MASUPARIA GOLD CORPORATION MANAGEMENT DISCUSSION & ANALYSIS March 31, 2012

Should the remaining 33.34% interest held by Cameco Corporation and Areva Resources Canada Inc. become available, Masuparia and Golden Band would each have the opportunity to acquire one-half of such interest and include it in the LRG JV.

The extensive exploration files for this historical project are in the Company’s possession and are being digitized as well as interpreted by outside consultants. The Company intends to evaluate and prioritize the numerous gold occurrences present on the project during this summer season. To assist with this effort a resolution airborne magnetic survey is underway in the region with other players in the camp.

NORTH LAKE, Gold properties in Saskatchewan

The North Lake deposit is 24 kilometres south of Golden Band’s producing Roy Lloyd mine an nine kilometres north of the former Contact Lake gold mine. The North Lake gold deposit was discovered in 1987 to 1988 by Radcliffe Resources, which reportedly published a “geological reserve” estimate, using a cut-off of 0.04 ounce per ton gold (1.3 grams per tonne) over three metres, of 2.6 million tons at 0.069 ounce per ton gold (2.36 million tonnes at 2.4 g/t) for a total of 180,000 contained ounces of gold (Radcliffe news release, March 6, 1989). Of specific interest to the company are the reported higher-grade gold intersections that could relate to the development of high-grade ore shoots.

Golden Band staked three claims around the North Lake deposit6 claim in March 2011, and together these are the company’s North Lake project.

The only drilling on the properties was in 1988 to shallow depths open on strike and to depth, totaling 5,723 metres of drilling in 43 drill holes. Five gold-mineralized zones were delineated, up to 600 metres long. The host rocks are meta-rhyolites (felsites).

Masuparia will earn a 50% participating interest in Golden Band’s right to acquire the North Lake properties by paying $150,000 and issuing 25,000 common shares to Golden Band. Masuparia will pay the first $100,000 in exploration costs and assume its 50% share of any future exploration costs and expenses relating to these properties as well as Golden Band's earn-in costs from the optionor. Subsequent to earning its position both parties will be obligated to meet its share of the earn-in obligations.

The historical core on this project is well preserved in a metal clad building on the property. It is the Company’s intent to systematically re-log and re-sample this core to support a new resource report if deemed useful.

Airborne magnetic coverage of the property is also planned with neighbouring companies.

Source: http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00006469

This is a tying up of loose ends, where the JV actually involves a changing of hands of properties and money.

$Gold Weekly

It suffices to say that Gold prices declined below the $1600/oz. U.S. this week, and that anticipating a rally was premature. Now I change that statement, where gold prices will never see $1500/oz. U.S. in our lifetimes. (In $CDN terms, we have seen prices remain aloft above the ~$1600/oz. CDN level)

I presume, however that based on inflationary data from shadowstats, that the gold mining sector will have the lights come on once again when it reaches the same price adjusted for inflation where gold averaged in 1997. This was the high for gold companies vs. gold, and since that time, they have lagged gold prices. The one huge difference with that time is that derivatives came into vogue during the 1990's and secondly, we are in a bear market for equities.

In the meanwhile, investors and companies involved in the sector are doing a brilliant job at destroying the investment case, without realizing all that's really required is a higher gold price, and we're within a few days' trade of that higher price.

As for GBN.V, we are in very much the same position as last year, prior to a run-up in the price of gold.

The elliot wave count is meant to conform with the Sharelynx eWave gold price projection, which remains valid:

http://sharelynx.com/chartstemp/GoldeWave.php

supersize: http://www.flickr.com/photos/11747277@N07/7354901078/sizes/l/in/photostream/

stockcharts.com

Video Of Interest

Periodic Table Of Videos - Gold From Outer Space

http://www.youtube.com/watch?v=KaZcyeJ-GBE&feature=endscreen&NR=1

Business Insider - The Truth About Gold

Business Insider missed some very salient details in the history of gold, such as the various inflation-adjusted terms, CPI or shadowstats. They also missed the the time when there was a corner in gold in 1869, leading to Black Friday.

A second important perspective they seemed to miss is that for the first time in history, gold prices are not subject to constraint in the traditional sense, and that gold has developed an active futures market, where traders are under no restrictions to trade the commodity as they see fit.

http://www.businessinsider.com/the-truth-about-gold-2012-5#-1

GBN Weekly

GBN.V is probably seeing the bottom here, @18¢, it's been a bearish target in the weekly P&F for some time, without fluctuation. The monthly P&F bearish price target of 1¢ seems only a very remote possibility.

What doesn't seem so remote on the monthly scale, is that GBN.V share prices remain even more strongly inversely correlated with the 30-year U.S. treasury price. While its very unlikely that long dated treasuries will sell off here, gold prices are likely to continue to firm. This leaves an open question on how the stock will behave under the circumstances.

Likely a rise in gold prices will catch the majority off-guard, while GBN.V still has to report on year-end financials, and drilling results out of the Roy Lloyd mine.

Weekly P&F

supersize: http://www.flickr.com/photos/11747277@N07/7169776705/sizes/l/in/photostream/

stockcharts.com

-F6