Cowboy Zone, Lac des Iles mine, Thunder Bay, Ontario

Schematics:

Location of the Lac des Iles Mine	Cowboy Zone Projected to Surface	Cowboy Zone extends 250 metres along strike, 350 metres down dip and open in all directions
Tables:
Table 1 - Composited assay results for Phase 1 drilling of the Cowboy Zone, LDI Mine Table 2 - Collar and Depth Information for Drill Holes Penetrating the Cowboy Zone

The Cowboy Zone was discovered in June 2009 during infill drilling of the Offset Zone to support a prefeasibility study that is currently in progress. This new underground PGM discovery has the potential to significantly impact the economics and extend mine life at LDI. 

The Cowboy Zone is less than 50 metres away from the Offset Zone, and confirms the Company’s belief that the underexplored LDI minesite and 21,000 acre property have considerable upside potential.  Additional drilling will be conducted over the balance of the year to determine the magnitude of the resource in the Cowboy Zone and whether the zone extends to surface.

The Phase 1 (January to June 2009) Offset Zone infill drill program (38 holes for 18,500 metres on cross sections 499N to 504N) and analysis of historic data led to the discovery of the Cowboy Zone in the footwall to the Offset Zone.  Based on the available assay results (27 holes), the Cowboy Zone is located 30 to 50 metres down section to the west of the Offset Zone and extends for up to 250 metres along strike and 350 metres down dip. It remains open in all directions. Similar to the Offset Zone, the Cowboy Zone appears to consist of several mineralized subzones.

Following completion of the Phase 1 drill program a mineral resource estimate for the Cowboy Zone is planned for completion in the fourth quarter of 2009. Meanwhile a Phase 2 underground drill program will commence in July and finish in December 2009.  The primary focus of Phase 2 (42 holes for 15,000 metres on cross sections 505N to 511N) is infill drilling of the Offset Zone, but it also includes drilling to expand the lateral and vertical limits of the Cowboy Zone and test its orientation, geometry and internal continuity.

The best composited assay intercepts (Table 1) are 4 metres @ 5.10 grams per tonne (g/t) palladium (Pd) for hole 09-105 on section 503N, 4 metres @ 3.88 g/t Pd for hole 09-120 on section 502N, and 5 metres @ 4.46 g/t Pd for hole 09-202 on section 501N.