REPORT ON THE IRON MASK2003 GEOLOGICAL MAPPING PROGRAM

SUDBURY, ONTARIOFOR

CHAMPION BEAR RESOURCES LTD.

prepared by

Frank Racicot Associate Geologist

and

J. Hinzer, P.Geo. President

41I11NW2010 2.27018 CARTIER 010

January 9. 2004 Toronto, Canada

Watts, Griffis and McOuat Limited Consulting Geologists and Engineers

Watts, Griffis and McO/iaf

TABLE OF CONTENTS

Page

1. INTRODUCTION....................................................................................!1.1 GENERAL.......................................................................................!1.2 CHAMPION BEAR RESOURCES LTD................................................... l

2. LOCATION AND ACCESS .......................................................................l

3. PROPERTY DESCRIPTION .....................................................................3

4. PHYSIOGRAPHY AND CLIMATE.............................................................?

5. INFRASTRUCTURE AND LOCAL RESOURCES .........................................7

6. GEOLOGICAL SETTING.........................................................................8

7. EXPLORATION TARGETS .................................................................... 10

8. MINERALIZATION .............................................................................. 11

9. PREVIOUS WORK................................................................................ 129.1 NORTH (SI) GRID ..........................................................................129.2 SOUTH (S2)GRID........................................................................... 15

10. 2003 EXPLORATION PROGRAM .......................................................... 1510.1 GROUND TOTAL FIELD MAGNETIC SURVEY................................... 1510.2 GEOLOGICAL MAPPING................................................................. 1610.3 SAMPLING RESULTS ..................................................................... 2010.4 STREAM SEDIMENT SAMPLING PROGRAM...................................... 21

11. DISCUSSION......................................................................................25

12. RECOMMENDATIONS........................................................................30

CERTIFICATES........................................................................................36

Watts, Griffis and MiO licit

TABLE OF CONTENTS (continued)

Page

APPENDICES...........................................................................................39

APPENDIX 1: GEOLOGICAL MAPS (MAP 1. NORTH (SI) GRID, MAP 2. SOUTH(S2) GRID

APPENDIX 2: GROUND MAGNETIC SURVEY MAPS APPENDIX 3: THIN SECTION DESCRIPTIONS APPENDIX 4: SAMPLE DESCRIPTIONS APPENDIX 5: ASSAY RESULTS

LIST OF TABLES

1. Iron Mask mining claims covering grids. Hart township ..................................52. Iron Mask mining claims. Cartier township .................................................53. History of work conducted on the grid areas .............................................. 134. Best grab sample assays results ..............................................................205. Summary of anomalous gold grain sites (OGS. 2003) ...................................226. Grab sample descriptions and selected best assay returns ............................... 24

LIST OF FIGURES

1. Property location ..................................................................................22. Iron Mask property claim map .................................................................43. Property compilation map .......................................................................94. Stream sediment sample location............................................................. 235. Zinc mineralization longitudinal section.................................................... 286. North (SI) grid compilation map showing exploration targets 2004 .................. 317. South (S2) grid compilation map showing exploration targets 2004................... 34

Watts, Griffis and McOnat

1. INTRODUCTION

LI_______GENERAL

Watts, Griffis and McOuat Limited ("WGM"), Consulting Geologists and Engineers, was contracted to perform a detailed geological mapping and sampling program on Champion Bear Resources Limited's ("Champion Bear" or "the Corporation") Iron Mask property located in Sudbury, Ontario.

The majority of the field work took place between April 28"' to July 28"', 2003. Geological mapping was carried out on two newly cut exploration grids in Hart Township by Mr. Frank Racicot and field assistant, Mr. John Smolen. Their work was carried out under the supervision of Mr. Joe Hinzer, P.Geo. Ground magnetic surveys were conducted by Vision Exploration of Timmins. Ontario on the north (SI) grid and Don Patrie on the south (S2) grid. This data has been reported under separate cover. The magnetic survey data for both the north and south grids was interpreted by Matrix Geotechnologies Ltd. ("Matrix") as part of this program. A limited stream sediment sampling program was also conducted during the summer exploration season. Samples were collected from creeks located in Hart and Ermatinger Townships. On August 8. 2003. Mr. Paul Dunbar (P.Geo) examined the Cartier Copper Showing along highway 144 in Cartier Township.

This report summarizes the results of these exploration activities and provides recommendations for additional work.

L2_______CHAMPION BEAR RESOURCES LTD.

Champion Bear Resources Ltd. is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The company has assembled a large land position in the Dryden and Sudbury areas, totalling over 16.000 hectares. The Corporation's primary exploration target is platinum group metals and to a lesser extent polymetallic base metal, pegmatite-hosted tantalum deposits and gold.

Exploration activities are currently being managed under the direction of WGM. Information regarding these activities is available on the SEDAR website at www.sedar.com.

2. LOCATION AND ACCESS

The two exploration grids, herein referred to the "North (S,) Grid" and "South (S: ) Grid", are located in the central portion of the "Iron Mask "claim block in Hart Township, 45 km northwest of the city of Sudbury. Ontario (Figure 1).

The South (SO Grid consists of approximately 52 km of cut line and is centered about UTM co-ordinate 452000 East and 5166240 North (NAD83). This grid is reached by driving

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Iron Mask PropertyCartier Area, Sudbury Mining District, Ontario

Property Location

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north to the Windy Lake turn off about 10 km south of Cartier. From there, turn west along the Fox Lake road and continue on the main gravel road, up to a junction located around 12.5 km from the main highway. After turning west, continue approximately 6 km. At UTM co-ordinate 451400 East and 5162740 North, follow an all terrain vehicle ("ATV") trail for approximately 4 km to the southern portion of the grid.

The North (S,) Grid consists of approximately 83 km of cut line and is centered about UTM co-ordinate 451000 East and 5170500 North. The southern portion of the north grid can be reached by driving along the same ATV trail used to access the north grid. Then turn west at the first junction, located at about 3 km north of the main gravel road. After travelling for an additional 3 km, one then turns northeast at Diamond Lake. The ATV trail continues for 3-4 km until it comes to a small lake. One then walks along the shore of this lake to reach the south end of the grid. The northern portion of the grid is accessed from Hwy 140 at Cartier. Turning west on the "Public garbage dump road' a good forest access road lead to the north-central part of the grid after 4 km. An ATV trail continues into the central portion of the grid.

Stream sediment sampling was conducted in portions of Hart and Ermatinger Townships at various locations along Pumphouse Creek accessible from the Fox Lake Road in Ermatinger Twp and the Pumphouse Creek Road in Hart Twp.

The Cartier Copper Showing is exposed along the highway 144 roadcut in southwestern Cartier Township, located approximately 9 kilometres east of the South (S2) Grid.

3. PROPERTY DESCRIPTION

The Iron Mask property consists of 80 contiguous unparented claims containing 790 units and 3 leased claims. The claim group covers portions of Harty. Hess, Moncrief. Hart and Ermatinger Townships forming a northeast trending crescent shape centered just to the west of the Town of Cartier in the Sudbury Mining Division. The current geological mapping program was confined in whole or in part to 18 claims covered by the North Grid and 10 claims covered by the South Grid of Hart Township (Figure 2. Table 1).

Pursuant to an agreement between John Brady and Richard Kantor. the President and a director of the Corporation, dated as of February 12. 1998, as amended effective February 26. 1998 (the "Brady Agreement"). Mr. Kantor acquired 84 unpatented mining claims and three leased claims comprising a portion of the Iron Mask Property from John Brady. Pursuant to a purchase agreement between the Corporation and Mr. Kantor dated effective March 10, 1998 and an assignment and novation agreement among Mr. Kantor. John Brady and the Corporation dated effective March 10, 1998. as amended August 2, 2000 (these agreements and the Brady Agreement are collectively referred to as "Iron Mask Agreement No. l"), the Corporation acquired the 84 unpatented mining claims and three leased claims comprising a portion of the Iron Mask Property from Mr. Kantor

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Watts, Griffis and McOuat450.000m. E. 470,000m, E.

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Figure 2.

CHAMPION BEAR

Iron Mask PropertyClaim Map

4 50,000m. E.

Watts, Gnffis and McOi/at

TABLE lIRON MASK MINING CLAIMS COVERING GRIDS, HART TOWNSHIP

Claim No

North Grid -104352410986651174457121084012108411210842121118112112721211355121136012113611214820122944312354101235411124136212413631241364

South Grid -1163246119771611977181197723121083812108391229444123085612499063016113

Recording Date

18 ClaimsMarch 28, 2000Dec. 19. 2001Dec. 13. 2001Sept. 12. 1995Sept. 12. 1995Sept. 12. 1995April 18. 1996April 18. 1996April 18, 1996April 18. 1996April 18. 1996Feb. 18. 2000Oct. 25. 1999Feb. 23. 1998Feb. 23. 1998March 9. 2000March 9, 2000March 9, 2000

10 ClaimsOct. 26. 1999Feb. 23. 1998Feb. 23. 1998Feb. 23. 1998Sept. 12. 1995Sept. 12. 1995Oct. 25. 1999

March 16. 1998Feb. 14. 2001Aus. 11. 2003

Due Date

Aug. 3. 2004April 25. 2004April 19.2004Jan. 18. 2004Jan. 18. 2004Jan. 18. 2004Aug. 24. 2004Aug. 24, 2004Aug. 24. 2004Aug. 24. 2004Aug. 24. 2004June 6. 2004

March 2. 2004Feb. 24. 2004Feb. 24. 2004July 15. 2004July 15. 2004July 15. 2004

March 3. 2004Feb. 23. 2004Feb. 23. 2004Feb. 23. 2004Jan. 18. 2004Jan. 18. 2004March 4. 2004March 16. 2004June 22. 2004Aim. 11. 2005

WorkRequired

6.4004.0002,8004.8001.6002.400

800800400

1.600400

2.4001.6006.4003,200

400400

1.600

8002.4003.6004.800

8006.3991.6004.800

8001.600

TotalApplied

6.4004.0002.8004.8001.6002.400

800800400

1.600400

2.4001.6006.4003,200

400400

1.600

8002.4003.6004,800

8006.3991.6004.800

8001.600

TABLE 2

Claim No

30097863016112

IRON MASK MINING CLAIMSRecording Date

Aug. 11, 2003Auu. 11. 2003

, CARTIER TCMDue Date

Aug. 11. 2005April 25. 2004

NSHIPWork

Required800

6.000

TotalApplied

00

Wafts, Griffis and McQiiat

and was assigned and novated into the Brady Agreement in consideration for the issuance of 332.417 Common Shares with a deemed value of 5247,101. One hundred thousand of the Common Shares were issued to Mr. Kantor to reimburse him for the 100,000 Common Shares which he delivered to Mr. Brady pursuant to the terms of the Brady Agreement, 25,417 Common Shares were issued to Mr. Kantor in satisfaction of 516,521 in expenses incurred by him in acquiring the claims and 207,000 Common Shares were issued to Mr. Brady pursuant to Iron Mask Agreement No. 1. The 84 unpatented mining claims are subject to a 2.57c Net Smelter Return ("NSR") and the three lease claims are subject to a 3.07 NSR pursuant to Iron Mask Agreement No. 1. Iron Mask Agreement No. l provides that 507c of the 2.57 NSR and 33.337 of the 37 NSR may be acquired by the Corporation for Si.5 million at any time until the claims have been put into production.

Pursuant to an agreement among John Brady. Harvey Wylie and the Corporation dated as of August 2. 2000 ("Iron Mask Agreement No. 2") the Corporation acquired the Beartag Claims comprising the balance of the Iron Mask Property in consideration for 55.160 and the issuance of 10.000 Common Shares with a deemed value of 59,400. Iron Mask Agreement No. 2 provides that the eight mining claims and the three lease claims are subject to a 27 NSR. 507 of which may be acquired by the Corporation for Si million at any time until the claims have been put into production. In order for the Corporation to exercise its option to purchase 1007 of the three mining leases it must pay the optionee 56.000 on July 4. 2003. 2004 and 2005.

Pursuant to Iron Mask Agreement No. l and Iron Mask Agreement No. 2, the Corporation must make an advance royalty payment of 510.000 payable on February 12"' and August 12"' in each year that the Iron Mask Property has not been put into production which advance royalty payments are deductible from any future NSR royalty payments made on the property.

The Corporation is responsible for performing all required assessment work and making the appropriate filings in order to keep the claims comprising the Iron Mask Property in good standing. All of the unpatented mining claims and mining leases comprising the Iron Mask Property are currently in good standing and sufficient assessment work has been completed or is in progress to meet the requirements for the current year. The claims comprising the Iron Mask Property are situated on crown land however some of the claims are subject to several local encumbrances including railway and highway rights-of-way which traverse several claims, patented surface rights which are held by cottage lot owners on Geneva and Dowes Lakes and a small crown reservation and withdrawn area which affects parts of several other claims.

The claims are currently active, are held 1007 by Champion Bear Resources Ltd. WGM is responsible for performing all required assessment work and making the appropriate filings in order to keep the claims comprising the Property in good standing.

Two claims (3009786. 3016112) were recently acquired h}' Champion Bear in the south- central portion of Cartier Township (see Figure 2).

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4. PHYSIOGRAPHY AND CLIMATE

The Sudbury area is located within the Canadian Shield. The topography is typical of this portion of the Canadian Shield and is that of a dissected plateau sloping gently south toward Lake Huron and Georgian Bay. The area is located just south of the drainage divide between the Hudson Bay and Great Lakes watersheds and consequently most drainages are limited to fairly small streams and rivers. During Pleistocene glacial erosion and deposition, the drainage pattern became disrupted and consequently there are numerous small lakes and ponds.

Local relief is up to 60 m and prominent ridges trend approximately east-west and north- south and outcrop is well exposed on both grids. Glacial debris forms local low ridges and extensive till plains, hosting many of the drainages. Forest harvesting is still somewhat active in the area and spruce, balsam, cedar, poplar, birch, alder and tamarack are the main types of vegetation.

Temperatures average 24.8 II C in the summer and -8.4"C in the winter. Annual precipitation averages 62.2 cm of rain and 247.5 cm of snow.

5. INFRASTRUCTURE AND LOCAL RESOURCES

The city of Sudbury is a major centre with a population of about 90.000 (164.000 in the Regional Municipality of Sudbury). The area has a long mining history. As home to both Inco Limited and Falconbridge Limited, the Sudbury area is the western world's largest producer of nickel and the location of the largest fully integrated mining complex in the world.

Over 300 companies involved in mining related activities offer expertise covering all areas of underground hardrock mining and environmental rehabilitation. There is particular expertise in land reclamation and mine rehabilitation. The area is also home to the Centre in Mining and Mineral Exploration Research, the Laurentian University Mining Automation Laboratory, the Mineral Exploration Research Centre, the Geomechanics Research Centre, the Canadian Mineral Industry Research Organisation. Central Analytical Services, and the Mining Innovation Rehabilitation Applied Research Corporation.

Ontario's Ministry of Northern Development and Mines is based in Sudbury with its 236,000 square foot laboratories. CANMET maintains a laboratory specializing in mine backfill technology and the Industrial Research Assistance Program of the National Research Council is located at Laurentian University. The Northern Ontario Research Centre for Advanced Technology Inc. is based at Cambrian College.

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Waffs, Griffis and McOi/at

6. GEOLOGICAL SETTING

The geology of the Sudbury area has been studied extensively, as it hosts one of the largest nickel-copper deposits in the world, as well as being the site of a meteorite impact. There is still debate about many aspects of the geology.

The Iron Mask Property is underlain by rocks of the Superior Province including. Early Precambrian metavolcanics, metasediments. felsic plutonic migmatitic and mafic intrusive rocks, as well as Middle Precambrian Huronian Supergroup metasediments and mafic intrusions, the Nipissing Diabase and late mafic dykes and intrusives related to the SIC (Figure 3). The area lies about 10 km north of the Grenville Front, which marks the northern limit of the Grenville Province.

The geology of the area is dominated by the Sudbury Structure, which is now generally accepted to be a deformed crater structure resulting from a major meteorite impact about 1,850 Ma ("million years"). The Sudbury Structure is a 60 by 27 km oval basin structure comprised of three components:

* An outer zone up to 80 km wide consisting of fractured and locally brecciated and . partially melted Archean and Proterozoic rocks which have been affected by the Sudbury Impact and intruded by offset dikes related to the Sudbury Igneous Complex ("SIC");

* The SIC. an intrusion or melt sheet, which is now exposed in the form of an elliptical collar around the Sudbury Basin. The SIC is divided geographically into a North Range, South Range and East Range; and

* Whitewater Group sediments of the Onaping. Onwatin. and Chelmsford Formations which have been deposited within the basin.

The Sudbury impact structure is bounded to the north by Archean rocks. The Archean rocks are dominated by plutons and gneisses with lesser amounts of greenstone, which date at about 2.700 Ma. Late Archean tectonometamorphism (2.640 Ma) produced the Levack Gneiss Complex and the associated anatectic granitoid rocks. The area was then intruded by the northwest trending Matachewan dyke swarm about 2.450 Ma. Gabbroic intrusions southwest and west of the Sudbury Structure (the East Bull Lake and Shakespeare-Dunlop Intrusions) are believed to be eogenetic with the lowermost volcanics of the Huronian Supergroup and are dated at about 2.490 to 2.450 Ma.

Huronian sedimentation and volcanism continued to about 2.200 Ma. largely to the south of the Sudbury area. The sediments were derived from the Archean Superior Province to the north. All of the rocks were intruded by the extensive Nipissing Diabase sill-dyke system about 2,200 Ma.

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IRON MASK SHAFTCo,Ag,Au, Cu Inco Rivers Showing

COBALT SHAFTl__Zn, Co, Ni, Bi, Cu

fs Drill Holes H-5 to H-9

COBRA SHOWINGCo, Cu Serpent Formation

E\panala formation

Bruce formation

Mafic intrusive rock:

fehic intrushf rock:Cartier Showing

]) ./Onaping

J Beartag Showing

' K "

Iron Mask Property

Property Compilation MapO 1.000

Metre*

Watts, Griffis and

After its formation the Sudbury Structure and adjacent rocks were affected by the Penokean Orogeny, variously dated at between 1,700 to 1.900 Ma. Northwesterly directed thrusting during this orogenic event is believed to be responsible for northwest-southeast shortening of the SIC and Sudbury Basin contributing to its current elliptical shape.

The Sudbury Meteorite Impact event affected a large area both inside and outside the current limits of the Sudbury Basin. Estimates of the original diameter of the impact structure range up to 150 to 225 km. The Iron Mask property lies in the outer zone of the impact structure where the impact is reflected by zones of pseudotachylyte (Sudbury Breccia) and the intrusion of "offset dykes". Sudbury breccia consists of mineral and rock fragments derived predominantly from wallrocks supported by a fine-grained matrix generated by grinding and frictional melting.

The Archean and Proterozoic rocks surround the SIC have also been intruded by what are called "quartz diorite" or "offset dykes". Two major varieties of these dykes have been recognized: radial and concentric. The radial dykes appear to stem from the norite and/or sublayer and extend into the footwall rocks in a radial pattern with respect to the SIC. The concentric dykes may be related to ring faults and may either be connected to the norite/sublayer or represent accumulations of melt rock formed associated with pseudotachylyte formation.

The eastern and southeastern part of the area is intruded by both radial and concentric offset dykes emanating from the SIC. The Hess Offset dyke lies within the eastern Iron Mask property boundary intruding host meta-sediments, granites and migmatites. Inco holds leased claims covering the Rivers Cu-prospect (the Rivers Showing) in eastern Hess Township. The size and grade of the mineralized zones is unknown. In the southwestern part of the property, zones of Sudbury breccia and northwest trending diabase dykes are found in these older host rocks. The strike extension of the radial Ministic Offset dyke projects across the southern part of the property. While no offset dyke material has been recognized on this part of the property, there are zones of Sudbury breccia which indicate the kind of structural disturbance necessary to develop offset dyke environments. Both the offset dykes and the zones of Sudbury breccia have potential to host Cu, Ni, PGE mineralization.

7. EXPLORATION TARGETS

The Iron Mask Property was originally acquired because of its apparent similarity to the general geological environment that hosts the two billion tonne Australian. Olympic Dam Cu-U-Au-LREE deposit. The regional magnetic signature, associated uranium, magnetite zones, similar geological setting and known brecciated structures characteristic of the Olympic Dam deposit are present on the Iron Mask Property. Polymetallic (Co, Cu, Zn. Au, Ni etc.) and uranium, associated with magnetite skarns in the Huronian meta-sediments have been located on the property (i.e. Cobra showing. Cobalt and Magnetite Shaft showings).

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There is also potential on the property for radial and concentric offset dyke hosted Ni-Cu- PGE mineralization related to the SIC. The concentric Hess offset dyke (Hess Township) and possible northwest extension of the Ministic offset dyke through Ermatinger Township represent the potential exploration targets identified to date. Offset dyke deposit in the Sudbury area consist of disseminated to massive sulphides, predominantly pyrrhotite, chalcopyrite and pentlandite within the dykes. The massive sulphide bodies are often rimmed by a halo of disseminated material and are often found along the contacts of the dyke. The most significant deposit of this type is the Copper Cliff deposit located southwest of Sudbury which is believed to host between 120 and 250 million tonnes of ore.

Other notable examples of offset dyke hosted mineralization include Inco's recent Kelly Lake discovery in the Copper Cliff Offset (10.5 million tonnes of ore containing 1.77% Ni, 1.342 Cu and 3.6 g/tonne of platinum-group metals) and its Totten Discovery (8.4 million tonnes grading \.427c Ni. 1.902 Cu and 4.7 g/tonne of platinum-group metals) in the Worthington Offset (WGM. 2000).

8. MINERALIZATION

There are two main types of mineralization on the Iron Mask Property:

(i) Cu. Ni and PGE mineralization associated with the SIC: and(ii) polymetallic (Co. Cu. Zn, Au. Ni, etc.) and uranium, associated with magnetite skarns

in the Huronian sediments (WGM. 2000).

Cu-Ni-Pt-Pd Mineralization

Two of five holes drilled by the Corporation intersected the Hess Offset dyke in Harty Township immediately northeast of Inco Limited's Rivers Cu prospect. These holes did not intersect any significant mineralization.

Grab samples assaying 6.792 and 3.832 Cu and a 6.1 m chip sampled channel assaying 0.292 Cu were reported by Falconbridge at the Beartag Showing on the Ministic Offset extension in Ermatinger Township in 1956. Grab samples with maximum values of 3.912 Cu, 0.0472 Ni. 19.9 g Ag/t. 0.09 g Au/t and less than 10 ppb Pt and Pd were reported from several surface trenches during follow up work in 1991. Shallow drilling in 1982. 1983 and 1984 reported values up to 0.62 Cu. 0.017c Ni. 0.022 Co, 0.1 g Au/t. 0.2 g Ag/t. 0.6 g Pt/t and 0.2 g Pd/t.

Polymetallic Mineralization

At least five showings of skarn type mineralization hosted by Huronian metasediments at or near the contact with Nipissing Diabase have been identified. Three distinct mineral

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Watts, Griffis and McQnat

associations are present: i) As. Au. Co, Cu. and Ni: ii) Cu, Ni; and, iii) Cu. Zn (Au). Zonation of some of the skarns shows a Cu rich inner zone with a Zn rich outer zone.

The Bardswich Showing located in Hess Township, a mineralized lens 185 m long, assayed up to Q.65% Cu on surface and was previously traced to a depth of 35 m by drilling. Champion Bear diamond drillhole IM-11, which tested the northeastern extension of this zone encountered l to 27c disseminated sulphides including chalcopyrite, pyrite, sphalerite, and pyrrhotite in an altered silty marble at a depth of 125 m. This hole also encountered a narrow one metre offset dyke.

The Magnetite Shaft/Cobalt Shaft area based on historical records is reported to have produced cobalt and silver. Trenching has documented anomalous Zn, Ni. Cu. Au, Ag and Bi values. Previous operators have also noted high grade assays of Co and Ni from the Cobra Showing 1.5 km southeast of the Cobalt shaft area (see Section 11 for details).

9. PREVIOUS WORK

In 1920. Iron Mask Cobalt and Silver Mines was the first company to explore to the property. Then, in 1928. Freleigh Osborne, on the request of the Ontario Government, examined the property and publish a detailed description of the wall rock alteration (Cheriton and Moinian, 1985). Since then, exploration has advanced through the development of two shallow shafts (the Iron Mask and Cobalt Shafts), geological mapping, soil sampling, airborne and ground magnetic and VLF surveys, trenching and grab/channel sampling and diamond drilling programs and has been detailed below (Table 2).

9J_______NORTH (SI) GRID

Iron Mask Shaft (Co-Au-Cu)

The Iron Mask Shaft is located in the extreme southeast portion of claim S121360 within banded iron formation (gossan) within the Espanola Formation.

Records indicate that the Nickel Hill Syndicate excavated a 6 ton sample of cobalt ore which in 1929 averaging 159^ cobalt and 9 oz/ton silver (per. comm. J. Brady. 2002). Other records confirm the high cobalt content but also report one assay of 52 ounces of silver (Scott. 1985).

In 1973. the Jarvin Magnetite Syndicate performed exploration work on the Landry showing - the Iron Mask Shaft. Five plugger holes were drilled intersecting pyrite and bornite mineralization. Mogul Mining Corp. (1955) drilled one diamond hole to test mineralization with no significant assay returns. In 1985. Jedburgh Resources Limited performed geological mapping, soil sampling and a Mag/VLF-EM ground geophysical survey. No drillinc or trenching was conducted.

