INTERNATIONAL PRECIOUS METALS CORPORATION MAX-MIN II

53H12SW00092.17467 NEMEIGUSABINS LAKE 010

INTERNATIONAL PRECIOUS METALS CORPORATION

INTERPRETATION OF THEMAX-MIN II HORIZONTAL LOOP EM SURVEY ON A PORTION OF THE

BIG TROUT LAKE PROPERTY

by

Patricia Mining DivisionNTS: 53H/12 Lat: 530 35'N Long: 890 55'W

By James R. Trusler B.A.Sc., M.S., P. Eng., F.G.A.C.J R Trusler X Associates - Mineral Consultants143 Temperance StreetAurora, Ontario L4G 2R5Telephone (905) 727-5084 Fax (905) 713-1633

DATE: June 9, 1997

INTERPRETATION OF THE MAX-MIN II HORIZONTAL LOOP EM SURVEY ON A PORTION OF THE

BIG TROUT LAKE PROPERTYPATRICIA MINING DIVISION, ONTARIO

SUMMARY

The Big Trout Lake property is located 580 km (360 miles) north of the city of Thunder Bay, in northwestern Ontario, Canada. International Precious Metals Corporation holds a 10007o interest in the 223 claim 8,920 acre property.

The Big Trout Lake intrusive complex is situated within the Early Precambrian Big Trout Lake metavolanic - metasedimentary belt which in turn is within the God's Lake Subprovince of the Superior Province of the Canadian Shield. The intrusive body occupies both the intensely folded east-west central portion of the greenstone belt and the north northwesterly trending Nemeigusabins arm. The intrusion is steeply dipping, having a total length of 93 kilometres and a maximum thickness of 7.5 km, but the Nemeigusabins arm portion of the intrusion, which is largely contained within the Big Trout Lake property, is 22 km long and 2 to 3 km thick.

Previous exploration was carried out originally in search of copper-nickel deposits, then later for chromite by INCO in the 1960's and 1970's (8 drill holes 1973 -74, 1980). In 1981 and 1982 Canadian Occidental Petroleum drilled eleven holes and conducted ground magnetic and VLF-EM surveys on the property in search of platinum. International Precious Metals Corporation acquired the property in 1985 and since then has conducted an airborne Dighem III EM, resistivity VLF-EM and a magnetometer survey, a 90 line kilometre ground magnetometer survey and has drilled 54 holes for 11,885 metres.

The intrusion is slightly overturned to the east, but a west facing homoclinal sequence with a 350 metre to 500 metre ultramafic base, a 300 to 400 metre thick gabbroic zone, a 1000 metre thick anorthositic zone, and a thin 15-20 metre upper ultramafic top has been defined in drill fences. The basal ultramafic sequence consists of a variety of cyclic units of predominantly pyroxenite and peridotite with lesser amounts of dunite and undefined ultramafics. Many chromite-rich zones have been identified in the basal ultramafics, at least two associated with PGM mineralization.

Two main horizons of PGM mineralization have been identified to date in the Nemeigusabins lake Arm of the Big Trout Lake intrusion. The "East Zone" in the basal ultramafic package and the "West Zone" approximately 750 m above the top of the ultramafic zone and within the anorthosite sequence.

The "West Zone" is a Merensky reef-type zone which hosts PGE mineralization (up to 1,363 ppb Pt and 220 ppb Pd over 0.4 m) in a 60 m thick erratically anomalous sequence. This zone is partially confirmed over a 750 m strike length. Pt:Pd ratios are generally 1:1.

The "East Zone" consists of at least two PGE horizons associated with chromitites within

J. R. TRUSLER A ASSOCIATES - MINERAL CONSULTANTS

the basal ultramafic package usually 100 to 200 m stratigraphically above the basal contact. It has been irregularly tested over 5.8 km of a potential 8.1 km of strike length by 35 drill holes. It remains open along strike to the north and south. Drilling to date has indicated at least three locations along strike where values become potentially economic.

In order to conduct a Max-Min II survey during the winter of 1997 a meeting with the band council of the Big Trout Lake First Nations Band was convened on March 27,1997 in Big Trout Lake. Concerns were expressed by the band council and concerned trappers regarding the use of services and employment of the Big Trout Lake community, environmental effects of the exploration work and impact on the livelihood of three trappers.

The exploration programme comprising 27.5 line km of line cutting and approximately 14.5 line km of Max-Min II horizontal loop EM survey was conducted between Apr. 14 and Apr. 29, 1997. Field supervision and data collection was by Dennis Sweany, Sweany Mining Services, of Dryden Ontario and overall supervision of the project is by J R Trusler, J R Trusler S Associates of Aurora Ontario. Max-Min data was acquired on two frequencies 888 Hz and 1777 Hz. Using a 100 m coil separation with readings at 25 metre intervals on lines spaced 100 metres.

One very strong bedrock conductor was located coinciding with the basal contact of the Big Trout Lake intrusion. Sulfides within the footwall zone along strike have returned assays of over 27o nickel and 11 grams per ton palladium. Another moderately strong conductor was noted along the projected strike of the West zone. Diamond drilling is warranted to test these two conductors. Further Max-Min IV and PBM ground follow-up is warranted to better define some of the prospective zones. This work should be preceded by examination of the DIGHEM III flight line records.

J. R. TRUSLER 8. ASSOCIATES - MINERAL CONSULTANTS i i

TABLE OF CONTENTS

SUMMARY ................. . . . . . ................................................ i

INTRODUCTION ...................... . . . . .................................. Page -1-

LOCATION AND ACCESS ..... . . . . . . . ........................................ Page -1-

PROPERTY ......................... . . . .. ................................. Page -1-

HISTORY AND PREVIOUS WORK .................... .. . . . . . .................. Page -5-

REGIONAL GEOLOGY ....................................... . . . . . . . . ....... Page -6-

TOPOGRAPHY AND PHYSIOGRAPHY ................. . . . . . . . . . . ............... Page -7-

GRIDS .......... . . . . . ..................................... .. . . . . . . . . ..... Page -7-

INTERPRETATION OF SURVEY RESULTS ...................................... Page -8-

CONCLUSIONS ........................ . . . . . ............................... Page -9-

RECOMMENDATIONS ........... . . . . . . . . .................................... Page -9-

REFERENCES .......................... . . . . . . ............................ Page -11-

APPENDIX: MAX MIN II THEORY, SURVEY METHOD, INSTRUMENT SPECIFICATIONS AND OPERATION ..... . . . . . . . ...................................... . . . . . . . .. . . . Page 13a

QUALIFYING PAGE . . . . . ....................................... . . . . . . . . . . .. Page -13-

LIST OF FIGURES Figure 1: Location Map ...................................................... Page -2-Figure 2: Big Trout Lake Property and Grid Layout . . . ............................ Page -4-MAP 1 : MAX-MIN HORIZONTAL LOOP EM SURVEY 888 HZ ...................... In Pocket 1MAP 2 : MAX-MIN HORIZONTAL LOOP EM SURVEY 1777 HZ ......... . . . . . . .. .... In Pocket 1

LIST OF TABLES TABLE 1: Claim List ........................................................ Page -3-

53H12SW0009 2.17467 NEMEIGUSABINS LAKE

J. R. TRUSLER ft ASSOCIATES - MINERAL CONSULTANTS i i i

INTRODUCTION

International Precious Metals Corporation, has commissioned the writer, who was assisted by Robert J. deCarle, Consulting Geophysicist, to interpret results of a Max-Min II horizontal loop EM survey conducted on their Big Trout Lake Property in northwestern Ontario, Canada. From April 14 to 29, 1997 a 27.5 line km grid was cut and a Max-Min II horizontal loop EM survey of approximately 14.5 km was conducted under the field supervision of Dennis Sweany, Sweany Mining Services of Dryden. Line cutters, accommodations, services and supplies were provided by the Lands and Environment Office of the Big Trout Lake First Nations band.

