PREVIOUS OPERATOR RESULTS

Cautionary Disclaimer: The resource estimate cited predates and therefore does not conform to the more stringent reporting requirements of National Instrument 43-101 and should not be relied upon according to those standards. The author is not treating the historical estimate as a current mineral reserve or resource, and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or reserves. Although drill and assay data used in the original estimate have not been subsequently verified, the author believes the historic resource estimate provides a realistic indication of the potential of the deposit and is relevant to this report.

Based on surface workings visited by the author, the inclusion of this historical resource estimate appears reasonable. The historical resource estimate is considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The resource has not been confirmed, and were based on the following information:two adits excavated at the flank of the hill into the ore zone at the –50-and –100-foot levels; approximately 5,000 feet of core drilling; 525 feet of crosscutting; 430 feet of drifting and a 78 foot inclined drift (raise) from the lower to upper adit level; analyses of 95 closely spaced samples across drift backs and walls in a 100-foot length (averaged 1.8lb/ton U3O8); a mill-scale analysis of 2,000 pounds of muck-car samples taken from the same drift section while mining (averaged 2.6lbs/ton U3O8) and; trenching (10 trenches in total). The historical estimate was taken from a report by A.S. Bayne, B.Sc., P.Eng., dated December 30, 1976, entitled “Report on Richard Lake Uranium Property, MacNicol Township, Kenora Mining Division, Ontario Canada –for Golden Standard Mines Limited”. The tunnel entrances were seen during the ground check in July of this year; no attempt was made to enter the workings.