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TABLE 3 HISTORY OF WORK CONDUCTED ON THE GRID AREAS

Year Company/Individuals Work PerformedNorth and South Grids1960 Geological Survey of Canada1998 High-Sense

North Grid1929 Nickel Hill Syndicate

1954 A. Landry

1955 Mogul Mining Corp.

1965 Salem Explorations Limited

1973 Jar Vin Magnetite Syndicate1979 B. P. Minerals Limited1985 Judburgh Resources Limited

.1997 John Brady (Prospector)

1999 Champion Bear Resources Ltd.

2002 Watts, Griffis and McOuat for Champion Bear Resources Ltd.

South (irid19691997199720002002

A. LacelleJohn Brady (Prospector) Canmine Resources Corp. Champion Bear Resources Ltd. Watts, Griffis and McOuat for Champion Bear Resources Ltd.

Airborne magnetic survey (Map 1524 G) Airborne maenetic survev

Sinking of Iron Mask Shaft, 6 ton sample removed. Diamonddrilling (610m), No logs or assaysSinking of Cobalt Shaft. Discovery of cobalt, no productionrecordsCobalt Shaft Area. 11 diamond drillholes. Iron Mask Shaft Area.l diamond drillholeIron Mask Showing, EM survey. Trenching and diamond drilling(4 holes)Iron Mask Shaft Area. 5 plugger hole sampling programGround radiometric survey. Geological mapping and prospectingCobalt Shaft and Iron Mask Shaft A rea

Geological mapping, ground VLF survey, 14 trenches. Soilsampling program (Au, Zn. Cu, Co, Ag). Ground VLF Survey,14 trenches. 26 diamond drillholes (1514m)

Henri Zone9 trenches. 13 diamond drillholes (607m)

Cobalt Shaft, prospecting and grab sampling. Iron Mask Shaft, chip sampling and prospectingGeological Mapping. Iron Mask Shaft, 11 diamond drillholes. Cobalt Shaft, 2 diamond drillholes. 67 surface samples Assessment file search, compilation maps (1:10,000) Field visit to Cobalt and Iron Mask shafts, grab sampling

Cobra showing, 3 diamond drillholes. No logs or assay resultsGrab sampling and prospectingField visit, chip and grab sampling3 diamond drillholes (240 m)Field visit to Cobra Showing, grab sampling

Mr. Brady (1997) conducted mechanical trenching at the west end of the shaft. There, he collected a one meter chip sample across an outcrop exposure of mineralized bedrock. Assays returned 3.2 CA Co and 6.0 g Au/ton. According to Mr. Brady, the shaft intersects bedrock at a depth of 3.0 m.

In 1999, Champion Bear drill tested the shaft area with eight short diamond drillholes (IM1-7) totalling 539 m. Holes IMS and IM14 were drilled to test the southwest strike extension of mineralization and IM12 and IM13 to explore its "extreme" northeast strike extension. IMS intersected Q.16% Co over 1.5 m. The drill logs for holes IM12-14 have no record that any samples were taken for assay. However, a review of several boxes of

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Watts, Griff is and McQitat

IM12 drill core stored at the Sudbury office by WGM (2002) clearly demonstrates that several samples were split for analyses (i.e. samples 10697, 10698).

A field visit by WGM in 2002 determined that the shaft has since filled with water. However, some float was found from the shaft that contained cobalt bloom and 20-25 7c disseminated pyrite, locally. One grab sample collected from gossaned iron formation returned Q.41% Cu, 300 ppm Co and 187 ppb Au.

The Iron Mask drill core is stored on site adjacent to the Iron Mask Shaft access road (claim S121360: UTM 0452217E. 5171991N).

Cobalt Shaft (Zn-(Ag)-Co-Ni-Bi)

The Cobalt shaft is located in the north central portion of claim 66020. Mineralized skarn contains cobaltite, sphalerite, pyrrhotite and chalcopyrite (trace galena?) in association with magnetite iron formation and Nipissing gabbro intrusive rocks.

The shaft area, herein referred to as the "main zone", has been extensively explored in the past. In 1955. Mongul Mining Corp. drilled eleven holes with a best intersection of 8.06 fxf Zn over 0.92 m. The most extensive work was performed by Jedburgh Resources Limited (1985) exploring for zinc. Their target was mineralization containing >3.5 c/< Zn with significant tonnage. Exploration activities consisted of establishing an exploration grid, geological mapping, soil sampling (Au. Zn, Cu. Co. Ag). a ground Mag/VLF-EM survey, trenching and diamond drilling. According to Jedburgh records, fourteen trenches traced a l to 3 m wide section of zinc mineralization (1-3/O. Thirteen diamond drillholes (907 m) defined a zone of \-27c Zn over a width of 1-5 m. the best intersection was l \ CA Zn over 0.06 m (6 cm).

In 1997. Mr. Brady collected grab samples from around the Cobalt Shaft. His best sample returned 16.09; Co. 4.89r Ni and 17.05* Bi.

In 1999. CB drilled two holes (IM9. IM10) to test the shaft mineralization. Hole IM9's best assay intersection was 0.329c Cu and Q.20% Zn over 1.6 m. The area immediately adjacent to the shaft was mechanically stripped, mapped and channel sampled.

A field visit by WGM in 2002 confirmed the stripping and channel sampling activities. Cobalt bloom, cobaltite, chalcopyrite and some pyrite mineralization was also observed.

Henri Zone (Zn)

Jedburgh also explored a new area, the "Henri Zone", located 700 m south of the Cobalt shaft. The company placed nine trenches in limestone rocks which gave assays of 2-3 7c Zn. The zone was tested by thirteen shallow drillholes (607 m) and. according to Jedburgh, indicated 1.069c Zn over an average width of 2.0 m.

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Watts, Griffis and ~McQnat

SOUTH (S2) GRID

Cobra Showing (Co-Cu-Ni)

The Cobra Showing is located in the central portion of claim 1179399. In 1997, Mr. Brady collected a 1.0m chip sample across a veined iron formation which assayed 17. 09^ Cu. That same year. Canmine Resources Corp. sampled both locations; a chip sample assayed H.3% Co and a grab sample returned Zl.3% Co and e.19% Ni.

In 2000. CB drilled three shallow holes (240 m) to test the Cobra showing. The drillhole casings for holes BT6 and BT7 were located on site 22 m west of the showing (UTM 0452456E. 5166397N). The best drillhole assay was 0.147r Cu and Q.0034% Co. These holes were drilled into the cross-cutting shear zone. Hole BT8 was drilled north, in the opposite direction of the Cobra showing and did not intersect mineralization. According to the MNDM records, five other test holes may have been drilled in the showing area.

During the summer of 2002. Paul Dunbar, a Senior Associate Geologist of WGM visited the "Cobra showing accompanied by Mr. John Brady (prospector). Cobalt bloom is visible within a narrow (0.1-0.2 m) quartz-carbonate veined shear zone cross-cutting a northeasterly striking banded iron formation. Other mineralization consists of chalcopyrite and pyrite. The vein is injected parallel to bedding where it intersects the iron formation for a strike length of approximately one metre. Chalcopyrite is clearly visible. One grab sample from the veined shear zone with visible cobalt bloom assayed greater than 10^* Co. 8. 47( Ni and 2.7 ppm Au. A second grab sample from the magnetite rich Espanola formation contained no precious metals but did return 3.59t Cu which is consistent with its high chalcopyrite content.

10. 2003 EXPLORATION PROGRAM

The recent exploration program completed approximately 135 line km of linecutting in the construction of two exploration grids, geological mapping and sampling and a ground magnetic survey. A limited stream sediment sampling program was conducted on Pumphouse Creek which drains the grid areas. The north grid consists of approximately 83 km of grid line with each line oriented northeast at 100 m spacings and picketed at 25 m intervals. The south grid involved approximately 52 km of linecutting at the same line spacings and orientation. Geological maps integrating the new mapping data with the ground magnetic survey interpretation are presented at the back of this report (Appendix 1). The results of this exploration program have been detailed below.

10.1 ______ GROUND TOTAL FIELD MAGNETIC SURVEY

In March 2003. a total field magnetic ground survey was conducted on the North ((S,) Grid by Vision Exploration out of Timmins. Ontario. The survey employed a Scintrex GEM GSM-19 Proton Magnetometer with readings taken on all lines at 25 m stations.

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Waffs, Griffis and McOifcif

The north grid survey was undertaken by Mr. Steve Anderson. This work was completed in two stages. The first stage (north half of grid) of the survey was completed by March 30, 2003. The second stage was completed on August 20, 2003. The south grid survey was undertaken by Mr. Dan Patrie of Massey. Ontario, and a final map was produced on March 31, 2003. Total field magnetic survey maps were completed at a scale of 1:5.000 at a contour interval of lOOnT by both Dan Patrie and Vision Exploration. The magnetic data was reprocessed and interpreted by Matrix GeoTechnologies Ltd. of Toronto, Ontario. The final magnetic maps for both grids can be found at the back of this report (Appendix 2).

10.2_____GEOLOGICAL MAPPING

Geological Mapping commenced with the south grid. The geology of each grid area is presented below in the order in which the work was completed.

South Grid Geology

The grid area is underlain by Early Precambrian granite basement rocks with a central northeast striking belt of Huronian Supergroup metasedimentary rocks. Stratigraphy within the metasediments appears to young towards the northwest. The southeastern portion of the grid area has been intruded by a large Nipissing Diabase/Gabbro sill or dyke which parallels stratigraphy. Two prominent fault patterns are apparent on the property, dominantly NW trending faults which displace metasedimentary rock units, and easterly striking faults which demonstrate local displacements within the metasedimentary belt. There is also evidence of thrust faults which parallel stratigraphy emplacing younger rock formational units (i.e. the Serpent and Gowganda Formations) stratigraphically over the older rock units (i.e. the Lorrain Formation).

The oldest rocks observed are the Early Precambrian granite basement rocks. These are mainly coarse grained, massive, pink granites. The Ontario Geological Survey ("OGS") preliminary map P-2599 also indicates a suite of older granitic rocks that were locally foliated, these were noted on the grid. The Huronian metasedimentary rocks rest unconformably on the granite. Although the actual contact was not observed, an outcrop of granite containing foliated sediments was noted at 3+OON and 3+OOW.

The oldest metasedimentary rocks observed on the grid are those of the Espanola Formation. The marginal notes from OGS map P-2599 describe this unit to range in thickness from 45 to 400 m in Hart Township and Ermatinger Township. The stratigraphy of this formation, form top to bottom, consists of "alternating dolostone" and siltstone: brecciated silty wacke and mudstone layers with disrupted bedding and cross-lamination: massive to laminated calcareous and silty wacke; interbedded grey and pink, fine-grained quartz-feldspar arenite and silty wacke with inter-laminated and gradational calcareous beds and sand lenses; and laminated to cross-laminated pyritic mudstone and laminated quartz- feldspar sandstone".

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Watts, Griffis diici McO/idf

The most distinctive feature noted during mapping was that the rocks of the Espanola Formation are thinly bedded and are frequently rusty when in contact with Nipissing Diabase intrusive rocks. The quartz-feldspar arenites generally grade upwards into the pink arkosic rocks of the Serpent Formation.

The overlying Serpent Formation may be up to 600 m thick in the township but is much thinner in the mapped areas. Typical stratigraphically, from top to bottom of the formation consists of "massive arkose, quartz-feldspar arenite and laminated quartz-feldspar arenite; clast supported conglomerate with subrounded to rounded granitic clasts, paraconglomerate with medium-grained wacke matrix and calcareous pebbly sandstone".

The Gowganda Formation can be up to 900 m thick. In western Hart Township, and parts of the northern grid, the formation rests unconformably on granitic basement rocks. Although it normally overlies the Serpent Formation, the Gowganda unconformable rest on the Loraine Formation in the south-central portion of the grid. Stratigraphically, from top to bottom, the formation normally consists of: "polymictic clast-supported conglomerate and lenses of matrix-supported conglomerate in a dark grey, coarse-to-medium grained wacke matrix: interbedded sandstone and siltstone with scattered clasts; wacke and pebbly sandstone; and quartz feldspar sandstone".

The Lorraine Formation conformably overlies the Gowganda Formation and is divided into medium-grained, quartz rich pebbly arenite with matrix and granitic clast-supported conglomerates. The arenite unit of this formation is generally a clean white quartzite.

One of the difficulties in distinguishing the various metasedimentary units is that the several units have identical or similar rock types. Both the Gowganda Formation and the Serpent Formation have "quartz-feldspar arenites" and "wacke, siltstones". Both of these formations, as well as the Lorraine Formation, have conglomerate units within them. The difficulty of distinguishing the similar looking units of each formation was overcome as some of the adjacent units are distinct and unique to that formation. For example, the Lorraine Formation contains a distinct white quartz arenite which always forms high ridges across the property. The lowermost and most frequently occurring unit of the Espanola Formation is usually a thinly bedded, rusty, calcareous sandstone/siltstone and is often the first unit to come in contact with Nipissing Diabase. The proximity of the various metasedimentary formations in relationship to each other also assisted in defining their formational identity.

A Nipissing Diabase (gabbro) sill/dyke up to 200 m thick commonly intrudes the rocks between the granite and the Huronian metasediments on the southeastern portions of the grid. This dyke consists mainly of fine-to-medium grained diabase with chilled margins and coarse-grained phases of dark green diorite and gabbro. It is often in contact with the Espanola Formation, and is frequently magnetic along the contact margin. Dyke emplacement is most likely related to deep shear or fault zones that parallel stratigraphy in the area.

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Watts, Griffis and McQnat

Periodically, dark green mineralized skarn occurs within the Espanola Formation adjacent to the Nipissing Diabase contact. Mineralization consists of scapolite, wollastonite and hornfels mineral assemblages as well as tremolite and actinolite. These rocks can also be very magnetic with local readings exceeding 100.000 gammas. Sulphide-bearing skarn has been observed within the Espanola near the Nipissing Diabase contact at the Cobra Showing (see Geology Map). Mineralization consists of mostly magnetite (20-80^* locally) with subordinate pyrite and chalcopyrite. At the Cobra Showing location, cobalt bloom occurs within a narrow quartz-carbonate vein which crosscuts the Espanola. It should be noted that many of the isolated magnetic highs along this sedimentary-dyke contact appear to be related to magnetite accumulations within the skarn rocks.

Numerous mafic dykes, many of which are magnetic, have been observed cross-cutting the Huronian meta-sedimentary rock units. More dykes were located during the mapping exercise than were indicated on the OGS Map P-2599. Some of these dykes appear to be fine-to-medium grained gabbro rock while others are simply fine grained mafic dykes. The fine grained dykes can sometimes be non-magnetic. A few mafic porphyritic dykes were also found. Most dykes are not very wide (usually 5-10 m) and many intrusions are confined to narrow depressions referred herein as 'guts'.

In the northern part of the grid, a number of Sudbury breccia dykes (?) were located (samples 4545. 4548. 4550. 4556. 4863. 4869 - see "South Grid Geology Map"). One dyke (sample 4856) is only 20-30 cm wide and contains small granitic fragments and pink inclusions (K-feldspar?) set in a fine-grained dark matrix. A second dyke (sample 4545) was located approximately 300 m south of the above sample. The third dyke (sample 4863) was located in the northern portion of the grid.

North Grid Geology

Approximately half of the grid area is dominated, in the southwest and southeast, by Precambrian granite basement rocks known as the Cartier batholith. A northeast striking belt of Huronian Supergroup meta-sedimentary rocks is preserved in the central and northwest half of the grid (see Geology Map). In general, stratigraphy appears to young towards the northwest. Granite and metasedimentary rocks have been intruded by Nipissing diabase/gabbro sills which parallel stratigraphy with the largest intrusive body occupying the central portion of the grid. Interpretation of the ground magnetic data suggests that the rock formations are cross-cut by numerous parallel NW and E-W trending faults. Although most of the northwest faults appear to cause displacement within the meta- sedimentary rocks, only one E-W fault appears to offset the Espanola formation between the Henri Zone and Cobalt/Iron Mask showings (see Geology Map). Elsewhere on the grid. NE thrust faults which parallel stratigraphy are apparent where older rock formations are emplaced above younger Huronian rock formations.

The oldest rocks mapped are the Early Precambrian granite (plutonic) basement rocks which periodically contain outcrops of "white granite". It is uncertain if this white granite

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Watts, Griffis and McQ H at

is younger in age or if it represents a bleached paleosurface (?). An isolated slice of granite is located unconformably between the Nipissing Diabase and the metasedimentary rocks near the base line between lines 4+OON and 5+OON. It is uncertain if this is a younger granite intrusive body or an "inlier" of granite basement rock that had been isolated by the Nipissing Diabase.

An outcrop of "Granite Breccia "outcrops on L 8+OOS and 4+OOE (sample 4883). This outcrop occurs between granite outcrop to the east and Espanola Formation to the west within a skarn zone referred to as the "Henri Zone". It measures 3 to 4 m in width and contains rounded fragments of granite and lesser amounts of mafic fragments set in a fine grained medium grey matrix.

The outcrop exposure of Espanola Formation at the Henri zone is unusual in two ways:

* the Espanola Formation is located on the east contact of the Nipissing, not to the west as is normally the case; and,

* the Espanola Formation is located in close proximity to the granite, separated only by the "Granite Breccia".

The Espanola Formation at the Henri Zone has been fault displaced to the west along a major E-W fault zone and has presumably been offset by a second fault in the southwest. The remaining Huronian metasedimentary rock formations elsewhere on the grid are well preserved. In the northwest portion of the grid, a unit of Gowganda Formation appears to underlie the Lorraine Formation most likely due to thrust faulting. On line 19 + OON. 6 m east of the road, there are numerous magnetite veins in the Gowganda Formation metasedimentary rocks. These veins, up to 1-2 cm in width, are located 100 to 200 m from the Nipissing Diabase contact. A 30 cm long quartz vein with thin l mm to l cm wide magnetite layers or stringers was observed several hundred metres from the Nipissing Diabase contact at L 6 + OON and 3+OOW. At an outcrop area close to the road near L20 + OON. some metasedimentary rocks adjoining the Nipissing intrusive sill are also highly magnetic. The close proximity of these magnetite-bearing rocks in each case with the Nipissing intrusive rocks indicates a possible relationship between the two.

Skarn mineralization is confined to the contact zone between the Espanola Formation and the Nipissing Diabase as evidenced by outcrop exposures at the Cobalt Shaft. Iron Mask Shaft and Henri Zone. These skarns contain massive magnetite. Pyrite, pyrrhotite, chalcopyrite and cobalt bloom occur within the Espanola limestone and have been heavily explored by previous operators. Field evidence of previous exploration activities is visible in the form of old trenches with rock channel sample cuts, stripped areas, drill casings and remnants of old exploration grid lines. Locally the rocks have been highly deformed and/or disrupted along the skarn mineralized zone which appears to form a fault contact zone with the mafic intrusive rocks. The margins of the skarns also contain secondary quartz and magnetite veins again possibly related to Nipissing Diabase (?) intrusion.

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Watts, Griffis and A lcOnat

An inclusion-bearing mafic dyke-like rock measuring 0.5 m in width was located at L7+OON, 8+OOE on the south end of a lake (sample 4875). This sample was identified as Sudbury breccia through petrographic examination (Appendix 3). A second similar outcrop was sampled at the south portion of the grid (sample 4886). This sample was non-magnetic containing subrounded granitic fragments in a fine grained black matrix. Petrographic work also confirms this sample to be Sudbury breccia.

An outcrop of lamprophyre rock was observed on the north shore of a small lake near L7+OOS and 4 + 50E (sample 4896). This unit was magnetic, micaceous, fine-to-medium grained and contained small 'auto-inclusions' of similar lamprophyric material.

10.3 SAMPLING RESULTS

Rock grab samples were dispatched to Activation Laboratories Ltd. ("Actlabs") in Ancaster. Ontario, for multi-element analysis. This process utilizes an aqua regia digestion with final analysis by ICP-MS (multi-spectrometer) including elements such as gold (Au) and silver (Ag) and the base metals such as copper, nickel, zinc and lead (Cu, Ni. Zn. Ph). Trace element values are reported in parts per million (ppm) and gold is reported in parts per billion (ppb). A total of 17 samples from the south grid were analyzed for Platinum Group Metals ("PGMs", Pt, Pd 4-Au) using a fire assay and an ICP-MS finish. None of these samples returned any significant assay values (all samples were 10 ppb or less). Two rock samples were also sent to the University of Toronto (Earth Science Center) for thin section analyses and rock classification (Appendix 3).

One hundred and fifty-four grab samples were collected during the mapping program. Twenty-three samples were collected from the north grid and 131 samples from the south grid. Sample descriptions and assay certificates are located in the back of this report in Appendix 4 and 5. respectively. All sample locations have been plotted on the appropriate geology maps (see Appendix 1. Geology Maps, North and South Grids). The best assay results have been summarized on Table 3 and the results are discussed below. (It should be noted that some of the field sample numbers had one of the digits interchanged and that the number on some of the assay certificate may not correspond to the final plot (i.e. 4852 is actually 4552).

TABLE 4BKST GRAB SAMPLE ASSAYS RESULTS

Sample No

North Grid4877

South Grid2335*23594538

Cu (ppm)

1,310

1,1402,000

37

Zn( ppm )

30.5

23237

1,840

Ni (ppm)

50

11193

18

Au l pph )

7.9

15.014.9

CO. 2

Ag ( ppm )

0.26

0.260.24

c 0.05

Co(ppm)

116

7.433.7

6.3Sumpk's also iin.ily/eil lor Pt and I'd

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Watts, Griffis and McQi/at

Mineralization at the Cobalt Shaft. Iron Mask Shaft and Henri Zone (North Grid) and at the Cobra Showing (South Grid) was not sampled as part of this mapping program. The presence of significant zinc, cobalt, copper, nickel, gold, bismuth and silver at the various showings was confirmed by previous work by Champion Bear, WGM and other operators (see Section 10).

North Grid Sampling Results

Grab sample 4877 was the only sample to return a significant assay value. This sample of medium grained gabbro in contact with Espanola Formation returned 1.310 ppm copper (Q.13% Cu). Sulphide content was less than \7c pyrite. None of the samples returned any significant gold values (best: 54.5 ppb Au. sample 4885). The highest cobalt value came from sample 4875 (61.2 ppm Co). Sample 4895. a magnetic mafic dyke (Sudbury breccia?), returned the highest zinc (648 ppm Zn). nickel (167 ppm Ni) and lead (258 ppm Ph) values on the grid. Four samples of other possible "Sudbury Breccias" did not return any significant assay values (samples 4875. 4883. 4886 and 4897, see Geology Map).

Thin section analysis of samples 4875 and 4886 from the North Grid confirmed that these rock samples were indeed Sudbury breccia (see Appendix 3). (Note: sample 4886 is recorded as 4868 in the petrographic description).

South Grid Sampling Results

The samples submitted for analysis consisted of grab samples of mineralized Espanola Skarn, Huronian metasediments. Nipissing diabase/gabbro and mafic dykes including lamprophyre and Sudbury breccia. None of the skarn samples contained high amounts of significant sulphides (usually < l 7c pyrite with minor chalcopyrite) but some were moderately to strongly magnetic. One skarn sample (4538) returned a high zinc value of 1.840 ppm (0.187c Zn).

One grab sample (sample 2359) of mafic dyke (Sudbury breccia?) containing up to 1 7c pyrite and no visible chalcopyrite had the highest copper value of 2.000 ppm (Q.20% Cu). None of the remaining mafic dykes returned any significant gold values (all less than 15 ppb Au). Grab sample 2335. taken from Nipissing Diabase with trace sulphides, returned the second highest copper value of 1,140 ppm (0.1 \7c Cu).

10.4______STREAM SEDIMENT SAMPLING PROGRAM

In the summer of 2003, a stream sediment sampling program was undertaken in the southeast portion of Hart Township and northern part of Ermatinger Township. The objective of this sampling program was to locate the source of two stream sediment anomalies reported by the OGS in April 2003.

Waffs, Griffis amlMcOnat

The government sampling program identified two anomalous stream sediment samples from the general area that warranted follow-up investigations (Table 4). Samples 714 and 716 had anomalous gold results and contained gold grains. Some of these gold grains were pristine, appearing as angular wires, rods and crystal faces suggesting little distance of transport from the source. Some samples contained reshaped grains which were flattened and rounded therefore indicating a longer distance of transport from the source.

TABLE 5 SUMMARY OF ANOMALOUS GOLD GRAIN SITES (OGS, 2003)

Sample No.

0714 0716

Number of Visible Gold GrainsReshaped Modified Pristine

63 1

Total

64

Au (ppb)189 107

A total of 13 stream sediment samples were collected by WGM in 2003. The initial program involved the collection of eight samples (numbered 1-8) at locations upstream of each of the two OGS anomalous sites resulting in the identification of three anomalous samples (Figure 4).

The procedure involved in obtaining samples was to collect, if possible, from 3 to 5 gallons of coarse sediment from the site and sieve out the coarser fraction with a l cm screen. The sample was then sieved again with a 2 mm screen into a gold pan. The resulting sample was then panned down to a heavy metal concentrate, placed in a vial and sent to Activation Labs in Ancaster. Ontario, for assay analysis (Appendix 5).

Sample l was a medium brown, sandy gravel and slightly gravelly sand and assayed 2.030 ppb gold. Sample 5 assayed 4.460 ppb gold and was a composite gravelly sand containing obvious granite and volcanic pebbles. Sample 8 contained the highest assay return of 13.200 ppb gold. This sample contained very few pebbles greater than l cm in diameter. The majority of the material from sample 8 was less than 2 mm in diameter and it was composed of small rock fragments and sand that contained brown rusty bands. It was difficult to obtain the appropriate material for sampling at this site.

A follow-up sampling program was undertaken to attempt to more precisely pinpoint the source of the anomalous gold values obtained from OGS site 0716 and sample 8. Here five sediment samples (samples A-E) were collected in Hart Township (see Figure 3). None of these samples returned any significant values (all <5 ppb Au).

10.5 _____ Cartier Copper Showing

On August 8, 2003, Mr. Paul Dunbar (P. Geo) visited the Cartier Copper Showing exposed on the side of a roadcut on highway 144 in Cartier Township on claim 3009786 (see Figure 1).

x^ ^ 00

< rv.

