Lang Lo is Tech Rpt

1

Breakwater Resources Ltd. Langlois Mine

Lebel-sur-Quévillon, Québec NI 43-101 Technical Report

Prepared By:

Torben Jensen, P.Eng., Vice President, Engineering Breakwater Resources Ltd.

December 3, 2010

Langlois Mine Technical Report

December 3, 2010 2

Table of Contents

1.0 Summary ............................................................................................................................. 4 2.0 Introduction and Terms of Reference .................................................................................. 9 3.0 Disclaimer ......................................................................................................................... 10 4.0 Property Description and Location .................................................................................... 11 5.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography ...................... 13 6.0 History ............................................................................................................................... 15 7.0 Geological Setting ............................................................................................................. 16 8.0 Deposit Types .................................................................................................................... 19 9.0 Mineralization ................................................................................................................... 19 10.0 Exploration ........................................................................................................................ 21 11.0 Drilling .............................................................................................................................. 23 12.0 Sampling Method and Approach ....................................................................................... 25 13.0 Sample Preparation, Analyses and Security ...................................................................... 27 14.0 Data Verification ............................................................................................................... 40 15.0 Adjacent Properties ........................................................................................................... 41 16.0 Mineral Processing and Metallurgical Testing .................................................................. 42

16.1 Tailings Disposal ........................................................................................................... 43 17.0 Mineral Resources and Mineral Reserve Estimates .......................................................... 44

17.1 Conversion of Mineral Resources to Mineral Reserves ................................................ 45 17.2 Metal Price Assumptions ............................................................................................... 47

18.0 Other Relevant Data and Information ............................................................................... 48 19.0 Additional Requirements for Technical Reports on Development Properties and Production Properties .................................................................................................................... 49

19.1 Mining Operations ......................................................................................................... 49 19.2 Recoverability ............................................................................................................... 51 19.3 Markets .......................................................................................................................... 51 19.4 Contracts ........................................................................................................................ 52 19.5 Environmental Considerations ...................................................................................... 52 19.6 Taxes ............................................................................................................................. 52 19.7 Capital and Operating Cost Estimates ........................................................................... 52 19.8 Economic Analysis ........................................................................................................ 53 19.9 Payback ......................................................................................................................... 55 19.10 Mine Life ................................................................................................................... 55

20.0 Interpretation and Conclusions .......................................................................................... 56 21.0 Recommendations ............................................................................................................. 57 22.0 References ......................................................................................................................... 58

List of Tables Table 1-2 - Metallurgy - Historical Production 1997 - 2008 ........................................................... 5 Table 1-3 – Forecast Production: Years 1 – 10 ............................................................................... 6 Table 1-4 – Long-Term Pricing Assumptions ................................................................................. 6 Table 1-5 – Projected Operating Results: Years 1 – 10 .................................................................. 7 Table 11-1 Distribution of Drill hole Collar Locations ................................................................. 23 Table 12-1 Distribution of Langlois Channel Sample Locations .................................................. 25 Table 12-2 Distribution of Grevet B Channel Sample Locations .................................................. 26 Table 17-1 - Langlois Mine – Measured & Indicated Mineral Resources .................................... 45 Table 17-2 - Langlois Mine – Inferred Mineral Resources ........................................................... 45


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Table 17-3 - Langlois Mine – Proven & Probable Mineral Reserves ........................................... 46 Table 19-1 - Metallurgy - Historical Production 1997 – 2008 ...................................................... 51 Table 19-2 – Forecast Production: Years 1 – 10 ........................................................................... 53 Table 19-3 – Long-Term Pricing Assumptions ............................................................................. 54 Table 19-4 – Projected Operating Results: Years 1 – 10 .............................................................. 54 Table 19-5 – Sensitivities: Years 1 – 10 ........................................................................................ 55

List of Figures Figure 4-1 - Langlois Mine, Location Map ................................................................................... 11 Figure 4-2 - Property Map ............................................................................................................. 12 Figure 5-1 - Langlois Mine, Site Plan ........................................................................................... 13 Figure 7-1 - Regional Geology Map of Langlois Mine ................................................................. 16 Figure 7-2 - Geologic Map of the Langlois Mine Area ................................................................. 17 Figure 7-3 - Typical Cross Section (looking west) Through Zone 97 Showing Geometry of the Sulphide Mineralization ................................................................................................................ 18 Figure 9-1 - Longitudinal Section (looking north) Showing Location of Zones 3, 4 and 97 and the Current Mine Development. .......................................................................................................... 20 Figure 13-1 - Charts Comparing Zinc Check Assay Data Collected by Cambior in 1994 ............ 29 Figure 13-2 - Bias Charts Comparing IRM 2008 .......................................................................... 30 Figure 13-3 - Bias Charts Comparing Duplicated Pulp at Langlois Lab in 2008 .......................... 32 Figure 13-4 - Bias Charts Comparing Blanks at Langlois Lab in 2008 ........................................ 34 Figure 13-5 - Bias Charts Comparing Zinc External Check Assay Data Pulp Collected by Breakwater in 2008 ....................................................................................................................... 36 Figure 13-6 - Bias Charts Comparing Copper External Check Assay Data Pulp Collected by Breakwater in 2008 ....................................................................................................................... 37 Figure 13-7 - Bias Charts Comparing Silver External Check Assay Data Pulp Collected by Breakwater in 2008 ....................................................................................................................... 38 Figure 13-8 - Bias Charts Comparing Zinc Check Assay Data Rejects Collected by Breakwater in 2008 ............................................................................................................................................... 39 Figure 16-1 - Mill Flowsheet ......................................................................................................... 42


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1.0 Summary Langlois, which is situated in north-western Québec approximately 213 kilometres north of Val-d’Or, reached commercial production as of July 1, 2007. The mine was purchased by Breakwater Resources Ltd. (“Breakwater or the Company”) as of May 2000. On November 28, 2000, Breakwater suspended operations at the Langlois Mine due to operating problems associated with the main ore-pass system and low zinc prices. The temporary suspension of operations was expected to provide Breakwater with the time necessary to compile new geological data and design a long-term development and operating plan that would allow for production at lower operating costs. SRK Consulting (“SRK”) was contracted to conduct a full feasibility study including the latest drill results of Zone 97 and a complete rework of the mine design and plan. The feasibility study was issued in August, 2001 and further updated in 2003. In November, 2005, Breakwater announced that it would develop the Langlois mine. Extensive engineering, metallurgical testing, mine re-design work and exploration had been carried out in support of a revised mine plan. Given the existing infrastructure and the work completed to date, which included shaft infrastructure upgrades, new ore passes and development work, the mine was ready for the drift development work to bring the mine into production. Production commenced during the fourth quarter of 2006 in Zones 3 and 4 with a total of 59,373 tonnes milled during 2006 and 437,875 tonnes milled during 2007. Commercial production was announced as of July 1, 2007. On November 2, 2008, operations at Langlois were temporarily suspended due to the decline in commodity prices and the general deterioration of the economic outlook globally. During operation, the Langlois mine produces zinc from two narrow, tabular volcanogenic massive (“VMS”) sulphide lenses: Zone 3, (1995-2000, 2006 to present), and Zone 4, (1997-2000, 2006 to present). A third lens, Zone 97, which is located approximately 1,000m to the east, is currently being developed on three levels.

The mineral resource and mineral reserve estimates have been classified in accordance with the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines adopted by the CIM Council on August 20, 2000, that classifies the mineral resources into measured, indicated and inferred categories and mineral reserves into proven and probable categories.

