The Goldex mill processed an average of 7,893 tpd in the third quarter of 2010, continuing to exceed the 2010 mine plan of approximately 6,900 tpd. During the third quarter of 2009, the plant processed 7,342 tpd. Goldex is now operating close to its expanded steady-state rate of 8,000 tpd. This expansion is essentially complete, ahead of schedule.

Minesite costs per tonne at Goldex were approximately C$21 in the third quarter of 2010, in line with the C$21 per tonne achieved in the third quarter of 2009.

Payable gold production in the third quarter of 2010 was 50,672 ounces at total cash costs per ounce of $288. This compares favourably to the third quarter of 2009 when gold production was 31,169 ounces at total cash costs per ounce of $428. The higher ounce output is largely due to the higher throughput and the resumption of mining from the higher grade central pillar, when compared to 2009 (grade up 45% over the comparable period). 6

For the nine months ended September 30, 2010, total cash costs at Goldex were $325 per ounce on gold production of 141,275 ounces. Total cash costs per ounce during the comparable nine month period in 2009 were $371 on gold production of 102,774 ounces. The improvement in production and costs continues to reflect optimization of throughput and the resumption of mining in the higher grade central pillar.

Life of mine average annual gold production is expected to be approximately 168,000 ounces per year through 2017.

The final production blast for the current orebody is scheduled for late 2010 (to be followed by approximately seven years of extraction). As a result, the focus has shifted to exploration and potentially extending the mine life by adding nearby zones, such as the "M", "D", "E" and "S" zones, into the mine plan.

Development is already underway on the "M" zone, while studies on the other zones are expected to be completed in 2011. First production from the "M" zone is expected to be in 2013.

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Gross mine profit looks very good.