--

3

CB^EXP \Reports\ IronMask \ IRM-20-Stneom-Sediment-5amplc^Locat!on-Mopk.dwg Lost revision date Saturday. December 13, 2003

Watts, Griffis and McOuat

1214994 A 1230759

ART4ER l

HVR1\TWP i 2030ppb Aur

MetersMap Datum: NAD83, UTM Zone 17

CHAMPION BEAR

Iron Mask PropertyStream Sediment Sample Location Map

Watts, Griffis and ̂

The showing consists of a narrow zone of massive sulphides in contact with an inclusion- bearing silicified gabbro dyke and Sudbury breccia all hosted within quartz monzonite plutonic rocks. A GPS instrument was used to locate the showing (UTM 0461628E. 5166325N).

Sulphide mineralization appears to be hosted within a magnetic silicified "Sudbury breccia" (?) zone that is 4 m wide. The zone is exposed for a length of 10 m striking 160 0 dipping steeply east and west. The most intensely sulphide mineralized section is restricted to a 15 to 20 cm wide breccia zone that is heavily gossaned. This sulphide zone was not exposed on the south roadcut face. Mineralization consists of lenses of massive sulphide (all pyrrhotite) and disseminations of lS-30% pyrrhotite. Locally, l-29c pyrite and 2-3/J chalcopyrite has been observed.

Five grab samples of mineralized float lying on the surface of the outcrop containing disseminated and massive sulphides were collected for assay (Table 5). Sample 22843 was also assayed for its PGM content. Although anomalous copper values were obtained from each sample (154-588 ppm Cu) only one sample returned an elevated copper value ranging from 0.13-0. 15 9c Cu (sample 22847). No significant PGE. gold or other base metal values were returned from these samples.

TABU: 6 CRAB SAMPLE DESCRIPTIONS AND SELECTED BEST ASSAY RETURNS

Sample

22843

Duplicate22H4422845

22846

22847

Duplicate

UTM Co-ordinatesEasting461628

461628461628

461628

461628

Northing5166325

51663255166325

5166325

5166325

Au ( pph )

3.3

2.610.82.6

4.1

10.0

14.9

Cu (ppm)

576

588267154

510

1.290

1 .450

Zn (ppm)

38.6

45.2112.089.8

68.2

55.1

43.1

Ph(ppm)

10.7

11.15.5

12.7

16.2

15.1

16.2

Description

Float, magnetic gabbro (?)breccia. 15-20 /i disseminated po.2-5 'V cpy, silicifiedAs AboveSame as 22846Mafic host rock, massivesulphides. 40-50 /c po, silicifiedMafic hosl rock, 25-30'/? po.l-2';f' py. silicifiedMafic host rock, massivesulphides. 40-50';; py. silicifiedAs Above

\\~ cii;tkn|i\nlL'. [xi = |i\ rrhoiili;. |)\ - p) rile

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Wafts, Griffis and \[cQiiat

11. DISCUSSION

In the past, the majority of exploration programs have focused primarily on zinc and to a lesser degree magnetite and nickel potential. Three occurrences of mineralized limestone have been discovered within the Espanola Formation and remain the primary exploration targets:

* The "Main Zone" where zinc and cobalt mineralization occurs in association with silver, nickel and copper within brecciated limestones had been the focus of previous work (Cobalt Shaft and Iron Mask Shaft);

* The Henri Zone (faulted east from the Main Zone), which contains zinc mineralization, and:

* Cobalt-nickel with accessory copper mineralization at the Cobra Showing (South Grid) within narrow quartz-carbonate shear zones which cross-cut the Espanola limestone.

All three of these mineralized limestone occurrences are located stratigraphically within the central portion of the Espanola Formation limestone and occur in association with magnetite skarn near the Nipissing diabase geological contact. It should be noted that magnetite skarn mineralization on the north grid appears to be more widespread and intensely developed than that of the south grid.

There is also a strong possibility that the southwest extension of the Hess offset dyke (at Hess Lake) may also outcrop within the granite rocks in the southwestern portion of the north grid or somewhere between the north and south grids. This dyke can be a source of Cu-Ni PGE mineralization which is currently a "hot" exploration target in the Sudbury region. The occurrence of Sudbury breccia on both grids confirms the presence of deep seated structures that could potentially host other offset dykes in the area. However, to date, offset dyke has not been identified in Hart Township although the potential to locate offset dyke outcrop remains "high".

In 1960. a major SW-NE elongated airborne magnetic anomaly was identified in Hart and Moncrieff Townships (GSC, 1960). The southern portion of this anomaly covers the Iron Mask Shaft and Cobalt Shaft showings. Beaks (1997) was the first Geologist to suggest that this magnetic signature could be associated with Olympic Dam-style mineralization. Some of the key characteristics of this style of mineralization consist of the following:

* A polymetallic iron oxide deposit containing Cu. Au. U,O X . Ag and LREE:* A large tonnage deposit (Olympic Dam Mine contains 2,320 million tonnes @

\.37c Cu. 0.6 g Au /t. 0.4 kg/t U,O X - 1998 figures);* Widespread uranium, iron-oxide (magnetite, hematite) and albitization:* Areas of magnetite accumulation (magnetic geophysical anomalies);* Mineralization is found in extensional structural zones in early Middle Proterozoic aged

sedimentary breccia and granitic rocks; and* Deposit (mine) is associated with a gravity anomaly.

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Wafts, Griffis and McOitaf

Polymetallic (Zn, Ni, Cu, Au, Ag) mineralization occurs at Iron Mask hosted within brecciated and faulted (sheared) Middle Proterozoic Huronican meta-sedimentary rocks which overlay granite basement rocks. These fault structures may extend down into the underlying granite basement rocks. Although zinc has not been previously mentioned as a component of Olympic Dam-style mineralization, it appears to be a major component in rocks of the map area. Jedburgh Resources suggested that zinc may have originated from the limestones as syngenetic zinc that may have been remobilized and was re-precipitated in both chemical and physical traps.

The recent magnetic airborne and ground surveys completed over the grids by WGM has identified several isolated magnetic highs along the strike length of the Espanola-Nipissing diabase contact. Each of these zones represent locations of magnetite-skarn formation and appear to coincide with areas of zinc sulphide mineralization within the faulted Espanola Formation. Elevated copper, a grab returning O.\37c Cu. was obtained from mineralized skarn over the magnetic anomaly located just tt) the southwest of the Iron Mask shaft (see Map). The anticipated depth of penetration of the recent ground magnetic survey is around 50 m defining only shallow magnetic anomalies. However, a larger polymetallic-magnetite- bearing deposit may occur at depth as indicated by the 1965 and 1998 airborne magnetic survey results. A gravity survey may also be useful to define areas of possible sulphide concentration

Future exploration activities on the Iron Mask should progress through detailed induced polarization ("IP") surveying and soil sampling along the Espanola Formation/Nipissing Diabase contacts in order to locate zones of concentrated mineralization and establish drill targets. A program involving a detailed mapping of the mineralization at the Cobalt. Iron Mask and Henri showings is required to identify all structures(s) that control mineralization, to identify the various phases of sulphide mineralization and determine the relationship between zinc sulphide mineral phases and magnetite skarn development. Some specific comments regarding the mineralization on the north and south grid showings are presented below.

The Main Zone and Henri Zone (North Grid)

Polymetallic mineralization has been observed at both the Cobalt and Iron Mask shafts. Sulphide mineralization consists of sphalerite, pyrrhotite and galena occurring as disseminations and veinlets. Elevated sulphide content appears to coincide with areas of isolated ground magnetic highs at both shaft locations. According to Jedburgh Resources (1985), the trenching across the Cobalt Shaft area identified a zone of l-39c zinc confined to a zone 1-3 m wide of altered (?) limestone in each of the 14 trenches. Mineralization appears to be confined to or centered about a fault or shear zone identified by the recent ground magnetic survey. This structural zone cuts the central portion of the Espanola limestone lone its entire strike lencth.

- 26-

Waffs, Griffis and A [

A longitudinal section for zinc was constructed along the "Main Zone" using both drilling and trench channel sampling data (Figure 5). This section did not cover the Iron Mask shaft area nor was a section attempted for the Henri Zone as there was insufficient assay data available for analysis. It is apparent from this section that zones of higher zinc concentration (up to IQ.04% Zn over 3 m) occupies an apparent drag folded structure within the plane of the mineralized shear zone and can range from 1-3 m thick and 40-50 m wide within the sectional plain. Zinc mineralization may be expected to concentrate in the nose of the drag folds within the Espanola limestone. Mineralization appears to remain open at depth and to the northeast of the Cobalt Shaft.

The exact petrogenetic relationship between the sulphide and magnetite (Fe-metasomatism) formation events is not clearly understood at this time. However, the association of the magnetite skarn and presence of magnetite-bearing metasediments near the Espanola/Nipissing contact margin may indicates that magnetite may have been introduced by the Nipissing diabase sills. Cobalt and magnetite mineralization at the limestone-gabbro contact have been quoted as evidence that skarn iluids had a mafic source. Irregardless, elevated sulphide content within the Espanola appears to coincide with areas of isolated ground magnetic highs at both the Cobalt and Iron Mask shafts. Additional magnetic anomalies also occur between the two shafts along the Espanola/Nipissing contact and near the Henri zone that require further investigation.

Champion Bear's previous diamond drill program failed to intersect any significant mineralization. Previous operators at the Cobalt Shaft intersected high zinc values of 8.069c and H.0% (Mongul and Jedburgh). It is apparent on the longitudinal section that mineralization is folded along strike and may also pinch and swell along strike and at depth. The configuration of the mineralized zones may explain why Champion Bear's previous diamond drill program missed. Drilling at the Cobalt and Iron Mask shafts also only tested to an average depth of 40 and 35 m. respectively. The potential for significant mineralization may occur well below these depths. Jedburgh Resources Limited also considered the possibility that higher grades of zinc may occur at depth. An IP survey along the entire strike length of the Espanola/Nipissing diabase contact on both the north and south grids would be a very useful tool in exploring for mineralization at depth and should aid significantly in defining potential diamond drill targets for testing.

A preliminary examination of the geochemical data collected from Champion Bear's channel and grab samples from trenches at the Cobalt Shaft demonstrates a good association of Co and Cu. and to a lesser degree Ni. with elevated arsenic (As) values. For example, out of 35 samples thai contained greater than 500 ppm Cu. 19 of these samples contained greater than 200 ppm As. A new soil sampling program using As as an indicator element should be considered.

- 27 -

Trench D1.4314/1,0m

Trench \8estO.D1%11.Om

Trench B1.74%/I.Om 1.1%/1-Om

Trench TBestQ.74mOm

Trench (i4,66%/I.Om 1.17%/2-Om

1.43%/I.Om

I'rench f.10.04W3.0m

1.26%/I.Om

Irench H1.56W3.Sm 1.51%/I.Om 1.17%/O.Sm

l rtMich J2.22%/I.Om

Irench K1.77W1.5m

Trench M

Best0.46W1.0mTrench O

Best 0.36W1,0mTrench L Trench N

Best0.624;.jl 1.0m

Cobalt Shaft

Champion Bear Resources Lid Drill Hole

S'

1.5%/Sm

POTENTIAL ZONE OF ENRICHMENT

o No Assays

POTENTIAL ZONE OF ENRICHMENT

Li-genii:

/.5"i.-'/ = I.S'H, Zn mf r l.firn drillholr inuntelion

1)1)112(1 M 46 drilled hr Jedlmrgh Krwun-f, Limited (19* f l

Mill l. li ilritltd bf Mogul Mining Corporation (195f ?i

HI - V drilled by Champii,,, Reut Krwiir.'r* {19991

O 20 100

Mcuo

l-'iguri.' .

CHAMPION BEAR RESOURCES LTD

Iron Mask PropertyCarttei Aira Siuttvai Mining Diftru r, Onta

Main Zone - North Grid (SI) Zinc Mineralization Longitudinal Section \

Waffs, Griffis on d \\cOna1

Drilling and trench sampling to date at the Cobalt and Iron Mask shafts and Henri Zones has tailed to locate sufficient mineralization. Much of the area between the two shafts remains under explored and untested and the Henri zone remains open along strike and dip. Approximately 600 m of strike length potential between the Cobalt Shaft and Magnetite Shaft remains largely unexplored with no apparent drilling or trenching activities. A closely spaced soil geochemical survey (Zn. As. Au. Cu. Ni. Co and Bi) covering this limestone/diabase contact should be implemented.

The basin sediments on the north grid may have been folded into a synformal structure, tilted and faulted, displacing the south Henri Zone from the main zone (Jedburgh. 1985). At the Henri Zone where nine trenches were excavated, one trench over an isolated occurrence of sulphide rich limestone returned 3-4 CA zinc over 3 m. Drilling intersected sphalerite, pyrite and silver tetrahedrite mineralization. Magnetite veins were found to corresponding to geophysical magnetic anomalies but had no associated sphalerite. Specular hematite has been observed locally in quartz vein systems (Breaks, 1997). An IP geophysical survey is proposed along this zone covering the entire limestone/diabase contact to identity new drill targets at depth.

Cobra Showing (South Grid)

High grade cobalt mineralization cross cuts the magnetite skarn and Nipissing Diabase rocks. Co and Cu mineralization appears to be restricted to a narrow quartz-carbonate vein system associated with a single shear. However, diamond drillhole data and surface work needs to be compiled onto the drill section to determine if the zone was properly drill tested. The potential for additional parallel shear zones along strike may occur, especially in the vicinity of a small granite intrusive body that outcrops 30 m northeast of the showing. Detailed geological mapping and sampling along the strike of the iron formation should be considered.

Stream Sediment Sampling Program

The source of the gold for anomalous stream sediment samples identified by the OGS (2003) and those discovered by WGM's sampling program remains unexplained. Additional sampling upstream of these anomalies is warranted.

In Hart Township, sample 1. (2.013 ppb Au) has confirmed the source of OGS sample 0716 (107 ppb Au). Additional sampling along the Pumphouse Creek and tributaries north of the sample l location to sample site C may help pinpoint the source of the gold. It is the author's opinion that the gold source is nearby the sample l location.

Cartier Copper Showing

The very narrow massive sulphide unit at this showing appears to be hosted within a magnetic silicified "Sudbury breccia" zone that traversed a small gabbro sill in contact with granitic plutonic rocks. Copper assay returns were low (less than Q.15%). The

- 29-

Wafts, Griffis and A IcOnaf

mineralized zone appears to terminate or plunge to the south as it is not exposed on the south roadcut face. However, the mineralization may continue north along strike. A short ground geophysical survey (i.e.. Magnetics) may help to delineate the geometry and extend of this mineralized zone.

12. RECOMMENDATIONS

General

* A projection of the Hess quartz diorite "offset dyke" west of Clear Lake indicates that the dyke may outcrop within the granite rocks in the southwestern corner of the grid or somewhere between the north and south grids. A reconnaissance mapping (prospecting) and sampling program in search of the dyke should be included in the next phase of exploration. A OPS instrument could be used for the reconnaissance mapping along northwest bearing lines between the grids. It should be noted that the Co/Cu showing reported to be located two kilometres north of the Cobra showing (south grid) may be a good location to initiate the search outside the grid areas:

* All of Champion Bear's drillholes should be computerized and the assay data plotted on the drill sections; and

* Some of the Champion Bear drillholes (i.e. holes IM12 and IM13) do not indicate whether or not samples were taken for assay. However, an examination of the drill core does show that samples were taken. This missing assay data should be located and added to the logs.

North Grid (Figure 6)

* A ground IP survey is recommended to explore for sulphide mineralization between depths of 50 to 300 m along the Main Zone and Henri Zone (below depths tested by previous drill programs). A gradient IP survey should be conducted along the entire strike length of the Espanola Formation/Nipissing Gabbro contact. Once significant anomalies have been identified, a follow-up program of detailed IP (i.e. dipole-dipole) and "Quantitative Section" analysis is recommended to generate potential drill targets;

* The mineralized showings at the two shaft locations and at the Henri Zone should be mapped and sampled in detail. Close attention should be taken to identifying the structures(s) that control mineralization, to identify the various phases of sulphide mineralization and to determine the association of sulphide mineralization with magnetite content. This program should integrate all previous trench and diamond drillhole data (similar study that was conducted earlier this year at the Brady South showing. Parkin Township):

- 30 -

NORTH (S1)GRID

IRON MASK SHAFTCo, Ag, Au, Cu

EXPLORATION TARGET 2004Olympic Dam Type Mineralization

- Soil Sampling Program- Detailed Mapping and Sampling of Mineralization-I. P. Survey to Define Drill Targets- Gravity Survey f?)- Diamond Drilling

0.41 "/oCu \

6ton Bulk Sample (1929) l\ 15 0XoCo, 9 oz/ton Ag , x

X;/ \

COBALT SHAFT

1607oCu, 4.8VoNi, 17 07oBiSrac/v,

Zone @ 2 - 3 VoZn over 1 - 2m(Jedbiti-gh Resources Limited. 1985)

Cu-M, PGE Target (2004)

Mapping ana Sampling (Prospecting)

Sitdhniy Bin fin TS - Confiriiii't/ aliin section)

Bin citi structure l?)

Ml Mitgm'tii? occurrence

X (irtth sample

Q round magnetic uuoinuh

\ipissiHg dia

Lorraine Formation

fwtiwganda Formatio

Serpent Formation

Espanola Formation

Felsic intrusive rocks Iron Mask Propertyi-r.-ljiu. Siu/huiy Mining nsn let. Ont

North Grid (SI) Compilation Map Showing Exploration Targets 2004

Watts, Griffis andMcOnal

Considering the "apparent" association of polymetallic mineralization with iron enrichment within the Espanola Formation, the four isolated magnetic highs along the Espanola/Nipissing Diabase contact should be further investigated. These highs may mark the site of increased sulphide mineralization especially if there is a positive correlation between magnetite content and Zn-sulphide mineralization:

The ground magnetic survey has been successful in identifying a fault zone that appears to be controlling sulphide emplacement within the Espanola Formation. Future exploration efforts for polymetallic mineralization should be focused along this structure:

The mineralized structure that cuts the central Espanola along the Henri zone may continue along strike to the southwest marked by a Sudbury breccia structural break within the granite terrain. This structural break needs further delineations in the field and requires additional prospecting and sampling for any signs of mineralization;

The presence of Sudbury breccia has been confirmed at two locations on the north grid. Breccia (Sudbury type?) does occur elsewhere on the grid. However, with the exception of the possible southwest structural break of the Henri zone (mentioned above), no linear structural zones have been identified elsewhere on the grid. The next phase of exploration must focus on define additional structures and breccia samples collected confirming that they are indeed Sudbury breccia. These structures may represent locations that may possible host offset dyke Cu-Ni PGE mineralization. Follow-up IP and MMI survey programs along these structures are recommended to locate concentrated zones of mineralization along these structures and to identify potential drill targets for testing:

The Espanola/Nipissing Diabase contact should be actively explored for evidence of quartz diorite offset dyke rock: some diorite rock has been identified (misidentified?) along this contact previously. At the Harwich showing at Clear Lake (Hess Township), a magnetite-chalcopyrite showing is located along the same contact horizon where the Hess offset dyke should outcrop. Therefore, it is conceivable that this contact zone may represent locations of structural weakness elsewhere on the property - sites of additional offset dyke emplacement:

A new soil sampling program using arsenic ("As") as an indicator element along the two mineralization zones should be considered in light of the strong correlation between As with strongly anomalous Co. Cu. and to a lesser degree Ni and Bi. The new tight soil sampling program should include the elements Zn. As. Au. Cu. Ni, Co and Bi. The survey should include the 600 m section between the Cobalt and Magnetite Shafts which is largely unexplored with no apparent drilling or trenching activities and where a granite inlier C.') or younger intrusive rock (?) occurs between the Espanola and Nipissing Diabase:

-32-

Watts, Griffis andMcQnat

* A grab sample collected by Mr. Brady in 1997 obtained 4.8'^ Ni and li.07c Bi. None of the previous operators have explored the potential for both Bi and Ni at or along strike between the two shaft locations. The new soil sampling program should include these two elements;

* Considering that the Olympic Dam deposit in Australia occurs in association with a gravity anomaly, a gravity survey over the North grid should be considered to locate areas of concentrated mineralization. A radiometric survey is not recommended as often the Huronian metasediments are anomalous in uranium in the Sudbury region thus causing problems in the interpretation of the survey data:

* Previous operators have reported the presence of the mineral scheelite on the property. The tungsten (W) potential on the property has never been properly evaluated; and

* The drill core stored on site should be removed to a more secure location, if possible. Some of the core has been disturbed by animals and curious individuals; core boxes have been overturned and sample tags chewed beyond recognition and hole numbers on some boxes have already faded making identification difficult.

South Grid (Figure 7)

* The mapping and exploration of the south grid did not identify any areas of significant surface mineralization;

* At the Cobra showing, Co and Cu mineralization appears to be restricted to a narrow quartz-carbonate vein system associated with a single shear. Champion Bear's diamond drillhole data needs to be compiled onto drill sections to determine if this shear was property drill tested;

* An IP survey should be conducted along the entire strike length of the Espanola limestone skarn (iron formation) and Nipissing Diabase contact. Any significant geophysical anomalies could be investigated in the field. Diamond drilling may follow if high priority drill targets are identified:

* A similar soil sampling program recommended for the north grid should also be considered for the south grid: and

* Several possible Sudbury breccia structures have been identified on the south grid. An exploration program is required to define these in the field and confirm these structures are linear and that they are indeed Sudbury breccia rocks (i.e. through petrographic analysis). These structures may possible host additional offset dyke Cu-Ni PGE mineralization. Follow up IP surveys along these structures to locate concentrated zones of mineralization and identify diamond drill tarticts should also be considered.

- 33 -

SOUTH (S2) GRID

EXPLORATION TARGET 2004Offset Dyke (Cu - A'i, PGE's)Olympic Dam Type Mineralization (Cu,Au,Ag, U, LREE's)

- Prospect and Sample Structure- Petrographic Examination- I.P. Survey to Define Drill Targets- Diamond Drilling

o.1807oZn, 100XoCo, 8.4VoNi, S. Shear controlled mineralization

COBRA SHOWINGCo, Cu

/ EXPLORATION TARGET 2004Olympic Dam Type Mineralization ( Cu, Au, Ag, U, LREE's)

- I.P. Survey to Define Drill Targets- Soil Sampling Program- Diamond Drilling

.\ipissing atabase/gabbrt

Lorraine Formation

Gowganda Formation

Serpent Formation

Espanola Formation

Felsic intrusive' rocks

fault

Projected offset d\'ki

ERMATINGER TWP

CHAMPION

Iron Mask Property

South Grid (S2) Compilation Map \ \ Showing Exploration Targets 2004

Waffs, Griffis and AlcOi/at

Stream Sediment Sampling

* Additional stream sediment sampling is required to isolate the source of the gold found within the OGS and WGM stream samples collected from Hart Township (see Section 12.0 for details).

Cartier Copper Showing

* An assessment file review should be conducted at the MNDM (Sudbury office) to determine what previous work has been completed at the showing and surrounding area;

* If the results are negative, then no further work would be recommended on the claim group at this time due to the low copper assay returns; and

* If the assessment search is positive, then a ground magnetic survey could be considered to determine if the zone has any strike length potential.

- 35 -

Watts, Griffis and McOttat

CERTIFICATE

To Accompany the Report entitled"Report on the Iron Mask 2003 Geological Mapping Program

Sudbury, Ontario for Champion Bear Resources Ltd."dated January 9, 2004

I, Frank C. Racicot, do hereby certify that:

1. I reside at 260 Dryden Road IN Wahnapitae, Ontario.

2. I graduated from Laurentian University in Sudbury, Ontario in 1974 with a B.Se. in Earth Sciences.

3. I am a member in good standing with the Association of Professional Geoscientists of Ontario since July 2003.

4. I am an Associate Geologist with Watts. Griffis and McOuat Limited, a firm of consulting engineers and geologists, which has been authorized to practice professional engineering by the Professional Engineers Ontario since 1969, and professional geoscience by the Association of Professional Geoscientists of Ontario.

5. I am a qualified person for the purpose of this report.

6. I was the field project geologist for this project. Work included mapping, sampling and then dispatching the samples to Activation Labs for assay in Ancaster, Ontario.

7. I have no personal knowledge as of the date of this certificate of any material fact or change which is not reflected in this report.

8. I do not own, directly or indirectly, nor do I expect to receive, any interest in the properties or securities of Champion Bear Resources Ltd.. or any associated or affiliated companies.

Frank C. Racicot. P.Geo. January 9. 2004

-36 -

Watts, Griffis and McOitat

CERTIFICATE

To Accompany the Report entitled"Report on the Iron Mask 2003 Geological Mapping Program

Sudbury, Ontario for Champion Bear Resources Ltd."dated January 9, 2004

I, Joe B. Hinzer, do hereby certify that:

1. I reside at 6395 Russell Street, Niagara Falls. Ontario. Canada, L2J 1P4.

2. I am graduated from the University of Waterloo in 1971 with a B.Se. in Earth Sciences, and from the University of Western Ontario in 1977 with a M.Se. in Geology, and have been practicing my profession continuously since 1972.

3. I am a member of the Association of Professional Geoscientists of Ontario.

4. I am the President of Watts. Griffis and McOuat Limited, a firm of consulting engineers and geologists, which has been authorized to practice professional engineering by the Professional Engineers Ontario since 1969. and professional geoscience by the Association of Professional Geoscientists of Ontario.

5. I have personally supervised and assisted in the performance of some of this work and have visited the project in the field on three occasions during the period of July 2003 to September 2003.

6. I have jointly prepared this report with the co-author.

7. I do not own. directly or indirectly, nor do I expect to receive, any interest in the properties or securities of Champion Bear Resources Ltd.. or any associated or affiliated companies.

