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New Pass Property, Nevada

In February, 2008 Bonaventure released results for the 33 hole / 16,785 feet (5,117 m) 2007 Reverse Circulation (RC) drilling program. The Company discovered a mineralized fault well west of the known Mineral Resource at New Pass and extended the mineralized system west, north and east. In order to follow these extensions a Plan of Operation is being completed with the Bureau of Land Management (BLM) that will allow a much expanded drilling program.

In May, 2008, the Company resumed exploration drilling. The plan calls for 12,000 feet of reverse circulation drilling.

Based on expenditures incurred and work completed during the year ended August 31, 2008 the Company received confirmation the Option Agreements to acquire 60% of the New Pass property are in good standing.

K9 Property

Uranium is present as disseminated uraninite within paragneisses, pegmatites and granites along a series of NW-SE hills averaging more than 65 m in height. Exploration to date indicates a significant two-dimensional uranium system in the near-vertical dipping lithologies. The uranium system is open laterally and at depth. The Company’s objective over the next 18 to 24 months as part of Phase 2 and 3 programs will be the definition of NI 43-101 compliant mineral resources. Targets are currently being drilled to determine continuity and grade of the uranium mineralization in a 10,000 m Phase 2 delineation drilling program. The Phase 2 drilling, which commenced in March 2008, consists of two tranches. The initial 6,000 m will test all uranium anomalies of the A-B Zones with no less than 2 – 3 holes drilled at average depths of 150 m per target. The remaining 4,000 m consists of delineation drilling to confirm continuity and grades of the uranium mineralization on the best targets.

The Company has completed 4,229 m on a 2 km segment within the eastern portion of the property (ie., “B” Zone). The drilling to date has already confirmed that the higher levels of uranium in surface grab samples and broad radioactive zones at surface based on the spectrometer readings taken in 2007 are continuous at depth as a series of uranium enriched zones of variable widths. These broad radioactive zones tend to be more concentrated in multiple lenses of varying widths based on single drill hole intercepts. Broad-multiple spiked radioactive anomalies have a minimum ten-fold increase in background radioactivity, and can extend over tens of meters in width, up to 93 m in K9-11, and is the norm for the holes drilled to date. A total of 23 of 25 drill holes have uranium mineralization: 19 holes show grades of 0.01% U3O8 or better; 5 drill holes (K9-03, 09, 11, 13 and 21) intersected 50-100 m wide intervals containing grades greater than 0.01% U3O8, including 0.025% U3O8 over 5.1 m and 0.013% U3O8 over 11.2 m in K9-03. The remaining 85% of the drill core samples are expected to be assayed early in 2009.

LIQUIDITY AND CAPITAL RESOURCES

At August 31, 2008 the Company had a working capital deficiency of $45,847 and a cumulative deficit of $19,379,889. The cash component of working capital at the end of the period was $2,182,380. Management considers its cash-on-hand at August 31, 2008 together with subsequent financings may not be sufficient to fund its recommended exploration work, planned acquisition program and corporate overhead to the end of the Company’s 2009 fiscal year. Accordingly, the Company is continuing to seek additional funds through various means including the issuance of equity and/or debt.

To date, the Company’s ongoing operations have been financed primarily by private placements and the exercise of warrants or stock options.

On December 31, 2008 the Company closed a private placement of 22,971,160 flow-through units at a price of $0.025 per unit to raise proceeds of $574,279. Each unit is comprised of one flow-through common share of the Company and one transferable share purchase warrant, each warrant exercisable to purchase one non-flow-through common share for a period of two years following the closing, at a price of $0.10 per share during the first year and $0.15 per share during the second year.

Outstanding Share Data: At January 8, 2009 the Company had 119,644,953 common shares outstanding.

Subsequent to YEAR ENDED AUGUST 31, 2008 the Company entered into the following significant transactions:

1) On July 11, 2008 the Company signed a Letter of Agreement with Uracan Resources Inc. whereby Uracan can acquire a 75% interest in the Foster Lake Project located in the Four Lakes property in northern Saskatchewan. Uracan will over a term of five years pay approximately $870,000 in cash, issue 1,250,000 Uracan shares to the Company, and incur $5,000,000 in exploration expenditures on the Property. This transaction was accepted by the TSX-V Exchange on October 7, 2008.

2) On November 19, 2008, the Company received acceptance from the TSX-V Exchange on the Monte Christo acquisition and on November 21, 2008, 375,000 common shares were issued as finder’s fee for the purchase of the property.

3) On December 17, 2008 the Company received acceptance from the TSX-V Exchange on the North Shore Syndicate acquisition, and on December 17, 2008, 812,500 common shares were issued as finder’s fee for the purchase of the property.

4) On December 31, 2008 the Company closed a private placement of 22,971,160 flow-through units at a price of $0.025 per unit to raise proceeds of $574,279. Each unit is comprised of one flow-through common share of the Company and one transferable share purchase warrant, each warrant exercisable to purchase one non-flow-through common share for a period of two years following the closing, at a price of $0.10 per share during the first year and $0.15 per share during the second year.