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Gold Resource Estimates
On January 31, 2005, a Technical Report on the Fenelon Project was prepared by Carl Pelletier, B.Sc., P. Geo. of Innovexplo Inc. - Services géologiques, Val-d'Or (Québec) and Yves Gagnon, M. Sc. A., P. Eng. of Spinofex, Val-d'Or (Québec) which confirms the resource estimates previously estimated in a Technical Report on the Resources Evaluation, Fenelon Project by Carl Pelletier, PGeo, Innovexplo Inc, which was prepared in September, 2004.
Resources in the Discovery Zone area are estimated at 4,002 tonnes grading 18.36 grams of gold per tonne in the measured resources category, 51,682 tonnes grading 19.71 grams of gold per tonne in the indicated resources category and. Total gold content in the measured and indicated categories amounts to 35,107 ounces (Technical Report on the Resources Evaluation, Fenelon Project, Carl Pelletier, PGeo, Innovexplo Inc, September 2004).
Inferred resources are estimated at 27,245 tonnes grading 12.79 grams of gold per tonne in the inferred category. Total gold in the inferred category amounts to 11,204 ounces. These figures are estimated on the basis of a 5 g/t Au lower cut-off, with high-grade assays cut to 50 g/t Au for the measured resources and to 75 g/t Au for the indicated and inferred resources (Technical Report on the Resources Evaluation, Fenelon Project, Carl Pelletier, PGeo, Innovexplo Inc, September 2004).
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