MMU lost $364871 in the 1st quarter.

Capital Resources
At March 31, 2008, the Company’s working capital surplus of $679,127 is sufficient to carry out its planned exploration programs for 2008 for the majority of the year. The Company finances its exploration operations by equity financings and joint-venture participations and will enter into such
arrangements upon the recommended by management and approved by the Board of Directors.

Projects

The Company has seven exploration projects in the Rice Lake gold belt comprising 158 claims covering 8,177 hectares. The projects are subdivided into the Goldridge, Ultra, Poundmaker, Angelina, Gem,
Beresford Lake and Strike Point properties. Exploration activities during the first quarter of 2008focused on the Goldridge, Ultra and Poundmaker properties.
Goldridge
The Goldridge property consists of 18 claims covering approximately 4,420 hectares in the west end of the
Rice Lake gold belt. 15 of these claims were staked in June 2007 which effectively doubling the size of the
Goldridge area.
Ultra
The Ultra property consists of 15 claims covering approximately 3,440 hectares in the west end of the Rice
Lake gold belt.
Poundmaker
The Poundmaker property consists of 72 claims covering approximately 12,176 hectares adjacent and to the east of the Company’s Goldridge properties. In February 2008, the Company signed an option agreement (the “Poundmaker Option Agreement”) to earn up to a 100% interest in a portion of Wildcat Exploration Ltd.’s (“Wildcat”) Poundmaker property for consideration comprised of cash plus common shares of the Company payable as follows:
- $25,000 cash paid upon execution of the Poundmaker Option Agreement and 500,000 common shares of the Company issued on February 25, 2008 upon receipt of approval of the transaction by
the TSX Venture Exchange and valued at $95,000 based on the trading price of the Company’s
shares on the date of issue;
- $50,000 cash on or before June 30, 2008; and
- at Wildcat’s option, $100,000 cash or $50,000 cash plus up to 2 million common shares of the Company having an market value at the time of issuance of $100,000, for each year of the five year term of the Poundmaker Option Agreement.
In addition, the Company has agreed to incur exploration expenditures of $5 million during the term of the Poundmaker Option Agreement. After the Company has incurred $4 million of exploration expenditures, Wildcat has the option to retain up to a 35% participating interest or to hold a 2% net smelter royalty in the Property.
Angelina
The Angelina property consists of 16 claims covering approximately 2,004 hectares in the eastern end of the Rice Lake gold belt, approximately 27 kilometres east of San Gold Corporation’s producing mines near Bisset, Manitoba. The Angelina property covers a variety of geologic environments that are prospective for gold mineralization. Field investigation of geophysical anomalies is planned for 2008. Gem
The Gem property consists of 7 claims covering approximately 1,594 hectares in the extreme eastern end of the Rice Lake gold belt. The Gem property is considered to be prospective for gold on the basis of previous surface prospecting work performed by the Company that highlighted a visually identified gold-bearing zone, successful surface prospecting work performed on neighboring claims by another company, and the recommendation of the area by the Manitoba Geological Survey.
In September 2005, the Company entered into an option agreement with Grandview Gold Inc. (“Grandview”), an unrelated company, to jointly explore the Company’s 100% owned Gem property.
Grandview can earn a 50% undivided interest in the Gem property by performing $250,000 in exploration work on the property, at a cumulative rate of $125,000 by September 30, 2006 and $250,000 by September 30, 2007 (amended to December 31, 2008 in consideration of payment cnsisting of regional aeromagnetic data), such work to include a high-resolution aeromagnetic survey. Grandview is the operator of the property until such time as its option to earn the 50% interest is exercised. The Grandview option remains in force, all conditions having been met or extended by mutual agreement of the parties. In May 2008, the Company’s extended the terms of the option agreement with Grandview to December 31, 2008.
Beresford Lake
The Beresford Lake property consists of 10 claims covering approximately 2,320 hectares in the eastern end of the Rice Lake gold belt.
Strike Point
The Strike Point property is an optioned joint venture property located adjacent to San Gold Corporation’s producing Rice Lake Gold Mine. This property consists of 20 claims covering approximately 2,223 hectares. In 2006 and 2007, approximately $425,000 in exploration drilling was conducted in the southeast corner of the Strike Point property by the Company’s joint venture partner. The objective of the drilling was
to test for the extension of San Gold’s Cartwright gold deposit that lies immediately to the east of the Strike Point property. The drilling program failed to identify the extension of the Cartwright deposit westward into the Strike Point property. A ground prospecting program is planned for 2008.