D.G. MacIntyre & Associates Ltd. Overview of the Glacier Gulch (Yorke-Hardy) Porphyry Mo-W Deposit presented by Don MacIntyre, Ph.D., P.Eng. Consulting Geologist, Victoria, B.C.

D.G. MacIntyre & Associates Ltd. Talk Outline regional geology regional geology geology of Hudson Bay Mountain geology of Hudson Bay Mountain history & geology of the Glacier Gulch deposit history & geology of the Glacier Gulch deposit review of molybdenum economics review of molybdenum economics additional sources of information additional sources of information

D.G. MacIntyre & Associates Ltd. Glacier Gulch Deposit classified as a porphyry Mo-W deposit classified as a porphyry Mo-W deposit moderate tonnage, high grade moderate tonnage, high grade approx. 65 million years old approx. 65 million years old deposit not exposed on surface deposit not exposed on surface underground mining required underground mining required economic viability currently being assessed economic viability currently being assessed

D.G. MacIntyre & Associates Ltd. Brief History staked by William Yorke-Hardy staked by William Yorke-Hardy optioned to Amax optioned to Amax optioned to Climax Molybdenum optioned to Climax Molybdenum adit collared at 1067 m elevation adit collared at 1067 m elevation 164 drill holes completed, mostly underground 164 drill holes completed, mostly underground Climax purchases property from Mr. Yorke- Hardy Climax purchases property from Mr. Yorke- Hardy property sold to Mr. D. Davidson property sold to Mr. D. Davidson 2003 – property optioned to Fundamental Resources (private BC company) 2003 – property optioned to Fundamental Resources (private BC company) 2004 – Fundamental Resources option property to Patent Enforcement and Royalties Ltd – Fundamental Resources option property to Patent Enforcement and Royalties Ltd.

D.G. MacIntyre & Associates Ltd.

Mineral Claims

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Adit

D.G. MacIntyre & Associates Ltd.

Glacier Gulch (Yorke-Hardy) Resource Estimate (Giroux, 2005) 0.20% MoS2 cutoff - 82,980,000 tonnes grading 0.295% MoS2 = 293,460,000 lbs Mo 0.30% MoS2 cutoff – 25,450,000 tonnes grading 0.424% MoS2 = 129,360,000 lbs Mo -minimum grade required for economic extraction -any rock grading less than cut-off not included in resource calculation = waste rock -reflects value of rock for commodity or commodities of interest -strongly influenced by mining cost e.g. higher cut-off for underground mine versus open pit -final cut-off grade can’t be determined until a detailed economic feasibility analysis is completed

D.G. MacIntyre & Associates Ltd. Mo deposits – by tonnage DepositLocationSize Grade (mt)% Mo AdanacB.C CompacchaPeru KitsaultB.C Glacier GulchB.C Thompson CreekIdaho Red Mountain Yukon EndakoB.C HendersonCol ClimaxCol Quartz HillAlaska

D.G. MacIntyre & Associates Ltd. Mo deposits – by grade DepositLocationSizeGrade (mt)%Mo CompacchaPeru EndakoB.C Quartz HillAlaska AdanacB.C Red MountainYukon Thompson CreekIdaho KitsaultB.C Glacier GulchB.C HendersonCol ClimaxCol

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Mo commodity prices

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Additional Sources of Information Geology & Mineral Occurrences Geology & Mineral Occurrences Min. of Energy & Mines MapPlace web site Min. of Energy & Mines MapPlace web site Mineral Tenure Mineral Tenure Disclosure Statements Disclosure Statements SEDAR website SEDAR website General Information about Molybdenum General Information about Molybdenum IMOA IMOA

D.G. MacIntyre & Associates Ltd. Conclusions Glacier Gulch deposit is a moderate size, relatively high grade porphyry Mo-W deposit Glacier Gulch deposit is a moderate size, relatively high grade porphyry Mo-W deposit the deposit does not come to the surface and will have to be mined by underground methods the deposit does not come to the surface and will have to be mined by underground methods current Mo commodity prices have renewed interest in porphyry Mo deposits current Mo commodity prices have renewed interest in porphyry Mo deposits a detailed feasibility analysis is required to determine if Glacier Gulch has the potential to be an economically viable mine a detailed feasibility analysis is required to determine if Glacier Gulch has the potential to be an economically viable mine