Joe Hinzer. P.Geo. January 9. 2004

-37 -

Waffs, Griffis and McO/iat

REFERENCES

Breaks, F.W.1997 Hart Township Cobalt-Nickel-Copper Property. Report to John Brady

(prospector) and owner of the property at the time of report.

Choudhry, A.G.1983 Precambrian Geology of Hart Township. Sudbury District, Ontario

Geological Survey. Map P. 2599. Geological Series, Preliminary map. scale 1:15.840 or l" to V* mile. Geology 1982.

Ferriera. W.S.1997 Property Evaluation Report. Brady Cobalt Property. Mining Division,

Sudbury. Ontario. Hart Township. Claim Map G-4058. Internal report for Canmine Resources Corporation.

Geological Survey of Canada1960 Airborne Magnetic Survey. Map 1524, scale l" to l mile. Cartier.

Ontario.

Jedburgh Resources Limited1985 Progress Report on Hart Township Metals Prospect for Jedburgh

Resources Limited by F. Scott. Internal company report.

1985 Exploration and Diamond Drilling in Hart Township by C.G. Cheriton. and C.A. Holman.

Ontario Geological Survey2003 Regional Modern Alluvium Sampling Survey of the Ste. Marie-

Espanola Corridor. Northeastern Ontario. Open File Report 6117.

Undated Preliminary Map P-2599.

Rousell. D.H.. Fedorowich. J.S., Dressler, B.O.2003 Sudbury (Canada): A Product of the 1850 Ma Sudbury Event and

Host to Footwall Cu-Ni-PGE Deposits. Earth Science Reviews 60 (2003), pp. 147-174.

SEDARUndated Information on website at www.sedar.com

Watts, Griffis and McOuat Limited2000 Report on the Eagle Rock and Separation Rapids Properties.

Northwestern Ontario and The Parkin and Iron Mask Properties, Sudbury Area for Champion Bear Resources Ltd., 167 p.

- 38 -

Watts, Griffis and McO//,'Ut

APPENDICES

-39-

Waffs, Griffis and \\cOita1

APPENDIX 1:

GEOLOGICAL MAPSMAP l - NORTH (SI) GRIDMAP2 - SOUTH (S2) GRID

Watts, Griffis and

APPENDIX 2:

GROUND MAGNETIC SURVEY MAPS

Watts, Griffis enid McOt/cif

APPENDIX 3:

THIN SECTION DESCRIPTIONS

Petrographic Description - Sample 4868

Notes:

Modal analysis

major phases = 5 07o or more of total volumeminor phases - <5% of total volumetrace phases = only one or a few grains per thin section

Grain size codes

very coarse-grained: M 50 urn VC coarse-grained: 150um to 75 urn C medium-grained: 75 jam to 35 u,m M fine-grained: 35umtol8um F very fine-grained: 18 jim to 6 u,m VF extremely fine-grained: < 6 urn EF

Sample #4868

This sample is clast-rich, common Sudbury Breccia derived from igneous (tonalite, gabbro) or metamorphic (tonalitic gneiss) source rocks.

The groundmass (matrix) comprises 52 vol D7o of the sample and is vari-textured (variable grain size) pseudotachylite. This pseudotachylite matrix is composed of primary milled rock particles. The mineralogy of the matrix is as follows: quartz (45 07o). plagioclase (33 07o), biotite (13 07o). chlorite (607o). opaques (3 07o), actinolite-tremolite (trace), and epidote (trace).

Deformed lithic and monomineralic clasts comprise 45 vo! 07o of the sample. Clasts exhibit a highly variable modal composition: granoblastic quartz (0-10007o), plagioclase (0-10007o). biotite (G-30%). chlorite (Q-10%). and opaques (G-10%). The main opaque mineral is pyrite. Minor pyrrhotite is also present. Single clasts of optically- continuous quartz (now single crystals) and plagioclase are also present. Clasts which are mixtures of quartz, plagioclase, and biotite/chlorite suggest a tonalitic protolith for the Sudbury Breccia. Although some of the biotite appears to be an original constituent of the protolith rock, approximately 8007o of the biotite and chlorite (by vol.) appears to be a secondary assemblage and is found in the matrix of the sample, interstitial to and rimming tonalitic clasts. Exotic clasts of mctagabbro (5007o lathy plagioclase; 5007o biotite+chlorite) and a biotite/chlorite-rich lithology (60-70 vo! 07o biotite+chlorite) are present. 3 07o of the vol of the sample is composed of wispy patches of igneous textured, chlorite-rich material which may be an early melt derived from the Sudbury Igneous Complex, quenched, and subsequently altered. This phase has been reported previously by several authors.

The sample was derived primarily from the milling of a weakly-mineralized (pyrite, minor pyrrhotite) igneous (tonalite) or metamorphic (tonalitic gneiss) host rock and may be described as common Sudbury Breccia. The growth of biotite/chlorite in the matrix of the sample may be attributed to some secondary hydrothermal event, but the sulphides were present in the host rock prior to the formation of the breccia. They pre-date and are unrelated to any mineralizing events associated with the formation of the Sudbury Cu-Ni-PGE deposits. The Sudbury Breccia is unmineralized (by events related to the Sudbury Cu-Ni-PGE deposits),

undeformrd, and weakly recrystallized (by contact metamorphism). The growth of biotite/chlorite may be associated with contact metamorphism

Modal Analysis

Mineralogy

major

minor

trace

quartz plagioclase biotite chlorite (chamosite)opaques (pyrite, pyrrhotite, oxides)

vo!07o (entire sample)

40 21 20 10

~*

actinolite-tremolite epidote

Grain SizeRangeEF-VC EF-VC EF-C EF-CEF-M

EF-M EF-F

MeanM M F

VFF

FVF

Petrographic Description - Sample 4875

Notes:

Modal analysis

major phases = 5 07o or more of total volumeminor phases = <5% of total volumetrace phases = only one or a few grains per thin section

Grain size codes

very coarse-grained: ^50 urn VC coarse-grained: 150umto75um C medium-grained: 75 um to 35 jam M fine-grained: 35um to 18 jam F very fine-grained: 18 um to 6 um VF extremely fine-grained: < 6 urn EF

Sample #4875

This sample is foliated, unmineralized, common Sudbury Breccia derived from hydrothermally-altered metavolcanic (rhyolite) or metasedimentary (arkose) source rocks.

The groundmass (matrix) comprises 85 vol"7o of the sample and is foliated, fine-grained pseudotachvlite. This pseudotachylite matrix is composed of an intergrowth of primary milled rock particles (9007o) and secondary, platey hydroxysilicate minerals (1007o). The mineralogy of the matrix is as follous: quartz (500Xo). calcite (I5 07o). biotite (15 07o), feldspar (15 07o), chlorite (3 07o), muscovite-illite (I 07o). opaques (T/o), actinolite-tremolite (trace), and epidote (trace). Piatey crystals of biotite, and muscovite-illite grains are aligned, producing the main foliation plane.

Deformed lithic and monomineralic clasts comprise 15 vo! 07o of the sample. Clasts exhibit a highly variable modal composition: granoblastic quartz (40-10007o). chlorite (Q-15%), sparry calcite (G-60%). feldspar (0-2007o). biotite (Q-3%). garnet (trace). Single clasts of optically- continuous quartz (nou single crystals) and garnet are also present.

The sample \sas derived from the milling of either a metavolcanic (rhyolite) or metasedimentary (arkose) host rock and may be described as common Sudbury Breccia. The growth of biotite in the matrix of the sample may be attributed to the development of the prominent foliation during a deformational event. This deformational event post-dates the formation of the breccia, because the clasts are strained. The abundance of calcite+chlorite in the matrix (as milled rock fragments, not replacement minerals) and in clasts (replacing quartz and feldspar) suggests that the host rock had been hydrothermal lv altered (argillic assemblage?) prior to brecciation by the impact event. The Sudbury Breccia is unmineralized and unrecrystallized (by contact metamorphism).

Modal Analysis

Mineralogy vo! 07o (entire sample) ___Grain Size___ Range j Mean

major

minor

trace

quartzcarbonate (calcite)feldsparbiotitechlorite (chamosite)opaques (pyrite, oxides)muscovite-illite

551512125

0.50.5

actinolite-tremoliteepidotegarnet

EF-VCEF-VCEF-VCEF-M

EF-VCEF-MEF-MEF-MEF-FEF-C

VFVFVFFMFFFFM

Waffs, Griffis mid

APPENDIX 4:

SAMPLE DESCRIPTIONS

SAMPLE SAMPLE DESCRIPTION NO.

Dark, greenish grey, medium grain gabbro with 1-2 0Xo pyrite: some nearby gabbro has 8 mm anhedral feldspar2311 phenocrysts.

1 inch quartz vein with up to 5 "k pyrite. Vein strikes at 110 deg dip 80 deg north; other small quartz veins2312 nearby. Host rock is dark, dirty, siliceous greywacke2313 2 "/o pyrite in medium grained gabbro

Fine grained, dark grey, very magnetic quartzite(?) with 1/4 " orange rusty " rind; some pyrite on fracture planes; some small feldspar x-tals(?) (dyke). Sample 2314A is local rubble of very magnetic, light

2314 coloured quartzite2315 Dark argillite with trace pyrite along bedding plane.2316 Fine grained, light grey 'siliceous' quartzite with l cm pyrite 'patches'2317 2 07o pyrite in clean, white quartzite slightly to moderately hematized in places

Medium to fine grained, light grey gabbro with a 'granular' texture (Similar to Kelly Lake gabbro). Slightly2318 to moderately magnetic in places2319 Medium to coarse grained dark gabbro2320 Very fine grained, dark grey wacke/siltstone. minor py (pyrite) and cp (chalcopyrite)

2 to l Vz "/a pyrite (up to 3-5 "/o py in some thin bands) usually in greenish (reduced?) wacke/siltstone2321 bands

2 "/o py in fine, thin (I-3 mm) greenish siltstone/wacke bands: up to 5-15 "/o py in some greenish bands.2322 Main rock is light grey wacke

1 to 1 V2 "/o pyrite in fine, thin (l-3 mm) greenish siltstone/wacke beds up to 5-15 "/o py. Main rock is2323 light grey wacke

2 - 3/4 "/o py. mainly associated with greenish wacke/siltstone within dark grey, thinly bedded2324 wacke/siltstone. Up to 15 "/o py in hand sample in Vz cm bed2325 Very, very fine sulphides (py?) in hard, siliceous, greenish grey quartzite2326 2-1 "/o py sulphides in tine grained, greenish grey, thinly bedded quartzite^l mm) with py and po2327 Fine grained, dark green, magnetic dyke on edge of valley (3-4 metres from 2318) probable skarn2328 Dark grey, fine grained, magnetic dyke (?) with some sulphides and quartz

Fine grained, dark grey, very magnetic, dyke with layers of micaceous material and fine crystals (probable2329 skarn)2330 Dark grey, greenish, fine grained, magnetic dyke (?) Some sulphides with magnetite. Probable skarn

2331 Dark grey, greenish, fine grained, magnetic gabbro (?) Some sulphides with magnetite. Probable skarn (FR)2332 Dark grey, fine grained, gneissic (?) Some sulphides with hematite Probable skarn (FR)

Dark grey, fine grained, gneissic, layered metamorphic siltstone; some magnetite, sulphides and hematite.2333 Probable skarn related (FR)2334 Greenish grey, medium grained, non-magnetic dyke (?) Some sulphides. Possible skarn (FR)2335 Fine grained, grey greenish, very magnetic gabbro with some sulphides and hematite2336 Quartzite clast in 'sub crystalline' matrix; has a dark grey matrix; hematite on weathered surface2337 Dark grey, weathered siltstone?; some sulphides2338 Gabbro with large crystals; some hematite and sulphides2339 Large grained, magnetic gabbro; some sulphides2340 Large grained, magnetic gabbro with some sulphides2341 Fine grained, gneissic, dirty grey, quartzite arenite with 1 "/o sulphides (py and cp)2342 Fine grained, gneissic, dirty grey, quartzite arenite with 1 "A sulphides (py and cp)2343 Fine grained, grey, metamorphic siltstone with ^/2 "/o py2344 Fine grained, magnetic dyke(?) material with minor py and trace cp

2 - 3/4 Vo (py 95cp5) in fine to medium grained, magnetic, dark green dyke(?); possible granite pseudo-2345 pebbles

Six inches from 2345 Fine grained, magnetic, pink, 'siliceous' quartzite cut by l mm magnetite veins and 2345A minor cp and magnetite

Page 1 of 4

2346 Medium grained, fresh, dark grey dyke cut by small, 1cm fine grained, mafic veinlets; 1 "/o py2347 Fine grained, dark, magnetic chilled margin with tr py

Fine grained, dark grey, slightly magnetic wacke/quartzite with scattered granite pebbles 1-3" in diameter; 1 "/o2348 py in thin 3-4 mm pinkish feldspar 'zone'

2349 "^ 1/4 C7o fine disseminated py and tr cp in grey and greenish siliceous quartzite; cp is in 1 mm magnetite veins2350 Dark grey, fine grained, dirty quartzite; some py, cp, magnetite2351 Dark grey, fine grained, dirty quartzite/siltstone; some py, cp, non magnetic2352 No sulphides in fine grained, dark slightly to moderately magnetic mafic dyke2353 No sulphides in fine grained, dark slightly to moderately magnetic mafic dyke

1/4- 3/4 "/o py and trace non magnetic po in fine to medium grained, light grey sediment(?) with small 1-2 mm2354 clear quartz grains and small Vz- 2 cm rounded pebbles. Exact location unsure. Most likely near 23532355 Dark grey, mafic dyke with visible micro crystals of hornblende2356 < 1/4 "/o py in fine grained, dark grey, mafic dyke2357 Medium grained, dark grey, mafic dyke2358 Fine grained, grey greenish, gabbro/norite dyke

•ci "/o sulphides (py) in fine grained, microcrystalline, black, non magnetic, mafic dyke with calcite blebs.2359 Sheared2360 ^"/o sulphides (py) in fine grained, microcrystalline, black, non magnetic, mafic dyke with calcite blebs.2361 -el "/o sulphides (py) in fine grained, microcrystalline, black, magnetic, mafic dyke with calcite blebs.2362 <^% sulphides (py) in fine grained, microcrystalline, black, non magnetic, mafic dyke with calcite blebs.2363 <^% sulphides (py) in fine grained, microcrystalline, black, non magnetic, mafic dyke.2364 Fine grained, magnetic, grey skarn on contact between Nipissing and Espanola Formation2365 Fine grained, magnetic, grey skarn on contact between Nipissing and Espanola Formation2366 Fine grained, magnetic, grey skarn on contact between Nipissing and Espanola Formation2367 Trace py with thin epidote vein in fine grained, very dark, very magnetic mafic dyke2368 Minor py in fine grained, very dark, very magnetic mafic dyke; 5 metres from contact

2368A Granite about 2-4 metres northwest of dyke contact2369 << 1/4 "/o py in rusty, light grey clean quartzite2370 Minor py in very rusty, pebbly quartzite on edge of 4 m gully and 1 x1 x2 m pit2371 2 m east of 2370. trace cp in clean quartzite2372 Fine to medium grained, dark green, mafic dyke. Slightly to strongly magnetic in places2373 Coarse grained, medium grained gabbro with some magnetite2374 Coarse grained, medium grained gabbro with some magnetite and Vz "/o py2375 Fine grained, metallic grey Espanola Formation (skarn) with sulphides2376 Fine grained mafic vein in a gabbro norite dyke with some sulphides, brecciated plus quartz vein2377 Medium grained, grey, gabbro/norite dyke

Fine grained, light green, 'sugary' limestone with numerous thin, l mm magnetite veinlets and some2378 associated py concentrations along magnetite veinlets (skarn)2379 Fine grained, dark grey microcrystalline gabbro. Skarn contact zone2380 Fine grained, dark grey Espanola Formation with minor sulphides; Skarn2381 Very dark grey, very fine grained, mafic dyke2382 Very dark grey, very fine grained, mafic dyke; magnetic2383 Medium to fine grained, very magnetic, very dark skarn with calcite and 'pitted' texture2384 Fine grained, very magnetic, very dark skarn; no sulphides; Dark mineral has a fibrous texture

Fine grained, very magnetic, very dark skarn; no sulphides; Dark mineral has a medium and coarse grained,2385 fibrous texture. Non magnetic in places

Fine grained, very magnetic, very dark skarn; no sulphides; Dark mineral has a medium and coarse grained,2386 fibrous texture. Non magnetic in places. Layers are more distinctive

Coarse grained, very magnetic, very dark skarn; no sulphides; Dark mineral has a medium and coarse2387 grained, fibrous texture. Non magnetic in places.2388 Medium grained, dark greenish black skarn as above but with coarser texture. Non magnetic

Fine grained, greenish quartzite with thin (1 mm) dark silty bands. No sulphides. Slightly calcareous (Espanola2389 Fm)2390 Fine grained, dark grey, magnetic dyke with Va "/o sulphides

Page 2 of 4

2391 Fine grained, magnetic, diabase gabbro dyke with ^/z "/o sulphides2392 Fine grained, dark blueish grey, mafic dyke. Contact zone2393 Fine to medium grained, dark grey, magnetic, mafic dyke. Contact zone2394 Fine grained, dark magnetic, mafic dyke with a 'gabbroic' texture2395 Fine grained, dark magnetic, mafic dyke with trace py2396 Fine grained, dark magnetic, mafic dyke with ^/4 "/o 'brassy' py

Minor pyrite aggregates usually related to 'epidotized' fragments in fine grained, mafic, non magnetic2397 gabbro2398 One foot, porphyritic gabbro dyke @ 30 deg with small feldspar phenocrysts2399 Magnetic, skarn, boulder. Fine grained, dark grey and laminated2400 Fine grained, dark grey and very magnetic in places, skarn: (Close to old trench)4537 Very fine grained, grey, mafic, gabbro/diabase4538 Greenish grey limestone with some recrystallized layers and some py and hematite. Espanola Fm4539 Quartz vein in granite, some sulphides4540 Very fine grained, dark grey, mafic dyke with sulphides and inclusions(?). Outcrop?4541 Very fine grained, grey, diorite dyke with minor sulphides and black crystals4542 Very fine grained, microcrystalline, dark grey, maficydiorite(?) vein4543 Very fine grained, dark grey siltstone with ^/2 07o sulphides. Espanola FM]

Fine to medium grained gabbro dyke in granite with pink to red feldspar crystals surrounded by pegmatite and4544 white, granite; associated quartz vein

White quartz veins in granite 20-40 cm wide with some inclusions (2-20 cm) in black porous matrix. Some4545 biotite crystals; Sudbury Breccia??4546 Fine to medium grained dark grey mafic dyke with some biotite crystals4547 Fine grained, mafic, diorite-diabase mafic dyke in granite ^ 1 "/o sulphides)4548 Grey, diorite/granite dyke wittK 1 "/o sulphides' Very hard and looks like quartzite4549 No Description; Not assayed4550 Fine to medium grained, grey, gabbro-diorite dyke with some inclusions?4551 Dark, black, medium to fine grained mafic dyke. Moderately magnetic in places 4452 Similar to above4553 Fine to medium grained, non magnetic mafic dyke at 10 deg. 8-9 m wide4554 Fine to medium grained, dark, mafic dyke with several 3-5 mm feldspar 'fragments'; non magnetic

Fine to medium grained, dark greenish black, mafic dyke with several 3-5 mm feldspar 'fragments'; non4555 magnetic

Fine grained, light grey, 'siliceous' looking l ft wide dyke; some granite and pink inclusions; non4556 magnetic4557 fine grained, medium green, non magnetic mafic dyke with tr py

Medium grained, medium grey, non magnetic gabbro with 2 "/o light green plagioclase concentrations from 5-4558 15 mm in size

Fine grained, black matrix with 55-6 " granite inclusions and small, rounded, pink, hard, quartzite(?)4859 inclusions with associated calcite. Boulder on south side of lake: Possible Sudbury Breccia

Sudbury Breccia from Hwy 144. Fine grained, dark matrix with 20 "/o sub round pebbles/inclusions from 2-54860 mm and up to 5-6 cm4861 Fine grained, blueish grey mafic dyke; moderately magnetic in places. < 1 07o sulphides4862 Very fine grained, dark grey, non magnetic, mafic dyke < V2 "/o sulphides4863 Very fine grained, grey, non magnetic, mafic dyke; possible inclusions4864 Medium to coarse grained, gabbro dyke with clasts or crystals of nephaline

Medium grained, green, epidote rich gabbro with up to 2"7o py crystals. Rock is from prospectors claim in4865 Marquette Twp)4866 Fine grained, dark, slightly tomoderately magnetic, mafic dyke with rusty fractures

Medium to fine grained, light grey diorite with sugary texture from stripped Brady trench in Parkin Twp. No4867 visible sulphides.

Medium grained, dark greenish grey gabbro with bornite in fracture from rusty, mineralized zone in Brady4868 trench in Parkin Twp

Page 3 of 4

Fine grained, light grey 1-2 ' dyke with sugary textureand small 2-10 mm white to pinkish cherty4869 inclusions from E W claim line on new claims on east side of swamp4870 No sample submitted4871 Fine grained, dark green, mafic dyke with minor pyrite4872 Medium grained pink granite4873 Fine grained, dark green mafic dyke with trace py and trace cp4874 Fine grained, dark mafic dyke

Two foot wide inclusion bearing dyke @ 20 deg. 1/4 -1 07o py in fine grained, medium grained grey dyke. Mainly4875 granite inclusions- especially near edge and are 1/16" to 4" wide. Some angular mafic inclusion up to 1-2".4876 Fine grained, magnetic dyke4877 1 "/o py in rusty, medium grained gabbro in contact with sediments4878 Slightly rusty 4" quartz vein at 040 deg:dip 50 deg east

1 cm magnetite vein parallel to quartz veins ranging from 1-2 mm wide and up to 4 ft wide. Strike 040 deg. dip4879 90 deg. Host rock is sediments4880 Fine grained, dark mafic magnetic skarn with minor py4881 Fine grained, greenish grey mafic dyke with Vz -1 "/o sulphides4882 No sample taken

Granite breccia dyke(?) Contains sub round to round mafic and granite fragments in fine grained medium grey4883 matrix. Strike @ 030 deg and dip 90 deg4884 Medium grained, dark grey magnetic gabbro with Vfe "/o py4885 Fine grained, dark, non magnetic, mafic dyke

4887 Metamorphic sandstone with magnetite veins and some sulphides, partly magnetic. Visible shear surface4888 Grey to pink, magnetic metamorphic sandstone with magnetite veins and 207o sulphides,4889 Metamorphic sandstone with magnetite veins and some sulphides, some pebbles4890 Medium grained, medium grey, very magnetic intrusive (granite?). Pink on weathered surface4891 Medium grained, medium green gabbro with greenish feldspar. Minor po and cp4892 Fine grained, pink, slightly to moderately magnetic, buff quartzite4893 Very fine grained, grey diorite dyke with 1 "/o sulphides4894 Quartz pegmatite vein in white granite approx 50 cm wide, some magnetite

Fine grained, acicular, dark, mafic, magnetic ultramafic dyke(?) : has a notable heft. Unusual weathering rock with knobs or 'peonies' of same mateial as the matrix. Note: flag not numbered in field. Possible

4895 lamprophyreLamprophyre dyke on north shore of lake. Fine grained, dark grey and magnetic. Unusual circular pits and

4896 knobs on weathered surface Note; flag not numbered in field.Dyke in granite, similar to Sudbury breccia. Fine grained, black matrix, inclusions, and porphyritic. Thin section

4897 done4898 Diabase dyke with some sulphides. Greenish grey, medium grained and non magnetic

Page 4 of 4

Watts, Griffis and MiQ H at

APPENDIX 5:

ASSAY RESULTS

Quaf/ty Ana/ys/s... Jnnovat/ve Technologies

Invoice No.: Work Order: Invoice Date: Date Submitted: Your Reference: Account Number:

27581B 27747

Ol-JUL-03 ll-JUN-03

CBA- IRM 3590

WATTS GRIFFIS AND MCQUAT LTDSUITE 400, 8 KING STREET EASTTORONTO, ONM5C 1B5ATTN: JOE HINZER

CERTIFICATE OF ANALYSIS

17 PULP(S) were submitted for analysis.

The following analytical packages were requested. Please see our current fee schedule for elements and detection limits.

REPORT 27581B CODE 1C EXPL - FIRE ASSAY-DES

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses, Test results are representative only of material submitted for analysis.

CERTIFIED BY :

DR E.HOFFMAN/GENERAL MANAGER

ACTIVATION LABORATORIES LTD.

1336 Sandhill Drive, Ancaster, Ontario Canada L9G 4V5 TELEPHONE +1.905.648.9611 or +1.888.228.5227 FAX +1.905.648.961 3

EMAiiancaster@actlabs.com ACTLABS CROUP WEBSITE http://www.actlabs.com

Activation Laboratories Ltd. Work Order: 27747 Report: 27581B

Concentrations are in PPB unless indicated otherwise.Negative value - Analyte was not found at that indicated detection limit

Sample Id23112314231823272328233423352338234423452345A234623472350235123522353Found in QA SamplesUMT1WMG1LoPGMHiPGMExpected in QA SamplesUMT1WMG1LoPGMHiPGM

Mass(g)1515151515151515151515151515151515

22

1010

Pd-2-248

-2-2-2-2-2-2-2-2-2-2-2-2-2

111459

12902960

106382

14202965

Pt-5-58

10-5-5-5-5-5-5-5-5-5-5-5-5-5

148833128334

129731136286

Au-2-2-2-2-2-23

-2-233

-2-2-2-212-2

335787

252

48110150309

Page 1 of 1

Quaf/ty Ana/ys/s... Innovative Techno/ogies

WATTS GRIFFIS AND MCQUAT LTDSUITE 400, 8 KING STREET EASTTORONTO, ONM5C 1B5ATTN: JOE HINZER

Invoice No.: Work Order: Invoice Date: Date Submitted: Your Reference: Account Number:

A03-1260 A03-1260

24-JUL-03 27-JUN-03

CBA-IRM 3590

CERTIFICATE OF ANALYSIS

80 ROCKS(PREP.REV5) were submitted for analysis.

The following analytical packages were requested. Please see our current fee schedule for elements and detection limits.

