Highlights Summary Acquisition
Agreement
Location and
Climate
Land Status Exploration
History
Geology Exploration
Potential
Gold
Resources
Environmental
Regulatory
SRK
Study
Project
Costs
Project
Development Description

Preliminary Economic
Projections
Risks and
Opportunities

UPDATED SEPTEMBER 1-07

Highlights


650,000 ounce high-grade deposit (> 0.25 opt), 400,000 in measured and indicated categories plus an additional 248,000 ounces in the inferred resource category (see news release of February 17, 2005)

Approximately US $40 million spent by previous owners

Acquisition cost less than $1 per ounce

Large complement of mining equipment included in sale

Holding costs C$125,000 per annum

SRK engineering study estimates 8 year operation with life-of-mine cash operating costs of US$213 per ounce (see news release of September 23, 2003)

Red Mountain Property