LOCATION AND ACCESS

The Big Trout Lake property is located 230 km (140 miles) north of Pickle Lake and 580 km (360 miles) north of the city of Thunder Bay in northwestern Ontario (Figure 1)

The property is covered by NTS map sheet 53H/12 between longitudes 89 0 40' and 90 0 00' West and latitudes 530 29' and 530 43' North.

The property is accessed by float or ski-equipped aircraft from Pickle Lake which is the nearest sizeable community with year round road access.

The closest, all weather road extends north from Pickle Lake to within 160 km of the property. A winter road extends north from this all season road to the Big Trout Lake Indian Reserve, located on the north shore of Big Trout Lake. The winter road crosses the claim group within 1 km of the main camp on Nemeigusabins Lake (Figure 2).

The road will be opened during the winter of 1998 and each succeeding year for approximately 8 weeks beginning in late January. During this time it will be traversable by large transport trucks.

Crews begin packing the road and ploughing the Lakes in late December each year. Heavy tracked equipment could access the property as early as the second week of January and come back out as late as the last week of April, depending on weather conditions.

PROPERTY

The Big Trout Lake property consists of one claim block of 223 claims covering 3,611 hectares (8,920 acres) . All claims are located in the Patricia Mining Division, Kenora Mining District. Government Claim Maps are G 2143 Nemeigusabins Lake, and G-1949 Beardy Creek.

The claims were staked in phases from 1985 to 1987 and are held by International Precious Metals Corporation. Overseas Platinum Corporation holds 1007o net profits interest in International Precious Metals Corporation's residual interest. The claims listed in Table 1, Page 3, reflect the due dates after application of banked credits only.

J. R. TRUSLER 8, ASSOCIATES - MINERAL CONSULTANTS Page

Trout Lake Village

Mafic Rocks

Ultramafic Rocks

M* to volcan! c Rocks

.w ^X,-'V \\tt: '-

BIG TROUT LAKE PLATINUM PROPERTYNorthwestern Ontario

International Precious Metals Corporation

J.R. Trusler & Associates

BIG TROUT LAKE PROPERTY Location Map

Figure 1

Claim No.

TABLE 1:

No. of Claims Recording DateQualification

Expiry Date for Lease

Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.Pa.

1.2.

835509-835513835516-835521835523 - 835528841276-841298846136-846158846160-846162846165-846166846176-846179846182-846186846192-846200846203 - 846206846216-846220875346 - 875358875361 - 875368875373 - 875375913611 -913615913617-913618913619-913620913738-913739913741 -913744933637933640 - 933645933647 - 933652933656 - 933661934051 - 934055934057 - 934058934061 - 934063934066934074 - 934078934081 - 934088950506 - 950507950509-950513950516972785972787972788 - 972789972791 -9717921007299-10073001007303-10073061007309-10073151007318-10073211010001 -1010015

Can be taken to lease priorMore work credits required

5662323324594513835222416665231582511122247415

to expiryto extend

June 18, 1985June 18, 1985June 18, 1985Feb. 20, 1986June 18, 1985June 18, 1985June 18, 1985June 18, 1985June 18, 1985June 18, 1985June 18, 1985June 18, 1985Feb. 20, 1986Feb. 20, 1986Feb. 20, 1986April 21, 1987April 21, 1987April 21, 1987April 21, 1987April 21, 1987April 21, 1987July 17, 1987July 17, 1987July 17, 1987July 17, 1987July 17, 1987July 17, 1987July 17, 1987July 17, 1987July 17, 1987April 8. 1987April 8, 1987AprilS, 1987May 15, 1987May 15, 1987Aug 18, 1987Aug18, 1987July 9, 1987July 9, 1987July 9, 1987July 9, 1987July 17, 1987

or extended by furtheror take to lease.

June 18, 1997June 18, 1997June 18, 1997Feb. 20, 1998June 18, 1997June 18, 1997June 18, 1997June 18, 1997June 18, 1997June 18, 1997June 18, 1997June 18, 1997Feb. 20, 1998Feb. 20, 1998Feb. 20, 1998April 21, 1998April 21, 1998April 21, 1999April 21, 1999April 21, 1999April 21, 1998July 17, 1998July 17, 1998July 17, 1998July 17, 1998July 17, 1998July 17,1998July 17, 1998July 17, 1998July 17, 1998AprilS, 1999AprilS, 1999AprilS, 1999May 15, 1999May 15, 1999Aug 18, 1997Aug 18, 1999July 9, 1997July 9, 1999July 9, 1999July 9, 1999July 17, 1999

exploration.

111111111111111221111111111111111112121111

J. R. TRUSLER 4 ASSOCIATES - MINERAL CONSULTANTS Page -3-

Big Trout Lake

Property Boundary

SCHEMATIC DISPLAY | OF GRIDS A,B

i Cur re-nt-

GRID A 0"18'20'GRID B ANTICLOCKWISERELATIVE TO A

Hate: Both Baseline A and Baseline B origins at same location.

J.R. Trusler A Associates

International Precious Metals Corp

BIG TROUT LAKE PROPERTYDistrict of Kenora, Ontario

Grids A, B, and CDrawn: j RT" Appivd

HISTORY AND PREVIOUS WORK

The Big Trout Lake area was first mapped in a general manner by J.B. Tyrrell in 1913. Reconnaissance geological mapping was conducted by P.P. Hudec (1964) for the Ontario Department of Mines. More detailed mapping was performed by Thurston et al. (1979) for the Ontario Geological Survey.

In 1980, P.J. Whittaker, of the Ontario Geological Survey, reported on the Big Trout Lake intrusion's chromite potential in an Open File report. He concluded after research on Inco core that the Cr/Fe ratios were too low for economic chromite deposits, but that the intrusion had good potential for PGE mineralization.

INCO was the first company to do exploration on or close to the property, from the late 1960's to the early 1980's. They flew an airborne electromagnetic and magnetic survey over the area, acquired ground, and carried out several drill programs for the purpose of anomaly checking, supposedly looking for Cu-Ni deposits. Their interest later shifted to the chromite potential of the layered intrusion. Assessment reports contain no geochemical results, although massive chromite horizons were intersected in several drill holes.

