Table 1: Roby Zone Underground Reserves – Lac des Iles Mine

Location Tonnes (000s) Pd (g/t) Pt (g/t) Au (g/t) Cu (%) Ni (%) Reserve Proven 480 5.80 0.33 0.20 0.041 0.052 Probable 1,209 6.43 0.38 0.30 0.065 0.074 Proven & Probable 1,689 6.25 0.37 0.27 0.058 0.068

Notes:

1. Prepared by Richard Routledge, M.Sc., P.Geo., Principal Geologist for URS/Scott Wilson, an independent Qualified Person within the meaning of NI 43-101.
2. CIM definitions were followed for the estimation of Mineral Reserves.
3. Mineral Reserves for the underground Roby Zone were estimated at a cut-off grade of 4.5 g/t Pd.
4. Metal price assumptions of US$375/oz palladium, US$1,500/oz platinum, US$900/oz gold,US$7.00/lb nickel, and US$2.50/lb copper were used in the estimation of cut-off grade. A US$/C$ exchange rate of 1.11 was used.
5. Variable dilution has been applied according to anticipated over-break on footwall or hanging wall, and to the location of stopes with respect to hanging wall structures that affect over-break.
6. Mining extraction for the crown pillar is 100%. For Roby Zone stopes, extraction is 95%.

The resources of the Offset Zone were estimated by URS/Scott Wilson, published on May 27, 2010, and remain unchanged until the 2010 drilling can be incorporated.  Other resources have been reviewed and updated by URS/Scott Wilson. The next resource update for the Offset Zone, which will incorporate all of the 2010 drill results, is expected in the second quarter of 2011.

Table 2: Mineral Resource Summary – Lac des Iles Mine

Location Tonnes (000s) Pd (g/t) Pt (g/t) Au (g/t) Cu (%) Ni (%) Measured Resources Open Pit 3,722 1.99 0.23 0.17 0.08 0.07 Stockpiles 747 1.89 0.19 0.16 0.06 0.08 Total Measured 4,469 1.97 0.22 0.17 0.07 0.07 Indicated Resources Open Pit 2,565 2.20 0.24 0.18 0.08 0.07 RGO Stockpiles 13,365 0.97 0.12 0.08 0.03 0.06 Roby Zone Underground 3,144 7.62 0.44 0.33 0.06 0.08 Offset Zone Underground 8,628 6.29 0.42 0.40 0.11 0.14 Total Indicated 27,702 3.50 0.26 0.22 0.06 0.09 Total M&I Resources 32,171 3.28 0.26 0.21 0.06 0.08 Inferred Resources Offset Zone Underground 3,322 5.70 0.35 0.23 0.07 0.10

Notes:

1. Prepared by Jason Cox, P.Eng., Supervisor of Mine Engineering for URS/Scot Wilson, an independent Qualified Person within the meaning of NI 43-101.
2. CIM definitions were followed for the estimation of Mineral Resources.
3. Mineral Resources are inclusive of Mineral Reserves, which are contained in the Roby Zone underground mine.
4. Mineral Resource cut-off grades were estimated for a 14,000 tpd production scenario. Open pit and RGO stockpile resources are not economic at the current production rate.
5. Open Pit Mineral Resources were estimated at a pit discard cut-off grade of 1.8 g/t palladium equivalent (PdEq), within an optimized pit shell. Additional mineralization is present outside of the pit shell.
6. Mineral Resources in stockpiles were estimated at a cut-off grade of 1.9 g/t PdEq.
7. Mineral Resources for the Roby Zone underground mine were estimated at a cut-off grade of 5.8 g/t PdEq.  Resources include sill, rib, and crown pillars.
8. Mineral Resources for the underground Offset Zone were estimated at a cut-off grade of 4.0 g/t Pd (6.0 g/t PdEq).
9. PdEq factors were calculated separately for each area, based on operating cost and metallurgical performance estimates appropriate for those areas.
10. Metal price assumptions of US$350/oz palladium, US$1,400/oz platinum, US$850/oz gold, US$6.50/lb nickel, and US$2.00/lb copper were used in the estimation of PdEq and cut-off grade. A US$/C$ exchange rate of 1.11 was used. For the Offset Zone, metal price basis is: US$400/oz Pd; US$1,400/oz Pt;US$1,000/oz Au; US$3.00/lb Cu; US$8.50/lb Ni; US$20/lb Co. Exchange rate is 1.11 US$/C$.
11. Effective dates are variable for the various areas of Mineral Resources.