GEOLOGICAL REPORT

on the

NO Cents #2 claim

Skeena Mining Division

Bella Coola, NTS 93 D!O38

Latitude: 127” 40’ Longitude: 52’ 22’

for

200711177 West Hastings, Vancouver, B.C., V6E 2K3 Canada

March 25,2002 TABLE OF CONTENTS

Page

1.O NI’RODUCTION ...... 1

2.0 DETAILED TECHNICAL D-AT.4 AND INTERPRETATIOh-...... 6

3.0 ITEMIZED COST STATEMEKT ...... 8

4.0 AUTHOR’S QU.4LIFICATIONS., ...... 9

5.0 REFERENCES ...... 0

FIGURES

Figure 1 Location Map - B.C. coast map ...... 1 Figure 2 Location Map - road map ...... 2 Figure 3 Nusatsum Pit and No Cents #2 claim area ...... Figure 4 BC Ministry of Energy and Mines - Claim Map ...... 5 Figure 5 No Cents #2 claim-Geology - Sample location ...... r

TABLES

Table 1 Tenure ...... 4

ILLUSTRATIONS

Illustration I Nusatsum Sand & Gravel Pit.. _. _. ._. _. __. _...... 6

APPENDIX

Appendix 1 .4LS Chemex - 50-element aqua regia digestion and a combination of ICP-MS and ICP-AES - Sample NP- 1. Polaris Miizerak Corporation Page I c 1.0 INTRODUCTION r ._1 The Bella Coola area, population 3,500, is located 430 kilometers northwest of Vancouver, B.C. t- at the head of North Bentinck Arm, off Burke Inlet. 1. The No Cents #2 claim is located approximately 20 kilometers east of BeIla Coola on the east r side of Nusatsum River near the confluence of the Nusatsum and BeIla Coola River (Figures I - . 1 4).

._. r . F r Page 2

!- .

Figure 2 - Locaftin Map - road rtz,y Polaris Minerals Corporation Page 3

Figure 3 - Nusatsum Pii and No Cents #2 ciaim area

The area lies within the eastern Coast Mountains of the Westem Canadian Cordillemn. Some of the Coast Mountains peaks in the immediate BelIa Coola are more than 2,750 meters (9,000 feet) high. High relief in the Bella Coola area is common, Tom the valley bottom to the top of Nusatsum Mountain is an elevation change of 2,423 meters within 4.2 kilometers.

The steep walled, narrow valley is very shaded during the winter months. The Bella Coola-North Bentinck Arm- depression penetrates the Coast Mountains for 130 kilometers from the coast to the village of Bella Coola Geological Survey reports indicate that the fiords are preglacia1valleys modified by Pleistocene glaciers.

Thick, expansive glaciers cover a large percentage of the area The glaciers, which formed during the Cordilleran Glacial Period, are presently waning. Only the highest peaks above approximately 2,000 meters elevation have not been glaciated. Glacial directions are generally f?om west or southwest to east.

The No Cents #2 claim is underlain by a glacial outwash terrace, which may have been a former delta that joined the . The Nusatsmn and Bella Coola Rivers have dissected the terrace. EIevation ranges from 120 meters in the to 300 meters. Bedrock exposures are present on the eastern margin of the property and dip shallowly at 25” to the west. The sandand gravel deposit is thought to be in excess of 100 meters thick. Polaris Minerals Corporation Page I

The climate is mild with the coldest temperatures in January reaching an average low- of between -3°C to -5°C and an average high of between 0°C to 2°C. In July and August the daily high averages 19 to 21°C. Average annual rainfall is less than 160 cm per year. The driest months are June and July and the wettest months are between October and January. Strong outflow winds are common and can form white cap waves along North Bentinck Arm and Burke Channel.

Numerous government geologists have examined the Bella Coola area. The earliest mapping was conducted in 1874 and 1876 by James Richardson and G.M. Dawson and more recently, between 1962 and 1967 by J.G. Souther, W.W. Hutchinson, J.A. Roddick and A.J. Baer. To date, the most informative publication is the Geological Survey of Canada, Memoir 372 by A.J. Baer, which compiles work completed in the area between 1962 and 1967.

Mr. Alex Boronowski of Polaris Minerals Corporation mapped the No Cents #2 claim on i\pril 29,200 1. Five panned concentrate samples were combined to form one sample (NP- 1), which was submitted to ALS Chemex Laboratory in North Vancouver for analysis of 50 elements by aqua-regia digestion and a combination of ICP-MS and ICP-AES. (Appendix 1).

The following Table 1 outlines the tenure information for the No Cents #2 claii:

Claim Name Tenure owner Map Expiry Date Mining Number Number Division

No Cents #2 375065 No Cents 93 D 038 April 1,201O Skeena Holding Ltd. MINISTRY OF ENERGY AND MINES

.NERGY AND MINERALS DlVlSlON ~

MINERAL TITLES BRANCH ~

MINERAL TITLESREFERENCE

MAP 093DO8W

U.T.M. ZONE 9

T MAP UPDATE: 2OCQMAY 18

ORIGINAL PRODUCED AT 1 : 31 680

MERE5 !a 0 500 loo0 1500 2mJ

HH 1 1 I J

4DMINISTRATIVE AREAS

AINING DIVISIONS: SKEENA F/GU&5-~~4 ; Polaris Minerals Corporation Page 6

2.0 DETAILED TECHNICAL DATA AND INTERPRETATION

The No Cents $2 claim situated at the confluence of the Nusatsum and Bella Coola Rivers, consists of a glacial outwash terrace, which may have been a former delta of the Nusatsum River. The panned samples collected by Alex Boronowski are composed of 50% fresh quartz diorite, with minor quartz veining and 50% weakly chloritized andesite derived from bedrock to the south. The coarser material is well rounded and the finer material is more subrounded to angular in shape. The sampled material is well sorted and indicates a slight preference for fine fraction (60?6). The material appears to be well-washed and only minor clay adhering to the surfaces.

