The Company will continue to focus the majority of its exploration and development efforts in the Beardmore mining camp with emphasis on maximizing the impact of its limited resources by concentrating on the Northern Empire property with a view to reopen the mine and the Nortoba-Tyson property where a further carefully controlled small bulk sample is in process of being extracted. The Company’s continuing activities on the Northern Empire Mine are to drill 1,200 metres of strike length and to reopen the mine and carry out the recommendations of Peter Bevan. The next step is to explore the Nortoba-Tyson molybdenum property and proceed with the development of its gold and molybdenum veins.

It is anticipated that, for the foreseeable future, the Company will rely on the equities market and on proceeds from the exercise of outstanding warrants to meet its financing needs. In management’s opinion, the current working capital position will be sufficient for the purpose of completing the planned exploration program