Kay Mine

Historic Resource

In 1982, Exxon Minerals estimated a "proven and probable reserve" of 6.4 million short tons at a grade of 2.2% copper, 2.8g/t gold, 3.0% zinc, and 55g/t silver, using a cut-off grade of 2% copper-equivalent. This estimate incorporated data from approximately 7 years of underground exploration by Exxon, as well as 7,000m of surface drilling in the vicinity of the deposit.

Kay Mine Historic Resource Estimate Image 2

* The historical estimates for the Kay Mine and Sugarloaf Peak Projects predate and are unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards. The Company’s QP has not yet undertaken sufficient work to classify the historic estimate as a current resource and the Company is not treating the historic estimate as a current resource

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