Overview of the Glacier Gulch YorkeHardy Porphyry MoW

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

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

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

Brief History n n n n n 1957 - staked by William Yorke-Hardy 1957 - optioned to Amax 1961 - optioned to Climax Molybdenum 1966 - adit collared at 1067 m elevation 164 drill holes completed, mostly underground 1971 - Climax purchases property from Mr. Yorke. Hardy 1996 - property sold to Mr. D. Davidson 2003 – property optioned to Fundamental Resources (private BC company) 2004 – Fundamental Resources option property to Patent Enforcement and Royalties Ltd. D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

Mineral Claims D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

Adit D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

Glacier Gulch (Yorke-Hardy) -minimum grade required for economic Resource Estimate (Giroux, 2005) 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 0. 20% Mo. S 2 cutoff - 82, 980, 000 tonnes grading 0. 295% Mo. S 2 = 293, 460, 000 lbs Mo completed 0. 30% Mo. S 2 cutoff – 25, 450, 000 tonnes grading 0. 424% Mo. S 2 = 129, 360, 000 lbs Mo D. G. Mac. Intyre & Associates Ltd.

Mo deposits – by tonnage Deposit Adanac 0. 094 Compaccha Kitsault Glacier Gulch 0. 151 Thompson Creek Red Mountain Endako Henderson Climax Quartz Hill Location Size (mt) Grade % Mo 94 100 108 0. 072 0. 115 125 181 187 336 721 769 793 0. 110 0. 100 0. 087 0. 171 0. 216 0. 091 B. C. Peru B. C. Idaho Yukon B. C. Col Alaska D. G. Mac. Intyre & Associates Ltd.

Mo deposits – by grade Deposit Location Compaccha Endako Quartz Hill Adanac 0. 094 Red Mountain Thompson Creek Kitsault Glacier Gulch 0. 151 Henderson Climax Peru B. C. Alaska Size (mt) 100 336 793 Grade %Mo 0. 072 0. 087 0. 091 94 187 181 108 0. 100 0. 115 125 B. C. Yukon Idaho B. C. Col 727 0. 171 793 D. G. Mac. Intyre 0. 216 & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

Mo commodity prices D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

D. G. Mac. Intyre & Associates Ltd.

Additional Sources of Information n Geology & Mineral Occurrences n n Mineral Tenure n n www. mtonline. gov. bc. ca Disclosure Statements n n Min. of Energy & Mines Map. Place web site www. mapplace. ca SEDAR website www. sedar. com General Information about Molybdenum n IMOA www. imoa. org. uk D. G. Mac. Intyre & Associates Ltd.

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