Thursday, August 11, 2011 10:35:22 PM
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00008423
"The Corporation is engaged in the acquisition and exploration of mineral properties in Canada and
Indonesia. The Corporation’s initial exploration efforts were focused in Canada on the Boston Creek
property located near Kirkland Lake, Ontario. In 1995 the Corporation completed a $500,000 exploration
program and earned a 50 per cent interest in the Boston Creek property from Teck Corporation. While
the results of the Corporation’s initial exploration activities on the Boston Creek property were
encouraging, the Corporation determined that further exploration and development on the Boston Creek
property should be carried out by offering third parties the right to earn interests therein by funding such
exploration and development. In 1997 the Corporation and Teck Corporation (the owner of the remaining
50 per cent interest in the Boston Creek property) entered into an option agreement with IBI Corporation
("IBI"). Under the option agreement, IBI was entitled to earn a 36 per cent interest in the Boston Creek
property by expending $850,000 on an exploration program by October 31, 1998. IBI failed to perform
its obligations under the option agreement and, as a consequence, the option terminated. The Corporation
intends to pursue other opportunities for the further exploration and development of the Boston Creek
property."
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