Canadian Occidental Petroleum Ltd. staked seven different claim blocks in 1980-81 over areas of the Big Trout Lake intrusion, two of which were in the Nemeigusabins Lake arm. With the guidance of ground magnetometer and VLF electromagnetic surveys, Canoxy drilled three holes in 1981, and eight in 1982 in the Nemeigusabins Lake arm of the intrusion. Two holes tested the western contact of the intrusion; the nine others were drilled near the eastern border. Another three holes were drilled in the southeast corner of Big Trout Lake. One of the Canoxy 1981 holes (BT-2-81) intersected a high grade horizon of 7 g Pt ^ Pd/tonne over 2 metres (Pt/Pd ratio of 1:3) within the ultramafic base of the intrusion close to its eastern contact. The 1982 follow-up holes failed to extend this zone along strike, probably due to incomplete understanding of the geology.

International Precious Metals Corporation acquired the lapsed Canoxy claims in June 1985, and completed a nine-hole drill fence across part of the intrusion at Nemeigusabins Lake, for a total of 2,010 metres of drilling. This helped to delineate the igneous stratigraphy above the basal ultramafic, and uncovered a second PGE zone within gabbroic-anorthositic rocks. In February and June of 1986, an additional 148 claims were staked, contiguous to the original 92 claims. In the fall of 1986, a Dighem III electromagnetic/ resistivity/magnetic survey was flown over the entire 240 claim property.

In the Spring of 1987 International Precious Metals Corporation conducted a 12 hole 3,117.4 m diamond drilling program designed to follow up on previous PGE intersections and to complete the stratigraphic cross section of the intrusive complex. PGE mineralization was encountered in both the ultramafic East Zone and the anorthosite West Zone.

During the winter of 1988 thirteen holes (11 on the East Zone and 2 in the Northeast claim block) were drilled totalling 3,317.8 m. In addition, 76.2 line kilometres of magnetometer and 3.3 line kilometre VLF-EM surveys were completed.

J. R. TRUSLER A ASSOCIATES - MINERAL CONSULTANTS Page -5-

The 11 hole program on the East Zone intersected significant Pt * Pd mineralization primarily in two horizons over a 5.8 km strike length.

In the winter of 1989 10 holes totalling 1748.0 m were drilled on the East Zone. Drilling was concentrated around previously intersected anomalous PGM mineralization at 25 to 50 m step- outs.

The 1989 drilling program was carried out in two phases. Phase l in the winter consisted of 10 holes totalling 1,748.0 m of drilling. Phase II in the summer consisted of a further 10 holes totalling 1,691.6 m of drilling.

The 1989 drill program was successful in further delineating the East Zone and outlining what appear to be strongly mineralized "shoots" plunging to depth within the horizon.

REGIONAL GEOLOGY

The Big Trout Lake property covers parts of the Big Trout Lake ultramafic-mafic intrusive complex (B.T.L. Complex) which lies within the Meso Archean Big Trout Lake volcano- sedimentary belt of the God's Lake Subprovince in the Superior Province of the Canadian Shield (Thurston et al, 1979). Archean felsic intrusive rocks, hybrid rocks of trondhjemitic composition and migmatitic gneiss surround the Big Trout Lake belt. Dating of granitic basement rock at one location indicates a Kenoran age of 2534 m.y.

The Big Trout Lake volcano-sedimentary belt was intruded by the 93 km long and up to 7.5 krn thick B.T.L. Complex in the Archean. The belt was subsequently folded into a generally northwest striking Z-shape with the northwest striking north arm and the east-west striking central arm associated with antiformal structures folded about an east-west synformal axis (Figure 1). A synform dominates the southeast striking 39 km long Nemeigusabins Lake arm of the complex which Thurston et al (1979) interpreted to be bounded on the west by the Big Trout Lake - Wunnumin Lake Fault. Ontario Geological Survey Map 2292 provides the best published version of the geology, shape and structure of the intrusion.

The dominant rocks of the belt are tholeiitic mafic meta-volcanics (basalt), with contemporanously deposited turbidite metasedimentary rocks occurring mainly along the belt's borders. The Big Trout Lake Complex consists of layered ultramafic, gabbroic and anorthosite rocks, intruded within and close to the greenstone belt's eastern margin. Younger mafic and felsic dikes cut the volcanic and intrusive rocks. Regional metamorphism is of lower greenschist facies.

The Big Trout Lake ultramafic-mafic intrusive complex appears to comprise two separate sills. The Nemeigusabins Lake arm and the west part of the central arm host a 23 km long, 1.7-2.5 km thick sheet of poorly exposed ultramafic to mafic intrusive sequence which is the primary focus of the current exploration program by IPM and underlies 9007o of the IPM property. This sill has an eastern, basal ultramafic portion hosting peridotite, pyroxenite, dunite and chromite rich layers, and a western, upper, gabbroic and anorthositic portion. Stratigraphic tops are to the west and north

J. R. TRUSLER Z ASSOCIATES - MINERAL CONSULTANTS Page -6-

on the respective arms. The second sill is hosted by the central arm and by the north arm of the B.T.L. intrusion. Gabbro and anorthosite are the dominant components with only small, local ultramafic pods and layers. This second, probably younger sill is interpreted to stratigraphically underlie the northernmost segment of the first sill in the vicinity of Leopard Point (Fischer, 1988)

Several northwest striking faults with dextral slip have been interpreted from displaced airborne magnetic trends associated with the basal ultramafic sequences. Other northeasterly striking faults have been interpreted locally and may be reflected by topographic linears.

TOPOGRAPHY AND PHYSIOGRAPHY

The property lies within a large area of low relief leading to the Hudson Bay lowlands. Maximum elevation is about 265 metres above mean sea level (A.M.S.L.) on two drumlin-like hills south of Nemeigusabins Lake which has an elevation about 242.6 m. Minimum elevation is 210.6 m A.M.S.L. for Big Trout Lake. Predominant drainage in the area is northeast into Big Trout Lake. The southeastern 1007o of the property drains easterly into the Ashweig River. Swampy areas are common particularly along meandering streams.

Thick hummocky moss covers most of the ground even at higher elevations. Fifteen to thirty foot high black spruce is the dominant tree type and lesser poplar and birch are present along some shorelines, hilltops and burned over areas. Thick alder or poplar growth is also common in swampy and burned over areas.

Outcrop covers less than d.5% of the property and is limited to islands and shoreline on Big Trout Lake and three areas on Grid B, south of Nemeigusabins Lake. These latter areas are in the vicinity of BIL, L40S, on islands and shoreline on the west shore of the hourglass shaped lake centred at L52S and 10E. Exposures of the Big Trout Lake intrusive rocks are present at all locations.

Overburden thickness ranges up to 32 metres and is dominated by boulder till with granite, mafic volcanic and lesser ultramafic to mafic rock types present except in basal till where locally derived material becomes dominant. Unconsolidated lake sediment up to 5 metres thick and over 7 metres of varved clay were encountered at Nemeigusabins Lake and nearby lakes. Hudec (1964) has reported that two distinctly different glacial tills are present, at least at Post Island.

GRIDS

The Big Trout Lake property is covered by 3 grids. Grids "A" and "B" cover the southern portionof the Main Claim Block. Grid "A" is oriented at N35 0 W and Grid "B" is oriented at N35 0 18' 20"W.Grid C extends due north from "B" to Big Trout lake. The current line griduses grid A and is shown on Figure 2. All of the picket lines had to be cut and rechained for thissurvey.

