GOLD in Newfoundland, Canada

Green Bay Project - Hammerdown & Orion Gold Deposits

The Green Bay property contains the Hammerdown gold deposit and the Orion gold deposit which are separated by a 1.5 km distance. The Orion gold deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au. The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; the rich gold bearing veins averaging 16.5 g/t Au. A recent independent report was completed by CAE Mining Corp. stating potential mineralization remaining at Hammerdown is estimated to range from 1.8M tonnes grading 8.3 g/t Au at a possible 1 g/t Au cut off to 675,000 tonnes grading 16.6 g/t Au using a possible 7.0 g/t Au cut off. These volumes indicate possible gold resources ranging from 360,000 to 480,000 ounces.

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