REPORT A03-1260 CODE 4B-MAJ ELEM FUS ICP(WRA.REV2)

REPORT A03-1260RPT.XLS ULTRATRACE1-AQUA REGIA ICP/MS

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses, Test results are representative only of material submitted for analysis.

CERTIFIED BY :

DR E.HOFFMAN/GENERAL MANAGER

ACTIVATION LABORATORIES LTD.

1 336 Sandhill Drive, Ancaster, Ontario Canada L9C 4V5 TELEPHONE +1.905.648.9611 or +1.888.228.5227 f*x +1.905.648.9613

tMAiiancaster@actlabs.com ACTLABS CROUP WEBSITE http://www.actlabs.com

Activation Laboratories Ltd. Work Order No. A03-1260 Report No. A03-1260

SAMPLE

237523842394454445484852485448564867

SY3 CERTSY-3/BNIST 694 CERTMIST 694/1 23W-2 CERTW-2/124DNC-1 CERTDNC-1/CBIR-1 CERTBIR-1/BGBW 071 13 CERTGBW07113/CNBS1633bCERTNBS 1633STM-1 CERTSTM-1/B

SiO2 AI2O3y, y.

25.64 1.9742.87 2.6349.47 13.2456.28 14.8251.14 13.5547.20 11.8246.33 13.6969.96 13.3760.17 14.52

59.62 11.7559.78 11.5711.20 1.8011.18 1.8852.44 15.3552.56 15.2947.04 18.3046.96 18.4247.77 15.3547.50 15.4072.78 12.9673.37 12.7049.24 28.4349.53 28.8459.64 18.3959.63 18.16

Fe2O3 MnO"/o "/o

56.99 0.10824.16 0.17916.99 0.2318.76 0.148

13.21 0.21419.40 0.25813.27 0.2044 65 0.0597.78 0.111

6.49 0.326.53 0.3310.79 0.010.75 0.012

10.74 0.16310.84 0.1699.93 0.1499.97 0.149

11.26 0.17111.14 0.1713.21 0.1403.15 0.139

11.13 0.02011.27 0.0175,22 0225.21 0.222

MgO CaO"/o "/o

5.93 7.2911.50 13.246.22 4.245.78 6.205.96 9.174.54 8.236.92 10.961.48 1.373.90 504

2.67 8.262.64 8.290.33 43.600.33 42.876.37 10.876.43 10.97

10.05 11.2710.34 11.369.68 13.249.64 13.210.16 0.590.17 0.61

0.799 2.110.83 2.19

0.101 1.090.09 1.14

Na2O K2O"h "h

0.01 0.110.02 0.124.22 1.70339 0951.40 1.622.00 0.99158 1.36495 2682.94 2.48

412 4234.01 4.340.86 0.510.78 0.672.14 0.6272.17 0.671.87 0.2291.88 0.251.75 0.0271.79 0.032.57 5432.49 5.20

0.271 2.260.27 2.318.94 4288.81 4.25

Ti02 P2O5"/o "/o

0.064 0.050.097 0.031.286 0.140.916 0231.299 0.152.681 0.431.912 0.200.524 0.110.738 0.20

0.15 0.540.140 0.54

0.11 30.200.118 27.40

1.06 0.1311.074 0.170.48 0.085

0.485 0.080.96 0.05

0.953 0.120.30 0.05

0.278 0.071.32 0.53

1.320 0.550.135 0.1580.128 0.16

LOI TOTAL"/o 0/.

1.80 99965.32 100.151.71 99.461.69 99152.60 100.321.26 98.822.40 98821.14 100.291.67 9956

1.16

0.60

0.60

Ba Srppm ppm

20 1534 24

352 154321 279420 237380 174254 332701 120688 421

450 302467 309

124 958182 194182 195H4 145110 1427.7 10834 112

506 43510 41709 1041751 1040560 700622 695

Yppm

38

25172050191319

718724

146241918161616

42J44

861640

Seppm

26

4121394235

817

6.89

3353631334444L2

64142

0.61-1

Zr Beppm ppm

27 128 3

102 2114 1104 -1192 2128 1223 2167 2

320 20340 20

92 194 1.385 -141 134 -122 0.5812 -1

403 4.09398 4

231 121210 9.61229 8

Vppm

2161

317146269403299

61129

50 syenite49

1736 weslam phosphate rock1579262 diabase260148 dolerite139313 basalt3103.8 rhyolite-5

296 fly ash283

(8.7 syenite-5

Note: Certificate data underlined are recommended values; other values are proposed except those preceded by a "(" which are information values. Note: The Fe203 for the standards is Total Fe2O3 and has not been adjusted for the FeO.

C. DouglaVfftJraC6.Sc. Laboratory Manager

Negative values indicate less than the reporting limit LOI values less than ^) 01H represent a Gain on Ignition

Page 1 of 1 7/24/2003

31260RPTXLS

Aetlabi Ultratrace 1 Job #: A03-1260 Report*: A03-Trace Element Values Are in Parts Per Million unless otherwise

1260 Client: W.G.M. Contact: S. Hinzerindicated. Negative Values Equal Not Detected at That Lower Limit.

Values = 999999 are greater than working range of instrument.Sample ID:31260etc2355235623572358235923602361236223632364236523662367236823692370237123722373237423752376237723782379238023812381 rep2382238323842384 pulp dup23852386238723882389239023912392239323942394 rep23952396239823992400453745384539454045414541 pulp dup4542

Li

8.18250

16613 120 711 098

10 1081 3

-0 5869586531 4

269982130

16 B6 7-05

1 310 710 711 3130282928332637

1761 1

15 711116914.112613210 1130279

1 058461.419

27.1384330

7.6

Be

0.5090404091 91 00202030 102060502040 108020 702020 10 50302030 40 70 402030302

-0 10 305080602040405021.10.6030.4020.40406050.404

B Na-X,

-1 0086-1 0072-1 0069-1 0089-1 0030-1 0020-1 0052-1 0037-1 0 135-1 0036-1 0024-1 0017-1 0079-1 0074-1 0058-1 0045-1 0045-1 0032-1 0 165-1 0027-1 0011-1 0069-1 0094-1 0012-1 0011•1 0018-1 0074• 1 0082-1 0027-1 0010-1 0008-1 0020•1 0008-1 0014-1 0010-1 0018-1 0024-1 0067-1 0083-1 0219-1 0065-1 0068-1 0064-1 0028-1 0,030-1 0074-1 0.013-1 0021-1 0034-1 0013-1 0.037-1 0.082-1 0027-1 0.031-1 0055

Mfl*

1 382.181 381 962875 193241 591 310631 050531 521 730830540 164 150 470 180582410938391 262611 551 652980 710991 150610841 753950 152361 541.891 342.012 111 963381.700 780,910.3010.20.211.922.001.67052

Alii

2222961 753603605863542442 710350690062622821 370 790294351 780540633381.701 070912912943 143700 710971 000610821 593980613922473821 922883202843963280 720.521 972.950833.502.322190.80

Kit,

1 221.420421 252954 191 520641 310070020021 361 301 220360 100 130 730070031 53039

-001-0010 192492 701 880080040040 110040020360 162801 501 020 771.751.820251 652.710020.470070020 272 162.142020.34

Cat

1 221 971.061 922633091 721 441 461 970640631 011 380520 080 580620962331 780601 0320 01 390 461 041 101 571 593233891 250960 590301 941 441 162410 740710640962481,350663.272.359.271.321,658357,852.50

V

100242200104133143106106116

134

-1219170

172411

223388

2711

14966

81236

2722921502726252414272427

268249

83123219239164329107

1214743131

245676248

Cr

8610810 139 5348407338

87429 34670587883

43842 121 01024 1

24 79 7

35412612613 111 24452150

10810 711 823315018 129625411 049

69867 194 7103

85.3147

46 514.313315650853051.318.4172235

Mn

11901130745718

1020108011401140671584211140900

1060257364285277308324377549248

5320632345690760

16401200633635348291304352408

1320963629392

1090110012301600855491696324

2930261818

15601500539

Fe1*,

6.651088615266 7611 18 994655621 831 880818 868 772312 790687 154940 962605832332433268297638 718867668 5910016 030 B3648810899 477 504386089.529 798.4510,55.1036 65.871.612.291.167663.533.40245

Co

27446.937630233 759 139931 4254

4 5381 9

39 536 016 921 3

3 512021 914 77.8

43519232

14 116 340 444 241 8

6 456816 188

154172

1 247437 725 724519.820 338 7578247704.58363

16.235.714.914.929.8

Ni

23636 7293658193205172

56632212313 548

29 1293269238144150

23522422873 733817315629235 1369

11517617919 517831 524929354

38 137062571 551 253,657372 735.413915.818.918.019.544.022219622.7

Cu

105130

99297 72000402117

90088949 755099685 1104

344743152

5 11391757 1

96695 793

1827 1

88 595285690

15 116011 6140896 7

11 190.4225144

18 57989

258143

44.292341 632.037017946.919.1162211

Zn

230183108

75.0237289300207

93 520 117269111223

49 3193

85448 946623325096917 424737636 7116123329

35 125928421 4206249346229178137

51 950 597 198 3317325

94 734934947.11840242103

92.1102

32 1

Ga Ge

13.4 02155 03134 03745 0220 0 03250 0414.3 03780 02737 011 80 -01398 -0 10 33 -0 114 1 02146 024 74 -0 1427 022 08 -0128 7 03719 -012 96 0. 1116 02155 02474 -01261 -0.1133 04202 02890 02111 0213 7 02667 018 33 0.1914-018 15 02125 04169 0428 4 01395 02185 02132 0.16 71 -0 111,6 0.1116 0.211.8 02124 02145 03125 0.213.6 0.54.93 0.2490 0.1688 0.1538 0.2109 0.211.0 0.210.7 0.24.04 0.1

As

-01•0 102

-0.1-0.104

-0 11 5210 51 81 809

-0 1681 9080 41 69.10118

-0.1306

0 1022 12 7

-0 11 308

-0 11 31 5

-0 10417

-0 1061.407

-0.10.13.03.01.904

-0.18.3962.0051.81.31.1

Se Rb

02 5800,5 8440 5 31 503 56906 30806 37704 154

-0.1 37002 809

-01 53-0 t 1.5-01 150 5 7740 4 67004 61 81 1 28 1

-01 5203 1300 2 40007 39

-01 4607 65502 15,10 1 04

-0.1 04-01 15104 10303 11403 118

-01 15201 46

-01 49-0 1 13 902 44

-0.1 21-0 1 26 10.2 6205 25404 6790.3 58202 5460.1 11202 11805 1760.7 10603 263

•0.1 6202 60902 530.3 1,50.6 25.703 14103 1020.3 96.51.3 17.5

Sr

335399192113

49644924639 B21 4861 81 9

35 129 16242

10243

20347 710 111 62493884313

66463222689

18 518 3644 7300 7

51.341.447249 920213212.326947942445

19.2113

20.956.937.651.152934.0

Y

11.513312246

170176109

7 710.1

1 91 01 5

123103565 1269966961 264423020156969731 922301 2141 008

15910274429572668.6

11711.5

1.34.5507.6

10.610.711.012.9135

Zr

8.01561374.3

28655621 8

1.675

11 311513613211 817215649

12868

20659753824

11.2727377504374

11 113011214019.127923011.045715.0482347

3931081764.1

12.320.0

7.3251285245

Nb Mo

04 0440.4 08707 0680.1 04504 0.4803 17505 06103 0170 1 065

-01 011-0 1 0 190 1 00904 06703 06703 1 0302 168-01 1 0805 03002 07925 2290.1 02801 169

-0.1 044-0 1 0 7402 028-01 1470 1 0 590 1 0 6201 0290.1 020-01 011-0.1 012•0.1 0250.1 0230 1 0 20

•01 00631 10702 0650.1 0960.1 05704 06702 01802 0.1703 0.7102 0.2206 09202 0.110.3 0.140.6 0.7303 3.872.2 1.970.5 1.050.4 0.860.3 0.7018 1.22

AO

-005-005-005-0.050240 14-005005-005-005-005-005-005-005•005-005•005•005-0050 14007-005-005•005-005-005-005-005-005-005-005-005-005-005-0.05-005•005-005•005-0.05-005-005-005-0050.08•0.05-0.05-0.05•0.05-0.05-0.05-0.05-0.05•0.050.06

Cd

0.5020.2

-0.1070.40502

-01-0.1•0.1-0.10203

-01060.3

-0.1-0.1•0.1-0.103

•0.11.5

-01-0.102020502

-0.1-0.1-0.1-01•0.1-0.10.1

-0.103

-0.1-0.1-0.1-0.1

1.10.3

-0.1-0.10.103

116-0.1-0.1-0.10.1

-0.1

In

0040.06004-0020.120070.06-0020030 13009007003003-002-002-002003002011006-0.02-002-0020050 150020020030060070090000090 130 150070.040030020.020.030030.030.070.030090 100.030.020.030.030.040.040.04

Sn

0330 400380.170.491 880350 170 180 150 13

-0050320270370.11-0050620 150680340270 130 160.110410210200170 170 100.160 160230 180.081 030300260.080.260260220.280.210.550.230.170.200.140.710.260.410.46086

Sb

0070070080080070.030040 130050 530090 100090080 100360 120 020060200090 120070270 100030090090060 170 140.150 100 150090.100.490090070.080.110.120 140.130.110.080270.050.430.070210.100.050060.15

1 of 4

31260RPT.XLS

Actlabs Ultratrace 1 Job #: A03-1260 Report**: A03-1260 Client: W.G.M. Contact: S. HinzerTrace Element Values Are in Parts Per Million unless otherwise indicated. Negative Values Equal Not Detected at That Lower Limit.Values = 999999 are greater than working range of instrument.Sample ID:31260etc4543454445454546454745484550485148524852 pulp dup485348544855485648574559456045614562456345644565456645674568456948714872487348744874 pulp dup

Control Material GXR-6Control Material GXR-2Control Material GXR-1Control Material GXR-4

Cart Data GXR-6Cert Data GXR-2Cert Data GXR-1Cert Data GXR-4

LI

96 220.815496

4691308 5

13915016518212713911 49664

21 1748278

15712212012211 915811 36 7

10012 1133

26 1430

5 193

32.054.08.2

11.1

Be

060.20902090202070606040305030.105040404020209090902020806060 70 7

091 00814

1.41.7

1.221.9

B

-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1• 1-1-1• 1-1-1• 1• 1-1-1-1

• 11

• 1-1

104215

4.5

Nail

00750 08600690 1990020006104500 1370 1500 1920 1030 1160 182006300380 10400760 1130 191036800780068006500670 04900720066006600560 1450 160

00720 14500400 117

0.1040.5560.0520.564

Mg*,

2661 451 111 063171 391 031 201 301 741 701 731 490 791 410851 141 511 641 061 672 192262362 131 582070 241 85232247

0360430 121 62

0.6090.8500.2171.658

Al*.

4471 622022625902634263 112953 733243412 721 722 111 462082413213212553 773613862562563370832843 16327

8833 72037322

17.716.53.157.20

K*,

3380 102070406290650 59093

031928354662

0 130 471 330261 280 750662081 982 130050 701 870 750 741 431 56

1 720890 04249

1.871.370.054.01

Cali

1 110890621 672641 582602402382981 652 152360671 401 930901 692642681 091 761 651 751 500971 670 161 38207203

0 150670 75082

0.180.930.961.01

V Cr

58 99.755 11271 23 790 21 9

364 903102 34 5110 182190 125254 186329 21 5126 65 1116 37 1268 22 1

56 20584 31 370 25492 378

150 396242 38 8139 29486 118

346 85347 85361 85

68 29485 107

321 799 48

347 172278 96 0275 98 7

166 79 939 23371 6877 562

186 9652 3680 1287 64

Mn

761330554397

1570626460703684873864710753435581273484712905426480985960994632479912136

1100826840

1050967844119

1,0071,007

852155

Fe*,

43726835334611 64203657228019315805007583213693003766637 1642840910.510310 44243699 771 4911.1854B 49

5581 78239292

5.581.8623.63.09

Co

19915.490

22345929 124 534430335629635 130 1

9 12086557

40 135227 121 2534540550190203499

1 939 535936 9

132797 7

140

13.88.68.2

14.6

Ni

60359920 730.062835332528 531 637546 167 535219645919627844840 433392538 4373405153

86038310633956 1572

27021 739 540 4

27214142

Cu

71.127.678

53274259 867475566 572368 497665 7

7 138 561 1935291166

703894102101109947825994

7 458271 3725

65374910908370

6676

1.1106,520

Zn

10453 7104

39 4160

739458105107126113

708116

750124

43 1568774148

43562.7136134141

55 5594132

269295

946102

118476688682

118530760

73

Ga

7.7764711.15591465 IB76910 110 11288 3070110298660510 79489208 806 7492012 714514 78059 1813 184314213 7126

15880534911 0

3537

13.820

Ge

0.30.10.10.1030 1

-0 1020 202020202020 1020 102020 1020303020 10202

-0 1030202

-0 1-0 10802

.--

As

3.1-0.1-01-0.1-0 10 3

-0 1-0 1-01-0 108

-0 10 4

-0-0-0-0225

-0134

-0.1-0.1-0.1-0 132

-0 1-0 10 51 21 4

21589343855

33025

42798

Se

1.5-0103

-010502020 7050802030602

-0 104

-0 10806030204050 404020404060 707

030 1

14353

0.940.6116.85.8

Rb

2722.8

24019358255521 664,171 5756933878103129

14531 271 51969433392211571531441 8

21 4144104

68376981 7

65449 12 1

890

907814

160

Sr

31.112.122336279 140065 146441,053434571 126 425993239948 267247 570090354251,749033385849 165

25 112,5130

306796181

68 5

35180275221

Y

894,9

14269

1826392

25.021 52548970

23910.150

21 869

1431729853

11 611 71198952

11 019327 1234233

5688

233102

14173214

Zr

19.554

5204.5904.66656657047829 7

35062

48 5233

5.195

10 713314213413813912.812412.113318 1178

105817267

11026*

38188

Nb Mo

03 1.5502 0760.4 10003 05703 0760.3 05402 06402 1 0902 09103 1 0102 04506 08402 1.171.1 14306 05220 20803 07802 1.120.1 0.8603 0 7605 1.3102 06202 05802 0 5902 07904 13002 05449 0451.0 08702 05902 062

•0.1 17716 0810.1 18.202 316

7.5 2.411 2.1

0.8 1810 310

Ag

0.06-005-005-0.05-005-005-0.05-005-005-005-005-005-005-005-005-005-005-005006

-0050060070060.070550 14

-005-005-0.05-005-005

-00515531 7210

1.317314

Cd

-0.1-0.1-0.1-0.1-0.1•0.1-0.10.1

-0.10.1

•0.1-0.10.1

•0.102

•0.1•01-0.103

-0.1-0.1-0.1•0.1•0.10.3

-0.1-0.1-0.112

•01-0.1

0.23.82.7

-0.1

14.13.3

0.88

In

0.02-0.02002

-0020.06

-0020020.05004006002

-0020.05003

-002-002-0020.05004003-002003003003

-002-002003003006007007

0070040.790.21

0.280.2S2

0.770.27

Sn

0390.140.600080.340.150.140400300390.170240340.480.130830400270290.190320.250.250260250310261.670950350.33

044041108249

1.71.754

5.8

Sb

0.29-0020.02

-002-0020.03

-002-002-0.02002004004004

-002005007

-0020280.140040.150060060060.150 160060020.11020023

1.8720.183.0202

3.849

1224.8

Certified By:

C. Douglas Read, BSc.Laboratory Manager. Activation Laboratories Ltd

THIS report snail not be reproduced except In full without the written approval of the laboratory, unless otherwise Instructed, samples will be disposed of 90 davs from the date of this report.

Date Received: 27-Jun-03

Date Reported: 22-Jul-03

2of4

Actlabs Ultratraca 1 JolTrace Element Values ArValues = 999999 are greiSam pie ID:31260etc2355235623572358235923602361236223632364236523662367236823692370237123722373237423752376237723782379238023812381 rep2382238323842384 pulp dup23852386238723882389239023912392239323942394 rep23952396239823992400453745384539454045414541 pulp dup4542

T*

-002006002

-002003-002-002003-002-002-002-002002-0020040 10

-002-002-002004

-002004

-002-002-002•002003002-002-002-002-002002-002-002-0020030020 05004-002-0.02-002-0.02-0.02-0.02-002-0.020.03

-0.020.03-002-0.020.03003

C*

1 5231 116324 71 90 71.7050 1

-0 124201 112030642030.51 604

-0 1-01

1 01 91 81 81 2040408030,31 802351.11.71.52.124052.13.90.85.905020.85.4464.80.8

Ba

698550224241280392163289332358238132479393107

38 522718.1141

40817.625772210 513 73291290131061762330 431 02961459.1

41 771.2500725166419274300

688306234

37 183.068.645.4234320334341

50.5

La

29730625048

55 139 146 74096

-05-05-0 524421 5

9 776843

32567

450-0525545831 9

-0 511 812218.1-0 5-05-0 50 5

-0 5-05-0 529 52841635.3

31 26.5685.67.0

37,40.69.2645.4

31.412.025.830438.9

Ce

60.765953910,5146

76 788 710 120 1t 250971 28536460225173

B 2075815.181 81 1144 796816 73801 3527026939 71 671 181 251 761 191.031 4460 958,733 111.565.716.117.113 116464.81.8416.312.714662.527.150.959 772.5

Nd

30631 926853

51 735240 1

5910 505020 5

26523888

52630

27478

28 104

15045661.106

130134206060 5050 70 50306

25228 515 756

31 688927.997

232075453

10524614.619.5225269

3m

6063521 289736 71 52202

•0 10251461 9760648t 8460 1261 11 002022 72840020203020.1

-0 102475 13213562.12.11.925400.21.01.22943323.7424.8

Eu

16161 3031 71 81 60405

•0 1-0 1•0 1

1 21 0051 30 1080406

-0.1050302

-01-0 106051 0

-0•0-0-0-0•0-0081509031.20.5050.50608

-010.30.4030.7080.70.81.0

Tb

060706020809060304

-0 1-0 1-0 1060 50204

-0 10 50305

-0103020 1

-0 1-0 10 30 30 4

-0 1-0 1•0 1-0 1-0 1-0 1-0.10 5050.40.205030.30.30.40.5

-010.1020.40.4050.50.506

Vb

1 0t 4t 1062 1201 0081 30 502031 1090 70 704080 70903060 5020202060 706040406030202021 40,907050.70908091.31.10.1070.6051.01.01.11.21.1

Lu

0 1020 1

-0 103030 10 1020 1

•0 1-0 10 10 1

-0 1-0 1-0 1-0 1-0 10 1

-0 1-0 1-0 1-0 1-0 1-0 1-0 1-0 1-0 1-0 1-0 10 1

-0 1-0 1-0 1-0 1020.1

-0 1-01-0.10.1010.1020.2

-0.10.1

-01-0.10.10.1020.20.1

Hf

-0 1040 4

-0 1030 905

-0 10 203030303030 5040 1030207

-0 10.10 1

-01020 10 10 1

-0 1-0 10 1020 302030 5080.60.30.10.10.10.1

-0.10.1100.305020306020.6060.7

Ta

-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-0 05-005-005-005-005-005-005-0 05-005-005-005-005-005-005-005-005-005-005-005-0.05-005-005-005-005-0.05-005-005-0.05-005-0.05-005-005-005-0.05-0.05-005-0.05-0.05-0.05

W

-0,2-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-0210

-02-02-02-02-02-02-02-02-0202

-0.2020.305-0.2-0.2-02-02

Re

-00010003

-0001000100020002000100020001

-00010001000200020002

-00010001

-0001-000100010001

-00010004

-0001-0001-00010001

-00010001

-00010 001

-0001-0001-0001-00010001

-00010 003

-000100010001

-0 001-000100010.0040002

-00010.0010.0010.002

-0.0010.0020.002

-0.00100020001

AuPPB

09474.143

1493939-0250

-02-02-02-02-0226280909-021.3

-02-02-02-02-02-02-0204-02-02-02-023 7

-021.7

-02-02-02-02-0212.7-0.2-02-02-02•02-0.2-02-0.2-0.2-0.2-0.23.7

-0.23.1

Tl

0 51OSO0250 532843251 40027081006

-0020020640510 500 440080.110390040040 470 13

-002-0020 130 780861.130 110030040080 03•0020210.062310 570.470 501.001.110.160.941.910050.430050040.571.370.910.860.23

Pb

29967319 18 1231 94027334438 873401 080 7923 1580206172

5033343694961 6540 12364651 350 7821 322580 72891 591 571 422511 320 739 7629211.32.451 871.411.4567 160 19243385.044.607037.812573.5538210.1

Bi

0040620 120 180 130 280060090 020 070060070 090090420 S3008

-0020 080 190090080040 130 030 04006007•0020050040040 54007004-0020070.060040 060 060.050.050380.330 050 280 120.110080 160.080.070.050.43

Th

75484 11 7464038041 9040 71 846438 7

11 9363926

137081.71 302080628291.6080 5052 11.01 117

120542.725401.213071.0

2351.8961.27.9

14.31.9

14.013220.3

U

07060 503682504

-0.1030 40 5080 5052 1

2081 108053303090302060304030.10302030403030829090.704040.202

-0.10.1561.14.1044.2350.33.1324.8

31260RPT.XLS

Actlabs Ultratraco 1 JolTrace Element Values ArValues = 999999 are graSample ID:31260etc4543454445454548454745484550485148524852 pulp dup485348544855485648574559456045614562456345644565456645674568456948714872487348744874 pulpdup