Table 1-1 - Langlois Mine - Mineral Reserves and Resources

Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Proven Reserves 1,470,000 8.67 0.50 38.25 0.06 Probable Reserves 3,625,000 10.06 0.71 47.58 0.08 Proven & Probable Reserves 5,095,000 9.66 0.65 44.89 0.07

Measured Resources 2,398,000 9.42 0.56 40.92 0.06 Indicated Resources 4,261,000 10.44 0.70 51.12 0.08 Measured & Indicated Resources 6,659,000 10.07 0.65 47.44 0.07

Inferred Resources 1,543,000 7.99 0.54 43.77 0.09

December 31, 2009

* Note: Measured and Indicated Resources Include Proven and Probable Reserves


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Existing proven and probable mineral reserves are sufficient for at least ten years of production. Being an underground operation, additional mineralization tends to be delineated as mining proceeds. There is potential for existing mineral resources to be converted to reserves as well as potential for additional new discoveries. The mine facilities include a headframe, a paste backfill plant located within the mill, mechanical and electrical shops, a service building, a zinc/copper concentrator and a tailings pond. The mine produces zinc and copper concentrates, which are sold and shipped to smelters for further processing. From such processing, gold and silver credits are obtained as by-products. During operation in 2008, the mine employed up to 180 staff and hourly employees. All of the hourly employees are represented by a union with a collective agreement which expires in January 2012. In addition, there are several contractors on site working on mine development. The Grevet B deposit was being mined entirely by contractors. During 2008, there were a total of 297 contractors on site. Production statistics for the past eleven years are given in Table 1-2 below.

Table 1-2 - Metallurgy - Historical Production 1997 - 2008

1997 1998 1999 2000 2006 2007 2008 Production Tonnes Milled 261,068 414,742 402,224 310,466 59,373 437,875 514,444 Head Grade

Zn (%) 6.4 6.5 7.5 7.9 8.3 7.1 8.1 Cu (%) 0.4 0.3 0.4 0.4 0.5 0.4 0.5 Ag (g/t) 29.1 26.7 28.8 31.4 41.0 28.6 35.5

Recoveries Zn (%) 92.6 93.3 93.6 92.8 82.2 90.9 92.5 Cu (%) 75.1 73.6 69.9 70.6 72.1 72.1 77.3 Ag (%) 43.7 35.4 30.1 30.9 29.2 39.6 51.0

Conc. Grade Zn (%) 52.7 52.9 52.0 52.7 49.5 52.3 53.7 Cu (%) 21.3 24.0 21.6 22.3 19.3 20.3 18.7

Tonnes Conc. Zn (t) 29,181 47,770 54,397 43,287 8,201 54,184 71,868 Cu (t) 3,322 4,198 4,739 3,589 1,078 6,492 10,661

Tonnes Metal Zn (t) 15,382 25,281 28,280 22,792 4,057 28,327 38,620 Cu (T) 709 1,009 1,,023 800 208 1,315 1,994

Ag (Oz) 90,914 126,224 112,063 96,976 22,855 159,673 298,863 A long-term plan has been developed that is based on mining and processing only the proven and probable reserves at a rate of up to 600,000 tonnes per annum. Table 1-3 shows the total forecast production for years one through 10.


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Table 1-3 – Forecast Production: Years 1 – 10 Total

Milled Tonnes 000 t 5,096

Zinc % 9.7%Copper % 0.7%Silver g/t 45

Zinc % 93.5%Copper % 80.0%

Zinc 000 t 852.5 Copper 000 t 130.2

Zinc 000 t 460.3 Copper 000 t 26.7 Silver 000 oz 4,046

Head Grades

Mill Recoveries

Concentrate Prod.

Contained Metal

For the December 31, 2009 mineral reserves estimates, metal prices, including premiums, used to determine economic viability for Grevet B, Zones 3, 4 and 97 at Langlois were US$1.00/lb. zinc, C$/US$ exchange rate of 1.12, US$700/oz. gold, US$12.55/oz. silver, US$2.66/lb. copper and US$0.83/lb. lead. The metal prices used represent the approximate historical five year average for each metal from 2005 to 2009. Only metal prices for zinc, copper and silver were used to determine the NSR value of the various blocks. A cut-off NSR value of $85.00 per tonne has been used for all zones, including Grevet B. A financial model has been prepared based on the metal prices, currencies and treatment and refining charges listed in Table 1-4 below.

Table 1-4 – Long-Term Pricing Assumptions

Projected total operating results for years one through 10 are summarized in Table 1-5.

Commodity PricesZinc US$/lb. 1.00

US$/t 2,205Copper US$/lb. 2.66

US$/t 5,864Silver US$/oz 12.55

Exchange Rate C$/US$ 1.12

Treatment ChargesZinc US$/t 204 Copper US$/t 50 Refining ChargesCopper US¢/lb. 0.07


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Table 1-5 – Projected Operating Results: Years 1 – 10

The long-term plan estimates the production of 863 billion pounds of payable zinc, 56 million pounds of payable copper and 3,720,000 ounces of payable silver. Up-to-date operating costs have been included to reflect increased costs of labour and consumables. The long-term plan is sensitive to metal prices, exchange rates, operating and capital costs, grade and smelter charges. The operating scenario depicted in Table 1-5 indicates that all future capital will be paid back. The Langlois mine has a major mineralized system comprising mineralized zones of many types and sizes, often of exceptional grade. The current property mineral reserves provide an estimated mine life of approximately ten years if production is limited to the currently known areas. Sufficient additional tonnages are contained in the measured, indicated and inferred resource categories to increase substantially the current mine life, however, exploration work must be conducted in the near future to determine the extent to which these mineral resources can be upgraded to mineable tonnages and to ensure these areas are developed for mining within the time frame of the current mine plan. Historically, a consistent and committed funding level for exploration programs resulted in successful identification of additional mineral reserves and resources and consequently added to the life of the mine. There is potential to upgrade mineral resources and identify new deposits.

TotalMilled Tonnes 000 t 5,096

Payable Metal

Zinc 000 lb. 862,648

Copper 000 lb. 55,960

Silver 000 oz 3,720

Smelter Revenue (millions) 1,186

Smelter Treatment (232)

Transportation (85)

Operating Cost (471)

Operating Cash Flow 397

Mining Tax (2)

Capital (115)

Cashflow 280

Cash Cost

US$/lb./Payable Zinc $ 0.541

Operating Cost/t Milled $ 92.51


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Cautionary Statement on Forward Looking Statements This Report may include certain forward-looking statements relating to Breakwater and Langlois, including mineral resource and mineral reserve estimates, production capacities, operating and capital costs, exchange rates, products to be produced and demand for such products. Inherent in such forward-looking statements are risks and uncertainties well beyond the ability of Breakwater or Langlois management to predict or control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this Report. These forward-looking statements should not be relied upon as representing any party’s views as of any date subsequent to the effective date of this Report.


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2.0 Introduction and Terms of Reference The Langlois mine technical report has been prepared to satisfy National Instrument 43-101 Section 4.2 - Obligation to File a Technical Report in Connection with Certain Written Disclosure Concerning Mineral Projects on Material Properties.


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3.0 Disclaimer The achievability of life of mine plans, budgets and forecasts are inherently uncertain. Consequently actual results may be significantly more or less favourable.

This report includes technical information, which requires subsequent calculations to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error.


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4.0 Property Description and Location The Langlois mine is located in north-western Québec, approximately 48kilometres northeast of the town of Lebel-Sur-Quévillon and 213 kilometres northeast of Val-d’Or (49o 14’ 50” N, 76o 40’ 26” W). Lebel-Sur-Quévillon has a population of approximately 3,500.

Figure 4-1 - Langlois Mine, Location Map

The property is held through a 134.27 hectare mining lease granted until the year 2015. The lease, upon expiry, may be renewed by formal application to the applicable governmental authorities. During 2007, a new 60.014 hectare mining lease was granted for the Grevet B deposit, located three kilometres south-east of the Langlois mine. On April 15, 2008, the Company purchased 100% of Metco Resources Inc. for 7.0 million Common Shares of the Company. The transaction enabled the Company to consolidate its land position in the Lebel-sur-Quévillon camp, gain entry into a large and prospective land package in the Matagami camp and also secure potential additional feed for the Langlois mill. As a result of the Metco purchase, there are now 691 claims surrounding the lease covering approximately 11,580 hectares in Grevet, Mountain and Ruette Townships. In 2007, a block of 221 claims was staked on the Wedding River property covering approximately 11,657 hectares in Grevet, Franquet and Verneuil Townships. There are no royalties payable on mineral production from the Langlois mine or from Grevet B.

The mine operates under required Certificates of Authorization issued by the Québec Ministry of Environment under the Loi sur la qualité de l’environnement (L.R.Q., chapter Q-2). In addition, all approvals/leases required for land use (tailings pond, quarries and pits) have been issued by


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the Québec Ministry of Natural Resources pursuant to the Loi sur les mines (L.R.Q., chapter M-13.1).

Figure 4-2 - Property Map


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5.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography

The mine is accessed via a gravel road jointly maintained by the Company and a forest products company which has stopped its operation for an undefined period of time. The climate in northwestern Québec includes cold winters followed by temperate summers. Temperatures in winter can reach –45°C and summer temperatures can reach +33°C. Average precipitation is 690 mm per year. The topography of the minesite is relatively flat. Vegetation is typical of north-western Québec with scrub brush and swamp. The property is at an elevation of 300 metres above sea level.

The mine facilities include a headframe, a paste backfill plant located within the mill, mechanical and electrical shops, a service building, a zinc/copper concentrator and a tailings pond. The mine produces zinc and copper concentrates, which are sold and shipped to smelters for further processing. From such processing, gold and silver credits are obtained as by-products.

Figure 5-1 - Langlois Mine Site Plan

The mine is equipped with a 902 metre deep four-compartment shaft. There are two hoists, a three metre diameter double drum hoist for skipping and a 2.4 metre diameter double drum service hoist. Two seven tonne skips are used to hoist the blasted material to surface. At present, there is a crusher station at the bottom level of the mine. However, due to severe ore-pass wall erosion, constant plugging and consequent dilution, an additional loading facility was established


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on level 11. Other loading facilities have been installed on levels 9 and 13 to overcome the ore-pass problems which plagued previous operations. During operation in 2008, the mine employed up to 180 staff and hourly employees. All of the hourly employees are represented by a union with a collective agreement which expires in January 2012. In addition, there are several contractors on site working on mine development. The Grevet B deposit was being mined entirely by contractors. During 2008, there were a total of 297 contractors on site.


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6.0 History The deposit, originally known as the Grevet Project, was discovered in 1989 by Serem-Québec Inc. (50 percent) and VSM Exploration Inc. (50 percent). Cambior acquired its initial 50 percent interest in the Grevet Project in July 1992 with the acquisition of VSM. In September 1993, Cambior purchased the remaining 50 percent interest in the project from Serem to hold a 100 percent interest. In 1994, Cambior commenced an underground exploration program designed to delineate mineable reserves. Due to the success of the underground exploration program, development work on the property commenced in the third quarter of 1994 and was completed in December 1995. Commercial production began at the mine in February 1996. Production at Langlois was halted in December 1996 due to high dilution problems in the mine. These problems were rectified by modifications to the mining method and production resumed in July 1997. The mine was purchased by Breakwater as of May 2000. During the months of June and July, the ore-pass system from the main production zone was out of service while a new system was being commissioned. This had a negative impact on mill throughput and grade. On November 28, 2000, Breakwater suspended operations at Langlois due to operating problems associated with the main ore-pass system and low zinc prices. The difficulties with the ore-pass system combined with a drop in metal prices and high treatment charges made it uneconomic to operate the mine. The temporary suspension of operations was expected to provide Breakwater with the time necessary to compile new geological data and design a long-term development and operating plan that would allow for production at lower operating costs. SRK was contracted to conduct a full feasibility study including the latest drill results of Zone 97 and a complete rework of the mine design and plan. The feasibility study was issued in August, 2001. During the fourth quarter of 2002, a drill program totaling 7,935 metres was initiated with the objective of further delineating and upgrading resources to reserves in Zone 97, both above 6 level and below 13 level. SRK updated the feasibility study in 2003 to include new mineral reserves. In November, 2005, Breakwater announced that it would develop the Langlois mine. Extensive engineering, metallurgical testing, mine re-design work and exploration had been carried out in support of a revised mine plan. Given the existing infrastructure and the work completed to date, which included shaft infrastructure upgrades, new ore handling facilities and development work, the mine was ready for the drift development work to bring the mine into production. Milling commenced in November 2006 and commercial production, effective July 1, 2007, was announced. On November 2, 2008, operations at Langlois were temporarily suspended due to the decline in commodity prices and the general deterioration of the economic outlook globally.


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7.0 Geological Setting The Langlois mine produces zinc (along with lesser values of copper, silver and gold) from narrow, tabular volcanogenic massive sulphide (“VMS”) bodies. The bodies are hosted within mafic to intermediate volcanic and volcaniclastic units in the central-east portion of the northern Archean volcanic belt of the Abitibi Sub-province or, more precisely, within the Miquelon segment. The lithologies in the area predominately consist of a succession of mafic to intermediate lava flows and volcaniclastic rocks with less abundant felsic volcanic and sedimentary units. The rock sequence has been affected by a regional deformation, which forms sub-vertical isoclinal folds. The rock package is intruded by widespread thin mafic to intermediate sills. The volcanic complex is bounded to the south by the Mountain pluton, a large syn-kinematic felsic intrusion whose thermal aureole has metamorphosed the volcanic rocks including the sulphide mineralization to lower amphibolite mineral assemblages.

Figure 7-1 - Regional Geology Map of Langlois Mine


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Figure 7-2 - Geologic Map of the Langlois Mine Area

The Langlois mine is located within the Cameron deformation zone, a high strain zone imparting strong penetrative planar fabric to all lithologies. This shear zone trends approximately 120 degrees and extends regionally over more than 80 kilometres of strike length and is up to five kilometres thick. In the mine area it is over three kilometres in thickness. The intense ductile deformation associated with the Cameron deformation zone has obliterated most of the primary stratigraphic relationships and textures.

All known sulphide occurrences are aligned sub-parallel to the dominant foliation, slightly oblique to the strike of volcano-sedimentary units. Three corridors host the most significant zinc-rich massive sulphide bodies, including Langlois mine, Grevet B and Orphée. Each corridor may correspond to fossilized volcanogenic fluid conduits.


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Figure 7-3 - Typical Cross Section (looking west) Through Zone 97 Showing Geometry of the Sulphide Mineralization


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8.0 Deposit Types The character and nature of the polymetallic sulphide mineralization found at the Langlois mine is identical to a group of sulphide deposits known as volcanogenic massive sulphide deposits.

In these deposits, the metal-rich sulphide mineralization is formed by hydrothermal processes generally related with and contemporaneous to active sub-marine volcanic activity. In this type of deposit, metal-bearing sulphides form “stratabound” horizons and discordant stockwork feeder zones produced by precipitation of sulphide minerals at or near the seafloor, typically proximal to a major felsic volcanic edifice. Stratabound sulphide bodies have a lenticular shape while discordant stockwork zones adopt various shapes depending on the architecture of the fluid conduits. Hydrothermal alteration is important and often used as a pathfinder for the exploration of this type of deposit.

Such deposits exhibit a strong lithological and structural control. In the Abitibi region, volcanogenic massive sulphide deposits are predominantly associated with felsic volcanic rocks, particularly with proximal volcanic facies and volcanogenic faults.

Individual deposits typically exhibit strong metal and hydrothermal alteration zoning related to primary cooling patterns of hydrothermal fluids. Zinc, silver and clay-rich alteration minerals are typically found along the cooler fringe of the stratabound portions of the deposit while copper, gold and white-mica alteration minerals often predominate in the discordant stockwork proximal to the hotter fluid conduits. These patterns also depict strong chemical zoning in rocks surrounding volcanogenic deposits and are also useful pathfinders used in exploration.

9.0 Mineralization The Langlois mine produces zinc from two massive sulphide zones: Zone 3, (1995-2000, 2006 to present), and Zone 4, (1997-2000, 2006 to present). A third lens, Zone 97, which is located approximately 1,000 metres to the east, has been developed along two levels (level 9 and 13) and one sub-level 14 metres above the level 9. Recent development has accessed Zone 97 on levels 6 and 13 and ramp development is currently being carried out from level 9 to level 6. Grevet B is another sulphide body located about 3 kilometres south-east of Langlois. At Grevet B, one principal lens is vertically developed for 114 metres with levels at 20 metre vertical spacing. Grevet B has similar characteristics to the Langlois lenses.

Zone 97 consists of three closely spaced massive sulphide bodies (South, Main and North). Zones 3 and 4 are located between surface and 700 metres below the surface, while Zone 97 is located between 300 and 900 metres below the surface. Zone 5 is a fourth sulphide-bearing zone located to the west of Zone 3, near the surface. Grevet B zone is located from 20 to 200 metres below surface.

Each massive sulphide body is relatively thin (one to eight metres in thickness), but with considerable vertical and lateral extensions (more than 500 metres in either direction). The sulphide zones are stacked across the felsic sequence along a narrow corridor slightly oblique to the main rock layering. From south-west to north-east, the zones are: Zone 5, Zone 4, Zone 3 and Zone 97.


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Figure 9-1 - Longitudinal Section (looking north) Showing Location of Zones 3, 4 and 97 and the Current Mine Development.

ZO

NE

1

ZO

NE

3

SHA

FT

ZO

NE

4

ZO

NE

97

EX

HA

UST

RA

ISE

FRE

SH A

IR

RA

ISE

EX

HA

UST

R

AIS

E

ZO

NE

3

500

0

ME

TR

ES


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In longitudinal section, each massive sulphide zone, except Zone 5, portrays an elongated lensoid shape, the long axis of which plunges moderately towards the south-east, parallel to the plunge of the regional stretching lineation. In addition, the centre of gravity of each lens becomes progressively deeper moving along the stacking corridor toward the north-east. The long axis of Zone 5 seems to plunge to the west instead.

The main sulphide minerals are pyrite, sphalerite and to a lesser degree, chalcopyrite and pyrrhotite. Locally, sulphide mineralization can grade up to 60 percent zinc.

The volcanogenic massive sulphide mineralization at Langlois has survived regional metamorphism and intense ductile deformation which has considerably modified the primary distribution of the sulphide minerals. Sulphides are completely recrystallized and have been redistributed into narrow tabular sheets (almost vein-like), sub-parallel to the main rock layering. Despite this post-mineralization redistribution, primary metal and to a certain extent alteration mineral zoning has been preserved and betrays the volcanogenic origin of the sulphide mineralization.

Mafic dikes cut the sulphide zones in many areas and have historically been a major contributor of internal dilution. In addition, the well-foliated, chloritic volcanic host rocks have poor rock mass quality and have locally caused ground-control problems and excessive dilution.

10.0 Exploration Most of the relevant exploration work pertaining to the Langlois mine property was carried out prior to the Company’s acquisition of the project. Surface exploration work leading to the discovery of the sulphide deposits was carried out between the early 1980s and mid-1990s by Serem and VSM and subsequently by Cambior.

Surface exploration work prior to commencement of mining included geological mapping, ground and airborne geophysics and extensive diamond drilling and downhole geophysical surveying.

Underground exploration work was initiated by Cambior in 1994 and included underground tunneling, definition drilling and bulk sampling in preparation for a production decision which was made in late 1995. After commencement of production, underground exploration primarily consisted of delineation and definition drilling in Zones 3 and 4 and to a lesser extent Zone 97. The bulk of the underground exploration work carried out by Cambior targeted Zone 3 and Zone 4 while Breakwater focused its exploration efforts on Zone 97.

Cambior and subsequently the Company conducted surface exploration drilling work outside the main sulphide zones but inside the mine lease and on adjoining mineral claims. This work consisted primarily of ground geophysical surveys followed by diamond drilling on geophysical and geological targets.

The description of the exploration work presented here focuses on relevant exploration work carried out inside the mine lease area. The extensive exploration work carried out by previous operators and Breakwater on the adjoining mineral claims is not considered material and therefore is not discussed here.


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A diamond drill program was conducted in 2007 to investigate the highly prospective extensions of all the known zones containing resources and reserves at the mine. This program covered an area of 800 vertical metres from surface by two kilometres along the strike of the Langlois deposit. One objective of this program was to move some of the known inferred resources into the indicated category. Very few of the proximal zone extensions had been tested from underground before 2007 due to a lack of development. By the end of 2007, 52,614 metres were drilled from both surface and underground to investigate the surface and underground extensions of Zones 3, 4 and 97. For Zone 3, economic mineralization appears to extend to the surface and consequently a new resource estimate was prepared. Zone 97 has been tested using two drill rigs and results show a new satellite zone near surface at the east end of the existing deposit. From underground, Zone 97 west extension was tested from level 13 following a promising intersection obtained in 2006 from surface drilling which was located about 400 metres west of the currently known Zone 97. Another satellite zone has been defined and has been included in the resource estimate. In 2007, a deep drilling program was initiated in Zone 97 to target 300 metres below the last developed level. By the end of the year, two holes were drilled, one of which intersected the mineralized zone with an economic intersect and the other did not reach the target. The new resource estimate takes this information into account. During the third and fourth quarters of 2007, Zone 1 (parallel to Zone 3 but about 20-30 metres further south) and Zone 3 were drill tested from surface with the objective of upgrading some inferred resources to the indicated category. The Zone 3 west extension, located between level 6 and 8, has also been drilled in order to upgrade inferred resources to the reserve category. A 200 metre long lateral extension of economic mineralization was defined to the west of Zone 4 between level 4 and 6. Underground drilling has also defined an eastern down plunge extension of Zone 4 below level 4. During 2007, all of the zones were reinterpreted and re-modeled to incorporate forecast base metal prices, lower cut-off grades and incorporation of all diamond drill intersections and channel samples in order to redefine the economic envelope. At end of 2007, a fully integrated 3D block model has been developed for Langlois and Grevet B with which to calculate new resource and reserve estimates. During 2008, an 11,974 metre surface and underground diamond drilling program was carried out with the goal of completing infill, definition and valuation drilling. More than half of the program was completed in Zone 97 in order to better define the relationship between the Main and North zones. This drilling was done to evaluate the potential of mining Zone 97 Main and Zone 97 North, a parallel vein structure, at one time within one stope. All drilling was done from the 13 level targeting the area between 12 and 14 levels. Results show two veins with massive to semi-massive sulphides (mainly sphalerite). The veins range from less than a metre to four metres width with the waste between the veins ranging from virtually zero to five to six metres in some places. Zone 97 North and West extensions were delineated from level 13. The main goal was to optimize stope design and mining. A final interpretation shows areas where two veins are mineable together which is accounted for in the December 31, 2009 reserve estimate. Additional drilling may be required in the future in order to identify other similar areas. Diamond drilling was carried out in Zones 3 and 4 and at Grevet B as well. For Zone 3, the continuity of economic mineralization was confirmed in the central west part between levels 6 and 8. Zone 1 was investigated from surface by shallow drilling.


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11.0 Drilling The Langlois diamond drilling database contains information from a total 2,449 holes of which 361 drill holes were drilled from surface and 2,088 from underground. The holes were drilled between 1988 and 2008. The drill hole database is in Access format and has been processed with Gemcom software.

The distribution of drill hole collar locations is presented in Table 11-1 below.

Table 11-1 Distribution of Drill Hole Collar Locations

Collar Location Number of holes Surface 361 Level 1 2 Level 3 12 Level 4 378 Level 5 346 Level 6 165 Level 7 20 Level 8 97 Level 9 567 Level 10 206 Level 11 145 Level 12 6 Level 13 144

The Grevet B diamond drill database contains information from a total 149 holes of which 116 drill holes were drilled from surface and 33 from underground. Grevet B’s drill hole database is in Access format and has been processed with Gemcom software.

All surface drill holes are 36.5mm in diameter (“BQ”), while BQ and 27mm diameter drill holes (“AQ”) were drilled from underground. Typically, all drill holes were drilled on sections aligned north-south, in respect to the north of the local mine grid which is 27 degrees east of true north, intersecting the plane of the sulphide zones as close to a right angle as possible. Section lines are spaced at 10 metre intervals in Zones 3 and 4 and at 10 and 20 metre intervals in Zone 97. Since 2006, some holes were drilled from specific drill bays and holes are not necessarily at a right angle to the sulphide zones.

Drilling and chip assay sampling procedures were designed to sample the entire width of the sulphide mineralization. Drill core recovery is typically better than 95 percent. The drill core is stored on-site in clearly identified wooden boxes stacked into covered steel racks, with sample numbers marked for easy review.

The position of all drill hole collars is surveyed. An independent land surveyor surveys the collar of all surface drill holes according to the local mine grid and a modified Transverse Mercator grid (MTM Nad83 datum). Underground drill hole collars are surveyed by mine surveyors into the local mine grid system.


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Surface exploration drill holes are routinely surveyed for plunge deviation using hydrochloric acid testing at regular intervals varying between 30 and 50 metres. Lateral deviation is monitored during drilling using Pajari magnetic readings at regular intervals, typically 100 to 150 metres and care is taken to avoid readings in magnetic sections. In addition, several longer surface drill holes are also surveyed using gyroscopic instruments with readings at 5 to 10 metres. Since October, 2006, all surface and underground holes are routinely surveyed for plunge and lateral deviation using Flex-it gyroscopic readings at regular intervals, typically 30 metres.

Underground drill holes are typically short. For holes drilled before 2006, lateral deviation was monitored using hydrochloric acid testing only, except for longer holes in which Pajari readings were also taken at regular intervals during drilling.

Typically, drilling data is spaced at approximately 10 to 15 metres in Zone 3, except in the area between levels 6 and 7, where the majority of resources remain; 20 metres in Zone 4 and approximately 40 metres in Zone 97, except between levels 8 and 9, and the 2007-08 underground drilling where the spacing is approximately 10 to 20 metres. The 2008 drilling was mainly done on the west extension between levels 11 and 14 and infill drilling between levels 11 and 13.


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12.0 Sampling Method and Approach Little information is available about the sampling methodologies used prior to the beginning of mining at Langlois. Core samples from historical surface exploration drill holes were typically collected on half core mechanically split over lengths varying between 0.2 and 1.5 metres and honouring geology.

After commencement of mining, the geology department implemented elaborate core description and sampling procedures. Drilled core was first examined for consistency by a geologist. Recovery, rock mass quality and geological description of core was recorded on paper and subsequently transferred into a core logging computer package. Sampling intervals were marked by an appropriately qualified geologist. Since 2007, the geological description of the core is recorded directly into a core logging computer package designed by Gemcom.

For BQ-size holes, core assay samples are collected on half core mechanically split lengthwise. Historically, for AQ-size drill holes, assay samples were collected from full core, however, since 2006, assay samples are now collected from half core for AQ-size. Sampling intervals vary between 0.2 and 1.0 metre and honour geological and mineralogical boundaries. In the sampling protocol, care is given to sample sulphide material according to mineralogy. Each assay sample is placed in plastic bags, assigned a unique identification number and stored for future assaying at the mine laboratory.

Underground chip samples are collected from all active development faces by a geologist or qualified technician. Individual samples are collected by chipping the face with a rock hammer at waist height from left to right across the full width of the sulphide zone and perpendicular to its dip. Care is taken to avoid chipped rock larger than 2.5cm in size. Average weight of each sample is approximately one kilogram. Individual sample lengths vary between 0.3 and 1.0 metre. Each sample is collected in a plastic sample bag, assigned a unique sample identification number and descriptive information about the nature and location of each sample was recorded. Underground sampling data is routinely integrated with drill hole data. The Langlois channel sample database contains information from a total 2,124 sampled faces where 682 are averaged from two or three single faces while 1,442 are single faces. All the averaged samples coming from channeling were performed before 2003 while the rest is from sampling after 2005 between levels 3 and 13. The channel sample database is in Access format and has been processed with Gemcom software.

The distribution of channel sample vein locations is presented in Table 12-1 below

Table 12-1 Distribution of Langlois Channel Sample Locations

Collar Location Number of Channels Vein 1, 2 and 3 1,095 Vein 4 454 Vein 97 575


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The Grevet B channel sample database contains information from a total 487 sampled faces that were sampled during 2006 and 2007. Test holes are considered for interpretation but not included in the resource estimate. All of the channel sample database is in Access format and has been processed with Gemcom software.

The distribution of channel sample vein locations is presented in Table 12-2 below

Table 12-2 Distribution of Grevet B Channel Sample Locations

Collar Location Number of Channels Level 25 52 Level 54 111 Level 74 44 Level 94 116 Level 114 164 Level 134 0

The chip samples are analyzed for zinc, copper, silver and gold. A density measurement is also determined for the chip samples. On a regular basis test holes are drilled into the walls of the development headings to determine the extent of the mineralization. In certain cases, the values obtained from the test holes are used to determine the average grade of the heading. Generally, the correlation between the chip sampling and the values obtained from diamond drilling are comparable. Before 2006, muck samples were taken on a daily basis by the Geology Department from every working place in order to maintain grade control. Since January 2007, muck samples are taken by miners. Since February 2008, muck sampling in the stopes has been stopped as systematic sampling (1 sample every 40 tonnes) is being carried out at the mill feeder. Once a month, reconciliation is performed analyzing the assays of the development headings and stopes compared with the results from the mill in order to adjust the stope results. The results are then compared with the mineral reserves for the respective areas for reconciliation.


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13.0 Sample Preparation, Analyses and Security Assay samples collected from surface diamond drill holes drilled prior to commencement of mining were assayed at independent laboratories for zinc, copper, silver and gold. Assaying procedures used for those samples were not available for review. According to the initial feasibility study completed on the project by Cambior Inc. in 1994, historical samples were assayed at the Techni-lab Laboratory (“Techni-Lab”) located in Ste-Germaine-de-Boulé, Québec. At the time the assays were performed, this laboratory was not accredited.

Zinc, copper, lead and silver assays were conducted by acid digestion followed by atomic absorption spectrometry. Gold assays were performed using standard fire assay protocols on 30 gram charges. Specific gravity was measured by the immersion volumetric method on half core samples.

After commencement of mining in 1995, all assay samples collected from drilling and underground chip sampling were prepared and assayed by the unaccredited Langlois mine laboratory operated under the supervision of a certified chemist. The laboratory used written standardized preparation and assaying procedures which included regular check assay programs at umpire laboratories. After re-opening the mine in October 2006, the Langlois laboratory continues to prepare and analyze all drill hole, chip and muck samples from the mine. Up to December 2009, the Langlois lab was still not accredited.

Assay samples are dried in an oven heated at 110 degrees Celsius. Dried samples are coarsely crushed to 6mm. A sub-sample is pulverized in a jaw crusher to 80 percent passing a -200 mesh screen. The jaw crusher is thoroughly cleaned between samples. Occasionally, samples are pulverized using a ring crusher.

Zinc, copper, lead, and silver assays are performed by multi-acid digestion followed by atomic absorption spectrometry on approximately 500 milligrams charges. Gold assays are performed by standard fire assay procedures followed by atomic absorption of 15 gram charges.

Surface core samples sent for assaying were initially routinely assayed for zinc, copper, silver, lead and gold. After commencement of mining, underground samples from Zone 3 and Zone 4 were not assayed for gold. Instead, gold tenors for development areas were derived from average milling data. In January 1998, systematic lead assaying was discontinued. Samples from only one in ten definition drill holes were assayed for lead in Zone 3 and Zone 4. In Zone 97, all samples were assayed for gold and lead, in addition to zinc, copper and silver. Since December 2006, all drill hole and chip samples are analyzed for zinc, copper, silver, lead and gold. Due to the limited capacity at the Langlois laboratory, the gold assays are performed by Techni-Lab. Muck samples from mining activities are not analyzed for gold.

Specific gravity data is also collected on all core and chip samples submitted for assaying at the mine laboratory by immersion volumetric method.

After the closure of the mine in November 2000, the Company conducted additional drilling in Zone 97 during 2001 and 2003. Core assay samples collected by the Company were submitted to Techni-Lab for assaying. Zinc, copper, lead and silver were assayed by acid digestion followed by atomic absorption spectrometry. Gold was assayed by standard fire assay with atomic absorption finish on 30 gram charges.


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There are no records of quality control measures implemented during the collection of historical surface drilling data. In 1994, Cambior reported that for historical assay samples submitted to Techni-Lab, each batch of 24 samples contained one certified reference material sample, one sample blank and one pulp duplicate, inserted by the laboratory for internal control measures. Also, replicate assays were performed on all samples grading above five percent zinc. The assay data for these control samples were available for review. It is not known if external control samples were inserted within the sample stream submitted for assaying.

As part of the 1994 feasibility study, Cambior submitted 69 duplicate pulp samples of various grades for re-assaying at Techni-Lab and also at Cambior’s unaccredited assay laboratory at the Yvan Vezina mine, located in Rouyn-Noranda. A comparison of pulp check-assay results reported by Cambior indicates that original zinc assays could be reproduced very well from the same pulp by Techni-Lab, while the Yvan Vezina assays appear to have reported slightly more conservative zinc grades as indicated in Figure 13-1.


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Figure 13-1 - Charts Comparing Zinc Check Assay Data Collected by Cambior in 1994 Top. Yvan Vezina Laboratory Assay Data, Bottom. Techni-Lab Re-Assay Data.

Comparison of Zinc Check Assays(Cambior 1994 data)

y = 1.0538xR2 = 0.992

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Original Zinc Assay, Techni-Lab (percent)

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Comparison of Pulp Zinc Check Assays(Cambior 1994 data)

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After commencement of mining, the geology department and the mine assay laboratory implemented comprehensive quality control measures designed to verify, monitor and assess the quality and reliability of exploration and mining data. These written procedures concern all aspects of the sampling process including drilling planning, monitoring, surveying, core description and sampling, assaying and data management. In the feasibility study, SRK considered that the measures taken by mine personnel represent adequate safeguards ensuring the


December 3, 2010 30

reliability of exploration and mining data. After re-opening the mine in 2006, the geology department continued to use these written procedures, and in addition, added a few more procedures concerning three dimensional data management using Gemcom.

After the reopening of the mine in October 2006, mine laboratory specific quality control measures were implemented to ensure the reliability of assaying data.

With each batch of 24 samples submitted by the geology department for assaying at the mine laboratory, three of five standard reference material samples (two of which are certified) are inserted in the sample stream, one at the beginning, one in the middle and one at the end of the sample batch. One pulp duplicate and one sample blank are also inserted within each 24-sample batch. During 2008, 1,398 standard reference material samples, 699 duplicates (internal re-assays) and 699 blanks have been analyzed at Langlois lab as per the QA/QC program. Figures 13-2 to 13-4 show good accuracy and correlation in all cases.

Figure 13-2 - Bias Charts Comparing IRM 2008


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Figure 13-3 – Bias Charts Comparing Duplicated Pulp at Langlois Lab in 2008


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Figure 13-4 – Bias Charts Comparing Blanks at Langlois Lab in 2008


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In the past, a random selection of sample pulps was also submitted to one of two umpire laboratories for check assaying. Typically approximately five percent of all samples assayed are randomly selected for check assaying. In addition, on a monthly basis the mine assay laboratory also submitted a selection of ten samples to two umpire laboratories for check assaying. Umpire laboratories assayed each sample twice for zinc, copper, lead, silver and gold. The results of the check assays were constantly monitored for consistency. In 2000, 81 samples were re-assayed at Techni-Lab and X-Ral Laboratory located in Rouyn-Noranda. SRK reviewed check assay data collected by the mine laboratory during 2000 and concluded that the mine laboratory reported accurate assay results. During 2008, following the same procedure as above, 217 pulp samples and 250 reject samples were re-assayed at Techni-Lab and ALS Chemex. Results shown in Figures 13-5 to 13-8 are similar to those obtained in 2000.


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Figure 13-5 - Bias Charts Comparing Zinc External Check Assay Data Pulp Collected by Breakwater in 2008


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Figure 13-6 - Bias Charts Comparing Copper External Check Assay Data Pulp Collected by Breakwater in 2008


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Figure 13-7 - Bias Charts Comparing Silver External Check Assay Data Pulp Collected by

Breakwater in 2008


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Figure 13-8 - Bias Charts Comparing Zinc Check Assay Data Rejects Collected by Breakwater in 2008


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14.0 Data Verification During the preparation of the Langlois Mine Feasibility Study, SRK Consulting reviewed the sampling and assaying procedures and the extensive quality control and quality assurance program implemented by the Company. SRK was of the opinion that the drill hole and assay databases are reliable for mineral resource estimation. Although verification sampling was not completed by SRK, numerous drill cores were examined to compare the recorded geology and mineralization with the assay grades. In addition, SRK reviewed reconciliation data accumulated by the mine since 1995. Reconciliation data examined by SRK indicated a generally good agreement between tonnages and grades forecasted by the resource model and production from the mill.

As part of the verifications, SRK audited the exploration database maintained by the Company. This review did not uncover any material errors in the digital database, and therefore SRK concluded that the drill hole and assay databases are reliable for mineral resource estimation.

During 2007, a review of all existing data, including drill holes, underground openings and chip samples was carried out by the Company in order to re-interpret all of the deposits at the Langlois and Grevet B mines. For every drill hole or underground face, new intersects were generated and identified with their own vein number. As part of the verification, Scott Wilson Rosco Postle and Associates (“SWRPA”) audited all of the databases maintained by the Company and concluded that the databases and methods were reliable for resource estimation. SWRPA also defined or reviewed all parameters that were used for block model interpolation including the method (Inverse Distance Squared), variography, search ellipses and grade capping factors. Finally, the complete resource estimation process was audited and validated by SWRPA.


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15.0 Adjacent Properties The Company holds majority interest in several mineral claims surrounding the Langlois mine lease. Previous operators and subsequently Breakwater have carried out extensive surface exploration drilling on these properties. For the purpose of this report, these adjacent properties are not considered material.


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16.0 Mineral Processing and Metallurgical Testing The Langlois mill has a nominal capacity of 2,570 tonnes per day. During 2008, 514,444 tonnes were milled from all sources, including stockpiles. Zinc and copper concentrates are produced by differential flotation, with payable silver and a nominal amount of payable gold recovered in the copper concentrate.

Figure 16-1 - Mill Flowsheet

Mineralized material from the satellite deposits is crushed in a portable jaw crusher installed on surface. Material from Zones 3, 4 and 97 is sized underground through a 0.3 metre grizzly. The material is then sent to the grinding circuit, which consists of an open circuit SAG mill and a ball mill in closed circuit with cyclones. The grinding circuit cyclone overflow feeds the copper flotation circuit, where SO2 is added to modify the pH and to depress the pyrite. The copper flotation circuit includes a conventional rougher, scavenger and three cleaner flotation stages. A single regrind mill is available but to date has not been required in either the copper or zinc cleaning circuits. The final copper concentrate is then pumped to the copper thickener and stock tank. The copper first cleaner tailings and copper scavenger tailings are pumped to the zinc flotation circuit where they are conditioned in two tanks with lime to increase pH and depress the pyrite and copper sulfate to activate the zinc mineral, sphalerite. The zinc flotation circuit includes roughers, scavengers and three cleaner flotation stages. The tailings from the zinc scavenger and


December 3, 2010 43

zinc first cleaner scavenger constitute the final mill tailings and are pumped to the tails thickener to be used as backfill underground or otherwise for disposal in the tailings management facility. The zinc third cleaner concentrate is pumped to the zinc thickener. Underflows from the zinc and copper thickeners are separately pumped to storage tanks and then batch filtered. The filtered concentrates are then conveyed to their respective loading areas. A storage building is annexed to the filter area/loading station for storage of final concentrates and loaded using a front-end loader when railcars are received. Most of the tailings pond effluent overflow is recycled as mill process water.

16.1 Tailings Disposal The mill tailings not used for paste backfill underground (approximately 50 percent) are discharged subaqueously to a two square kilometre tailings impoundment. Impoundment retaining dykes consist of constructed sand and gravel masses with slope protection composed of clean, non-acid generating mine rockfill. Seepage control within the dykes is achieved with a low permeability geosynthetic clay liner (thin layer of bentonite sandwiched between two layers of geotextile). The pond is located three kilometres away from the mine site. The pond will require a raise in Year 4 to accommodate the mined tonnage. Water from the impoundment is recycled back to the mill for use in mineral processing. A portion of the tailings pond effluent is released to the Wedding River after treatment in accordance with regulations.


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17.0 Mineral Resources and Mineral Reserve Estimates The mineral resource and mineral reserve estimates have been classified in accordance with the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines adopted by the CIM Council on August 20, 2000, that classifies the mineral resources into measured, indicated and inferred categories and mineral reserves into proven and probable categories. The effective date of the Company’s mineral reserves and mineral resources estimate for Langlois is December 31, 2009. The 2009 estimated measured and indicated mineral resource and the estimated inferred mineral resource were prepared under the supervision of Torben Jensen, P.Eng., who is employed by the Company as Vice President, Engineering and who is a Qualified Person under NI 43-101. The mineral resources and mineral reserves at Langlois and Grevet B mines are estimated utilizing 3D block models using the information from diamond drilling and underground chip sampling across development faces. For each drill hole intersection and underground face sample, intersects were generated and identified with their own vein number. Based on mining method and design, a variable minimum mining width was considered to define each intersect used in the resource estimate. A 3D wire frame model was constructed for each sulphide zone and then a block model was constructed based on this interpretation. Block model dimensions are 5 metres high by 5 metres long by 1 metre wide which reflects the elongated narrow lenses.

Limits of each zone were determined visually on plan views and vertical sections based on geology, underground openings, sulphide abundance and mineralogy. An arbitrary lower zinc cut-off was not used for determining the limits of the zones. Assay data for zinc, copper, silver, gold and lead are density-weighted and composited in one metre increments over the true thickness intersect of each zone. Variography analysis and 3D block model interpolation was performed on the one metre composites for all elements. Langlois and Grevet B contain nine different lenses and each one has been statistically treated as a specific geological domain. Grades for individual blocks in the model have been defined by inverse distance square interpolation using a minimum of two samples and a maximum of 12. Variography analysis was carried out and search ellipses were defined for each lens. According to a statistical review of all tagged assays, capping of the zinc, copper, silver, gold and lead has been applied on assays and then extrapolated to one metre composites. Each lens has a specific cut off for drill hole and chip assays. Drill holes or underground samples that did not intersect the entire width of the mineralized zone were discarded from the calculation. The Langlois and Grevet B mineralization contains significant values for three elements: zinc, copper and silver. An NSR value is determined for each metal unit. These metal units are then used to calculate the NSR value of each interpreted block while determining the resource estimates. Zinc, copper, and silver grades of each block have been converted into dollar values based on the smelter parameter. The minimum mining width used for interpretation of the lenses at Grevet B is 2.0 metres. For Langlois, the minimum mining width used was 3.0 metres in Zones 1 to 4 and 2.2 metres in Zone 97 Main, North and South. All lenses were interpreted from drill holes, chip samples and underground development projected on various level plans from surface to 800 metres depth and


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transversal sections were developed every 10 or 15 metres over a strike length of about 2,000 metres.

Table 17-1 - Langlois Mine – Measured & Indicated Mineral Resources

Measured Resources Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Zone 3 1,524,000 8.46 0.48 33.2 0.05 Zone 4 282,000 8.47 0.35 38.0 0.07 Zone 97 498,000 13.02 0.91 69.6 0.09 Grevet B 94,000 8.65 0.60 23.6 0.04 Total 2,398,000 9.42 0.56 40.9 0.06

Indicated Resources Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Zone 3 955,000 7.54 0.37 33.7 0.05 Zone 4 381,000 7.31 0.32 36.4 0.11 Zone 97 2,925,000 11.79 0.86 58.7 0.09 Grevet B - - - - - Total 4,261,000 10.44 0.70 51.1 0.08

Measured & Indicated Resources Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Zone 3 2,479,000 8.11 0.44 33.4 0.05 Zone 4 663,000 7.80 0.33 37.1 0.09 Zone 97 3,423,000 11.97 0.87 60.3 0.09 Grevet B 94,000 8.65 0.60 23.6 0.04 Total 6,659,000 10.07 0.65 47.4 0.07

December 31, 2009

Note: Measured and Indicated Resources Include Proven and Probable Reserves

Table 17-2 - Langlois Mine – Inferred Mineral Resources

Inferred Resources Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Zone 3 233,000 7.19 0.28 40.8 0.05 Zone 4 8,000 5.55 0.31 31.6 0.03 Zone 97 1,021,000 8.79 0.72 50.8 0.10 Zone 5 281,000 5.80 0.12 21.0 0.07 Grevet B - - - - - Total 1,543,000 7.99 0.54 43.8 0.09

December 31, 2009

17.1 Conversion of Mineral Resources to Mineral Reserves The mineral reserves are estimated by applying mining recovery and dilution to the measured and indicated resources. Minimum mining widths are applied including 3.0 metres for Zones 3 and 4, 2.2 metres for Zone 97 and 2.0 metres for Grevet B. The mineral reserves consist of contiguous zones of mineralization delineated in the geological model, while isolated areas were not included.

The mineral reserves for Zones 3 and 4 are based on the mining method selected for developed and undeveloped areas. Where stope development already exists, stope dimensions will remain


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30 metres in height. For the portions of Zones 3 and 4 that are not yet developed, sublevel spacing will be reduced to 20 metres. In Zone 97 sublevel spacing will be 11 metres (14 metres floor to floor). All stopes will be mined in a retreating sequence and will be accessible by ramp.

Table 17-3 - Langlois Mine – Proven & Probable Mineral Reserves

Proven Reserves Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Zone 3 804,000 7.58 0.38 29.1 0.04 Zone 4 167,000 7.75 0.31 32.8 0.07 Zone 97 438,000 11.05 0.82 59.2 0.09 Grevet B 61,000 8.45 0.33 23.7 0.04 Total 1,470,000 8.67 0.50 38.3 0.06

Probable Reserves Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Zone 3 814,000 7.72 0.45 30.9 0.06 Zone 4 268,000 6.58 0.30 33.3 0.06 Zone 97 2,543,000 11.18 0.84 54.4 0.09 Grevet B - - - - - Total 3,625,000 10.06 0.71 47.6 0.08

Proven & Probable Reserves Tonnes Zn (% ) Cu (% ) Ag (g/t) Au (g/t)Zone 3 1,618,000 7.65 0.42 30.0 0.05 Zone 4 435,000 7.03 0.30 33.1 0.06 Zone 97 2,981,000 11.16 0.84 55.1 0.09 Grevet B 61,000 8.45 0.33 23.7 0.04 Total 5,095,000 9.66 0.65 44.9 0.07

December 31, 2009

Because of the highly variable width of mineralization in all zones (especially in Zone 97 and Grevet B), a dilution chart was generated in order to apply more realistic dilution according to the width variability of the lenses. Dilution for individual blocks in the model has been derived by multiplying interpolated thickness by dilution width. This method is about the same as constructing a “skin, or layer” adjacent to the mineralized zone to calculate dilution. It is more accurate than a global dilution factor that ignores geometry and assumes a constant dilution percentage over mineralized zones of variable thickness. A thickness of over-break equivalent to 50cm off of each wall has been assumed with a minimum mining thickness from 2.0 to 3.0 metres.

Dilution, defined as the volume of waste recovered as a percentage of the mineralized material removed, has a density of 2.75 tonnes per cubic metres and a grade of zero and is estimated to be 25 percent by volume (approximately 18 percent - 20 percent by tonnage) for Zone 3, 36 percent for Zone 4, 25 percent for Zone 97 and 23 percent for Grevet B. In all cases, dilution is never assumed to be less than one metre. The higher dilution rate (1.0 to 1.5 metre) for Zone 4 is related to ground conditions, where sheared, chloritic host rocks often account for excessive dilution. Internal dilution is accounted for during the initial identification of intersects within the minimum mining width. That dilution is included in the composited grades. The one metre dilution discussed here is applied above the internal dilution.

Anticipated dilution and recovery for the planned mining method and stope dimensions for Zones 3 and 4 fits the historic mining information. The dilution and recovery for Zone 97, excluding pillars is comparable to the historical rates realized in Zones 3 and 4.


