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Property of Merit Reports

Appraisals of mineral exploration potential and of exploration programs proposed for the development of mineral properties are made by suitably experienced Qualified Persons, a term that is defined in the CIM definition standards.

Reports that disclose technical information about exploration or other mining properties to the public in Canada are governed by a number of securities regulations, principally Canadian National Instrument 43-101. The 2011 version of NI 43-101 can be obtained from the Ontario Securities Commission website www.osc.gov.on.ca.

Where appropriate, in terms of NI 43-101, an issuer may disclose in writing the potential quantity and grade, expressed as ranges, of a target for further exploration if the disclosure:

(a) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource; and

(b)states the basis on which the disclosed potential quantity and grade has been determined.

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