J. R. TRUSLER 8. ASSOCIATES - MINERAL CONSULTANTS Page - l-

INTERPRETATION OF SURVEY RESULTS

Grid A

a) Lines 1700 to 2200 Station O+OO to 550 West

Only one obvious bedrock conductor was intercepted within this portion of Grid A. The best EM response is located on Line 2000. From this point, the conductor has a southerly strike for approximately 200 metres, where it would appear to be plunging, beyond Line 2200. Based on the EM responses for both frequencies (888 Hz. and 1777 Hz.), the conductor is interpreted to be steeply dipping towards the east.

Towards the east central portion of Lines 1800 and 1900, the EM data indicate a potential second bedrock conductor, possibly at depth. A Max-Min IV system, with a 200 metre Tx-Rx separation, would have to be utilized in order to resolve such a conductor. In reference to the DIGHEM airborne survey, EM anomalies were picked up in the general region of this second suspected zone. However, reference to the airborne EM profile data would be necessary before any conclusions are made respecting the conductive response.

With respect to the main stronger conductor on Line 2000, its conductivity is quite good, in the order of 12 mhos per metre. The conductor is estimated to be approximately 38 metres deep. Based On the 888 Hz, data, the conductor is centered at Station 350 West.

b) Lines 2200 to 3400. Stations 100 East to 1000 East

The main conductor within this portion of Grid A, exhibits moderate to high conductivity. Its best conductivity is located on the most southern Line 3400S, where its strength is estimated to be over 50 mhos per metre. The EM responses on Lines 2700 and 31 DOS exhibit conductivities as high as 35 mhos per metre. The remaining portions of the single bedrock conductor have conductivities between 15 and 30 mhos per metre.

The north half of this conductor is steeply dipping towards the east, perhaps 80 to 85 degrees. The south half of the conductor appears to have been rotated and is steeply dipping towards the west, again at roughly the same angle. Depths to the top of the conductor varies, but ranges from 15 metres near Line 3100 to 36 metres near Lines 2700 and 3300.

Along the west and north shores of the large lake, under which this strong conductor trends, the EM responses indicate an 'edge effect' from the conductive lake bottom sediments.

In the central regions of Lines 2600 and 2700S, the EM data indicate a conductor displaying very poor conductivity possibly being located at depth. This result correlates with anomalies indicated by the DIGHEM airborne survey. Again assessment of the EM flight line data would be helpful in assessing this conductor. If confirmed as a bedrock source, further follow-up on the ground with a wider Max-Min coil separation would be warranted. Drill hole 88-8 which was drilled close to this trend did not intersect the basement volcanic rocks, but did intersect a 20 cm zone of 2007o

J. R. TRUSLER 8. ASSOCIATES - MINERAL CONSULTANTS Page - 8 -

sulphides ( pyrrhotite, chalcopyrite and pentlandite) at 311 metres down the hole section.

Towards the north end, on Lines 2200, 2300 and 2400S, poorly defined EM responses have been interpreted near the middle of the lake. They would appear to he located within or near the volcanic-intrusive contact. A few drill holes have been put down in this general region, but one hole in particular, intersected platinum-palladium mineralization at 175 metres. Being at such a depth, it is very unlikely that this Max-Min survey, with a 100 metre coil separation, is penetrating to the best portions of the conductor. Since there are highly anomalous PGM values in this area, further ground work should be contemplated.

CONCLUSIONS

On the basis of the results from Max-Min II horizontal loop EM survey, diamond drilling is warranted to test two of the conductors indicated. Further Max-Min IV and PEM ground follow-up is warranted to better define some of the prospective zones. This work should be preceded by examination of the DIGHEM III flight line records. The two identified drill targets are believed to be a) possible massive to semi-massive sulphides associated with the basal contact of the intrusion and b) an untested accumulation of (sulphides?) along trend of the West zone of the Big Trout Lake intrusion.

Further ground EM surveys of the remainder of the Big Trout Lake property are warranted in order to better define some of the other prospective zones.

There is a very thin layer of conductive overburden material over most areas of the property, including the lake bottom sediments. However, the Max-Min system appears to be effective in penetrating the conductive overburden and achieving good coupling with bedrock conductors. Specific coil separations and frequencies will be prudent, in order to accurately locate the conductors

RECOMMENDATIONS

It is recommended that the next phase of work include:a) re-interpretation of the 1986 DIGHEM III airborne EM and magnetometer surveys, in order to re-affirm some of the bedrock conductors, including short, flanking conductors at or near the bottom of the basal unit of the ultramafic rocksb) re-surveying Lines 1700 to 2200, Stations 0+00 to 500 West, and Lines 2200 to 2700 , and Stations 100 East to 1000 East using a 200 metre coil separation with the same freouencies.. This should only be done after the reinterpretation of the airborne EM flight line data for these lines has been carried out. Utilization of a high powered pulse EM system in areas of poor conductor definition is also recommended. Its depth of penetration and interpretative definition, especially beneath conductive overburden, render it superior to Max-Min (albeit at a higher cost).

J. R. TRUSLER 8. ASSOCIATES - MINERAL CONSULTANTS Page - 9-

c) the two drill hole locations and specifics are as follows, i) Line 2000S - conductor dips 80 0 East

- conductor axis at Station 350 West- drill hole collar at Station 300 West- hole declination 70 0- hole direction 2300- projected conductor intercept at 98 metres down hole

ii) Line 3400S -conductor dips 80" West-conductor axis at Station 950 East- drill hole collar at Station 300 East- hole declination 600- hole direction 0550- projected conductor intercept at 78 metres down hole.

The following are some of the recommendations being made, that will contribute to a successful ongoing exploration program:

a) re-assess the airborne EM data for magnetite horizons within the ultramafic rocks, specifically looking for stratigraphic correlation of PGM associated chromitite horizons.

b)continued ground EM surveys of the remainder of the Big Trout Lake property.

J. R. TRUSLER A ASSOCIATES - MINERAL CONSULTANTS Page -10-

REFERENCES

BORTHWICK, A.A. and NALDRETT, A.J. (1986)Platinum Group Elements in Layered Intrusions: The Geology and Geochemistry of the Big Trout Lake LayeredIntrusion, Thunder Bay District.OGS Open File Report 5584.

BRYANT, J. G. (1989)Report on the 1988 Diamond Drill Program and Ground Magnetometer Survey, Big Trout Lake Project. UnpublishedReport for International Platinum Corporation

FISCHER, P. (1988)Report on 1987 Drill Program. Project Big Trout Lake. Unpublished Report for International Platinum Corporation.

GASPARRINI, C. (1981)Electron Microprobe Study of the Platinum Group Minerals in two samples of chromite rich rocks. Report forCanadian Occidental Petroleum Ltd.

GITTINGS, F.W. (1982)Project Big Trout. Diamond Drilling, Geology and Geochemistry. Covering Work Completed January - April, 1981.Unpublished Report for Canadian Occidental Petroleum Ltd.

GITTINGS, F.W. (1982)Project Big Trout. Diamond Drilling, Geology and Litho-geochemistry. Covering Work Completed January - June1982. Unpublished Report for Canadian Occidental Petroleum Ltd.

