455 Exploration Projects Have Been Completed

Back grounder • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

MEAP STATISTICS Since 1999, up to and including the November 2007 offering:

 455 exploration projects have been completed,

 $131.8 million in exploration expenditures have been reported, and

 $16.3 million in exploration expenditures have been funded under the program

For every $1 million in financial assistance invested through MEAP, $8.1 million in exploration expenditures are made within the province. Increased exploration activity boosts local economies, contributes to the province’s geoscience knowledge base and identifies new ore bodies that have the potential to be Manitoba’s next mine.

OTHER MANITOBA EXPLORATION AND MINING HIGHLIGHTS

 The value of metallic and industrial mineral production hit a record $2.5 billion in 2007, tripling in value since 2003.

 The preliminary estimate for 2007 company spending on exploration in Manitoba is $87.9 million, an all-time high and a 66 per cent increase from 2006 spending of $52.9 million. For 2008, company spending intentions are estimated at $116.9 million.

 In 2007, HudBay Minerals discovered the Lalor Lake zinc-copper deposit near Snow Lake. The deposit has a potential mineral resource to date of 18 to 20 million tonnes at 7.7 to 8.8 per cent zinc which the company believes to be the most significant new zinc discovery in Canada in many years.

 Building on its successful 2007 exploration program, HudBay Minerals announced plans to spend $42.8 million for its 2008 exploration program of which $36.5 million is targeted for the Flin Flon greenstone belt in Manitoba and Saskatchewan.

 Vale Inco (formerly CVRD Inco) invested $100 million in capital projects in 2007 and in October, the company announced intentions to work toward extending the life of its Thompson facilities to 2027 and beyond.

 Crowflight Minerals has received its environment act licence from the Province of Manitoba allowing the company to commence production at the Bucko Lake Nickel Project located near Wabowden. Crowflight plans to commission the processing plant this summer and reach full production in early 2009.

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 The following projects, which have all received MEAP funding to further their efforts, are undergoing pre-feasibility studies for possible new mine development:

- Independent Nickel Corporation at the former producing Lynn Lake nickel-copper mine,

- Mustang Minerals’ Maskwa nickel-copper project in southeastern Manitoba,

- Victory Nickel’s Minago nickel-copper project northwest of Lake Winnipeg,

- Carlisle Goldfields gold project at the past-producing MacLellan mine,

- Rolling Rock Resources’ Monument Bay gold project in northeastern Manitoba, and

- Black Pearl Minerals at its Ferro/Wekusko gold property east of Snow Lake.

 In addition to MEAP, Manitoba offers other financial initiatives to boost exploration in the province:

- the Manitoba Mineral Exploration Tax Credit, which was renewed for another year in 2007, provides tax incentives for Manitobans who invest in exploration in the province, and

- the Manitoba Prospectors Assistance Program, offering $100,000 annually to encourage mineral prospecting in the province, was renewed for another three years as of April.

MEAP GENERAL PROGRAM INFORMATION Financial assistance for mineral exploration is available through MEAP. The program was renewed for an additional three years which started with the April 2008 offering and will offer almost $2.5 million of assistance annually through two offerings that correspond to the typical spring/summer and fall/winter mineral exploration phases.

A map showing the location of the MEAP projects and more information on MEAP is available at www.manitoba.ca/iedm/mrd/busdev/incentives/index.html.

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MINERAL EXPLORATION ASSISTANCE PROGRAM April 2008 Offering Approved Projects

Assistance Company Commodity Allocation $

Bison Gold Exploration Inc. Gold 31,543

Callinan Mines Limited (two projects) Nickel, uranium 60,183

CanAlaska Uranium Ltd. Uranium 34,315

Copper Reef Mining Corporation (two projects) Gold, copper 57,078

Crowflight Minerals Inc. Nickel 34,315

Cuprus Mining Corp. Zinc 27,936

De Beers Canada Inc. Diamonds 30,907

Dene Tzi Exploration Ltd. Gold 22,200

Endowment Lakes (2002) Ltd. (two projects) Gold 24,616

Geophysical Prospecting Inc. Nickel 25,908

Gossan Resources Limited Silica sand 15,383

Halo Resources Ltd. Copper 34,315

Harvest Gold Corp. (two projects) Gold 35,653

*Hinterland Metals Inc. Gold 34,315

Hudson Bay Exploration and Development Company Limited (two projects) Copper 61,276

Kria Resources (two projects) Gold, copper 57,113

Lynn Lake Nickel Mining Company Nickel 31,397

Murgor Resources Inc. Copper 26,019

Mustang Minerals Corp. Lithium 14,934

New Britannia Mine Ltd. Gold 34,315

Peregrine Diamonds Ltd. (two projects) Diamonds 68,630

Puma Exploration Gold 34,315

Pure Nickel Inc. (two projects) Nickel 68,630

Rockcliff Resources Inc. (two projects) Copper 60,033

*Temex Resources Corp. Uranium 10,362

Tiberius Gold Corp. Gold 34,315

VMS Ventures Inc. (two projects) Nickel, copper 63,191

Western Areas NL Nickel 31,050

Wildcat Exploration Ltd. (two projects) Gold, copper 35,751

* New Company to Manitoba