Pursuant to a purchase agreement dated December 1, 2007, the Company has agreed to sell the Jasper Property to Nitinat Minerals Corporation (“Nitinat”) in exchange for 13,367,904 special warrants ("Special Warrants") with a value of $2,063,208 once Nitinat has completed its initial public offering. That transaction is to close upon the closing of the initial public offering being undertaken by the purchaser. In that regard, on April 29, 2009, Nitinat received the receipt of the Ontario Securities Commission for its Long Form Prospectus. Closing of the initial public offering of the Corporation is expected to occur at the end of May, 2009. At that time, the sale of the Jasper Property to Nitinat Minerals Corporation will also be closed."

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