Five lo-kilogram samples were collected from the face of the Nustasum Pit (Illustration 1). These samples were panned and then the five samples were combined as one concentrate sample (m-l), uchich was submitted to AL.S Chemex for 50-element analysis. Ko gold was observed in the concentrates.

The geochemical results do not indicate any anomalous base or precious metal values. However, it is recommended that more panning. and geochemical testing be conducted for placer minerals during any commercial productlon of sand and gravel from the Nusatsum Pit and extensive adjacent glacial outwash material.

The eastern margin of the No Cents ii2 claim is underlain by westward shallowly dipping (25”) greenstone and greenschist metamorphic rock (Figure 4). No economic mineralization was found in the mapped outcrop and the geochemical analysis do not suggest that base or precious metal mineralization is present in the area.

-

Page 8

3.0 ITEMIZED COST STATEMENT

April 29: 2001 field trip to BelIa Coola 1 day @ $350.00 S350.00 April 29, 2001 return airfare Vancouver - Bella CooIa S300.00 April 30,200l reviewing examination and submitting sample to ALS Chemex $300.00 April 30,200l ALS Chemex - 50-element analysis $ 22.04

March 25,2002 report writing and production 2 days @ S300.00iday $600.00

TOTAL $1372.04 Polaris Mimmls Corporation Page 9

4.0 AUTHOR’S QUALIFICATIONS

I, Alexander J. Boronowski, of the District of North Vancouver, in the Province of British Columbia, do hereby certify that:

1. I am a graduate of the Faculty of Science, University of British Columbia 1970, with a B.Sc. degree in Geology.

-.7 I am registered with the Association of Professional Engineers and Geoscientists of British Columbia and I am a Fellow of the Geological i\ssociation of Canada.

3. The information for this report was obtained from sources as cited in the report and from personal experience gained while conducting an examination of the property on April 29,200 1.

1. I do not own or expect to receive any interest (direct, indirect or contingent) in the property described herein nor in the securities of No Cents Holdings Ltd., in respect of services rendered in the preparation of this report or work completed on the property.

5. I consent to and authorize the use of the attached report and my name in the Company’s Statement of Material Facts or other public document.

Dated at Vancouver, B.C. this & day of March, 2002.

. Alexander J. Boronowski, P.Geo., F.G.A.C 5.0REFERENCES

Baer; A.J.; “Memoir 372, Bella Coola-Laredo Sound Map-Areas, British Columbia”, Geological Survey of Canada. 1973.

Barksdale, Richard D., “The .4gpregate Handbook” National Stone Association”, 1996,

Bobrowsky, Peter T., . “Aggregate Resources, A Global Perspective”, Balkema/Rotterdam:Brookfield, 1998.

Boronowski, Alex J.; Internal Report for Polaris Minerals Corporation, “Geological Report on the Bella Coola Quarry and Nusatsum Pit.” APPENDIX 1

ALS Chemex - fro-element aqua regia digestion and a combination of ICP-MS and ICP-AES - Sample NP-1. # OF ANALYSED FOR “NIT SAMPLE 3lLLING INFORMATION ANPLES COUE - DESCRIPTION PRICE PRICE iu4OUNT __~_--.- .~~ late: 22-MAY-2001 1 217 Ceochem ring entire sample 2.60 ‘reject: NUSATSUM ME-MS41 1a.00 7O.hU 20.60 ?.O. No.: kcount: SSP Told Cost $ 20.60 (Reqll RlU093DOO5 ) GST $ 2 Comments: SAME ADDRESS TOTAL PAYABLE (CDNJ $ 22.04

Billing: For analysis performed on Certificate A01 16288

Terms: Payment due on receipt of invoice 1.25% per month (15% per annum) charged on overdue accounts

Please Remit Paymenls to:

ALS CHEMEX 212 Brooksbank Ave., North Vancouver, B.C. Canada Y7.J 2C1 . . . , . . , , . . To:’ POLARI; MINERALi INC.

2300 1066 W. HASTINGS ST ;‘;C($VER. BC 212 Brooksbank Ave., North “alOO”W, British Columbia, Canada V7J 2C1 PHONE: 604-964-0221 FAX: 604-984-13218 Comments: A-N: ALEX BORONOWSKI -. -----1r 1 CERTIFICATE A0116288 ANALYTICAL PROCEDURES I of z I I

(SW) POLARIS MINERALS INC. DETECTION UPPER METHOD LIMIT LIMIT NUSATSUM ;yp$;

Samples submitted to our lab in “Rw.m”YCr, EC. This report was printed 0” 22.MAY-2001.

SAMPLE PREPARATION

DESCRIPTION , . . . . ~ I

To: POLARliMlN&ALS INC.

2300.1066 W. HASTINGS ST, VANCOUVER, BC 212 Bmoksbank Ave., North “ancoWer V6E 3x2 British Columbia, Canada V7J 2C1 PHONE: 604-984-0221 FAX: 604-984-0218 Comments: ATTN: ALEX BORONOWSKI

CERTIFICATE A01 16288 ANALYTICAL PROCEDURES z of 2

~~~~~ I ~~~~~ 1 (SSP) - POLARIS MINERALS INC. DETECTION UPPER DESCHIP I ION METHOD LIMIT LIMIT Pr0ject: NUSATSUM P.O. # :

SAMPLE PREPARATION

METHOD NUMBER CODE SAMPLE?