Control Material GXR-6Control Material GXR-2Control Material GXR-1Control Material GXR-4

Cert Data GXR-6Cert Data GXR-2Cert Data GXR-1Cert Data GXR-4

Te

005-002-002-002002-002-002003

-002-002-002-002-002003-002-002-002002002-0020 06-002-0020,02004003-002-002-002003004

0040 50138095

0.0180.69

130.97

Cs

28,902240,5970909201 61 B2519271 1050505031.709052828290 105261 01 71 41 5

38422925

4.25.2

32.8

Ba

210232172

856623830152308373407188165324171

53 150 1109112318118110508490512108108464652120243269

9701190523444

1,3002,240

7501,640

La

28218,051 283

12284

11 317916619644

13018563478

51 1349

7910811 247316 616216420644815365019 117418 7

11 620346

526

13.925.8

7.564.5

Ce

55242391 918028 4169246423365435108294424123

18 191 965 719224824 1949373359370433900335132

43039041 6

34343611 9102

3651.4

17102

Nd

22219630289

1568 1

12423420 1238

6 114822836 190

31 422510613411 636317 517 517920 136 116 639 6239220226

11 617 0

6 538 4

131*1845

Sm

38335,420381 7265 748561 630566 11 96034283527573636384 152347563535 7

233 2256 1

2.673.52.76.6

Eu

060807041 00 4051 31 11 50 4071 3060 51 00808080 70 70909080806080 31 61 61 7

0606061 4

0.760.810.691.63

Tb

0.4030603070 3041 0081 0030 31 0060209030 5060 4040 50 5050 50 30 5091 10909

030 40 70 5

0.4150.480.830.36

Yb Lu

09 0.10,5 -0,114 0208 012.1 0307 -0110 0125 0322 0328 0 410 0107 -0125 0308 0105 -0125 0407 0116 0220 0313 0205-0113 0212 0212 0208 -01U4 -0112 0118 0228 0426 0327 04

08 0108 0122 0309 01

2.4 0.332.04 0.27

1.9 0.281.6 0.17

Hf

060 11.50 1020 1020 10 10 10203021 0021 506020303040303030 5040304030 505

02-0 1-0 102

4.38.3

0.966.3

Ta

-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005•005-005-005-005-005-005-005-005-005-005-005-005-005-005

-005-005-005-005

0.4850.8

0.1750.79

W

1.9-0.2-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02-02

-02-0214892

1.91.9164

30.8

Re

00040001

-0001-0001000200010001000100030004000100020002

-0001-0001-00010002000300030003

-00010003000300020001000100020001000300050003

-0001-000100020,192

.-.-

AuPPB

2 10622

-02-02-02-02-02-02-02-02-0 2-0 206

-02-02•02-02-02-02-02090,3

-0213 ^06-02-02-02-0 2-02

96 741 23910367

9536

3,300470

Tl Pb

302 1020 04 1 452 15 6 53025 203522 458062 1000 22 2 09072 1640 79 9 04085 102097 7850 90 4 86121 195t 15 198010 7730 32 9 93068 132021 6091 16 93 70 43 6 46019 7441 49 10 41 41 10 61 45 10 8004 5010 18 7481 35 9 771 18 18 2066 261065 103068 116

2 16 9760 73 706041 7673.11 413

2.2 1011.03 6900.39 730

3.2 52

Bl

037005004

-0020070 050020040050060050090040040 11004-0020270050020 140230230230920 120210050070 18020

0200301810223

0.290.69

1,38019

Th

10.123

3241.8241 72233232 7061 63 1

4031 0

29011 4

1 41 823

1933.6363550

19232

710392728

4 1481 7

17 7

5.38.8

2.4422.5

U

230.4880204020204040 50 1030 4

11 402840602030 305050.60609040 5560 70 404

0916

3335.2

1.542.9

34.96.2

4of4

Qua/ity Analysis... fn nova five Techno/og/es

WATTS GRIFFIS AND MCQUAT LTDSUITE 400, 8 KING STREET EASTTORONTO, ONM5C IBSATTN: JOE HINZER

Invoice No.: Work Order: Invoice Date: Date Submitted: Your Reference: Account Number:

A03-1446 A03-1446

Ol-AUG-03 17-JUL-03

CBAIRM 3590

CERTIFICATE OF ANALYSIS

8 HMC'S were submitted for analysis.

The following analytical packages were requested. Please see our current fee schedule for elements and detection limits.

REPORT A03-1446 CODE 3A-HMC-INAA(INAAGEO.REV1)

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses, Test results are representative only of material submitted for analysis.

CERTIFIED BY :

/3TDR E.HOFFMAN/GENERAL MANAGER

ACTIVATION LABORATORIES LTD.

l 336 Sandhill Drive, Ancaster, Ontario Canada L9C 4V5 TELEPHONE +1.905.648.9611 or +1.888.228.5227 FAX +1.905.648.961 3

E-MAiLancaster@actlabs.com ACTLABS CROUP wEBsm http://www.actlabs.com

Activation Laboratories Ltd. Work Order: A03-1446 Report: A03-1446

Sample ID

12345678DMMAS-16 DMMAS-16-1

Accepted DMMAS-16 617±98

Auppb

2030-5-57

4460-5-5

13200585434

Agppm

-5-5-5-5-5-5-5-5-5-5

Asppm

-2-23

-24

-234

24002700

Bappm

-200-200-2001100-200520

-200-200400450

Brppm

-5-5-5-5-5-5-5-5-5-5

CaV,

-2-2-2-265

-2-288

CoPpm

45575215644744336467

CrPpm

68208540176037603600326064102170

145151

Csppm

-2-2-2-2-2-2-2-2-2-2

Fe"/o

20323 121.7148

33204

20165798805

HfPpm

140308118124

5665

14878

22

HgPpm

-5-5-5-5-5-5-5-5-5-5

Irppb

-50-50-50-50-50-50-50-50-50-50

Moppfn

-20-20-20-20-20-20-20-20-20-20

Na"/o

0.350.06038046038032018077073075

Nippm

-200-200-200-200-200-200-200-200-200-200

Rbppm

-50-50-50-50-50-50-50-50-50-50

Sbppm

1.61.809052.11.51.62.192

9

Seppm

9190760866855357.1708558183183

Seppm

-20-20-20-20-20-20-20-20-20-20

Sr"k

-0.2-0.2-02-0.2-0.2-0.2-0.2-0.2-0.2-0.2

Tappm

3233162120253011-1-1

Thppm

484318106641160140305180-0.51.2

Uppm

29727.111.720912.110418513.7-0.5-0.6

Wppm

6385

13426302886611518

Znppm

-200-200-200-200235

-200-200-200240270

Lappm

1400745253

3210320356797348

1212

Ceppm

22301260460

4620625593

1200598

1926

2210±299 391±29821±20 7±2 63±6 140±20 7 99±0 54 2±2 O 72±0 06 40±28 82*2818.3*1.6 1.2*0.8 18±3 240*5011.5*1.3 23±7

Page 1 of 2

Activation Laboratories Ltd. Work Order: A03-1446 Report: A03-1446

Nd Sm Eu Tb Yb ppm ppm ppm ppm ppm

Sample ID

12345678DMMAS-16 DMMAS-16-1

Accepted DMMAS-16 1U4 37±0412±4

Lu Mass ppm g

705380149

1360216187400197-1011

111666267170

3573236073393639

75538

1082

244932071 1

124

-29334

-2-2-2

33436 1174

26179186

251853736

49655125639

266266372271055054

544723091 6162 1014233232723221 27480241 264

36±6 055±23

Page 2 of 2

Quaf/ty Ana/ys/s... /nnovat/ve Techno/ogies

WATTS GRIFFIS AND MCQUAT LTDSUITE 400, 8 KING STREET EASTTORONTO, ONM5C IBSATTN: JOE HINZER

Invoice No.: Work Order: Invoice Date: Date Submitted: Your Reference: Account Number:

A03-1554 A03-1554

28-AUG-03 31-JUL-03

CBA-IRM 3590

CERTIFICATE OF ANALYSIS

23 ROCKS(PREP.REV5) were submitted for analysis.

The following analytical packages were requested. Please see our current fee schedule for elements and detection limits.

REPORT A03-1554 CODE IE-AQUA REGIA ICP(AQUAGEO.REV1) REPORT A03-1554B CODE 1C-EXPL. FIRE ASSAY ICP/OES

REPORT A03-1554RPT.XLS ULTRATRACEl-AQUA REGIA ICP/MS

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses Test results are representative only of material submitted for analysis.

CERTIFIED BY :

;;DR E.HOFFMAN/GENERAL MANAGER

ACTIVATION LABORATORIES LTD.

1 336 Sandhill Drive, Ancaster, Ontario Canada L9C 4V5 TH.EPHONE +1.905.648.9611 or +1.888.228.5227 FAX +1.905.648.961 3

t.MAiLancaster@actlabs.com ACRABS CROUP WEBSITC http://www.actlabs.com

Activation Laboratories Ltd. Work Order No. A03-1554 Report No. A03-1554

Aqua Regia Extraction Analysis: Code IE

SAMPLE

48754876487748784878 /R487948804881488348844885488648874888488948904891489248934893 /R489448954896489748984898 Pulp Dup

GXR-6cw1GXR6GXR-2 ctjrtGXR-2GXR-1 cwlGXR.lGXR.4c.rtGXR4

Agppm040.30.60.2020.507020.20.20.20.30.20.40.3020.20.30.20.20.60.20.30.30.2•0.2

1.30.617

17.031

2904

4.7

Cdppm0.51.00.5•0.50.50.50.5060.50.51.11.10.60.50.80.5•0.5•0.5•0.50.8•0.51.20.5•0.50.60.5

d064.15.63.33.5

(.860.7

Cuppm

1716

11053026H19

11518

1621708510

79

26882063566

69248

184442

66657672

1110102765207733

Mnppm225307577

363941

914582264778

1151650131120283186646299

1063951

5921221364263813785

1008962

1008916853832155175

Moppm

92

132462222

•2224222222

1522322

2.42

(2.12

1813

310385

NiPpm

572744

79

18157132325231301940

635136158

513842107874

2723211941354248

Pbppm

15233422252

6848

22

•245444

•2215

720

32

10188

690583730535

5253

Znppm

60474430273044716060

34212034313139

12025837636

489180

7110187

118115530441760656

7392

Al%

1 530692.580.130 100.250951 540801 782.681.440600.180800611.960.282772330052.932.000672.392.32

17.684.44

16.462283.520.237.20242

Asppm

4119

342201436961320

•1024102842103918103531825437103334

330260

2511

427385

98128

Ba Bppm ppn459

572244444842

220183120870788472741

23946

114267242

31762

24383814240

1300 1.412862240 1.12843750 1.23752

1640 I.!88 i

s Bii ppm

•10•10

' -10•101010

•10•1010

•10•10•10•10101010

•10•10•10•10•10-10•10•10•10•10

l (.2910

' (.69•10

! 13801194

1 19' 24

Ca1

0.420821.940090090 132.751 000722462571.840.170302640592460.573612.740.052.241.850.741.691.79

0.1790.15

0.9290.89

0.9580941.011.28

Coppm

53118823225710328

3437202647

89

22104234374429

54237

13.89

8.63

8.26

14.616

Crppm

789

25272981253046254244483990

98

647160129533102724

9691361412136461

Fe11,

6.634.98

10871.581 455 12

15204.792277 197.663644478.234.147.395 16152690598

16229447.641.715.715.52

5.584701.861.53

23.6417733.093.49

Ky,

0.970.030.020.030030020010040.400131.751 200.040010.030360070.140.570.520010.981.270.510.02002

1.870651.370.400.050.024.011 48

Mgt.

1.051.242.550.070.030150 101.300.671.041.610990520070.720140.870151.961.810.012501.330.351.671.58

0.610220.850.310.220.071.661.31

Na1

0.090.020010.040.040060020.010.040.230.050070.090.110.090.090.110.120.02•0.010.010010.120.090050.05

0.10.039

0.560.1530.05

0.0250.56

0.170

P%

0.0320.01000340.0070.00900320.0120.0440.0420.06400820.0310.0180.0170.0340.0600.03300270.0530.0470.0060.1110.0510.03100300.028

0.0350.0240.1050.0380.06500270.1200.111

Sbppm

•10•10•1010

•10•10101010101010101010

•1010

•10•10•101010

•10•1010

•10

3.6124925

12254

4.8•10

Seppm

10•14

•1•14252

171013

54

H9

114

1392

1013289

27.619

6.884

1.581

7.78

Snppm

•10•1010

•10•10•10•10•10•10•10•101010

•10•10•1010

•10•10•10•10•10•10•10•10•10

(1.7•101.7•1054•105.6•10

Srppm

202

14364

1752533493925

33

149

63147843

23158214145

3529

160114275148221106

Ti%

0.280.020.030.01•0.010.070.100.200.120.230.520.270.02•0010.160.230.430.030.530.380.010420.600.140.410.42

0.4980.080.3

0.080.036

0.010.290.15

Vppm

966

18111157177837

20020290566576

216238

139118106165207

17124124

186133523480598780

Wppm

•10•101410

•10•101010

•1010

•10•10101310

•10•1010

•10•1018

•1010

•101010

1.9•101.9•10

164110

30.8•10

Yppm

133

15123856

151216

439

498496

•1131417

77

147

171332261413

Zrppm

611334121231239

159

1260161625301323885

14184268

11019

26922

(3816

18613

S*

0.2920.0112.5520.1520.1360.1390.0630.2170.0510.1900.1300.0640.1800.3040.0540.0190.0410.0220.1610.1480.0360.0100.1230.0210.0800.068

0.0160.0140.0310.0240.2570.195

1.771.984

Note: Certificate data underlined are recommended values; other values are proposed except those preceded by a "f which are information values.Barite, gahnite, chromite, cassiterite, zircon, sphene, and magnetite may not be totally dissolved.

Clients art advised to obtain assays tar Aap-100 ppm and Pt^SQOO ppm due to potential solubility problems. Values for Cu. Ni. Zn. Mo greater than l "X, should be assayed it accuracy better than+MO IS'fc t* required. Values above li are for informational purposes only and should not be relied upon for promotional or ore reserve calculations. Assays are recommended tor this purpose. Sulphur will precipitate in samples containing massive sulphides.

C. Douglas Read, B. Se.Laboratory Manager, Activation Laboratories Ltd.

Negative values indicate less than the detection limit 99999 indicates greater than 10* Page l Of l

8/19/03

Activation Laboratories Ltd. Work Order: A03-1554 Report: A03-1554B

Concentrations are in PPB unless indicated otherwise.Negative value = Analyte was not found at that indicated detection limit.

Sample Id Mass(g) Pd Pt Au4878487948864887488848894890489448954897Found in QA Samples:UMT1WMG1LoPGMHiPGMExpected in QA Samples:UMT1WMG1LoPGM

15151515151515151515

22

1010

-2-2-2-2-23

-2-2-2-2

79303

12802670

106382

1420

-5-5-5-5-5-5-5-5-5-5

155945181373

129731136

-2-2-2-2-2-2-2-2-2-2

20177156254

48110150

HiPGM 2965 286 309

Page 1 (of 1)

31554RPT.XLS

Actlabi UKratrace 1 Job tt: A03-1554Trace Element Values Are in Parts Per Values - 999999 are greater than worki

Report*: A03-1554 Client: WGM Contact: J. HiruerMillion unless otherwise indicated. Negative Values Equal Not Detected at That Lower Limit, ing range of instrument.

Sample ID:487548764877487848794880488148834884488548864887488848894890489148924893489448954996489748984898 PULP DUP

Control Material GXR-6Control Material GXR-1Control Matenal GXR-4

Cert Data GXR-6Ctrl Data GXR-1C. rt Data GXR-4

LI10.3134 1

-051 01 4

12113511 3145120551 77583791 7

156•0518617638

13313.4

2455395

32082

11.1

B*0.90.82.6

-0.10.21.2020305121 0030 2041 7020405

-0 11 405050202

08091 5

141.2219

B Na'/,•1 0076-1 0030-1 0023-1 0047-1 0 065• 1 0033•1 0029-1 0054•1 0211-1 0 057-1 0 065-1 0070• 1 0090• 1 0 069-1 0071-1 0096-1 0082-1 0025-1 0017-1 0027-1 0 101-1 0071-1 0 049-1 0054

-1 0074-t 0056-1 0 149

10 010415 0052

45 0564

Mg'/,1.411654 150030210 182000861 482291 270640 100910 19t 150 16265

•0014091 89040221221

0420 151 73

06090 2171 659

AI7,2251 024480.110351 482571 192824 152020810241 10084287031389003501300082347357

869043341

177315720

XT.1 850050030060050030080 780263382 110040020050660 120221 01002208238081004003

t 69005264

1 87005401

CaV,0330661 870040092430930592 182221 400 100232030442050342650012161 500491 341 49

0 14088092

0 180961 01

V101

6251056239842

233223

92516476-1

16827

144115204219

11125132

1597882

1888087

Cr78 1

7.428425777623 1329465263449435438362876

6 t57

505697

B 1118

33383

253245

8028 1

599

981264

Mn226308718

2438

1040677267891

1300662117116290181674240

112050

27101470219819832

1070930138

1,007852155

F*'/,7205361381 46546ISO5772468508813864689 164337995561 3472519911 98551 635956.19

584267323

558236309

Co61.212.7116

21 561 011 442511.746348925826049511 078

2907 7

488432593360

4 7472456

134B 1

147

13182

146

Ni56.719.950056

15.111.4738299324553239239162339

1 128083

62548167

35255

71 3707

23741 641 0

274142

Cu11.917,4

131010444

158124130179147

766231 934

22262513555922

75021945

353359

67512306670

661.1106,520

Zn41 2332305081 3

11.555042956 1352

9787709

11 716810626

72532

648112

391779769

121803737

118760

73

Ga12.910222308539976867655093710312 17383088649439981 488 111 90238124621104105

182486122

35131

20

G.020208

-0 1-0 10402•01020202

•0 1•0 t0 10302

•0 102020302

-0 10202

-0 11 004

.-

Aa2827

33325

•0 1164222307

-0 11 31 625

-0 t3679

•0 105330 729

-0.1061.1

214448106

330427

98

S*0.4

•0.146030.10305

-0 1060502

-0 1-0 10 10702

-0 1031 30407020202

0215955

09416859

Rb1008.31.318t 91 259

44 774199131340936

3964 1

17480 705

942114

8863838

68022103

9014

160

Sr14.8

1.313.02325152

222302434294183

1 82 1

10759

52583

4851 3

29744 313 1324372

292208

81 2

35275221

Y11.823

17.10924775456

155126144282084

45479327904

16213614 16469

6326611 9

143214

Zr30573

25770

14514451925056

297838.1

10915553

11 3331 27 173

11 41.628

32764 1

11038

186

Nb0.5-0.10.1

•0.10.308030.2020.108

•0 1-0102070.1

•0.1041 8050205

-0 1-0.1

0.1-0.10.3

750.810

Mo9.120.7115.22215320660 760860790641 940643500511 530610650.631651 070561 73024021

04218.1328

2.411

310

AS-0.05-005026

-005-005-005-005•005-005-005-005-005-005•005-005•0 05•005•0 05•005405•005-005-005-005

-005303089

1.3314

Cd-0.1-01-0.1•01-0.1-0.1-0.1-01-01os

-01-0 1-01-0 1-0 1-0 1•0.1-0 1-0.11.1

-0.1-0.1-01-0.1

-0.1260.1

13.3

0.86

In-0020 13038

-002002025-002-002002-002-002-002-002-0020 10002-002-002-002005002

•002•002-002

005073020

026077027

Sn1.040.120.330.140700710070280240210680 190 130500740.210070 102820570320440 140 17

0 1710.21 86

1.75456

Sb006007006008007038004

-002•002003

-002-002-002-002008007

-002-002008004008

-002-002003

02451 8069

361224.8

T*0.05-0020.110030.04-0020.03-002-0.02003

-002-002-002-002-002-002•002-002002-002003002

-002-0.02

-00212.4072

0.01813

0.97

C*1.70.5

•0.1-0.10.10.20.2080.1492402

-0.10.22.2020.719

-0126241.20202

3.62826

4.23

2.8

B*198

21.310.117.819.918.5113

81 553452841513910416610319841 2113

12.4492

1410130

15 1164

865501104

1,300750

1,840

La56.4

1.03122.22.4

2577.7

238107

7.051.4895792

50665

12393-0539.2

8.448.8

4.54.7

11.552

569

13.97.5

84.5

Certified By

C Douglas Read. BScLaboratory Manager. Activation Laboratones Lid

This report shall not be reproduced except in full without the written approval of the laboratory. Unless otherwise Instructed, samples will be disposed of eo days from the date of this report.

Date Received: 31-Jul-03

Date Reported: 18-Aug-03

1of2

31554RPT.XLS

Acllabt Ultratrac. Uob; Trace Element Values Are Values * 999999 are greatSample ID:487548764877487848794880488148834884488548864887488848894890489148924893489448954996489748984898 PULP DUP

Control Material GXR-6Control Material GXR-1Control Material GXR-4

Cert Data QXR-6C. rt Data QXR-1Cerl Data GXR-4

C*94.92775875176 1148117244823816291 419412718792614226520.1t. 44808183852103109

336122109

3817

102

Nd2940.61931522

16578

16 112392

288724784

34867

12010.10,3

3889.1

2504852

11.467

41 3

131145

Sm4.50.2

2650.30.52915243022451.2061874i e2721

-0169223.81 213

2.32564

2.872.78.8

Eu0.8

-0.119

-0.1010.4030.3080407030 1051 6040605-01170604030.4

05051 4

0760691 83

Tb0.5

-0.115

•0.1•0.10.30.2020504050.1•010.31.3030203-01070405020.2

030705

0.415083036

Yb1.20.51.40.1040505041.71 21303021.044080408

-0 11 11.81.1070.7

082309

241.91.6

Lu02

-0.102

-0-0-0-0•Q020202

•0.1•0.101060.1

•01-01-0.10.1020.1-01-0.1

0.1030 1

0330.280.17

Hf070.1060203030.102020.106020203020.103

-0.1•0 1020 102

-0.1-0.1

-0 1-0 1-0 1

4309663

Ta-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005-005•005-005-005-005-005

-005-005-005

04850 175079

W-02-02-02•020203

-02-02•02•02-02•0208-02-02-02-02-0232

-02-02•02•02-02

-0.21466.6

1.9164

308

Rt-0001-0.0010019

•0.001•0001-0001•0001•000100014001•0001-00010002-000100010001-0001•0001-0001-0001-0001-0001-0001-0.001

-000100020 182

.

AuPPB-02-0279

•02-02-02-02•02-02546•02-02•02-02•02-02-02-02-02-02•02-02-02•02

5524740

621

953,300

470

Tl071005006-0020 140030050320061.711 10003

-0020020 180030 110 76-0020611.140840030.02

1 94042297

220.39

3.2

Pb17.32548361 743295021 706901.867314291 241091 15460380335383105258

390196265283

96.1738

388

101730

52

Bi0640055720541.15020006005003004003007009•0020280030 160041 22006009004007007

0.12385189

0.241,380

19

Th380

1.41852.1886309

100251.5

39 12730369520390802371 2

5321 413

3818

186

5.32.44225

U8608760922340312030276071.012t 60409

-0.1070302

1040202

1.135052

1 5434.96.2

2 of 2

v 1 r

Qua/ity Ana/ys/s... /nno vat i ve Techno/og/es

Invoice No.: Work Order: Invoice Date: Date Sxibmitted: Your Reference: Account Number:

A03-1671 A03-1671

16-SEP-03 12-AUG-03

HALCYON 3590

WATTS GRIFFIS AND MCQUAT LTDSUITE 400, 8 KING STREET EASTTORONTO, ONM5C IBSATTN: PAUL DUNBAR

CERTIFICATE OF ANALYSIS

50 ROCKS(PREP.REVS) were submitted for analysis.

The following analytical packages were requested. Please see our current fee schedule for elements and detection limits.

REPORT A03-1671RPT.XLS ULTRATRACE1-AQUA REGIA ICP/MS REPORT A03-1671BRT.XLS CODE 1C-EXPL. FIRE ASSAY ICP/OES

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses, Test results are representative only of material submitted for analysis.

CERTIFIED BY :

E . HOFFMAN/GENERAL MANAGER

ACTIVATION LABORATORIES LTD.

1 336 Sandhill Drive, Ancaster, Ontario Canada L9C 4V5 TELEPHONE +1.905.648.9611 or +1.888.228.5227 FAX +1.905.648.961 3t-MAitancaster@actlabs.com ACTLABS CROUP wtBsm http://www.actlabs.com

31671BPT.XLS

Actlabs PGE (1C) Job #: A03-1671 Report*: A03-1671B Client: WGMSample ID: Sample Wt(g) Pd ppb Pt ppb Au ppb22837 15 -4-5 1622839 15 16 13 5822840 15 12 13 2522843 15 -4-56

Contact: P. Dunbar

BlankControl Material UMT-1Control Material WMG-1

Cert Data UMT-1 Cert Data WMG-1

3022

22

-1113 355

106382

-1133 643

129731

-1 45 64

48110

Certified By:

C. Douglas Read, BSc.Laboratory Manager, Activation Laboratories Ltd.

This report snail not De reproduced except in full without the written approval of the laboratory, unless otherwise Instructed, samples will be disposed of 90 days from the date of this report.

Date Received: 12-Sept-03

Date Reported: 15-Sept-03

Page 1 of 1

Qua/ity Ana/ys/s... /nno vat/ve Technologies

Invoice No.: Work Order: Invoice Date: Date Submitted: Your Reference: Account Number:

A03-2195 A03-2195

24-OCT-03 07-OCT-03

CBA-IRM 3590

WATTS GRIFFIS AND MCQUAT LTDSUITE 400, 8 KING STREET EASTTORONTO, ONM5C 1B5ATTN: JOE HINZER

CERTIFICATE OF ANALYSIS

5 SAMPLES were submitted for analysis.

The following analytical packages were requested. Please see our current fee schedule for elements and detection limits.

