting from gaseous explosions; and , lastly, a "crater zone" comprised of kimberlitic pyroclastic material. At the surface, the pipe may be expressed as a maar surrounded by a low accumulation of pyroclastic debris known as a tuff ring. Kimberlites tend to occur in clusters of 6 to 40 pipes, with each cluster occupying an area some 40 km in diameter.

Kimberlite is considered to be the major host for, but not the source of, diamonds. The observation that diamonds are often very much older (900 to 3,000 My) than the enclosing kimberlite (90 to 1200 My) indicates that the diamonds crystallized from rocks other than kimberlite and were "stored" for long periods of time in regions of high pressure and relatively cool temperatures prior to being transported to the surface. Recent research suggests that the source rocks are eclogite and garnet peridotite, (harzburgite and, to a lesser extent, lherzolite), that are present in "mantle roots" beneath areas of thick, stable continental crust, known as cratons, at depths of approximately 150 to 200 km. Almost all kimberlite pipes containing economic concentrations of diamonds are found on those portions of the cratons that are Archean in age.

During the ascent to the surface, the kimberlite magma passes through the source rock and possible diamond storage area, thus being contaminated with diamonds and various indicator minerals (pyrope garnet, eclogitic garnet, chrome diopside, chrome spinel, magnesian ilmenite) as well as xenoliths of the parental eclogite and garnet peridotite. These xenoliths once entrained in the rising magma, may undergo further fragmentation, yielding smaller xenoliths and xenocrysts.

PROPERTY GEOLOGY AND MINERALIZATION

The property is thought to be underlain by granitic rocks varying from granite to granodiorite of the Archean Defeat Plutonic Suite intruding Burwash Formation sediments consisting of greywacke, siltstone and mudstone, part of the Yellowknife Supergroup.

Locally, the intrusive rocks contain many inclusions of the sedimentary rocks which are metamorphosed to amphibolite grade.

The area of the claims is mostly under water but numerous islands are present that have some mapped glacial features indicate that the ice flow trended in a west south west direction.

The adjacent property contains a kimberlite body measuring approximately 900 m by 400m in areal extent. The kimberlite body occurs beneath a small bay near the mouth of the larger Drybones Bay under about 38 m of water and some 67m of overburden. The pipe intrudes grey to pale pink medium grained granite to granodiorite, and contains xenoliths of those rocks throughout, however not in such abundant amounts for the pipe to be termed a breccia. Other less common xenoliths are meta-sedimentary, peridotitic, eclogitic or granulitic.

Diamonds have been recovered throughout the adjacent property's kimberlite body.

EXPLORATION

Except for the air borne surveys no exploration has been reported for these claims.

GEOPHYSICS

Low-level helicopter borne magnetic surveys have outlined the Drybones Bay kimberlite.

Two anomalies with kimberlite affinities were identified on the Consolidated Gold Win Ventures Inc.' property.

Anomaly "A" occurs in the Hump Island area of the GSL 9 claim (Figure 6A) and anomaly "B" is located in the Beniah Islands area of the GSL 6 claim (Figure 6B) north of an easterly trending magnetic linear (diabase dike?). No ground geophysical magnetic surveys have confirmed the airborne anomalies.

Both of these anomalies occur under water.

DRILLING

As described in the historical section of this report, several drill programs have been conducted at Drybones Bay which is adjacent to this property. A total of 21 core holes were drilled resulting in an aggregate total meterage of 5550 meters. With the exception of two holes, all bottomed in kimberlite. Bulk samples of the core were sent for processing to Lakefield Research, Ashton Mining Ltd. and De Beers.

No drilling on this property has been completed.

Sampling Method; Sample Preparation; Data Verification

There is reason at this stage of the property exploration to fret about these items. All the exploration to be conducted has been will be conducted according to generally accepted exploration procedures. It is inherent on all professionals to do this.

ADJACENT PROPERTIES

Exploration programs are currently being proposed by other companies for adjoining claims, but to date the Drybones Bay kimberlite on the immediately adjacent property is the only kimberlite body recognized in the immediate area.

