McFauld's remains the principal property of the Company, sandwiched as it is between the Noront discovery and the Freewest/Cliffs discovery. Moreover, this little known property, with its 12 drill holes, holds potential resources of both.

The Eagle One deposit of Noront lies 400 metres from Fancamp's NW boundary, and the Company's C-1 target has already yielded a narrow, but highly significant Eagle One type sulphide intersection carrying nickel and PGM's. There is little doubt that there is more such material to be found in this target, and the first priority pending settlement of First Nation's issues, is directed toward that end. The C-6 target, an Eagle One lookalike - ultrabasic material in a major NS fracture zone - is an additional first priority target. Major gravity anomalies are also present on the property, in particular, a very large one immediately south of the C-5 magnetic target, which is in all probability, an offset extension of the Big Daddy Chromite Deposit immediately to the east. This too, is a first priority target.

The Company's iron and iron titanium assets are world class in scale, and represent near to mid term production possibilities, especially with respect to the 16 iron ore properties optioned to Champion Minerals Inc. The Company has a potential end-of-the-day 17.5% contributing equity interest in this project together with an NSR. The dynamics of this process are interesting given the presence of Arcelor Mittal's operating Mount Wright a short distance away, and their expressed interest in achieving ever more vertical integration of their worldwide iron and steel operations.

The Company's 48.7% owned Magpie titaniferous magnetite deposit, one of the largest undeveloped deposits of its type in the world, is another asset, that will in time, contribute greatly to the Company's balance sheet. Extensive metallurgical work is planned to add value before presenting the project to potential partners.

The Company also holds tens of thousands of acres of prospective ground in the Quebec portion of the Appalachian Mountain chain. Some of this ground contains already defined VMS resources, and a recent detailed 3,300 line km VTEM survey suggests that some of these occurrences may be larger than previously thought. First priority targets defined by this survey will be tested in the coming field season.

A number of prospective uranium properties are also held by the Company, which is already in receipt of advance royalty payments from an earlier foray into uranium exploration. Joint venture possibilities are being considered in this case.