REPORT A03-2195 CODE 3A-HMC-INAA(INAAGEO.REV1)

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses Test results are representative only of material submitted for analysis.

CERTIFIED BY :

DR E.HOFFMAN/GENERAL MANAGER

ACTIVATION LABORATORIES LTD. __

1336 Sandhill Drive, Ancaster, Ontario Canada L9C 4V5 TELEPHONE +1.905.648.9611 or +1.888.228.5227 FAX +1.905.648.961 3

E-MAiLancaster@actlabs.com ACTLABS CROUP WEBsrrt http://www.actlabs.com

Activation Laboratories Ltd. Work Order: A03-2195 Report: A03-2195

Sample ID

A B C D E DMMAS-16

Accepted DMMAS-16 617198 2210±299 3911298 2 112 O 712 63±6 140120 7991054 242 0721006 40t28 8 2+2 818 311 6 1.210.8 18t3 240150 1.511.3 2317 1U4 3.710.4 1.21.4

Au Agppb ppm

-5 -5-5 -5-5 -5-5 -5-5 -5

546 -5

Asppm

5-2357

2330

Bappm

440-200-200-200-200510

Br Ca Coppm % ppm

-5 -2 45-5 -2 52-5 -2 58-5 -2 45-5 4 44-5 -5 70

Cr Csppm ppm

6940 -29360 -24200 -26880 -22800 -2

144 2

Fe Hf Hg Ir Mo"/o ppm ppm ppb ppm

216 305 -5 -50 -20222 400 -5 -50 -20238 172 -5 -50 -20228 403 -5 -50 -20184 145 -5 -50 -208 16 2 -5 -50 -20

Na Nl"/o ppm

0.17 -200021 -200021 -200006 -20007 -200

081 -200

Rbppm

-50-50-50-50-50-50

Sbppm

334 1

14

2468

Se Se Sr Tappm ppm "/o ppm

115 -20 -02 28110 -20 -02 36

564 -20 -02 48115 -20 -02 26

654 -20 -02 15193 -20 -02 -1

Th U Wppm ppm ppm

276 225 -4265 303 13135 196 82273 275 40135 146 32

1 -05 19

Znppm

200259233229204246

La Ce Ndppm ppm ppm

736 1110 343662 1110 355328 516 159726 1100 367316 533 188

12 22 -10

Sm Euppm ppm

64 4.8636 4732.8 3.162.5 5433.3 38

4 1.2

Page 1 of 2

Activation Laboratories Ltd. Work Order: A03-2195 Report: A03-2195

Sample ID

A B C D E DMMAS-16

Accepted DMMAS-16

Tb Yb Lu Mass ppm ppm ppm g

409436

1742620535

6.1649255639311054

1 7460946245

1 9111 72

1 721

36! 6 O 55l 23

Page 2 of 2

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

INTERPRETATION ADDENDUMCHAMPION BEAR RESOURCES LTD, CALGARY, ALBERTAMAGNETIC DATA INTERPRETATION. IRON MASK PROPERTY. SUDBURY. ONBY MATRIX GEOTECHNOLOGIES LTD.

By: GENC KALLFA, B.Sc, P.GeoSenior Geophysicist

MATRIX GEOTECHNOLOGIES LTD. 231 Donald Avenue Toronto, ON M6M1K7 W: (416) 852 8438 Fax: (416) 651 9341

LUDVIG KAPLLANI, PH.D., P.GEOSenior Geophysicist

INTRODUCTION

The following interpretation summarizes the geophysical results of Magnetics survey over the IRON MASK PROPERTY, in Hart Twp, Sudbury, Ontario, obtained during the period April - July, 2003 by VISION EXPLORA TION LTD. The survey consists of ground Station Magnetics line profiling.

The survey objectives were:

* The primary objective is the direct detection of target areas that are generally related with the presence of mineralization and to verify the possible presence of mineralization in the property.

* Document the physical properties of the major lithologic units, favorable geopKy-Sic hosts and alteration patterns for compilation with the exploration database.

TABLE OF CONTENTS

GENERAL INFORMATION.......................................................................................................................... 3

OVERVIEW...................................................................................................................................................... 3SURVEY GRID................................................................................................................................................. 3SURVEY SPECIFICATIONS................................................................................................................................ 3

RESULTS AND INTERPRETATION...........................................................................................................4

PROPERTY GEOLOGY......................................................................................................................................4MAGNETIC DATA ANALYSIS..............................................................................................................................4GEOPHYSICAL DATA INTERPRETATION..............................................................................................................4NORTH GRID MAGNETIC DATA INTERPRETATION............................................................................................... 5FFT PROCESSING OVER THE NORTH GRID....................................................................................................... QSOUTH GRID MAGNETIC DATA INTERPRETATION...............................................................................................e

41I11NW2010 2.27018 CARTIER 020

Matrix GeoTechnologies Ltd. Champion Bear Resources Ltd. Magnetic Survey Iron Mask Property

FFI PROCESSING OVER THE SOUTH GRID....................................................................................................... 7CONLUSION AND RECOMMENDATIONS................................................................................................8

LIST OF APPENDICES

APPENDIX A: STATEMENT OF QUALIFICATIONS

APPENDIX B: IRON MASK GRID COORDINATES

APPENDIX C: LIST OF MAPS

APPENDIX D: MAPS AND SECTIONS

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

GENERAL INFORMATION

OVERVIEWProject Name:

Survey Period:

Surveyed by:

Survey Type:

Client:

Representative:

Representative Address:

Report Type:

SURVEY Grao

* Coordinate Reference System:

* Established:

* Line Separation:

* Station Interval:

* Method of Chaining:

SURVEY SPECIFICATIONS*

. Method:

* Technique:

* Magnetic Datum

* Data Output Units:

* Magnetometer:

Iron Mask Property

April 28™ to July 28™, 2003

Vision Exploration Ltd, Timmins, ON

Total Magnetic Field

Champion Bear Resources Ltd.

Watts, Griffis and McOuat

Suite 400, 8 King Street East Toronto ON M5C1 BS

Interpretation Addendum

UTM Coordinates

Prior and in the course of survey execution

100 metres

12.5 and 25 metres

Chained every 12.5 and 25 meters and GPS line extremities (start-end points).

Station Magnetics line profiling

Profiling Earth's Total Magnetic Field

56000nT

nanoTesla (Magnetic Intensity)

One (1 mobile transceiver) GSM-19 Unit

12 Reference to "Report on the Iron Mask Geological Mapping Program North and South Grids, Hart Township, Sudbury, Ontario for Champion Bear Resources", by F.Racicot, October 2003

Matrix GeoTechnologies Ltd. Champion Bear Resources Ltd. Magnetic Survey Iron Mask Property

RESULTS AND INTERPRETATION

PROPERTY GEOLOGY

The IRON MASK PROPERTY is underlain by rocks of the Superior Province, including Early Precambrian metavolcanics, metasediments, felsic plutonic migmatic and mafic intrusive rocks, as well as Middle Precam brian Huronian Supergroup metasedimets and mafic intrusions, the Nippising Diabase and late mafic dykes and intrusives related to the Sudbury Igneous Complex (SIC).

The property lies in a zone of Sudbury Breccia, consisting of mineral and rock fragments derived predomi nantly from wallrocks supported by a fine-grained matrix, and the intrusion of "offset dykes". Two major va rieties of these dykes have been recognized: radial and concentric.

The IRON MASK PROPERTY show apparent similarity to the general geological environment of Olympic Dam Cu-U-Au-LREE deposit. There is also potential on the property for radial and concentric dyke hosted Ni-Cu- PGE related to the SIC. Offset dyke deposit in the Sudbury area consists of disseminated to massive sul phides, predominantly pyrrhotite, chalcopyrite and pentlandite within the dykes. The massive sulphide bod ies are often rimmed by a halo of disseminated material and are found along the contacts of the dyke.

MAGNETIC DATA ANALYSIS

The following observations are made studying the processed data (XYZ files) provided by Vison Exploration Ltd, Timmins, Ontario. The authors did not have the opportunity to analyze the raw data; consequently they can not be certain about the data quality, data repeatability and the nature of the observed anomalous signa tures.

The first observation regards to the comparison of overlapped magnetic data over the same line portion. The data show big inconsistency, some time in the range of 1,000 nT. Although the data are not expected to be identical, such inconsistency might be caused by the method of data collecting or other filed procedure prob lem.

The absence of data repeats over the prominent anomalies, suggest a cautious approach on considering these anomalies. The authors could not calculate the absolute and relative reading errors in order to qualita tively validate the survey. Additional geophysical surveys are strongly recommended in order to verify their nature.

The magnetic plan maps and the FFT processing show very discrete data likely related to both geological and field procedural problems. The outlook of the data is complicated and generally the anomalies are very fragmented.

In conclusion, the authors believe that the analysis of the raw data will sensibly increase the efficiency of the magnetic program, making possible a better selection of the follow-up targets and they do not guarantee the quality of the following interpretation.

GEOPHYSICAL DATA INTERPRETATION

The geological environment at IRON MASK PROPERTY is highly magnetic, with a majority (940Xo) displaying a range of 56k nT - reflecting the high Iron Formation (IF) content and strong magnetic remanence. The ground total field magnetics results over the NORTH GRID display wide variation in Total Magnetic Field (TMF) data, ranging from 51,600 nT to 69,900 nT, (average 57,150 nT) consistent to mafic rocks. The magnetic contour map is dominated by disturbances, especially to the north-east, most likely related to major geologi cal changes.

Matrix GeoTechnologies Ltd. Champion Bear Resources Ltd. Magnetic Survey Iron Mask Property

The ground total field magnetics results over the SOUTH GRID display less variation in Total Magnetic Field (TMF) data, ranging from 56,100 nT to 58,900 nT, (average 57,150 nT) showing either deeper occurrence of magnetic content or less mafic geological environment.

In addition the north-eastern part of the NORTH GRID is characterized by a higher background values, sug gesting either more pyrite-magnetite presenceMess rocks metamorphism-alteration and\or less overbur- den\near surface occurrence of the causative bodies. Based only in magnetic survey is hard to predict the depth extension of the causative bodies and other geophysical work might be needed to resolve their depth extension.

The ground magnetic results are characterized by a transition from well-defined NE-SW trends to more poorly defined/diffuse lineaments likely reflecting deeper occurrence or more depleted nature. Some of the magnetic features form narrow linear trends which appear to pinch and swell and generally crosscut the lines in a sharp angle. Of note, the presence of some discordant lineaments in NORTH GRID, well defined in the FFT process likely related to discordant dikes.

NORTH GRID MAGNETIC DATA INTERPRETATION

The ground magnetic data clearly shows two distinct magnetic backgrounds, the highest one located to east-northern part of the surveyed area and likely representing more mafic-ultramafic or granitic intrusion. Most important part of the highly magnetic trends is located along this interpreted intru sion. The lower background environment likely represents less mafic geological unit andtor con- glomerate\sandstone.

The TMF plan map shows the presence of two different targets, in terms of shape and spatial distri bution, and most likely representing two different geologic targets.

The first type of magnetic targets is represented by relatively long high magnetic susceptibilities, mainly located in the grid north. Although very fragmented between lines, these targets make case of "offset dykes". The most important long trend perfectly follows the BL O and it is still open to the grid north (true NE). Generally, the interpreted dykes are expressed by very high magnetic signa tures, suggesting either their shallow occurrence andtor IF\magnetite rich content.

In addition to these long trends, the FFT process displays that some magnetic signatures have con centric shapes, likely representing concentric "offset dykes, related to several faults, although sup plementary geophysical studies are required to verify these signatures. The interpreted concentric "offset dykes" have 200 to 300 meters diameter and very often are crosscut or surrounded by mag netic lows, likely representing faults.

As briefly mentioned in magnetic data analysis, the magnetic data are very fragmented, inevitably making possible trend selection in different direction, sensibly decreasing the efficiency of the mag netic program. In this context, the presence in the First Derivative map of some discordant magnetic lineament (??), almost true EW trending and might be seen as part of magnetic data fragmentation

Further to the south, the TMF is characterized by very fragmented magnetic disturbances, hardly correlated from line to line, likely suggesting strong post mineralization tectonics activity. Generally, the magnetic trends are short in length, mainly displaying almost true NS direction.

The second type of magnetic targets is shown as "bulls-eye" type of response. The authors recom mend that these targets must be carefully considered, due to possible errors or procedural problems. This type of target might be related to hydrothermal breccias, although their size is not broad and line limited, generally 50 to 75 meters along line. Additional geophysical surveys and combining mag netic data with the existing geoscientific information are strongly recommended to clarify the nature

Matrix GeoTechnologies Ltd. Champion Bear Resources Ltd. Magnetic Survey Iron Mask Property

and possible extension of these targets.

Evidences of fault-fracture structures, generally indicated by well-defined offsets and disruptions of the main bands and other lineaments, are not very explicitly observed either in IMF plan map or in FFT processing. However, the authors did interpret some faults that might be important for the ex ploration, from the magnetic data. The FFT processing and filtering process shows a very tectoni- cally area, with primary faulting system direction paralleling the major magnetic trends (true NE-SW) and secondary faulting system (minor faults) running generally perpendicular to the major faults. There are some anomalies directly related to secondary faulting system, however they are relatively weak compare to those related to primary faulting sytem.

FFT PROCESSING OVER THE NORTH GRID

Vertical Derivative transforms are intended to facilitate the interpretation of magnetic maps. They are en hancement techniques which amplify the shorter wavelength features relatively to those with longer wave lengths. The higher the order the greater is the relative amplification of higher frequencies and greater too is the risk of accentuating noise to an unacceptable degree. For this reason vertical derivatives of order three and above are hardly ever calculated. Thus the First Vertical Derivative (FVD) and Second Vertical Deriva tive (SVD) transforms are the only transforms of this type that are routinely generated.

The following briefly discusses the FFT processing results of gridded data (the process image included in the report):1. High Pass First Vertical Derivative (FVD): Designed specifically to enhance the shallowest geologic

sources in the data and local peaks. As with other filters that enhance the high-wavenumber compo nents of the spectrum, low-pass filters are applied to remove high-wavenumber noise. The FFT maps are not very different form the TMF plan map, despite the fact that several filtering technique were used, suggesting either complex geologyVmagnetic data fragmentation and\or the strong effect of IF responses over the rest of the grid data.

The First Vertical Derivative data shows the presence of long NE-SW magnetic trends, and interpreted as a "off-set" dyke type anomaly. Minor displacement or breaks in the interpreted dyke and in the dyke vicinity are observed.

On the other hand, magnetic dipolar signatures (bulls-eye type) are observed. As previously mentioned, the above considerations are made based on the spatial distribution and shape of the anomalous mag netic zones.

The FFT map shows included in the Interpretation Plan Map, suggesting either post-tectonic geologic ac tivities or deeper occurrence in some places.

2. High Pass Second Vertical Derivative (SVD): The primary property of the SVD transform is that the ZERO CONTOUR represents the point of inflexion on the original anomaly curve which approximates the locations of edges of the causative bodies, providing that the causative bodies are generally shallow and have vertical sides. A series of SVD processing was undertaken however the FFT result were not differ ent from the FVD results, previously described.

SOUTH GRID MAGNETIC DATA INTERPRETATION

The ground magnetic data display less variation in terms of the amplitude, suggesting more con- glomerate\sandstone presence and\or less IF presence\deeper IF occurrence. The total magnetic field exhibits the occurrence of a wide magnetic low, almost cross-cutting the entire grid, trending true NE-SW and likely representing sandstones. The low magnetic zone is disrupted on L.100S and L.200S, by a magnetic high, which suggests either IFVmagnetite content presence along geological

Matrix GeoTechnologies Ltd. Champion Bear Resources Ltd. Magnetic Survey Iron Mask Property

contactAfault or high error reading due to local factors\field procedure. The authors can not be sure about the nature of these high magnetic data, unless raw data are analyzed.

Furthermore, the magnetic data show that it might be a geological block displacement along the L.O, due to tectonic activity. The low magnetics clearly are shifted along L.O, also suggesting that the prominent anomaly to the west of L.100N and L.200N likely were connected to the anomalous trends observed to the grid western part.

Once again, the TMF plan map shows the presence of two different targets, in terms of shape and spatial distribution, and most likely representing two different geologic targets.

The first type of magnetic targets is represented by relatively long high magnetic susceptibilities, in terpreted as "offset dykes", generally having NE-SW direction. These trends are relatively long, but very often disrupted or displaced, more likely due to post-mineralization tectonics. Of note that, the amplitudes of high magnetic values observed in this grid is inferior compare to the NORTH GRID highs, suggesting either deeper occurrence of the magnetic causative bodies\structures and\or less IPVnagnetite contents (more depleted nature). Generally, the long trends are still open to the grid north and south, suggesting possible feature extensions.

The second type of magnetic targets is shown as "bulls-eye" type of response. The best "bulls-eye" type of target is located in the western part of L.100N and likely related to hydrothermal breccias. Also, some other targets of the same type are observed, constituting the most important part of the anomalies, which was not the case in NORTH GRID, probably due to changes in the geology or com pletely different exploration target nature. Likely further extending L.100S and L.200S to the west will give more information about the relation of this anomaly and surrounding environments. How ever, additional geophysical surveys are strongly recommended to clarify the nature and possible ex tension of these targets.

FFI PROCESSING OVER THE SOUTH GRID

The following briefly discusses the FFT processing results of gridded data:3. High Pass First Vertical Derivative (FVD): The First Vertical Derivative data shows the presence of long

NE-SW magnetic trends, more or less crosscutting the whole eastern part of the grid, and interpreted as a dyke type anomaly. The FFT process clearly emphasizes the presence of "bulls-eye" anomalies, es pecially to the grid west.

On the other hand, the FVD map shows, the presence of several geological contacts, fault and breaks, included in the Interpretation Plan Map.

4. High Pass Second Vertical Derivative (SVD): A series of SVD processing was undertaken however the FFT result were not different from the FVD results, previously described.

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

CONLUSION AND RECOMMENDATIONS

The magnetic survey, as a reconnaissance tool, has identified geophysical signatures, related to structures, lithologic contacts, geochemical alteration, and fault-fracture structures.Following the interpretation of the magnetic survey twenty-five (25) follow-up magnetic targets (Table l) have been selected based on their characteristics and relation with the surrounding, although they must be con sider as orientation targets for further exploration geophysics.The authors did not have the opportunity to scrutinize the raw data, reason why they were very cautious on selecting the magnetic targets. They strongly recommend an IP\Resistivity detailing program over these tar gets.

#1

2

3

4

5

6

7

8

9

10

11

12

13

14

LINE

1900N

1800N

1600N

1300N

11 DON

1000N

700N

200N

200S

300S

700S

900S

TLC

STATION

125E

337.5W

12.SE

162.5E-250E

300W

37.5W

725E

162.5E

62.5E

25E

325W

112.5W

412.5W

550N - 750N

COMMENTS

Very high magnetics, "off-set dyke" type of anomaly, centered in a long, but disrupted magnetic trend. Most likely occurred near surface. Addi tional geophysical study (IP\Resistivity) strongly recommended.Centered in a well resolved, relatively long, NE-SW trending, interpreted as dyke. Likely dipping to the East. Additional geophysical study (IP\Resistivity) strongly recommended.Very high magnetics, "off-set dyke" type of anomaly, centered in a long, but disrupted magnetic trend. Most likely occurred near surface and dipping to the east. Additional geophysical study (IP\Resistivity) strongly recommended.Wide magnetic high zone, likely constituted by several "off-set dyke" type of anomalies. Most likely extended to the surface. Additional geophysi cal study (IP\Resistivity) strongly recommended.Centered in a well resolved, NE-SW trending, relatively long, high mag netics lineament. Likely connected to Target #2 and dipping to the East. Additional geophysical study (IPNResistivity) strongly recommended.Centered in a non-well resolved, relatively short, magnetics strong lineament. Likely slightly dipping to the West. Additional geophysical study (IP\Resistivity) strongly recommended.Very high magnetic, "bulls-eye" type anomaly. Likely extended to sur face. Additional geophysical study (IP\Resistivity) strongly recom mended.Centered in a well resolved, NE-SW trending, relatively long, high mag netic lineament. Additional geophysical study (IPVResistivity) strongly recommended.Very high magnetic, "bulls-eye" type anomaly. Likely extended to sur face. Additional geophysical study (IP\Resistivity) strongly recom mended.Centered in a non-well resolved, relatively short, magnetics strong lineament. Additional geophysical study (IP\Resistivity) strongly recom mended.Wide magnetic high zone, likely constituted by several "off-set dyke" type of anomalies. Most likely extended to the surface. Additional geophysi cal study (IP\Resistivity) strongly recommended.Very high magnetics, "off-set dyke" type of anomaly, centered in a rela tively long magnetic trend. Most likely occurred near surface. Addi tional geophysical study (IP\Resistivity) strongly recommended.Very high magnetic, "bulls-eye" type anomaly. Likely extended to sur face. Additional geophysical study (IP\Resistivity) strongly recom mended.Anomalous values along the TL 0. Likely extended to surface. Addi tional geophysical study (IPVResistivity) strongly recommended.

Table l: Recommended Follow-up Targets over North Grid

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

#1

2

3

4

5

6

7

S

g

10

11

LINE

1300N

700N

400N

SOON

100N

300S

500S

900S

1200S

1600S

STATION

125E

70W

565W

725W

1125W

550W

375E

460W

525W

572.5W

500E

300W

COMMENTS

Centered in a well resolved, NE-SW trending, relatively long, high mag netic lineament. Still open to the grid North. Additional geophysical study (IP\Resistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly. Likely extended to surface and representing hydrothermal breccias target. Additional geophysical study (IP\Resistivity) strongly recommended.High magnetic, bipolar "bulls-eye" type anomaly. Likely extended to sur face and representing hydrothermal breccias target. Additional geo physical study (IP\Resistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly. Likely extended to surface and representing hydrothermal breccias target. Additional geophysical study (IPVResistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly. Likely extended to surface and representing hydrothermal breccias target. Additional geophysical study (IP\Resistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly, grid NS elongated. Likely ex tended to surface and representing hydrothermal breccias target. Addi tional geophysical study (IPNResistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly, grid NS elongated. Likely ex tended to surface and representing hydrothermal breccias target. Addi tional geophysical study (IP\Resistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly, grid NS elongated. Likely ex tended to surface and representing hydrothermal breccias target. Addi tional geophysical study (IP\Resistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly, grid NS elongated. Likely ex tended to surface and representing hydrothermal breccias target. Addi tional geophysical study (IP\Resistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly, grid NS elongated. Likely ex tended to surface and representing hydrothermal breccias target. Addi tional geophysical study (IP\Resistivity) strongly recommended.High magnetic, "bulls-eye" type anomaly. Likely extended to surface. Additional geophysical study (IP\Resistivity) strongly recommended.High magnetics, "off-set dyke" type of anomaly, centered in a relatively long magnetic trend. Open to the grid south and most likely occurred near surface. Additional geophysical study (IPVResistivity) strongly rec ommended.

Table II: Recommended Exploration Targets

The magnetic data, modeling and FFT processing show that the property is characterized by near sur- face\exposed to the surface targets and some minor deeper magnetic targets.

Both grids reflect two different types of target: "off-set" dyke type and "bulls-eye" type. The first one is related to mineralization along quartz dykes and the second most likely related to mineralization associating the hydrothermal breccias.

The analysis of the gradients (slopes) of the magnetic profiles shows that generally the causative bodies are vertical or slightly dipping to the east.

The NORTH GRID is dominated by "off-set" dyke type of anomalies, more likely extended to near surface, con trasting the SOUTH GRID mostly predominated by shallow "bulls-eye" type of anomalies.

The interpreted tectonics in surveyed areas is classified in primary faulting system, paralleling the anomalous trends, likely serving as mineralization routes, and secondary system, almost perpendicular to primary sys tem, mainly contributing in structures disruptions and\or displacements.

We recommend that all the geophysical data to be compiled and analyzed with the existing geoscientific in formation and the results to be fully evaluated prior to other exploration programs.

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

The authors propose an IP\Resistivity program, covering the most prominent magnetic anomalies, using both reconnaissance arrays (e.g. gradient) and detailing arrays (e.g. pole-dipole or dipole-dipole) in order to study in plan and section. The IP\Resistivity data will be used to deduct the geological model using our QUANTITA TIVE SECTION proprietary methodology.

The IP\Resistivity program will assist in exploration based on the expected conductivity\polarizable contrasts with the surrounding geological environment. The IP\Resistivity survey will give information regarding the structures, alteration, depth of geological units and faulting system.

RESPECTFULLY SUBMITTED

GENC KALLFASenior Geophysicist - MGT

LUDVIG KAPLLANI PH.D.Senior Geophysicist - MGT

Toronto, ON October, 2003 l KALLFA

: RACTISINGMEMEf"

0404 LUDVIG KAPLLANI PRACTISING MEMBER

Matrix GeoTechnologies Ltd. Champion Bear Resources Ltd. Magnetic Survey Iron Mask Property

APPENDIX A

STATEMENT OF QUALIFICATIONS:

l, Ludvig Kapllani, declare that:

1. l am a consulting geophysicist with residence in Toronto, Ontario and am presently working in this capacity with Matrix GeoTechnologies Ltd. of Toronto, Ontario.

2. l obtained a Bachelor's of Science Degree, (B.Se.), Geophysics, in spring 1976, a Masters of Science Degree, (M.Sc.), Geophysics, in June 1986, and a Ph.D. in January 1995, Geophysics, from Polytechnic University of Ti rana, Albania and recognized in August 1999 by University of Toronto.

3. l have practiced my profession continuously since May 1976, in North America, South America, Africa and Europe.

