9. COMMON SHARE OPTIONS

On September 15, 2011, the Company’s shareholders approved and adopted a Fixed Stock Option Plan (the “2011

Plan”) for directors, officers, employees and consultants to replace its previous Rolling Ten Percent (10%) Stock Option

Plan, pursuant to which 14,666,183 Common Shares (being twenty percent (20%) of the issued and outstanding

Common Shares as of the date of approval) are available for purchase upon the exercise of options awarded by the

Company, including options previously awarded and outstanding under the former Rolling Ten Percent (10%) Stock

Option Plan.

The Plan provides that other terms and conditions may be attached to particular stock options, such terms and

conditions to be referred to in a schedule attached to the option certificate. The Plan provides that it is solely within the

discretion of the Board to determine who should receive stock options and in what amounts. The Board may issue a

majority of the options to insiders of the Company. However, in no case will the issuance of common shares upon the

exercise of stock options granted under the Plan result in: 21

(i) the number of options awarded in a one-year period to any one consultant exceeding two percent (2%) of the

issued shares of the Company (calculated at the time of award);

(ii) the aggregate number of options awarded in a one-year period to eligible persons undertaking investor relations

activities exceeding two percent (2%) of the issued shares of the Company (calculated at the time of award); or,

(iii) the aggregate number of Common Shares reserved for issuance to any one individual upon the exercise of

options awarded under the Plan or any previously established and outstanding stock option plans or grants,

exceeding five percent (5%) of the issued shares of the Company (calculated at the time of award) in a one-year

period.

(iv) Options granted under the Plan will be for a term not to exceed five years from the date of their grant.

The following table summarizes outstanding options as at July 31, 2012 and January 31, 2012: