Porcupine Joint

RECEIVEDMAR - 1 ?005

GEOSCIENCE ASSESSMENT OFFICE

venture

Report on the 2005 Exploration ProgramDrill Hole MT05-01

ClaimP3001497 Matheson Twp., Ontario

2.2940 3

D. Gliddon, P.Geo. Timmins, Ontario February 23, 2005

42A10SW2038 2.29403 MATHESON 010

Table of Contents

Table of Contents.............................................................................................................. iList of Figures................................................................................................................... iList of Tables.................................................................................................................... i2004 EXPLORATION PROGRAM................................................................................ l1.0 Summary of Program................................................................................................. l2.0 Mining Land, Location and Access........................................................................... l3.0 Work Conducted........................................................................................................34.0 Analytical Information/Results.................................................................................. 35.0 Quality Control/Quality Assurance Program............................................................. 46.0 Personnel....................................................................................................................47.0 Previous Work........................................................................................................... 48.0 References..................................................................................................................4

List of Tables

Table l Drill hole completed during program............................................................................. l

List of Figures

Figure l Key Location Map......................................................................................................... 2

APPENDIX l

PJV Geological Legend (Version 7.0) (attached)Drill Hole Log (attached)Assay Certificates (attached)

APPENDIX 2

Drill Hole Plan (see pocket) Drill Hole Section (see pocket)

2004 EXPLORATION PROGRAM

l .0 Summary of Program

A total of 200 meters were drilled in one hole on this project between January 25 and January 28, 2005.

2.0 Mining Land, Location and Access

The project area is located east of the mining community of Timmins, Ontario and about 11 km east-northeast of the Hoyle Pond Mine.

Access to the area is via 2-wheel drive vehicle along Highway 101 and 9.2km along Highway 610 from its junction with Hwy 101. From here one travels west for a distance of 100m along a drill road to the drill site.

The hole was drilled on mining claim(s) in Matheson Township, Ontario and the UTM NAD27 collar location is listed in Table 1. Drill collar location is illustrated on the accompanying Figure l, Key Location Map. Placer Dome (CLA) Ltd (51 07o) and Kinross Gold Corporation (49'Yo) jointly hold all claims under the terms of the Porcupine Joint Venture.

Hole Number

MT05-01

Collar

Azimuth220

Dip-50

Mining Lands or Mining Claim Number

(Parcel number)P3001497

Core Length per Claim (m)

200

Length of Hole (metres)

200Table l Drill hole completed during program

(Mining Claim Number, being Matheson Twp, S1/2 of Nl/2 +S1/2 Lot 3 Con 4, Nl/2 of Lot 3 Con 3/2; UTM locations are NAD27)

Figure l Key Location Map

500500

500500

260 130

501000

260

501500 502000 502500

n ha

MflgneBc

UTM, Zone 17 520 NAD 1927 3 Meters Clarke 1866 Spheroid

Placer Dome (C L A) Limited

Scale 1 10 000

Local tin Tlmnnns. ON

Porcupine Joint VentureDrill Mole MT05-01, Claim P3001497

Matheson TownshipFigure t Koy Location Map

3.0 Work Conducted

This report covers a total of 200 meters of NQ-sized diamond drilling completed in one (1) hole between January 25 and January 28, 2005. Drilling was conducted by Bradley Brothers Limited, Hwy 101 West, P.O. Box 485, Timmins, Ontario.

The drill hole number and its corresponding hole length are shown in Table l. Results of the drilling program are presented as completed and a signed drill log is in the attached Appendix l. A drill plan and section are presented in Appendix 2 enclosed within the attached pocket.

The drill log within Appendix l contains UTM locations, the attitude of the hole (azimuth 8i dip angle), hole length, the type and results of drill hole surveys, claims and township drilled, casing information, and the name of the drill contractor and the core storage location. UTM locations are based upon the NAD27 standard.

Each drill log also shows the name of the logger and unit names, etc., and a text description of lithologies encountered for corresponding depths within the hole. A complete geological legend and code of geological abbreviations used for the logs is contained within the "PJV Geological Legend (version 7.0)" presented in Appendix 1. Legends are also presented on individual plans and sections.

4.0 Analytical Information/Results

SGS Geochemical Laboratories, 129 Ave. Marcel Baril, Rouyn-Noranda, Quebec, J9X 7B9, analyzed all samples. SGS Geochemical Laboratories is a member of Societe Generale de Surveillance Group, the world's largest inspection and testing organization with head offices in Geneva, Switzerland. SGS operates in 140 countries with a network of 335 subsidiaries, 341 laboratories, more than 1,220 offices and over 36,000 employees.

SGS standard sample preparation procedures for PJV drill core consist of crushing the samples to 90-95 07o minus 8 mesh size, pulverizing a 400-500g sub-sample to 90-95 07o minus 200 mesh, then splitting a 30g sub-sample for analysis. Analyses are completed using a l A.T. (assay tonne or 30g) F.A. (fire assay) collection method with analysis employing an ICP-ES Instrument finish having a detection limit of l ppb Au (i.e. 0.001 g/mt) for samples assaying less than 10 Au g/mt. Analysis of all samples assaying greater than 10 Au g/mt by this (first) method were routinely repeated from the remaining pulp, using a F.A. method with a gravimetric finish having a detection limit of 0.03 g/mt.

Results of the analyses of drill core are presented within the drill logs in Appendix l. In each case, the sample numbers assigned to core samples submitted for analyses are shown along with the core intercepts, core length (in meters) and results of analyses (grams/metric tonne). In addition, relevant notations and comments are indicated where warranted, such as percent of quartz vein, percent stringers, and the percent of selected sulfides. Corresponding Certificates of Analysis are also presented in Appendix 1.

5.0 Quality Control/Quality Assurance Program

For the 2005 Quality Assurance l Quality Control ("QC/QA") program, routine samples were submitted to the laboratory in batches of twenty, which included 17 diamond drill core samples and three randomly inserted QA/QC samples: one certified reference material; one blank reference material; and, one replicate analysis

The laboratory also routinely added their own internal Quality Assurance l Quality Control samples to each batch, which may have included one certified or in-house reference material, one or two pulp duplicates and one blank reference material. The internal QA/QC data were routinely reported on a batch-by-batch basis, as part of the electronic assay report file and were evaluated in conjunction with the PJV data.

6.0 Personnel

Work covered and the preparation of this report was completed by David Gliddon, P.Geo, Placer Dome (CLA) Ltd., Porcupine Joint Venture, P.O. Box 70, l Gold Mine Road, South Porcupine, Ontario, PON l HO.

William Waychison, P.Geo with postal address at P.O. Box 466, Timmins, Ontario, P4N 7E3, completed the logging of the drill core.

7.0 Previous Work

Falconbridge Ltd. and its predecessor companies (i.e. Kidd Creek, etc) completed most of the large drill programs in the area with efforts directed towards the search for VMS deposits by concentrating on EM conductors. In Matheson Twp, this occurred especially during the period 1979-1984. Reverse circulation drilling followed-up with diamond drill holes showed that graphitic sediments generally caused most: conductors. A total of twelve reverse circulation overburden holes were collared within the area covered by this report.

In 1997, Pentland Firth Ventures completed one hole diamond drill program PRY-01 to test an AMAG feature. The hole intersected a 20-metre wide weak grey alteration zone with quartz- ankerite veining containing elevated gold and arsenic values.

8.0 References

Harding, S., 2004: Documentation of Procedures for the 2004 Quality Control Program on Porcupine Joint Venture Drilling Programs. Internal publication for Porcupine Joint Venture.

Berger, B.R. 1994: Geology of Matheson and Evelyn Twps, District of Cochrane. Ontario Geological Survey. Open File Report 5900, 109p

McLeod, C.C. et al 1979-1985: Reports on Reverse Circulation Drilling and Diamond Drilling Results Kidd Creek Mines Ltd. MNDM Assessment File T-1984

Tremblay, G. 1997: Diamond Drill Log PRY-01 and Assay Results in MNDM Assessment File T-3822

APPENDIX l:

PJV Geological Legend (Version 7.0) (attached as follow)Drill Hole Logs (attached as follow)Certificates of Analysis (attached as follow)

PJV GEOLOGICAL LEGEND 27th SeotenMajor Lithology

BT Breakthrough, Void

GAS Casing

FZ Fault Zone

GC Ground Core

LC Lost Core

LR Lost Rods 1 Steel

NL Not Logged

OB Overburden

RG Regolith

SZ Shear Zone

UNK Unknown

i or Protolith Unidentifiable

QV i QUARTZ VEIN

HS Huronian SupergroupTE | Tectonites

1 Mylonites

2 | Protomylonite s

GN i Migmatites S Gneiss1 Biotite Gneiss

2 ! Quar tzof el d spathic Gn

3 i Orthogneiss

4 ' Paragneiss

5 Pelitic To Semi Pelitic Gneiss

FP Felsic Intrusive Rocks1 Tonalite

2 Granodiorite

3 Granile

4 Alkali Feldspar Granite

5 Syenite

6 Monzonite

7 ' Pegmatite Dike

5 Aplite Dike

9 Albitite Dike

10 Felsite Dike

1 1 Quartz- Feldspar Porphyry

12 Feldspar Porphyry

13 Quartz Porphyry

14 Porphyry

15 Trondhjemite

AP Alkalic Intrusive Rocks1 Kimberlite

2 Lamprophyre Dike

3 Anorthosite

4 Anorthosite Gabbro

5 Nepheline Syenite

5 Alkalic Syenite

7 Carbonatite

8 Fenite

9 Ijolite

MP Mafic Intrusive Rocks1 Gabbro

2 Norite

3 Hornblendite

4 Pyroxenite

5 Amphibolite

6 Diorite

7 Diabase

Major Lithology

UP Ultramafic Intrusive Rocks1 Peridotite

3 Hornblendite

CS Chemical Metasediments1 Limestone

2 Dolostone

3 Gypsum

4 Salt

5 Marble

6 Chert

IF Iron FormationCb Carbonate Facies

Ct Oxide Facies

Si Silicate Facies

Su i Sulphide Facies

SS i Clastic Metasediments1 | Quartzite

2 . Conglomerale(dark brown)

3 Arkose

4 i Sandstone

5 Siltstone

B ; Greywacke/ Argillite

7 ' Greywacke

5 , Argillite

9 , Slate

10 . Graphitic Argillite

SP Clastic Metasediments

Porcupine Group2 Conglomerate^ ight brown)

1.3-10 ; lithology t numbers the same as above

ST Clastic Metasediments

Timiskaming Group2 i Conglomerate(brown)

1. 3-10 lithology 1 numbers the same as above

VF Felsic Metavolcanics1 : Rhyolite

2 ' Rhyodacite

3 , Dacite

VI Intermediate Metavolcanics1 Andesite

2 Trachyte

3 Latite

VM Mafic Metavolcanics1 High Fe Basalts

2 High Mg Basalts

UM Ultramafic Metavolcanics1 Basaltic Komatiite

2 Pendotitic Komatiite

FL Fill in underground void1 Classified tailings -t-/- layers of cement

2 Paste

3 . Loose rock

4 Sand and/or gravel

5 : Slag

Textural Fields

AMY Amygdaloidal

BLD Bladed

BX Breccia

COB Cobble

CST Clast

FBX Flow Breccia

FELD Feldspathic

FOL Foliated

FRAG Fragmental

GLOM : Glomerophyric

HTRO i Heterolithic

HYAL ! Hyaloclastite

LAP j Lapilli

LITH Lithic

M Massive

MX Matrix-supported

PI L Pillowed

PBX i Pillow Breccia

PEB Pebble

POR ! Porphyritic

PM Polymictic

PRB Porphyroblastic

PS Polysutured

QTE ' Quartzose

SCH ; Schistose

SFX Spinifex

SHD Sheared

SPH Spherulitic

TUF Tuffaceous

UNS Unsubdivided

VAR Variolitic

VES ' Vesicular

Pyroclastics/EpiclasticsAGG Agglomerate>54mm

TBX Tuff Breccia:-64mm

LAPT Lapilli Tuff ^mm

CRYT Crystal Tuff 1.'16-2mm

CAT Coarse Ash Tuff *in6mm-2mm

FAT Fine Ash Tuff -^l/ISmm

PYRO Pyroclastics

Structural Fields

ED Bedded

END Banded

SKY ' Blocky

SOU ; Boudinaged

BX i Breccia

BXD . Brecciated

CT ' Contact

CNT ! Contorted

CRN Crenulated

DSC Disc

FD Fold

FL Flow

FLT Fault

FOL Foliation

FRA ' Fracture

G ' Gouge

J NT ! Joml

LAM . Laminated

LN j Lineation

SHR l Shear

SLK i Slickenside

SLP j Slip

VUG Vuggy

Other FieldsAZ i Alteration Zone

FG ! Fine Grained

MG ' Medium Grained

CG ; Coarse Grained

DISS Disseminated

FMG 1 Fine-Medium Grained

FCG Fine-Coarse Grained

1NT j Intermediate

LOC.L i Locally (Local) Eg Lmag

MAG ' Magnetic

MOD i Moderate

PV Pervasive

RBL ; Rubble

SM ; Semi-Massive

ST ! Strong

VST , Very Strong

WK j Weak

nber2004 (version 7.0)Alteration Fields

AB Albitization

AM Amphibolization

AK Ankertizalion

Bl Biotizalion

BL : Bleached

C i Carbonaceous

CA i Calcification

CB ; Carbonatization

CL Chloritization

DO Dolomitization

EP Epidotization

FU Fuchsitic

GZ Grey Zone

(carbonaceous alteration zone]

HE ' Hematization

K ' Potassic

KA Kaolinitization

LX i Leucoxene

MG i Magnesite

SE Sericitization

SI ; Silicification

SR Serpentinization

TC ! Talcose

TO Tourmalinizatior!

Alteration Intensity CodeW Weak

M Moderate

S Strong

Colour FieldsBK Black

BL Blue

BR , Brown

GN Green

GY : Grey

GNGY Green/Grey

OLGN Olive Green

OR Orange

PK ! Pink

RED ' Red

TAN i Tan

WH l White

Dome - PJV ConversionsDome Rock Name PJV Code - Field

KRF Knst Fragmental VF PYRO - Texture Field

UG Uniform Greenstone VM M - Texture Field

FG Flowy Greenstone VM PBX - Texture Field

HA Highly Altered

CB Carb Rock

UM AK.FU - Alteration Field

UM AK - Alteration Field

TAL Talc Rock UM TC - Alteration Field

Veining Fields

AB Albite

AK Ankerite

CA Calcite

CB Carbonate

EP Epidote

HE . Hematite

MT Magnetile

PY Pyrite

QZ Quartz

TO Tourmaline

AB-CB Albite-Carbonale

AK-QZ i Ankente-Quartz

1 (includes Dome grey ankerite vein)

QZ-AK ' Quarlz-Ankente

QZ-CA Quartz-Calcite

Q2-CB Quarlz-Carbonate

QZ-FU l Quartz-Fuchsite

Q2-TO Quartz-Tourmaline

Percent Code

Veininq Texture FieldsBX ' Breccia Vein

GQ ' Grey Quartz

MV Massive Vein

RB Ribboned Vein

STR Stringers

SHT Sheeted Vein

STW : Stockwork

STY , Stylolitic Vein

SHV i Shear vein

TNV Tension vein

WQ White Quartz

Mineral Fields

AC Actinolite

AG Silver

AH Anhyrile

AK Ankerite

AS Arsenopyrite

AU Gold

BA Barite

Bl l Biotite

CA Calcite

CL Chlorite

CP Chalcopyrite

OR Chromite

DO Dolomite

EP Epidote

FU Fuchsite

GA Galena

GF Graphite

GT ; Garnet

HE Hematite

l L Ilmenite

J P j Jaspar

LM Limonite

MC Malachite

MN : Manganese Oxides

MO Molybdenite

MT Magnetite

MU Muscovite/Hydro mn s co vi le

OL Olivine

PO Pyrrhotite

PY ' Pyrite

QZ Quartz

SB Stibnite

SD i Siderite

SE ' Sericite

SH Scheelite

SP Sphalerite

TC Talc

TO : Tourmaline

T R Tremolite

VG ; visible gold noled (historical)

VG1 trace (tor 2 pin prick specks)

VG2 a bil (3-10 pin pnck specks)

VG3 ; lots (10* pin prick specks or equivalent]

Hoyle - PJV ConversionsHoyle Rock Name PJV Code - Field

GZ Grey Zone VM GZ - Alteration Field

Niqhthawk - PJV ConversionsNH Rock Name PJV Code - Field7bn Brown Carbonate FP9 .AB - Alteration Field, br - Colour Field

1cb Grey Carbonate UM 'AK - Alteration Field, gy - Colour Field

Uu Green Carbonate UM FU - Alteration Field, gn - Colour Field

2ch Chloritic Carbonate VM AK - Alteration Field

\ jtekHM- MTOfrw ]feeeatien5f-u-TMNAD27zono47 j Korcupine joint venture}1 Easting j Northing | Elevation | Length Date | Test | Core Size | Logged By

502471 5381557 285 : 200 07-Fcb-2005 EZ Shot i NQ WaychiB

DISTANCE AZIMUTH DIP REMARKS Claim (s)

0.00 200 -50 P3001497

U/S [Casing Pulled? jCemented? Target | LocS Y N

Drill Contractor Core Storage ^, StnrtJVitcBradley j Owl Creek (^ i 24-Jan-200s!

ation \ Comments: |Matheson Twp

End Dates. 27-Jan-2005

10700 1991 -473 DDH COMMENTS REMARKS '- | XX? \ rf158.00 1953 -44.3 logged by W. Waychison; WR: E355937"70. 75-70.85; E355938- 195.3-195.4; X -t'""' /-

- - - - - ' ~c J J - - - - - - - . -- - . . -- . . f ^^-- - L

200.00 194.1 -43 i * "^ FROM TO ROCK-TYPE C.A. ROD REMARKS FROM TO WIDTH SAMPLE* ac? men %QTZ y. as *py *PO

0.00 45.00 CAS.OB 0 Casing: overburden 57.10 5855 1.45

45.00 46.80 OB 0 Overburden of mixed boulders dom by gabbroic blocks A 58 55 5965 ' 10 mm silt/wacke; 60"7o recovery 59.65 60.25 0.60

46.80 60.25 SS7,AK 55 40 1-med gy, f-mg, thick bedded w/ min thin fg beds, to 60.25 60.85 0.60 53.5mbky w/ min weathered vuggy qz-cb str par bdg, min 60 8j 6 | 40 OS5short wqz-ca tnv/str at botm unit, tr py, bdg 55ca

61.40 62.20 0.80 60.25 60.85 QV.BX 25 90 white qz-ca bx vn w/ min sty, str uphole near vein are

short and appear to be tn sirs, tr py, let irr but apprx 25ca

60.85 69.00 SS7,QV,AK 55 90 1-gy, fg wacke, 12 0Xo (w/ 20070 betwn 61. 4-64.5m) wqz-ca 62 ' 90 63 ' 80 0 ' 90 str/vn l-10cmgen55ca, Irgr vnarebxd&have sty, wkak 63 80 6425 045

aim, trpy 54.25 64.50 0.25

69.00 82.75 SS6,AK 55 95 1-med gy, fg wacke w/ ^"/o silt/argil, bdg 55ca ft grd bdg 64.50 66.10 1.60 indie TOPS downhole at sev locations, WR: E355937"70.75-70.85m ' ' ' 3 0 ' "

66.45 68.60 2.15 82.75 82.80 FZ 55 0 FZ: crashed cemented wacke and min gouge, drussy qz-ca

vein cementing rx frags, negli py, FZ subp-ar bdg/fol 55ca 68 60 69 00 0 40

82.80 93.15 SS6,AK 55 70 med gy, fg wacke, min 3-5 0Xo silt/argil, grd bdg indie 6900 7000 ' 00 TOPS uphole at sev readings betwn 9 1 -93m, bdg 5 Sea, 70.00 7 1 .00 1 .00 min wqz-ca str (fe 7cm vein betwn 91. 9-92.07m goqQ g[ 9fl ] ofl

93.15 93.40 QV,BX 55 90 wqz-vein min cb, bxd (fe sty, upct irr but apprx par 91 ^ 02 10 0 , 0bdg/fol, tr py

92.10 93.10 1.00 93.40 95.06 SS7,QV,AK 65 80 med gy, fg wacke w/ 4007o wqz str/vein from 1 cm to 6-

8cm, Irgr vern/str bxd w/ sty, tr py, bdg loc cnt near veins/stos but 65ca@ 93.6m 9340 9420 oso

95.06 100.25 SS7,AK 65 95 1-med gy, fg, wacke, occas 5cm wqz str par fol/bdg, msv 9420 9506 0.86 to thick beds w/ little silt/argil, bdg 65ca 95 06 96 50 j 44

E366481 Y 0.005

E366482 Y 0.007

E366483 Y 0.0005 15 0.1

E366484 Y 0.006 100 O.I

E366486 Y 00005 2

E366487 Y 0.003 24 0.1

E366488 Y 0.0005 0.5

E366489 Y 0.0005 22 0.1

E366491 Y 0.006 7

E366492 Y 0.004 50 O.I

E366493 Y 00005 2

E366494 Y 0.004 35

E366495 Y 0.0005 2

E366496 Y 0.003 25 0.1

E366498 Y 0.0005

E366499 Y 0.006 1

E366500 Y 0.0005 2 01

E366501 Y 0.005 50 01

E366502 Y 0001 O.I

E366503 Y 0001 80 0 1

E366505 Y 0,003 2

E366506 Y 0.002 33 0.1

E366507 Y 0001

y* Aspy Remarks

Tuesday, February 22,2005 Hole*: MT05-01 Page 1 of 3

FROM TO ROCK-TYPE RQD REMARKS FROM TO SAMPLE* QC? AUGfT V. QTZ '/.OS '/.Py

100.25 100.55 QV,BX 90 dirty qz vein w/tr ea. min bx .St sty, tr py, cts irr but apprxbdg/fol

100.55 113.23 SS7.AK. 65 95 med gy, fg wacke, little silt/argil, msv to thick beded inappearance, bdg 65-70ca

113.23 113.34 QV 100 mottled qz bx vein/sir, nun yel epidote?, irr cts. negli py,

113.34 124.92 SS6,AK 65 90 1-med gy, fg wacke w/ mm argil/sil O-5"70 , occas flattenedfrag of dkr gy argil gen 1-3 X 5-1 Omm but up to 8 X 30cm, wk ak aim, bedg 65ca@ 118.5, grd bdg & scour mk indie TOPS up hole at sev loc mclu 120m,

124.92 125.05 QV,BX 60 mottled gy-wqz vein, tr ea, bxd w/ mm sty, tr py

125.05 130.00 SS6,AK 70 90 1-med gy, fg, wacke w/ min ^"/o argil, bdg 70ca, grd bdgSi scour mk indie TOPS uphole at sev points inclu 127.3m

130.00 141.30 SS7,AK 65 95 1-med gy, f-mg wacke, little argil w/most beds fg to mg w/latter gritty Si. lithic, min qz str *:lcm, tr po,

141.30 141.55 QV,BX 100 irr wqzbx vein, tnv? tr py, more of a str zone w/40% qz,

141.55 143.43 SS6,AK 65 90 1-med gy, fg wacke w/ ^"/o silt/argil, min qz str^ 1cm,bdg 65ca

143.43 144.25 QV 70 wqz tnv @ low angle to ea, negli py, tr ci

144.25 154.00 SS6.AK 60 90 med gy, fg, wacke w/ ^"/0 argil, mm wqz shv/str gen''lcm but occas 3-6cm, bdg 60ca

154.00 154.50 QV.BX 95 wqz twisted cnt bx vein, cts subpar bdg/fol 40-60 nearvein, tr py

154.50 172.90 SS6,AK 60 90 1-med gy, fg wacke w/min O 0/., argil, bdg 60ca@161.5m,grd bdg indie TOPS downhole @ sev loc 155-161m, mm flatten frags of argil in wacke, v wk ak altn

172.90 173.10 QV 30 wqz sty vein w/irr cts, cts apprx bdg/fol, tr py

173.10 176.00 SS6 65 95 as above 154.5-172.9m, fg wacke w/ ^07o argil, grd bdgindie TOPS downhole at sev loc, bdg 65ca

176.00 176.45 QV 10 95 wqz tnv/str @10ca, trpy

176.45 185.45 SS6 65 95 1-med gy, fg wacke w/^"/0 argil, bdg 65ca, grd bdg indieTOPS downhole, occas wqz str

9650 l)8.00

98.00 99.20

99.20 100.25

10025 100.55

10055 101.50

101.50 103.00

103.00 10320

103.20 104.50

112.40 113.20

113.20 113.40

113.40 11440

118.00 119.00

119.00 119.20

119.20 120.00

123.85 124.85

124.85 12505

12505 126.05

140.00 14130

141.30 141.55

141.55 142.50

142.50 14343

143.43 144.25

144.25 14525

14960 151.00

15100 152.20

152.20 15350

15350 154.00

154.00 154.50

154.50 155.10

155.10 15610

1.50

1.20

l 05

0.30

0.95

1.50

0.20

1.30

0.80

0.20

1.00

1.00

0.20

0.80

1.00

0.20

1.00

1.30

0.25

0.95

0.93

0.82

1.00

1.40

1.20

1.30

0.50

0.50

0.60

l 00

1:366508 Y

F366509 Y

t:366510

11366511

E366513

E366514

E366515

F.366516

E366518

h366519

E366520

F.366521

F.366522

E366523

E366524

E366525

E366527

E366528

F366529

F366530

E366531

E366532

E366533

F.366534

E366535

E366537

F.366540

E366538

E366541

E366542

0.003

0.0005

0001

0001

0.002

0.001

0.003

0.0005

0.0005

0.003

0.0005

0.0005

0.0005

0.287

0.0005

0.0005

0.0005

00005

00005

0.0005

0.002

0.0005

0.0005

0.0005

0.0005

0.005

0.002

00005

0.1

0.7

40

0.5

Tuesday, February 22, 2005 Hole#: MT05-01 Page 2 of 3

FROM TO ROCK-TYPE C.A. ROD REMARKS SAMPLE* QC? AUG/T V.QTZ V.Py V. Po "/. Aspy Remarks

185.45 185.60 QV 100 wqz sty vein, min ep'.', sty ft upct par bdg/fol, min tour, trpy

185.60 189.85 SS6 65 95 1-med gy, fg wacke w/ ^"/o argil/silt, bdg 65ca, grd bdg indie TOPS downhole,

189.85 200.00 SS7 70 95 1-med gy, f-mg, wacke w/ very min silt sep beds, grd bdg indie TOPS downhole @ 195 .4m, WR: E355938= 195.3- 195.4m, EOH= 200m

172.00

172.90

173.10

174.00

175.00

176.00

176.45

185.00

1S5.45

185.65

172.90

173.10

17400

175.00

176.00

17645

177.45

185.45

185.65

186.15

0.90

0.20

090

1.00

1.00

0.45

i. 00

0.45

020

0.50

F366543

E366544

E366545

1-366546

E366547

E366548

E366550

E366552

E366553

E366554

Y

Y

Y

Y

Y

Y

Y

Y

Y

Y

0.0005

0.012 100

0.009 5

0.0005

0.0005

0.0005 30 0.1

0.0005

0004

0015 75 0.1

0.002

folded

lOca

QC REPORTQC code Sample No Au gpt Original # l Grade

E366485

E366517

E366536

E366555

E366484 0.006

E366516 0.001

E366535 0.0005

F.366554 0.002

QC TYPE Acquire CodeDUPLICATE FD

DUPLICATE FD

DUPLICATE FD

DUPLICATE FD

Tuesday, February 22,2005 Hole#: MT05-01 Page 3 of3

) ; l O : 3 8

Projet/ProjectNotre R^terence/Work OrderDatePageFinal

Element.Mathode/Mathod. Det.Lim. Mesure/Units.

HEN0067 R3565418/02/05

l of 1

Au Au D Au gr Au grFAI3O3 FAI3O3 FAI3O3 FA13O30.001 0.001 0.03 0.03g/mt g/mt g/mt g/mt

HEN0067;E366481 0.005 0.004HEN0067.-E366482 O.OO7HEN0067;E366483

Projet/PvojectNoire Reference/Work OrderDatePageFinal

Element.Methade f Method. Det.Llm. Mesure/Units.

HENOO68 R3565521/02/05

1 of 1

Au Au O Au gr Au grFA 1303 FA/303 FA/303 FA/3030.001 O.OO1 0.03 0.03

g/mt 9/mt g/mt g/rnt

HEN0068.-E366501 O.OD5HEN0068;E366502 0.001HEN0063;E366503 0.001HEN0068;E3S6504 0.822HENO068;E366505 O.003

HEN0068;E366506 0.002HEN0068;E366507 0.001HEN0068:E366508 0.003HEN0068;E366509 0. 002HENOO6B:e36GS10

2.2.- S - O 5 ; 1 O : 3 a

Projet/ProjectNotre Reference/Work OrderDatePageFinal

Element.MethodeJMethDd. Det.Lim. MesuretUnits.

HEN0069 R35656l B/O2/O5

1 of -\

Au Au D Au gr Au grFA)3O3 FA1303 FAJ3O3 FAI3O30.001 O.001 O.O3 0.03

g/mt g/mt g/mt g/mt

HEN0069;E366621 HEN0069.E366522 HEN0063;E366523 HEN0069-.E366524 HEN0069;E366525

HEN0069;E366526 HEN0069.-E366527 HEN0069;E366528 HENQ063;E366529 HEN0069.-E366530

HENO069;E36653 1 HEN0069;E366532 HEN0069;E366533 HEN0069;E366534 HEN0069;E366535

HEN0069:E366536

HEN0069;E366538 HEN0069;E366539 HEN0069;E366540

"Dup HENOO69;E366521 *Dup HEN0069;E366533

0.003 < 0.00 7

i: - D t. ; i o : .3 B

Projet/ProjectNotre Reference/Work OrderDatePageFinat

HEN0070 R3565717/02/05

l of l

Element.Methode/Method. Det.LJm. Mesure/Units.

Au Au D Au gr Au grFA1303 FA1303 FA1303 FA13030.001 0.001 0.03 0.03

g/mt g/mt g/mt g/mt

HEN0070.-E366541 0.002 0.002HEN0070;E366542

APPENDIX 2:

Drill Hole Plan 1:500 (see pocket) Drill Hole Section l :500 (see pocket)

ONTARIO MINISTRYOF NORTHERN DEVELOPMENT AND MINESWork Report Summary

Transaction No: W0560.00374 Status: APPROVED

Recording Date: 2005-MAR-01 Work Done from: 2005-JAN-25

Approval Date: 2005-MAR-02 to: 2005-JAN-28

Client(s):

130666 KINROSS GOLD CORPORATION

300210 PLACER DOME (CLA) LIMITED/PLACER DOME (CLA) LIMITEE

Survey Type(s):

ASSAY PDRILL

Work Report Details:

Claim*

P

P

P

P

1180852

3001497

3003939

3012788

Perform

50

515,238

SO

SO

515,238

External Credits:

Perform Approve

SO

81 5,238

SO

SO

515,238

SO

Applied

51

54

51

51

58

,600

,000

,600

,600

,800

Applied Approve

81,600

54,000

51,600

51,600

58,800

Assign

50

54,800

50

50

54,800

Assign Approve

0

4,800

0

0

54,800

Reserve

SO

56,438

SO

SO

56,438

Reserve Approve

SO

56,438

SO

SO

S6.438

Due Date

2006-MAR-04

2006-MAY-06

2006-JUN-02

2006-JUN-02

Reserve:S6.438 Reserve of Work Report*: W0560.00374

S6.438 Total Remaining

Status of claim is based on information currently on record.

42A10SW2038 2.29403 MATHESON 900

2005-Mar-10 13:56 ARMSTRONGI Page 1 of 1

wlinistry ofNorthern Developmentand Mines

Date: 2005-MAR-03

Ministers du Developpement du Nord etdes Mines Ontario

GEOSCIENCE ASSESSMENT OFFICE 933 RAMSEY LAKE ROAD, 6th FLOOR SUDBURY, ONTARIO P3E 6B5

KINROSS GOLD CORPORATION 1200-220 BAY STREET TORONTO, ONTARIO M5J 2W4 CANADA

Tel: (888)415-9845 Fax:(877)670-1555

Dear Sir or Madam

Submission Number: 2.29403 Transaction Number(s): W0560.00374

Subject: Approval of Assessment Work

We have approved your Assessment Work Submission with the above noted Transaction Number(s). The attached Work Report Summary indicates the results of the approval.

At the discretion of the Ministry, the assessment work performed on the mining lands noted in this work report may be subject to inspection and/or investigation at any time.

If you have any question regarding this correspondence, please contact STEVEN BENETEAU by email at steve.beneteau@ndm.gov.on.ea or by phone at (705) 670-5855.

Yours Sincerely,

Ron GashinskiSenior Manager, Mining Lands Section

Cc: Resident Geologist

Kinross Gold Corporation (Claim Holder)

Assessment File Library

Kinross Gold Corporation (Assessment Office)

Placer Dome (Cla) Limited/Placer Dome (Cla)Limitee(Claim Holder)

Christine M. Saari (Agent)

Visit our website at http://www.gov.on.ca/MNDM/LANDS/mlsmnpge.htm Page: 1 Correspondence ID:20420

CANADA

MINISTHV OF NORTHERN DEVELOPMENT AMD MINES

PROVINCIAL MINING RECORDER'S OFFICE

Mining Land Tenure Map

3018780

LOT 10, CON 6

UTM Zone 17 5000m g'ld

Those wishing to stake mining claims should consult with the Provincial Mining Recorders' Office of the Ministry of Northern Development and Mines for additional General Information and Limitations information on the status of the lands shown hereon. This map is not intended for navigational, survey, or land title determination purposes as the information Contact Information: ghpum nn thin man i*, /w nn^ f ^ imri^..o on... *, r tot™ ^ n . . n." . -.. n i A^rfm i information may also be obtained through the le

This map may not snow unregistered land tenure and interests inToll Free Map Datum: NAD 83 land including certain patents, leases, easements, right of ways,

Provincial Mining Recorders' Office Tel: 1 (888) 415-9845 art 57*fc.)eotlon: UTM (6 degree) flooding rights, licences, or other forms of disposition of rights and Willet Green Miller Centre 933 Rarasey Lake Road Fan: 1 (877) 670-1444 Topographic Data Source: Land Information Ontario Interest from the Crown. Also certain land tenure and land uses Sudbury ON P3E 6B5 Mining Land Tenure Source: Provincial Mining Recorders' Office lhat restrict or prohibit free entry to stake mining daims may not be

downloading from the Ministry of Northern Home Page: www.mndm.gov.on.ca/MNDMyMINES/LANDSATilsmnpge.hlm illustrated.

Date l Time of Issue: Thu Mar 03 14:23:25 EST 2005

TOWNSHIP ; AREA PLAN MATHESON G-3982

ADMINISTRATIVE DISTRICTS l DIVISIONS

Mining DivisionLand Titles/Registry DivisionMinistry of Natural Resources District

PorcupineCOCHRANETIMMINS

TOPOGRAPHIC

; i Administrative Boundaries

Township

Concession, Lot

173 Provincial ParttIfiLfil

pH Indian Reserve

;" ": Cliff, Pit ft Pila

K

A

Contour

Mine Sbftfts

Mine Headfrarne

Railway

Road

Trail

Natural Oiis Pipeline

Land Tenure

Freehold Patent

nn Surface And Mining Rights

rfl"j Surface Rights Only

fjl Mining Rights Only

Leasehold Patent

rg] Surlaco And Mining Rights

Surface Rights Only

,! Mining Rights Only

of Occupation

fjfj

51m m

Usea Not Specified

Surface And Mining Righte

Surfaco Rights Only

Mining Rights Only

Und Uu Porrnit

OrsJw In CouncB (Not open for staking)

Water Powor Lease Agreement

Mining Claim12MS67 i

1234887 iFitoa Only Mining Claim

LAND TENURE WITHDRAWALS

i 1234 j Areas Withdrawn from Diwosiliori

Minino Acts VWhdrwwl Types Surface Ana Mining Hljws WflrKfrawnSurface Righto C*ly Min

Wa Wm

Order In Coundl Withdrawal Types W'srn Surface And Mining Rights Witidrawn W'j Surface Rights OnlxWlti*Bim W" m Mining RWrts Only Withdrawn

IMPORTANT NOTICES

Belle 1:40(01

LAND TENURE WITHDRAWAL DESCRIPTIONSIdentifier Typo Date Description

3263 Wsm Jan 1.2001 FLOODING RIGHTS RESERVED TO DUCKS UNLIMITED (FILESM890.00057) OCTOBRE 3! 1948

3278 Wsm Jan 1,2001 FLOODING RIGHTS RESERVED TO DUCKS UNLIMITED (FILE#M8B0.00057) OCTOBRE 31. 1988

3316 WOT Jan 1.2001 PENDING APPLICATION UNDER THE PUBLIC LANDS ACT NOTICERECEIVED 92-NOV-17 (AGRICULTURAL)

W.53/76 Ws Jan 1,19*0 W.53/7810/9/78 S.R.O. 16539

42A10SW2038 2.29403 MATHESON 200

502400 502500i. 502600

MT05-01Az 200, Dip -50Depth 200m

11deg

Magnetic North

II

Q-4 Ogr/.^x v/

Placer Dome (CLA) Limited

LfTMN. Zone 17NAD 1827Clarke 1866 Spheroid

Drawn: David Gliddon

Date: 22/02/2006Scale: 1:500

Location: Timmins, ON

Porcupine Joint Venture

Matheson Township Drill Plan MT05-01

Figure 2

42A10SW2038 2.29403 MATHESON 210

til~r

z Ul Z

i iCO

s

T

HI

300 RL

25ORL

20ORL

P3001497MT05-01Az 200, Dip -50EOH 200m

3OORL

250 RL

200 RL

1SORL

10ORL

SORL

2. 294ROCK CODESLithology

UR PAT CODE DESCRIPTIONR CAS Casing

FZ Fault ZoneQV Quartz VeinSS6 Greywacke/ArgilliteSS7 Greywacke

ASSAYS Aujpm (PPM)

POSTED TEXT Lithology

URL

UR R

TEXT

TEXT ITEMS All

SECTION SPECS:REF. PT. E, N 502451 m 5381500 mEXTENTS 493.9 m 312.7 mSECTION TOP, BOT 331.3 m 18.6 mTOLERANCE */- 18.7m

SCALE 1 : 500(m)

O 5 10 1510I

20

AZIMUTH * 20" N

W

Porcupine Joint VentureMatheson Township

Drill SectionMT05-01

42A10SW2038 2.29403 MATHESON 220