GROOTENBOER, J. (1988)Geological and Geochemical Report on the Big Trout Lake Property, Patricia Mining Division, August - September,1987 on behalf of 697895 Ontario Ltd. by Contwoyto Goldfields Limited. Assessment Report.

GUARDIA, F.J.L. (1986)Report on the 1985 Drill Program in The Big Trout Igneous Complex, NW Ontario, NTS 53 H/12. Unpublished Reportfor Platinum Exploration Canada Inc.

HALLIDAY, M.L (1980)Preliminary Report on Big Trout Lake Property, NW-Ontario. Unpublished Report for Canadian Occidental PetroleumLtd.

HUDEC, P.P. (1964)Geology of The Big Trout Lake Area, District of Kenora (Patricia Portion). ODM Geological Report No. 23. Also seeOntario Department of Mines Map 2045, Big Trout Lake Area.

JAGODITS, F .L (1981)Report on Ground Magnetic Surveys, Big Trout Lake Area, Ontario for Canadian Occidental Petroleum.Accompanying Maps.

JAGODITS, F.L. (1983)Report on Ground Geophysical Surveys, Grids 4 and 4 Extension, Project Trout, Big Trout Lake Area, District ofKenora, Patricia Mining Division, Ontario for Canadian Occidental Petroleum Ltd., Minerals Division. AccompanyingMaps

J. R. TRUSLER a ASSOCIATES - MINERAL CONSULTANTS Page -11-

SALIB, P. (1988)Airborne Magnetic A/LF-EM/ Survey Report, Big Trout Lake Area, Ontario, Questor Surveys Limited Report No.88013. Assessment Report on behalf of 697895 Ontario Limited and Contwoyto Goldfields Limited.

THURSTON, P.C., SAGE, R.P. AND SIRAGUSA, G.M. (1971)Operation Winisk Lake: Wunnumin Lake - Big Trout Lake Sheet, District of Kenora (Patricia Portion); Ontario Department Mines and Northern Affairs, Preliminary Map P. 712, Geological Survey, Scale 1 inch to 2 miles. Geology 1971. Revised 1973.

THURSTON, P.C., SAGE R.P. AND SIRAGUSA, G.M. (1979)Geology of the Winisk Lake Area, District of Kenora, Patricia Portion. OGS Report 193, includes Map 2292, BigTrout Lake - North Caribou Lake, 1 inch to 4 miles.

TRUSLER, J.R. (1995)Summary Report and Proposed Exploration on the Big Trout Lake Property, District of Kenora, Patricia MiningDivision, Northwestern Ontario; for International Platinum Corporation by JR TRUSLER 8*. ASSOCIATES

VanZijl, J.S.V. and Kostlin, E.O. (1985)The Electromagnetic Method, Field Manual For Technicians No. 3, South African Geophysical Association, pp. 54-68.

WALLS, J.R. (1990)Report on the 1989 Drilling Program, Big Trout Lake Project Unplublished Report For International PlatinumCorporation.

WALLS, J.R. (1995) Personal communication.

WHITTAKER, P.J. (1980)Chromite Deposits of Ontario; Ontario Geological Survey, Open File 5306.

WHITTAKER, P.J. (1986)Chromite Deposits in Ontario; Ontario Geological Survey, Study 55, 97 p.

INCO diamond drill data from assessment reports.

J. R. TRUSLER 8. ASSOCIATES - MINERAL CONSULTANTS Page -12-

QUALIFYING PAGE AUTHOR'S CERTIFICATE

a. This report was prepared by:

GEOLOGICAL ENGINEER.

James R. Trusler P.Eng.Principal,J R Trusler and Associates143 Temperance St.Aurora, Ontario L4G 2R5(905) 727-9046

b. Qualifications:

B A Se - Geological Engineering, University of Toronto, 1967MS- Geology, Michigan Technological University, 1972Professional Engineer - OntarioFellow - Geological Association of CanadaMember - Canadian Institute of Mining, Metallurgy and Petroleum

c. This letter is based on a review of all available relevant data; historical, land tenure and geological, and on personal involvement as Vice President of Exploration of Platinum Exploration Canada Inc. and International Precious Metals Corporation during the acquisition and exploration of the Big Trout Lake property from 1985 to 1990, as a director of International Precious Metals from 1983 to 1992, and as a geological consultant to International Precious Metals since 1990.1 have personally examined the Big Trout Lake property in the field.

d. I have used my experience gained in geological mapping, the exploration for minerals, the definition of mineral deposits and the evaluation of properties (over 30 years) in preparation of this report

e. I do not currently hold an equity position in the capital stock of International Precious Metals Corporation, and other than the remuneration for this report and other services I do not anticipate receiving any other payments or capital stock in International Precious Metals Corporation.

Dated: June 9, 1997

Trusler M.S., P.Eng.

Page -13-

APPENDIX: MAX MIN II THEORY, SURVEY METHOD, INSTRUMENT SPECIFICATIONS AND OPERATION

Page 13 a

J.-R. TRUSLER 8. ASSOCIATES - MINERAL CONSULTANTS

assef C??e*~ a.ti'*iV MAX:

M l N:

, BBS, 1777 and 3553Hz.

Transm tter coil plane anc re - ceiver coil plane horizontal [Max-coupled; Horizontal-loop i icdej. Used with refer.cable.

Transmitter coil plane horizon tal and recever coil plane ver- tica (Mm-coupled mode). Used with reference cable.

V. L. : Transmitter coil plane verti cal and receiver coil plane hori zontal CVertical-'oop model. Used without reference cable , in parallel lines.

:i Separ at/OT) s -.

ReaU'

0 ^ it-e ,-i25,5C,1OO,i5O,2Oa S25Om or IDD, 2QO, 3OQ, 4OO,E BOO 't. CMMHF). Coil separations in VL.mpde not re stricted tp fixed values.

- In-Phase and Quadrature compo nents of the secondary field in Vcit MAX and MIN modes.

T Tilt-angle of the total f eld in VL. mode .

- Automatic, direct readout on SO mm C3.5 "l edgewise mete"S ' n in MAX and MIN modes No null ing or compensation necessary.

-Tit angle and null in SOmm edge- - T-. wise meters ir* V.L.rnode.

In-Phase: t2OV.. 1OO7. by push button switch .

Quadrature: 2O '/.. 1OG 't. by push- Puttpn switch.

Ti t: 175"/o slope .NuH CVLJ: Sensitivity adjustable

by separation switch.

In-Phase and Quadrature: 0.25 V.to O .5 '/. : T ilt: 1V. . Sc-ec

normally, depending on conditions, frequencies and coil separation usec .

- 222Hz :22OAtms 444Hz : 2OO Atm^

- BBS Hz :- 1777 Hz :- 3555 Hz : SOAtm2

SV trans, racio type batteries (41. Life: approx. 35hrs. continuous du ty [alkaline, 0.5 Ah), less in cold weather.

1SV B Ah Gel-tyoe rechargeable battery. [Charge" supplied).

Light weight 2-conductor teflon caPie for minimum friction. Unsîeld- ed. All reference cables optional at extra cost. Please specify.