4. l am member of Association of Professional Geoscientists of Ontario, (membership # 0398).

5. l have no interest, nor do l expect to receive any interest in the properties or securities of Champion Bear Re sources Ltd.

6. l am the author of this report and the statements contained represent my professional opinion based on my consideration of the information available to me at the time of writing this report.

Toronto, Ontario

August, 2003

dvig Kapllani, Ph.D.Senior Geophysicist

Matrix GeoTechnologies Ltd.

Matrix GeoTechnologies Ltd. Champion Bear Resources Ltd. Magnetic Survey Iron Mask Property

APPENDIX A

STATEMENT OF QUALIFICATIONS:

l, Gene Kallfa, declare that:

1. l am a consulting geophysicist with residence in Toronto, Ontario and am presently working in this capacity with Matrix GeoTechnologies Ltd. of Toronto, Ontario.

2. l obtained a Bachelor's of Science Degree, (B.Se.), Geophysics, from the Polytechnic University, in Tirana, Al bania, in spring 1987.

3. l have practiced my profession continuously since May 1987, in North America, South America, Africa and Europe.

4. l am member of Association of Professional Geoscientists of Ontario, (membership # 0404).

5. l have no interest, nor do l expect to receive any interest in the properties or securities of Champion Bear Re sources Ltd.

6. l am the author of this report and the statements contained represent my professional opinion based on my consideration of the information available to me at the time of writing this report.

Toronto, Ontario

August, 2003

Gene Kallfa, B.Se.

Senior Geophysicist Matrix GeoTechnologies Ltd.

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

APPENDIX B

IRON MASK GRID COORDINATES

The following coordinates were used to digitize the magnetic data stations using the base map provided by Watts, Griffis and McOuat. The authors do not take any responsibilities if problems occur, such as shorter \ longer lines or other problems.

NORTH GRID

20 S

19S

18S

17S

16S

15S

14S

13S

12S

11 S

10S

9S

449303.47449906.68450276.94450687

449377.98449403.99450003.82450155.46450239.99450713.99449398.98450792.14449488.65450894.7449559.6450165.9450662.9449613.6450237.2451032.9449657.6451054.4449729.4451129.2449803450761.8451164.9449860.5450729.8451016.9451241.4449926.9450555450855.6450994.7451288.9449995.3

5169821.775169321.835169011.615168665.485169912.45169918.685169365.735169224.075169142.985168698.655169949.885168790.255170015.55168900.75170143.95169581.85168954.55170209.45169677.75169082.95170263.35169111.95170345.951692065170422.45169619.15169266.35170494.35169787.65169548.251693645170570.55170058.55169796.45169670.85169411.75170653.3

8S

7S

6S

5S

4S

3S

2S

1 S

0

1 N

450620.2451288.9450063.5451419.3450124.4451520.8450745.4450182.1450804.3451571450248.5450868.9451064.9451100.8451609.5450308.7451187.7450932.3451211451715.7450365.3450999.8451188.8451311.8451768.5450438.9451064.5451296.5451335.2451825.1450503.6451129.1451891.6450558.2451192.5451191.2451954.5450637.4

5170131.551695305179729.55169582.35170799.65169669.55170285.75170867.75170363.35169732.351709545170450.85170308.35170282.35169908.35171014.25170322.951705175170305.95169921.85171089.65170596.35170437.65170339.85169969.55171176.75170669.65170478.95170447.35170050.35171277.35170741.35170116.65171321.45170825.15170823.35170189.55171417.4

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

2N

3N

4N

5N

6N

7N

8N

9N

450853.7450966.7451251.4452027.3450698.5450909.3451005.3451121.1451217.9451304.5452080.1450770.3451370.6451369.6452169.9450813.3450877.9450947.9451333.9451400.4451433.9452229.3450896.9451410.2451481.9451500.1452281.2450969.7451485.6451551.1451560.4452358.6451161

451620.7452429.5451176.1451685.7452230.4452350.7452459.2451237.3451751.8452181.9452347.9

5171236.35171141.25170904.15170274.75171472.25171305.45171228.35171135.15171057.95170988.85170331.35171572.85171064.95171064.35170433.85171619.75171569.55171515.75171214.95171195.65171138.65170502.95171703.95171286.95171229.55171213.25170560.55171802.65171345.35171286.95171279.35170634

5171725.55171346.75170707.75171853.25171449.25171015.45170919.55170833.45171926.75171528.15171185.95171056.9

10N

11 N

12 N

13N

14 N

15N

16 N

17N

18 N

19N

20 N

452486.9451305.5451822.2451860.6451925.2452150.7452331.9452584.1451275.9451881.4451964.8452357.8452631 .6451322.6452166.8452409.9451940.3452706.9451374.7451997.9452771.8451427.7452043.8452801.4451574.9452124.2452897.5451684.6452187.4452958.7451707.9452249.5453010.7451694.4452312.7453071.7451761.7452365.9453130

451812.8452423.3453177.6

5170947.55172030.95171601.75171569.25171516.35171326.85171176.95170964.55172171.95171680.95171609.65171276.95171046.35172242.15171576.45171380517161.35171143.35172326.35171837

5171213.35172389.35171907.75171300.45172450.35171989.55171390.25172458.55172067.15171496.15172564.75172146.75171535.75172727

5172229.95171595.85172786.25172314.65171697.15172865.15172394.95171813.7

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

SOUTH GRID

18 S

17S

16S

15S

14 S

13 S

12 S

11 S

10S

9S

8S

7S

6S

x450466.9450990451553.8450497.9451049.2451611.9450543.8451097.8451452.3451650.8450602.9451169.4451529.2451679.9450675451220.8451757.6450720.3451282.4451854.7450796.2451345.8451911.2450849.1451405.3451962.4450902.9451460.3452003.9450955.945159.9452062.9451029.9451579.5452110.6451093.2451634.4452170.7451134.2451698.8

y5165208.85164793.85164354.15165252516487151644345165343.75164935.55164645.35164530.65165423.45168013.25164737.15164592.35165518.55165092.85164706.25165583.95165172.75164790.95165689.85165259.95164856.35165754.25165339.55164929.651658305165414.95165050.45165908.75165494.35165087.55166021.751655755165182.95166022.65165653.55165248.85166149.55165734.9

5S

4S

3S

2S

1 S

0

1 N

2N

3N

4N

5N

6N

7N

452245.7451206.6451759.4452299.5451256.9451816.3452355.9451310.7451875452430.1451360.2451935.4452491 .9451439.5451993.9452560.7450943.5452053.3451410452607.5450975.2451462.3451877.9452272.2451038.8451516.4451933.1452331.3451126451590.8451600.5451994.1452391.4451654.8452055.5452449.6451714452116.9452498.1451773.9452176.9452552.7

5165359.35166255.15165813.85165428.95166312.65165895.65165505.75166374.55165976.65165574.75166461.85166057.65165657.65166556.35166137.95165729.15167093.95166212.35166691.85165793.55167134.55166775.95166481.55166173.85167202.35166860.25166554.75166263.15167300.55166929.3516693951666345166343.25167027.85166714.45166425.45167107.95166793.45166488.95167180.45166872.85166561.4

Matrix GeoTechnologies Ltd. Magnetic Survey

8N

9N

10 N

11 N

451842.8452238.6452627451899.3452259.1452674.6451959.2452360.4452731452021 .9452420.5452791.1

5167266.95166950.65166665.45167341.75167030.25166734.35167425.75167111.25166804.95167499.85167186.95166888.8

Champion Bear Resources Ltd. Iron Mask Property

12N

13N

14 N

452073.2452482452874.1452149452543

452924.45452197.5452604452996.7452262.1452665.9453057.7

5167576.45167267.85166975.25167654.45167347.861670685167736.55167428.15167176.65167811.35167507.35167196.8

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

APPENDIX C

LIST OF MAPS

* Posted/Contoured Plan Maps at scale of (1:5000)

PLAN MAPSTOTAL FIELD MAGNETIC CONTOURS

TOTAL FIELD MAGNETIC PROFILES\VALUESCOMPILATION PLAN MAP

INTERPRETATION PLAN MAPTOTAL

QUANTITY22127

Matrix GeoTechnoJogtes Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

APPENDIX D

MAPS AND SECTIONS

f

W-

Figure 1: Total Magnetic Field Plan Map over Iron Mask North Grid

ONTARIO MINISTRY OF NORTHERN DEVELOPMENT AND MINES

Work Report Summary

Transaction No: W0470.00097 Status: APPROVED (D)

Recording Date: 2004-JAN-14 Work Done from: 2003-APR-28

Approval Date: 2004-APR-13 to: 2003-JUL-28

Client(s):

116945 CHAMPION BEAR RESOURCES LTD.

Survey Type(s):

ASSAY GEOL MAG

Work Report Details:

Claim*

S

S

S

S

S

S

S

S

S

S

S

S

S

S

sssss ssssss s sssssss s s

1043524

1098665

1098666

1163246

1174457

1179647

1179649

1197716

1197717

1197718

1197722

1197723

1210838

1210839

1210840

1210841

1210842

1211181

1211272

1211355

1211360

1211361

1214588

1214589

1214820

1214955

1215824

1218245

1218246

1218247

1229443

1229444

1229729

1230789

1230847

Perform

59,073

55,670

SO

51,135

33,969

SO

SO

53,403

SO

55,103

SO

56,804

S1.135

S9.073

56,804

52,268

53,402

S1.134

S1.134

5567

52,268

5567

SO

SO

53,402

50

SO

SO

SO

SO

52,268

52,268

S6.804

SO

SO

Perform Approve

59,073

55,670

SO

51,135

S3, 969

SO

SO

S3.403

SO

S5.103

SO

56,804

S1.135

59,073

56,804

52,268

S3.402

51,134

51,134

5567

S2.268

S567

SO

SO

S3.402

SO

SO

SO

50

SO

S2.268

52,268

S6.804

SO

SO

Applied

so54,000

54,000

5800

52,800

51,476

56,000

52,400

S4.800

53,600

56,400

54,800

S800

56,400

54,800

51,600

52,400

SO

SO

SO

SO

SO

56,400

54,400

SO

S2.000

56,400

51,600

5800

51,200

51,600

S1.600

54,800

52,400

5400

Applied Approve

5054,000

54,000

S800

S2.800

51,476

56,000

52,400

S4.800

53,600

56,400

54,800

5800

56,400

54,800

S1.600

52,400

SO

SO

SO

SO

SO

56,400

S4.400

SO

52,000

56,400

51,600

5800

S1.200

S1.600

S1.600

54,800

52,400

S400

Assign

S9.073

S1.670

SO

5335

S1.169

SO

50

51,003

SO

S1.503

50

52,004

S335

52,673

52,004

5668

51,002

51,134

51,134

5567

52,268

S567

SO

SO

S3.402

SO

SO

SO

SO

SO

5668

5668

S2.004

SO

SO

Assign Reserve Approve Reserve Approve

9,073

1,670

0

335

1,169

0

0

1,003

0

1,503

0

2,004

335

2,673

2,004

668

1,002

1,134

1,134

567

2,268

567

0

0

3,402

0

0

0

0

0

668

668

2,004

0

0

SO

SO

SO

SO

SO

SO

SO

SO

50

SO

SO

SO

SO

SO

SO

sososoSO

5050SOSOSO

so so soSO

SO

soSO

so50

SO

SO

sososoSOSO

50SO

SO

SO

5050sosososoSO

SO

50soSO

5050SO

SO

SO

so sosoSO

soSO

sosoSO

50

Due Date

2004-AUG-03

2005-APR-25

2005-APR-25

2005-MAR-03

2005-APR-19

2005-APR-02

2005-APR-02

2005-FEB-23

2005-FEB-23

2005-FEB-23

2005-FEB-23

2005-FEB-23

2005-JAN-18

2005-JAN-18

2005-JAN-18

2005-JAN-18

2005-JAN-18

2004-AUG-24

2004-AUG-24

2004-AUG-24

2004-AUG-24

2005-AUG-24

2005-FEB-23

2005-FEB-23

2004- J UN-26

2005-APR-08

2005-APR-08

2005-APR-08

2005-APR-08

2005-APR-08

2005-MAR-02

2005-MAR-02

2005-FEB-23

2005-FEB-27

2005-APR-20

t**H

H- H1

toO H 0

to

to ~J oH 00

CARTIER

VO 0 0

2004-Apr-28 08:37 armstrong-d Page 1 of 2

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

* * * * * -x X. *v

e*-

Fiqure 2: TMF First Derivative Plan Map over Iron Mask North Grid

ONTMIO MINISTRY OF NORTHERN DEVELOPMENT AND MINES

Work Report Summary

Transaction No: W0470.00097

Recording Date: 2004-JAN-14

Approval Date: 2004-APR-13

Work Report Details:

Claim#

S

S

S

S

S

S

S

S

S

1230856

1231178

1235410

1235411

1241362

1241363

1241364

1246436

1249906

Perform

86,804

SO

89,073

34,536

S568

S568

82,268

89,073

81,135

5112,276

External Credits:

Perform Approve

86

89

84

,804

SO

.073

,536

S568

S568

82

89

81

S112

SO

,268

,073

,135

,276

Status: APPROVED (D)

Work Done from: 2003-APR-28

to: 2003-JUL-28

Applied

S4.800

8800

56,400

53,200

SO

SO

SO

S6.400

SO

5112,276

Applied Approve

S4.800

5800

56,400

S3.200

SO

SO

SO

S6.400

SO

5112,276

Assign

52,004

SO

S2.673

51,336

8568

S568

52,268

52,673

51,135

S49.076

Assign Reserve Approve Reserve Approve

2,004

0

2,673

1,336

568

568

2,268

2,673

1,135

S49.076

80

80

80

SO

80

80

80

8080

80

80SO

SO

SO

SO

SO

SO

SO

SO

SO

Due Date

2005-MAR-16

2005-APR-16

2005-FEB-23

2005-FEB-23

2004-JUL-15

2004-JUL-15

2004-JUL-15

2005-FEB-21

2004-JUN-22

Reserve:SO

SO

Reserve of Work

Total Remaining

Report*: W0470.00097

Status of claim is based on information currently on record.

2004-Apr-28 08:37 armstrong-d Page 2 of 2

Matrix GeoTechnologtes Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

r

Figure 3: Total Magnetic Field Plan Map over Iron Mask South Grid

np

ONTARIO MINISTRY OF NORTHERN DEVELOPMENT AND MINES

Transaction No:

Recording Date:

Approval Date:

Client(s):

116945

Survey Type(s):

W0470.00098

2004-JAN-19

2004-APR-18

Work Report Summary

Status: APPROVED (D)

Work Done from: 2003-APR-28

to: 2003-JUL-28

CHAMPION BEAR RESOURCES LTD.

ASSAY PROS P

Work Report Details:

Claim* Perform

S 3009786 31 92

S 3016112 31,442

51,634

External Credits:

Reserve:

Perform Applied Assign Reserve Approve Applied Approve Assign Approve Reserve Approve Due Date

S192 3192 3192 SO 0 50

31,442 51,442 31,442 SO 0 SO

81,634 31,634 31,634 SO SO SO

SO

SO Reserve of Work ReporW: W0470.00098

SO Total Remaining

Status of claim is based on information currently on record.

50 2005-AUG-11

SO 2005-AUG-11

SO

2004-Apr-27 09:46 armstrongjj Page 1 of 1

Matrix GeoTechnologies Ltd.Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

r

r

fm ft* - vnu. KAMM

Figure 4: TMF First Derivative Plan Map over Iron Mask South Grid

Ministry ofNorthern Developmentand Mines

Date: 2004-APR-22

CHAMPION BEAR RESOURCES LTD. 2005-9TH STREET, S.,W., CALGARY, ALBERTA T2T 3C4 CANADA

Ministere du Developpement du Nord et des Mines Ontario

GEOSCIENCE ASSESSMENT OFFICE 933 RAMSEY LAKE ROAD, 6th FLOOR SUDBURY, ONTARIO P3E 6B5

Tel: (888) 415-9845 Fax:(877)670-1555

Dear Sir or Madam

Submission Number: 2.27018 Transaction Number(s): W0470.00097

W0470.00098

Subject: Deemed Approval of Assessment Work

We have approved your Assessment Work Submission with the above noted Transaction Number(s) as per 6(7) of the Assessment Work Regulation. Only eligible assessment work is deemed approved for assessment work credit. The attached Work Report Summary indicates the results of the approval.

NOTE: The report has not been reviewed for technical deficiencies and reported expenses were not evaluated based on the Industry Standard.

At the discretion of the Ministry, the assessment work performed on the mining lands noted in this work report may be subject to inspection and/or investigation at any time.

If you have any question regarding this correspondence, please contact BRUCE GATES by email at bruce.gates@ndm.gov.on.ea or by phone at (705) 670-5856.

Yours Sincerely,

Ron C. GashinskiSenior Manager, Mining Lands Section

Gc: Resident Geologist

Champion Bear Resources Ltd. (Claim Holder)

Assessment File Library

Champion Bear Resources Ltd. (Assessment Office)

Joe Hinzer (Agent)

Visit our website at http://www.gov.on.ca/MNDM/LANDS/mlsmnpge.htm Page: 1 Correspondence 10:19313

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

•r

Figure 5: Total Magnetic Field Compilation Plan Map over Iron Mask Grid

n

Matrix GeoTech no logics Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

r

r

nFigure 6: Interpretation Plan Map over Iron Mask North Grid

Matrix GeoTechnologies Ltd. Magnetic Survey

Champion Bear Resources Ltd. Iron Mask Property

Figure 7: Interpretation Plan Map over Iron Mask South Grid

Dt'"Lonaamowiwsuu. lu

Minimi iviining

Ma D"nap

HH H

of-1

Hw

Mo o

449000E 450000E 451000E 455000E 4970006 4580006 459000E 461MOE 4620006

5185000N

S164000N

6162000N

460000E 462000E

I Minnxi RocciKMn' onuaol Hw Mtntotiy of Norinixn Mfrffi pulpwos B^ th* wntrralten stuttn on thft nu

(ray "W 6* *bta*wl ttios^ti Ilw teal Len^ T*tj* gf R^Mty also, ci Ilw wnfclty ot l*lural ffe.oHKvi.

(tonjl IrHoirmikWi nmr*1 si i. CowNjiBrwM arc) WWW

General Information and Limitations

Date ; Time of Issue: Wed Apr 21 11 :20:28 EOT 2004

TOWNSHIP / AREA PLAN HART G-40S8

ADMINISTRATIVE DISTRICTS 7 DIVISIONS

Mining Division SudburyLand Titles/Registry Division SUDBURYMinistry of Natural Resources District SUDBURY

TOPOGRAPHIC Land Tenure

rJ'j BL.ffcw* Anil Hif*ia ftt

.!"i"l Quttac* Rifltn* Only

Henna) a a&Mf

m ffi a t*]

s

LAND TENURE WITHDRAWALS

i (EM j iVMtWttamwnfton

IMPORTANT NOTICES

•ut** 1:1*00*

LAND TENURE WITHDRAWAL DESCRIPTIONSTyt* Oaw Owe rt pt tol

AND ARMSTROMO LAKES,

W)nrirWtw*n WITMWAWHIioiHtMUna wA. SwNoivi

OonRaiMrva Warn Cw* HI, 2W Omvn L) lw QM Pint 0an*jrvi*tkrn Riitivt

1CC30 W-U-CJOiw OUT MAT itf&S M*? - MCHKO, |tih wtiwm*H itmt nut no* h**o

3EC3AW-L.K'3WIII) DNT M Ay 11*9* MSS - Sialic*, ini* wtlMrura! sw* hat now Pawn reouUhm 419 Oawoivatkm Rw*rv*. t*mut It* Ppovinciil MHnfl Ro&QKhn1* Oik* rurlhe

SEC, SS W-Ll-CaW.eV ONT MAY tS'tB MtS - HstKO, fl**HI*JtBwli *n™ Iwi now

tsflutitarl bonner/ tt tl fi-ac gu twywid this WtMraflnl Older W-LU-F20i Warn Put ffi. IMS 'n toot-" rmp:;,'vfw*,rmjmeov,on.

W-IL-CPOTSB Wum

wim Mivm m*

Wwn Mar li, 1 B

wnrrfniiwiia j3MNng At!i Rio is Clftfc W vtow i*1u(*l IMW wBMnivn **;*

Wnm Jtn 1, ma 9CC.1ti.1SVf.Xtm 5ftMWvn Del 20, 2001 OiMnut rttwst Pn^nMi CumWvn Julflfe 3001 OEC 35 W-U.-fMS2,'Ot OWT JULV20'OI U*SWtim fcMyl?, *(WS 5EC.WW-l-L-P1SJ.WONTMar UCSHMtS fSOOmFRDMWl All 14. IMf QEC,Sl,'H(IW.*;flJM'0;.Bie.RO iaT8S5

.'CK.'CS OounSiir^noniiralh-ttcpe-t* *itfi wtthriM'

2.27018 MAG ASSAY GEOL

449000E 449500E 450000E 450500E 451000E 452000E 452500E 453000E 453500E

f, DDH 39a f,DDH 31

:9aDDH

Legend:

PRECAMBRIAN

LATE PRECAMBRIAN

MAFIC INTRUSIVE ROCKS

11 a. Olivine diabase

b. Mafic or diabase dyke

c. Sudbury breccia

INTRUSIVE CONTACT

NIPISSING DIABASE/GABBRO

a. Fine-lo medium-grained diabase,

b. Pyroxene gabbro,

c. Hornblende metagabbro, amphibolite

INTRUSIVE CONTACT

HURONIAN SUPERGROUP

COBALT GROUP

Lorrain Formation

a. Feldspathic arenite,

b. Green, micaceous pebbly arenite,

c. Buff and red hematitic arenite,

d. White quartz arenite

e. C last-supported conglomerate, matrix-

supported conglomerate, and pebbly arenite,

f. Siltstone

Gowganda Formation

a. Polymictic matrix-supported conglomerate.

b. Polymictic clast-supported conglomerate,

c. Quartz-feldspar arenite,

d. Wacke, siltstone,

e. Laminated argillite, siltstone,

f. Arenite-siltstone slump breccia

QUIRKE LAKE GROUP

Serpent Formation

a. Quartz-feldspar arenite,

b. Hematitic arenite,

c. Siltstone, wacke,

d. Conglomerate, pebbly arenite,

e. Calcareous arenite

Espanola Formation

a. Limestone,

b. Dolomitic limestone, dolostone,

c. Siltstone, calcareous siltstone,

d. Arenite, calcareous sandstone,

e. Scapolite wollastonite hornfels

UNCONFORMITY-FA ULT CONTACT

FELSIC INTRUSIVE AND METAMORPHIC ROCKS

Massive Felsic Plutonic Rocks

Foliated to Sheared Plutonic Rocks

Symbols:

Outcrop

Geological index

Diamond drill hole (vertical projection)

' Veins: quartz, magnetite or quartz-magnetite

XS 4880 Grab sample

(T.S.) Sudbury breccia - confirmed thin section (T.S.)

12108411 Claim line and number

100

Metres

500

IRON MASK PROPERTYHart Twps., Sudbury Mining District, Ontario

GEOLOGICAL MAP 1 S1 - NORTH GRID

WGMDRAWN BY: WGM

PROJ. CODE: CBA IRM

MAPSHEETNa

January 12,2004

1:5,000

FILENAME:CBA EXP \ S1 \ IRM-22-S1.Comp-GeoL.Assessment.dwg

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449500E 450000E 450500E 451000E 451500E 452000E 452500E 453000E 454000E

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Legend:

PRECAMBRIAN

LATE PRECAMBRIAN

MAFIC INTRUSIVE ROCKS

a. Olivine diabase

b. Mafic or diabase dyke

c. Sudbury breccia

INTRUSIVE CONTACT

NIPISSING DIABASE/GABBRO

a. Fine-to medium-grained diabase,

b. Pyroxene gabbro,

c. Hornblende metagabbro, amphibolite

INTRUSIVE CONTACT

HURONIAN SUPERGROUP

COBALT GROUP

Lorrain Formation

a. Feldspathic arenite,

b. Green, micaceous pebbly arenite,

c. Buff and red hematitic arenite,

d. White quartz arenite

e. C last-supported conglomerate, matrix-

supported conglomerate, and pebbly arenite,

f. Siltstone

Gowganda Formation

a. Polymictic matrix-supported conglomerate,

b. Polymictic clast-supported conglomerate,

c. Quartz-feldspar arenite,

d. Wacke, siltstone,

e. Laminated argillite, siltstone,

f. Arenite-siltstone slump breccia

QUIRKE LAKE GROUP

Serpent Formation

a. Quartz-feldspar arenite,

b. Hematitic arenite,

c. Siltstone, wacke,

d. Conglomerate, pebbly arenite,

e. Calcareous arenite

Espanola Formation

a. Limestone,

b. Dolomitic limestone, dolostone,

c. Siltstone, calcareous siltstone,

d. Arenite, calcareous sandstone,

e. Scapolite wollastonite hornfels

UNCONFORMITY-FAULT CONTACT

FELSIC INTRUSIVE AND METAMORPHIC ROCKS

Massive Felsic Plutonic Rocks

Foliated to Sheared Plutonic Rocks

Symbols:

X S 2355 Grab sample

Outcrop

Geological index

Diamond drill hole (vertical projection)

Sudbury breccia

Claim line and number

Field Grid

100

Metres

500

*s*'i i

WORK BY:

DRAWN BY:

PRO). CODE:

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IRON MASK PROPERTYHart Twps., Sudbury Mining District, Ontario

GEOLOGICAL MAP 2S2 - SOUTH GRID M\\

WGM l*P8HBTIte 1of1 ^ 1:5,000 ^

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WGM UP-TO-DATE: jgnuafy 12 2(K)4 "W DATUM: ^^053, Zone 17

/^DA ion FILENAME:CBA IRM CBA EXP \ S2 \ IRMJS.Sa.Comp.GeoLAssessment.dwg

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