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Red Lake Property
 The Corporation has entered into separate agreements with Sphere Resources Inc. (“Sphere”) with respect to two properties in the Red Lake mining district of north-western Ontario, Canada, commonly referred to as the “Dome” and the “McManus” properties. The map at right shows the location of the claims in relation to the municipality of Red Lake and the surrounding projects including known gold “showings”, and current and past producing mines. Pursuant to the agreements, which are described fully below, the Corporation has acquired Sphere’s right to earn a 75% interest in the Dome property and a 100% interest in the McManus property by assuming Sphere’s earn-in obligations, subject to Sphere’s right to claw back a 51% interest in either property by the payment to the Corporation of four times the amount expended for the property and subject to Net Smelter Royalty obligations (“NSR’s) to the underlying property owners. The result of the agreements is that the Corporation has the right to earn into 75% of the Dome property at a cost of approximately $1,200,000 subject to Sphere’s right to claw back 51% at a cost to Sphere of approximately $4.8 million, leaving the Corporation with 24%, and the right to earn a 100% interest in the McManus property at a cost of approximately $1,200,000 subject to Sphere’s right to claw back 51% at a cost to Sphere of $4.8 million leaving the Corporation with 49%.
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