McFaulds Lake - "Ring of Fire"

The McFaulds Lake joint venture currently holds approximately 27,000 hectares with additional staking currently in progress.

Goldeye, in conjunction with 50:50 partner Tribute Minerals Inc., has staked 90 claims covering 19,200 hectares in nine blocks.

The claims are located along the "Ring of Fire" approximately 45 kilometres west of the Double Eagle discovery. The claims protect several airborne magnetic anomalies that are interpreted to exhibit similarities to that associated with the Noront discovery. Peridotite, which hosts the Cu-Ni-PGE mineralization at the Double Eagle zone, was encountered on one of the claims groups during the staking.

The massive sulphide base metal potential is related to central volcanic complexes in board of the zone of mafic and ultramafic intrusions.

An airborne VTEM flown in March 2008 in the southwestern “Ring of Fire” area encompassing approximately 1860 km resulted in the discovery of multiple high priority coppernickel and copperzinc conductive zones.

A second VTEM survey and geophysical ground surveys have been recommended for the second batch of unsurveyed claims with the expectation that additional conductors will be revealed in subsequent data analysis.

On June 25, 2008, the Company and Goldeye jointly announced that they rolled their respective interests in their land holdings in the McFaulds Lake property into a new company known as “McFaulds Resources Inc.” (“MFR”) Each of Tribute and Goldeye retained a 1% NSR in the Property and each hold 14,000,000 common shares of MFR. It is intended that MFR will file a prospectus to acquire a listing on a recognized.

Goldeye and Tribute will retain a 1% net smelter return royalty (“NSR”) in the property and will each receive 14,000,000 McFaulds common shares (8,000,000 of which are to be distributed to the parent companies’ shareholders) when the agreement to transfer the property is signed.

As of November 28, 2008, Goldeye and Tribute have not rolled their interests in the Property to McFaulds. In view of market conditions subsequent to the reporting period, Goldeye and Tribute are reviewing various options relating to the property.