Built-m intercom system for voice communication between re ceiver and transmitter operators in MAX and MIN modes, via re ference cable .

Built-in signal and reference warn ing lights to indicate erroneous read ngs .

C t.o*BO"C t-

C13lba.3

taaiba.3

Typically BQkg C135lbs.3, depend ing on quantities of reference cab'e and batteries included. Shippec in two field/shipping cases .

APEXPhone:[416)

S2OO STEELCASE RD. E., MARKHAM, O.NT.. CANADA. L3R 1G2

Cables: APEXPARA TORONTO : aoHB-'EBsicKS iRjamnrEiKrToraj r-: z s R:O6-96677S APEXPARA M KHM

The survey was performed using the Max Min II horizontal loop EM system ( produced by Apex Parametrics Limited ) with frequencies of 888 and 1777 Hz. The survey is run with a transmitter attached to a horizontally-oriented transmitter loop connected by signal cable to the horizontally-oriented receiver loop. This survey was run with a transmitter - receiver separation of 100 metres.

Readings of the In-Phase and Quadrature field strength expressed as a percentage of the input signal strength were recorded at twenty five metre station spacings on lines separated 100 metres. Field orientation may be either positive or negative.

Instrument specifications are stated on the reverse side of this page.

- l -

INTRODUCTION ,} ' . -

The field tests were conducted by the-writer in the Timmins area of Ontario over a two week period in November, 1974, using a preproduction MaxMin II system.

The tests were designed to demonstrate the effectiveness of the MaxMin II system as a consistent performer in the search for massive and stockwork veinlet sulphide zones, despite such adverse conditions as:(a) strong power line and atmospheric noise,' 1 -(b) conductive overburden, both thick and uniform, and highly irregular.(c) very rough terrain. ' ; : ' ii ' ,

The degree to which the MaxMin II can cope with these problems will become apparent in the section entitled "Discussion of the Test Results". Other potential attributes of the MaxMin II, as a deep searcher and a resolver of complex and closely-spaced parallel-conductors, are discussed in the section entitled "Features of the MaxMin II Not Fully Apparent in the Field Results". .

Readers who have the writer's test report on .continuously portable EM systems CI) will be able to compare the performance of eleven other EM systems with that of the MaxMin II under the same test conditions. Test areas l, 2, 3, 4 a nd 5 of the earlier report correspond to test areas 4, l, 2, 5, and 3, respectively, of this report.

BRIEF DESCRIPTION OF THE MAXMIN II EM SYSTEM

The MaxMin II is a two-man continuously portable EM system, for which the basic specifications were set down by the writer following an extensive test program of eleven continuously portable 'EM systems in 1972(1).

The MaxMin II system is designed to measure both -the vertical and horizontal in-phase (IP) and quadrature phase (QP) components of the an omalous field from electrically conductive zones. More accurately, the directions of the measured components " are perpendicular and parallel to the mean slope between the transmitting coil (Tx) sand the receiving coil(Rx). ' --. : * ;i ——i-.v -T. - o-; -

The plane of the Tx is kept parallel"to : the mean slope between the Tx and Rx at all times. This means that the MaxMin II is in effect a horizontal loop (HL) system, when the receiver measures anomalous compon ents perpendicular to the mean slope between the coils/ It is a minimuni- coupled (Min C) system, when the receiver measures anomalous components parallel to the mean slope between the coils. j' - "' ''

Generally the MaxMin II is run in the HL mode with the Min C mode being used in the few instances, where it can improve on the data of the HL mode. . :'- K' C"^/-^ "'" ' ' v ".

The MaxMin II has the following principal features designed into it:(1) : four system frequencies -222, 444, 888," and '1777 Hz - to deal effect

ively with a wide range of overburden and bedrock conductor conduct ivities,

(2) six Tx-Rx separations - 100, 200, 300 ,"* 400, 600, 'and 800 ft* - tocope with a wide range of problems 'from the/search for large deep con ductive zones to the resolution of shallow, parallel conductive zones,

(3) built-in tilt meters to control the coil tilts in rough terrain, and thus reduce the 'noise' in the IP readings, "'

* 30.5, 61, 91.S, 122, 183, and 244 metres.

- 2 -

(4) a built-in, easy-to-operate intercom system to insure good coordin ation of the transmitter and receiver operators at all times,

(5) very advanced electronic (active and digital) filtering in the re ceiver to reduce the interference effects of power line and atmo spheric noise,

(6) warning lights to indicate invalid readings,(7) large scale IP and OP meters giving a fine scale reading precision

of f/o o f the primary field strength at the receiver,(8) reference cables with teflon insulation and jacket to insure easy

pulling at all times,(9) the capability of changing the Rx from the HL to the Min C mode with

no loss of time,(10) balanced reference voltage and compensator circuitry to eliminate

stray coupling effects*, and(11) two-man portability to'reduce operating costs.

DISCUSSION OF THE TEST RESULTS

Introductory Remarks ; , , -:

The HL mode was used throughout these tests, except where otherwise stated. Where repeat runs were made, the sense of the Tx and Rx was re versed to demonstrate the absence of stray coupling effects with this system. ;

Test Area #1

The results in this area show an example of reading through noise from a major power line.

The power line is a dual 60Hz and 25Hz line, each section being rated at 132,000 volts. According to the Ontario Hydro records, the com bined currents in these lines ranged between 400 and 600 amperes at the time of the tests. This amperage is as large as that in other major lines of a higher voltage rating.

Tests with a wave analyser beside this power line showed a high harmonic content with noise levels being orders of magnitude above the level of the system field at the receiver. The harmonic content Varied considerably with time. . ., . ,

There is no known bedrock conductor in the immediate vicinity of the power line, but there are conductive overburden effects sufficient to demonstrate the level of repeatability of the results from separate passes with the system. ,

The results along a traverse line perpendicular to the power line,using coil spacings of 300 ft and 600 ft,are shown on plot sheet #1.The results along a line parallel to, and 300 ft from, the power lineusing a 400 ft coil spacing are shown ;on the top part of plot sheet #2.

* Stray coupling effects show as a change in reading as the electrical coupling changes between the coils and the ground (via the operators and reference cables). These effects lead to spurious readings, es pecially at large coil spacings and high,.frequencies. They are at their worst under wet conditions. t M .- ,,,jj n^ 'rÛ;:.

CERTIFICATE OF QUALIFICATIONS

l, ROBERT J. DE CARLE, certify that: -

1 l hold a B.A.Sc.degree in Applied Geophysics with a minor in geology from Michigan Technological University, having graduated in 1970.

2 l reside at 28 Westview Crescent in the town of Palgrave, Ontario.

3 l have been continuously engaged in both professional and managerial roles in the minerals industry in Canada and abroad for the past twenty-seven years.

4 l have been an active member of the Society of Exploration Geophysicists since 1967 and l hold memberships as a Fellow in the Geological Association of Canada and other professional societies involved in the minerals extraction and exploration industry.

5 The accompanying report was prepared from information published by government agencies, materials supplied by International Precious Metals Corporation and from a review of the proprietary ground geophysical data obtained from James R Trusler for International Precious Metals Corporation, l have not personally visited the property.

