Il do not see this position in the List of Marketable Securities in Fancamp last FS... They may have been deleted in a previous year. GLTA. BaBe.

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NOTE 3 – MARKETABLE SECURITIES

The Company has investments in marketable securities which have been classified as available for sale.

The difference between the fair value and the cost of marketable securities has been recorded in accumulated other comprehensive income (net of taxes).

Champion Minerals Inc.

The Company has received 50% of the 2,900,000 common shares of Champion Minerals Inc. pursuant to an option agreement to sell 65% of its 50% interest in 15 iron properties which are part of the Mt. Reed/Mt. Wright properties. During the fiscal year 2011, the Company received 950,000 shares (2010 –nil), disposed 375,000 shares (2010 – 50,000) and has a balance of 1,025,000 shares (2010 – 450,000) as at April 30, 2011. The quoted market price of Champion Minerals Inc. was $1.87 as at April 30, 2011 (2010 - $0.97). Champion has earned and purchased an 82.5% interest in these properties (see Note4(b)).

Uracan Resources Ltd.

The Company received 50% of the 350,000 common shares of Uracan Resources Ltd. in consideration for its 50% ownership interest in the Johan Beetz property. The quoted market price of the shares of Uracan Resources Ltd. was $0.14 as at April 30, 2011 (2010 - $0.18). The marketable securities were held by Sheridan on behalf of the Company. Due to the dispute with Sheridan, the Company considered the above marketable securities as being fully impaired and full provision has been set up as a result.

Diadem Exploration Inc.

The Company holds a 100% interest in 1,584 common shares and a 50% interest in 11,017 common shares. The quoted market price of the shares of Diadem Resources Ltd. was $0.09 as at April 30, 2011 (2010 - $0.20).

Iconic Minerals Inc.

The Company received 50% of the 100,000 common shares of Bonaventure Enterprises Inc. pursuant to an option agreement to sell its 50% interest in the Baie Comeau property. In February, 2011 the shareholders of Bonaventure approved a name change to Iconic Minerals Inc. and the consolidation of outstanding shares on a ten old for one new share basis. As a consequence, the Company now holds 5,000 shares of Iconic Minerals Inc. The quoted market price of the shares of Iconic Minerals Inc. was $0.12 as at April 30, 2011 (2010 - $0.015).

Nebu Minerals Ltd.

The Company received 50% of the 350,000 common shares of Nebu Minerals Ltd. pursuant to an option agreement to sell its 50% interest in the George River property. The quoted market price of the shares of Nebu Minerals Ltd. was $0.12 as at April 30, 2011 (2010 - $0.165). The marketable securities were held by Sheridan on behalf of the Company. Due to the dispute with Sheridan, the Company considered the above marketable securities as being fully impaired and full provision has been set up as a result.

RT Minerals Inc.

The Company received 50% of the 500,000 common shares of RT Minerals Inc. pursuant to an option agreement to sell its 50% interest in the Godbout claims, part of the Baie Comeau property. The quoted market price of the shares of RT Minerals Inc. was $0.22 as at April 30, 2011 (2010 - $0.195).

Argex Silver Capital Inc.

The Company received 1,500,000 redeemable (face value $1,500,000) fully paid non-assessable shares of 7013833 Canada Inc., pursuant to an option agreement to sell its 100% interest in the Lac La Blache property. The preferred shares are secured by the property and will pay a 5% annual dividend.

The Company received a further 50% of 1,500,000 redeemable (face value $1,500,000) fully paid nonassessable shares of 7013833 Canada Inc., pursuant to an option agreement to sell its 50% interest in the Hanna/Consolidated Morrison properties. The preferred shares are secured by the property and will pay a 5% annual dividend.

On February 23, 2009, Argex Silver Capital Inc. (“Argex”) entered into an acquisition agreement to acquire all of the assets of 7013833 Canada Inc. As per this agreement and the subsequent qualifying transaction, the preferred shares have a redeemable face value of $1.00 per preferred share. The qualifying transaction was filed by Argex on May 11, 2009 whereby the total redeemable face value of the preferred shares will be convertible into common shares of Argex at the fair value price of Argex.

On October 30, 2009, Argex Silver Capital Inc. completed its qualifying transaction by way of acquisition of the assets of 7013833 Canada Inc. As a result, the Company has received 9,000,000 common shares of Argex Silver Capital Inc. in exchange for its 2,250,000 preferred shares of 7013833 Canada Inc. The common shares are subject to an escrow agreement expiring October 30, 2013. The quoted market price of the shares of Argex was $0.57 as at April 30, 2011 (2010 - $0.315).

St-George Platinum and Base Metals Inc.

The Company received 50% of the 2,250,000 common shares of St-George Minerals Ltd., a private company, pursuant to an option agreement to sell its 50% interest in the Villebon claims. On December 10, 2009, St-Georges Platinum and Base Metals Ltd. (“SX”) entered into an acquisition agreement to acquire the properties of St-George Minerals Ltd. (“SGM”) whereby the shares of SX will be dividended to the shareholders of SGM whereby each holder of a share of SGM will receive 2 shares of SX. As a result, the Company has received a total of 2,250,000 common shares of SX. The estimated fair value of the shares of SX was $0.15 as at April 30, 2011 (2010 estimated fair market value $0.095).

For further details, see “Mineral Properties Interests”.