MINERAL PROCESSING ET AL; MINERAL RESOURCES ESTIMATE ET AL

The property is at too early a stage to consider these sections. It is mentioned to satisfy regulatory inclusiveness

OTHER RELEVANT DATA AND INFORMATION

No other relevant data and information other than that revealed in the above text is included.

CONCLUSIONS AND RECOMMENDATIONS

Consolidated Gold Win Ventures Inc. has acquired by option agreement the GSL mineral claims located 50 kilometers southeast of the city of Yellowknife N.W.T. on the eastern shore of Great Slave Lake.

The property is underlain by Archean granitic rocks intruding Burwash formation sediments of the Yellowknife Supergroup. These units form part of the Slave Craton.

A diamondiferous kimberlite occurs beneath a small bay near the mouth of Drybones Bay on the adjacent property. Bulk sampling of this adjacent property recovered 96 diamonds measuring 0.5 mm or greater.

Airborne surveys have been conducted over the property.

The airborne geophysics indicates the possible occurrence of two anomalies "A" and "B" with affinities to anomalies associated with kimberlite pipes.

The possibility of these anomalies being kimberlite makes this a significant property of merit.

A two phased program of work consisting of ground magnetic surveys to define the magnetic anomalies "A" and "B" outlined by the airborne survey should be undertaken. Drilling of the defined zones is recommended to evaluate the potential of the property.

Phase I which will initiate evaluation is estimated to cost $100,000.

RECOMMENDED BUDGET

Estimated Cost

Phase I:

1. Ground magnetic survey over anomalies "A" & "B" $ 10,000

2. Till sampling of adjacent islands Lake sediment till sampling $ 25,000

3. Drill testing of anomalies "A" & "B" All inclusive - 200m $ 55,000

3. Contingencies @ 10% $ 10,000 ________

Total $ 100,000

STATEMENT OF QUALIFICATION

I, William G. Timmins, of the city of Vancouver, in the Province of British Columbia, do hereby certify that:

I am a consulting geologist with offices at 405 - 455 Granville Street, Vancouver B.C.;
I have been practicing my profession for the past 39 years, having been engaged in the evaluation, exploration and development of mineral properties throughout Canada, the United States, Latin and South America, Australia and New Zealand;
I am a registered Professional Engineer in the Province of British Columbia since 1969;
This report is based on published and private reports, maps and data provided by Consolidated Gold Win Ventures Inc. and in the public domain, and a visit to area of the property was completed during the week of January 14th 2002;
I have no interest, nor do I expect to receive any interest in the properties or securities of Consolidated Goldwin Ventures Inc.
I am responsible for this report and the opinions expressed therein.
There are no material facts or material changes in the subject matter of this report that would mislead the reader.
I have no prior involvement with this property and have read Instrument and Form 43-101 F1 and this technical report has been prepared in compliance with this instrument and Form 43-101 F1.
I hereby grant my permission for Consolidated Gold Win Ventures Inc. to use this report for any corporate use normal to the business of the Company.
Dated at Vancouver, BC, this 31st day of May, 2002. W.G. Timmins P.Eng.

REFERENCES

1993 - Report of Geophysical Survey, Drybones #1 (F16604), NTS 85 I 4 by D. Smith

1994 - Report on the G Ten Mineral Claims NTS 85 I ¾, Lower Beaulieu River Area, Southern Mining District, NWT for Avance International Inc. by John r. Fraser, P.Geol.

1995 - Airborne Geophysical Report, Drybones #2 Mineral Claim, Drybones Area , Southern Mining District, NWT, Tag No. F33611 NTS 85 I 4- by David Smith

1996 - Geology of Drybones, NWT. by Scott-Smith Petrology Inc.

1996 - Report on the Drybones #1 Mineral Claim NTS 85 I 4, Drybones Bay, Great Slave Lake, Southern Mining District, NWT for Trade Winds Resources Ltd. by John R. Fraser, P.Geol.

1997 - Drybones Bay Diamondiferous Kimberlite, Drybones Bay, Great Slave Lake, District of Mackenzie, NWT, NTS 85 I 4 by Ulrich Kretschmar, Ph.D., F.G.A.C., M.S.E.G.

1998 - Abstract - 7th International Kimberlite Conference