6 l have no interest, direct or indirect, in the property described nor do l hold securities in International Precious Metals Corporation.

7 This report may be used for filing with the various regulatory bodies as may be required.

Signed,

Palgrave, OntarioJune 9, 1997

Robert J. de Carle Consulting: Geophysicist

Page -14-

ry ofNorthern Development and Mines

Ontario

Report of Work Conducted After Recording Claim

Mining Act

Transaction Number

Personal Information collected on this form is obtained under the authority of the Mini this collection should be directed to (he Provincial Manager, Mining Lands, Mlnlst Sudbury. Ontario, P3E 6A5, telephone (705) 670-7264.

Inp*

i Information will be used for correspondence. Questions about and Mines. Fourth Floor, 159 Cedar Street,


sesdment work or consult the Mining

his form in duplicato, must accompany thisl J? 4

Recorded Holders) Client No.

Address

Mining DivisionX^/C" , v SI/ ,Township/Area

TeSpi-A

No.

Of G'Plan No.

Srmed

Work Performed (Check One Work Group Only)

Work Group

x Geotechnical Survey

Physical Work, Including Drilling

Rehabilitation

Other Authorized Work

Assays

Assignment from Reserve

Type

Mhx- MI M i/ iMivoAjrrfL, Lj/ipe/y ^ LiA/zcu rr/A/6( V^fl'O - C rn )^

'

- -

Total Assessment Work Claimed on the Attached Statement of Costsc

Note: The Minister may reject for assessment work credit all or part of the assessment work submitted if the recorded

holder cannot verify expenditures claimed in the statement of costs within 30 days of a request for verification.

Persons and Survey Company Who Performed the Work (Give Name and Address of Author of Report)

(attach a schedule K necessary)

Certification of Beneficial Interest * See Note No. 1 on reverse side

l certify that at the time the work was performed, the claims covered in this work report were recorded in the current holder's name or held under a beneficial interest by the current recorded holder.

Certification of Work Reportl certify that l have a personal knowledge of the facts set forth in this Work report, having performed the work or witnessed same during and/or after

its completion and annexed report is true.Name and Address of Person Certifying

5 X: yki/jX^ ^J K.Telepone No.

For Office Use OnlyTola! Value Cr. Recorded Date Recorded

otal Num of Claim

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Credits you are claiming in this report may be cut back. In order to minimize the adverse effect

which claims you wish to priorize the deletion of credits. Please mark (^) one of the followin

cLi

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please indicate from

1. GS^Credits are to be cut back starting with the claim listed last, working backwards.

2. D Credits are to be cut back equally over all claims contained in this report of work.

3 O Credits are to be cut back as priorized on the attached appendix.

In the event that you have not specified your choice of priority, option one will be implemented.

Note 1: Examples of beneficial Interest are unrecorded transfers, option agreements, memorandum of agreements, etc., with respect

to the mining claims.

Note 2 : If work has been performed on patented or leased land, please complete the following:

l certify that the recorded holder had a beneficial interest in the patented

"r ipa'wcl land at the time the work was performed

Signature Date

l 46y.

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Credits you are claiming in this report may be cut back. In order to minimize the adverse effects of such deletions, please indicate from which claims you wish to priorize the deletion of credits. Please mark (K-) one of the following:

1. D Credits are to be cut back starting with the claim listed last, working backwards.2 D Credits are to be cut back equally over all claims contained in this report of work.3. D C redits are to be cut back as priorized on the attached appendix.


1 : Examples of beneficial Interest arc unrecorded transfers, option agreements, memorandum of agreements, etc., with respect to the mining claims.

Jote 2: If work has been performed on patented or leased land, please complete the following:

l certify that the recorded holder had a beneficial interest in (he patenied or leased land at the time the work was performed

Signature

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n the event that you have not specified your choice of priority, option one will be implemented.

ile 1: Examples of beneficial Interest are unrecorded transfers, option agreements, memorandum of agreements, etc., with respect to the mining claims.

te 2 : I f work has been performed on patented or leased land, please complete the following:

certify that the recorded holder had a beneficial interest in the patented Signature Date

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which claims you wish to priorize the deletion of credits. Please mark ( ^) one of the following:

1 B^Credits are to be cut back starling with the claim listed last, working backwards.

2 d Credits are to be cut back equally over all claims contained in this report of work.

3 D Credits are to be cut back as priorized on the attached appendix.


Jote 1: Examples of beneficial Interest are unrecorded transfers, option agreements, memorandum o' agreements, etc., with respect


lote 2 : If work has been performed on patented or leased land, please complete the following:

Signaturel certify lhat the recorded holder had a beneficial interest in the patented

or ipased land at the time the work was performed.

Co

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Credits you are claiming in this report may be cut back. In order to minimize the adverse effects of such deletions, please indicate from

which claims you wish to priorize the deletion of credits. Please mark (.x) one of the following:

1. [^Credits are to be cut back starting with the claim listed last, working backwards.

2. CD Credits are to be cut back equally over all claims contained in this report of work.

3. D Credits are to be cut back as priorized on the attached appendix.


Note 1: Examples of beneficial interest are unrecorded transfers, option agreements, memorandum of agreements, etc., with respect


Note 2: K work has been performed on patented or leased land, please complete the following:

certify that the recorded holder had a beneficial interest in the patented

" j oasor! l^ncl at 11"1 f ''me thf wo'k was performed

Signature Date

D

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l!Sif

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Credits you are claiming in this report may be cut back. In order to minimize the adverse effects of such deletions, please indicate from which claims you wish to priorize the deletion of credits. Please mark ( ^) one of the following:1 C Credits are to be cut back starting with the claim listed last, working backwards.2 CD Credits are to be cut back equally over all claims contained in this report of work.3 O Credits are to be cut back as priorized on the attached appendix


ote 1: Examples of beneficial Interest are unrecorded transfers, option agreements, memorandum of agreements, etc., with respect to the mining claims.

ote 2 : If work has been performed on patented or leased land, please complete the following:

l certify thai the recorded holder had a beneficial interest in the patented or leased land at the time the work was performed

Siur.K.lure Date

Ontario

Ministry ofNorthern Development

and Mines

Minister duDeveloppement du Nord

et des mines

Statement of C osts for Assessment C redit

Etat des couts aux fins

du credit devaluation

Mining Act/Loi sur es mines

Transaction No./N 0 dt

00

Personal information collected on this form is obtained under the authority

of the Mining Act. This information will be used to maintain a record and

ongoing status of the mining claim(s). Questions about this collection should

be directed to the Provincial Manager, Minings Lands, Ministry of Northern

Development and Mines, 4th Floor, 159 Cedar Street, Sudbury, Ontario

P3E 6A5, telephone (705) 670-7264.

1. Direct Costs/Couts directs

Type

Wages Salaires

Contractor's and Consultant's Fees Droits de ('entrepreneur et de I'expert- consell

Supplies Used Fournituresutilisees

Equipment Rental Location de materiel

Description

Labour Main-d'oeuvre

Field Supervision Supervision sur le terrain

Type f rsi t c-f- 5u.ptfVM

tfeftrrHlrtfYAO^Jffi\u^K^-^ U

SK. ^ V i. it l t^——————— -y —— 4 ———

Typo

^

Ckî -^ o If

Type/-,, " .t—na 1 71 "*ûx-

A -t K M./S -nc^-)\\ c b ile

ALe-vxM/Tr ucfca* -ah-/

Amount Montan!

"3273

^7fd

//,7/^

1} J5 5"

*7*

^7/5'fa#f

^7Total Direct Costs

Total des coOts directs

Totals Total global

?fe75

*l*iM

ft//,

Yfffify&jZEf

lU3SCS

Note: The recorded holder will be required to verity expenditures claimed in

this statement of costs within 30 days of a request for verification. H

verification is not made, the Minister may reject for assessment work

all or part of the assessment work submitted.

Les renseignementsJjJg^ggtv^SL/fpMenus dans la/presente formule sont

rucueillis en vertu de 'i' n \ TV*^**r~ftnnj , ^^fiCfTTirf* tenir a jour un registre

lies concessions minieres. Adresser touteqtfcwtan sur la collece de ces

:-j iiîgnements au chef provincial des terrains miniers, mimstere du

Doveloppement du Nord et des Mines, 159, rue Cedar, 4e etage, Sudbury

'Cm-mo) P3E 6A5, telephone (705) 670-7264.

2. I ndirect Costs/Gouts indirects

* Note: When claiming Rehabilitation work Indirect costs are not

allowable as assessment work.

Pour le remboursement des travaux de rehabilitation, les

couts indirects ne sont pas admissibles en (ant que travaux

devaluation.

Type

i ransportation 1 ransport

Food and Lodging r.ojrriture et i:b .-rgement

. . ; lization and DE .lobilization " : lisation et : . obilisation

Description

Type --

T^/

l&C'Zi. C^ 1'i^f

Jj "7*1^ t ~j^*f j i

Amount Montan!

^7^/"ci

*2' s

"7 ~Z*f L- /t- ip-

v Sub Tofal of Indirect Costs

Total partiel des couts indirects

.nt Allowable (not greater than 20*M) of Direct Costs)

nt admissible (n'excedant pas 20 'ft des couts directs)

. r. Value of Assessment Credit Valeur totale du credit ,

ol Direct and Allowable devaluation

- , :t costs) (Total des couts directs et Indirects admisslbles

TotalsTotal global

^B77i

r —

fyd5,^^

Le litulaire enregistrfe sera tenu de verifier les expenses demandees aa

le present etat des couts dans les 30 jours suivant une demande a c

effel. Si la verification n'est pas effectu6e. le ministre peut reieter u

ou une partie des travaux devaluation presentes.

Filing Discounts

Work filed within two years of completion is claimed at 10007o of

the above Total Value of Assessment Credit.

m.ses pour depot

.-s travaux deposes dans les deux ans suivant leur achievement soi

isourses a 100 "Vb de la valeur totale susmentionnee du credit d'evaluati

2. Work filed three, four or five years after completion is claimed at

500A of the above Total Value of Assessment Credit. See

calculations below.

- Total Value of Assessment Credit Total Assessment Claimed

x 0.50

'. 5 travaux deposes trois, quatre ou cinq ans apres leur acheveme

ii rembourses a 50 "/o de la valeur totale du credit d'evaluati

;n entionne. Voir les calculs ci-dessous.

tolmie du credit devaluation

x 0,50 =

Evaluation totale demande.

Certification Verifying Statement of Costs

l hereby certify:

that the amounts shown are as accurate as possible and these costs

were incurred while conducting assessment work on the lands shown

on the accompanying Report of Work form.

that as Co 715" a-m -K-7 W(Recorded Holder. Agent, Position in Comoany!

am authorized

to make this certification

ration de I'etat des couts

:;e par la presente :

js montants indiques sont le plus exact possible et que c

ises ont eta engagees pour eflectuer les travaux d'evaluat

:s terrains hdiques dans la tormule de rapport de travail ci-jo

a litre de _____________________ je suis auto;

(tituiaire enregistr^, representant, poste occupi dans la compagnie)

j cette attestation.

Nota - Dans ce!:e ...'il designe des pefsonnes. le masculm est utilise a- sens ne

Ministry ofNorthern Developmentand Mines

Ministere du Developpement du Nord et des Mines Ontario

October 22, 1997


390 BAY STREETSUITE 502TORONTO, OntarioM5H-2Y2

Geoscience Assessment Office 933 Ramsey Lake Road 6th Floor Sudbury, Ontario P3E 6B5

Telephone: (888)415-9846 Fax: (705) 670-5863

Dear Sir or Madam:

Subject: Transaction Number(s):

Submission Number: 2 .17467

StatusW9730.00235 Approval After Notice

We have reviewed your Assessment Work submission with the above noted Transaction Number(s). The

attached summary page(s) indicate the results of the review. WE RECOMMEND YOU READ THIS

SUMMARY FOR THE DETAILS PERTAINING TO YOUR ASSESSMENT WORK.

If the status for a transaction is a 45 Day Notice, the summary will outline the reasons for the notice, and any

steps you can take to remedy deficiencies. The 90-day deemed approval provision, subsection 6(7) of the

Assessment Work Regulation, will no longer be in effect for assessment work which has received a 45 Day

Notice.

Please note any revisions must be submitted in DUPLICATE to the Geoscience Assessment Office, by the

response date on the summary.

If you have any questions regarding this correspondence, please contact Lucille Jerome by e-mail at

[email protected] or by telephone at (705) 670-5858.

Yours sincerely,

ORIGINAL SIGNED BYBlair KiteSupervisor, Geoscience Assessment OfficeMining Lands Section

Correspondence ID: 11497

Copy for: Assessment Library

Work Report Assessment Results


Date Correspondence Sent: October 22,1997 AssessonLucille Jerome

Transaction NumberW9730.00235

Section:14 Geophysical EM

First Claim Number835512

Township(s) l Area(s)NEMEIGUSABINS LAKE

StatusApproval After Notice

Approval Date

October 18, 1997

The revisions outlined in the Notice dated September 2, 1997, have been received. Assessment work credit has been approved as outlined on the attached

Distribution of Assessment Work Credit sheet.

Correspondence to:Resident Geologist Sioux Lookout, ON

Assessment Files Library

Sudbury, ON

Recorded Holder(s) and/or Agent(s):James R. Trusler

AURORA, ONTARIO


TORONTO, Ontario

Page: 1Correspondence ID: 11497

Distribution of Assessment Work Credit

The following credit distribution reflects the value of assessment work performed on the mining land(s).

Date: October 22, 1997


Transaction Number: W9730.00235

Claim Number

835512

835518

835523

835513

835519

835524

835520

835527

933649

933644

933648

933647

933650

933651

933652

933658

933657

933656

933659

933660

933661

934074

934075

934085

Total:

Value Of Work Performed

250.00

2,900.00

250.00

250.00

3,300.00

250.00

1,100.00

250.00

1,300.00

700.00

4,930.00

900.00

3,300.00

2,200.00

2,200.00

2,200.00

1,900.00

900.00

200.00

300.00

100.00

200.00

100.00

100.00

S 30,080.00

Page: l

Correspondence ID: 11497

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Documents

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