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Zone 97 will be mined using an overhand benching method of stoping. Stope dimensions are planned at 11 to 16 metres high and, on average, 45 metres in strike length. The average zone width is approximately 3.1 metres. Stope sequencing will be in a retreat fashion to the central access cross cut provided at each sublevel. The reduced stope height is designed to control dilution while allowing long, yet stable stope dimensions. The longer strike length provides for more continuous mining operations, such as drilling, with less moving between work places. Ramp access is planned, as is backfilling with cemented paste fill.

Recovery, excluding pillars, is expected at 95 percent for all zones. Some pillars left in the mine before 2006 have been included in the reserve category after analyzing the possibility of recovering them.

There is only one mining pillar located along level 9 in Zone 97 and it is five metres high. The mineral reserves and the production schedule do not include any of the tonnage within this pillar.

Typically, drilling data is spaced at approximately 40 metres in Zone 97 except between levels 8 and 9 (i.e. 60 metre level spacing), where the spacing is 20 metres. This is considered to be an adequate drilling density for delineating the zones of sulphide mineralization; however, this drilling is not sufficient to predict the occurrence of numerous mafic dikes that occur within the mineralized zones and late stage faults that transect the mineralization. As such, additional drilling will be required for Zone 97, and for a portion of Zones 3 and 4 to obtain sufficient data density before final stope design can be completed.

17.2 Metal Price Assumptions For the December 31, 2009 mineral reserves estimates, metal prices, including premiums, used to determine economic viability for Zones 3, 4 and 97 and Grevet B were US$1.00/lb. zinc, C$/US$ exchange rate of 1.12, US$700/oz. gold, US$12.55/oz. silver, US$2.66/lb. copper and US$0.83/lb. lead. The metal prices used represent the approximate historical five year average for each metal from 2005 to 2009. Only metal prices for zinc, copper and silver were used to determine the NSR value of the various blocks. A cut-off NSR value of $85.00 per tonne has been used for all zones, including Grevet B.


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18.0 Other Relevant Data and Information This section does not apply.


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19.0 Additional Requirements for Technical Reports on Development Properties and Production Properties

19.1 Mining Operations The mining method initially implemented in 1996 at Langlois was transverse longhole stoping using 114 millimetres ITH drills with subsequent paste backfill. The level spacing was 60 metres high and mining blocks were 20 metres along strike and four to five metres thick. Remote operated scooptrams were used for mucking. Once terminated, the stopes were filled with high-density paste backfill containing 78 percent solids. From the beginning, the mining operation experienced excessive dilution. This excessive dilution stemmed from the height of the stopes, the sericitization and chloritization of the joint sets and the wall erosion from the ore-passes. In 1997, Cambior, the original operator, made a decision to stop the operation and convert the 60 metre high stopes into smaller 15 or 30 metre high stopes depending on the width of the mineralization. Since re-opening the mine in 2006, the Company has further refined the mining method to reduce dilution. In the portions of Zone 3 where stope development already exists, longhole stope dimensions of 30 metres in height, and 64 millimetres (2.5 inches) diameter production drilling are maintained. The planned burden ranges from 1.4 metres to a 2.1 metres maximum and the spacing is a nominal 1.0 metre. For the portions of Zone 3 that are not yet developed, sublevel spacing will be reduced to 20 metres and production drilling will employ 64 millimetres (2.5 inches) diameter holes. All stopes are mined in a retreating sequence and will be accessible by ramp. Production mucking will be to orepasses. Stopes are filled with cemented paste backfill. Zone 4 longhole stope dimensions are 15 metres high by 20 metres strike length, using a retreating sequence. Ramp access will be provided to the sublevels. Tire-mounted, top hammer pneumatic longhole drills are used to drill 64 millimetre (2.5 inches) diameter holes approximately 15 metres in length. The burden is fixed at 1.2 metres and the nominal spacing of 1.0 metre varies according to the width of the mineralized material. The mined out stopes are filled with cemented paste backfill. For Zone 97, an overhand benching method of stoping has been applied. Stope dimensions are 14 metres open vertical span and, on average, 45 to 50 metres in strike length. The average zone width is approximately 3.0 metres. Stope sequencing will be in a retreating fashion towards the central access cross cut provided at each sublevel. Where the length of a sublevel is approximately 70 metres from its extremity to the central access cross cut, it will be divided into two stopes, with the second stope mined after backfilling the first stope. In Zone 97, tire mounted, top hammer pneumatic long hole drills drill 64 millimetres (2.5 inches) diameter holes of approximately 8.0 metres in length. The burden is fixed at 1.2 metres and the nominal spacing of 0.7 metres will vary according to the width of the mineralized material. All production mucking is performed by 3.5 and 4.0 yards scooptrams equipped with remote controls. Retreat mining is carried out in all areas, so each stope is mucked from one draw point oriented along strike.


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The stope and drift rounds are blasted using ANFO. Most of the holes are drilled down except in the extremities of the zone where no access is available above. All the blasting is done centrally. All backs and walls are screened with wire mesh. Rebars of 2.1 metres length are placed in the back on a 1.2 metre by 1.2 metre pattern. Resin bolts are used in the back to avoid corrosion of the ground support due to mildly acid mine water. The walls were bolted with 1.5 metres long split set bolts. Approximately 60 percent of the tailings are used as paste backfill. The paste backfill plant thickens and filters the mill tailings and then mixes these tailings with cement and water to make a paste that flows underground by gravity to Zone 3. The Company has installed two pumps and pipelines to deliver paste backfill to Zones 4 and 97. The actual capacity of the paste backfill plant is 75 tonnes per hour using only one of the two available disc filters. A main ventilation raise supplies 220,000 cubic feet per minute of fresh air to the mine. Exhaust is through the main production shaft and through a raise bore-hole in Zone 97. A new ventilation raise is currently being driven to supply additional ventilation to Zone 97. Primary dewatering pumps are multistage Mather and Platts. The average pumping rate is 100 US gallons per minute. The main pump stations are located on levels 13 and 16. In March 2006, the Company performed a small drilling program over the Grevet B deposit to verify past drilling and to better establish the continuity in the mineralization. Following the success of this program, the Company decided to extract a 15,000 tonne bulk sample to confirm spatial relationship and grade. The development of the Grevet B project was initiated starting mid-2006. In 2006, a total of 9,738 tonnes of mineralized material was extracted as part of a 15,000 tonne bulk sample program. In 2007 and 2008, a total of 86,874 and 140,868 tonnes of mineralized material respectively was extracted and hauled to the Langlois mill.

At Langlois, during 2006, development was done mostly to access Zone 97 on levels 4, 9 and 13 and to develop the infrastructure referred to in the SRK feasibility study. Production also resumed gradually and a total of 60,117 tonnes of mineralized material was blasted and hoisted to surface and stockpiled.

During 2007 and 2008, development drifts continue to be driven between Zone 3, Zone 4 and Zone 97 to the east on levels 4, 9 and 13. Ramp development from level 9 to access Zone 97 between level 9 and level 4 continued as well. Development of a decline to access Zone 97 between level 9 and level 13 commenced during the third quarter of 2007 and continued during 2008. Development of a new surface ramp commenced in early 2007, however, development of the ramp was terminated in 2008 in order to reduce capital costs.

Commercial production was declared in July, 2007. At Langlois, a total of 351,000 tonnes of mineralized material was blasted and hoisted to surface and milled in 2007 and a total of 362,677 tonnes of mineralized material was blasted and hoisted to surface and milled in 2008. On November 2, 2008, the Company temporarily suspended operations at the Langlois mine. The operation is being maintained on a care and maintenance basis. The Company plans to restart the mine in the first quarter of 2012 following the completion of approximately 4,200 metres of development.


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19.2 Recoverability The Langlois mill has historically produced a zinc concentrate in the range of 49.5 percent to 53.7 percent (during four previous years of operation from 1997 to 2000 and the latest operating period from November 2006 to November 2008) from head grades ranging from 6.4 percent to 8.3 percent zinc. The grade of the copper concentrate has been in the range of 18.7 percent to 24.0 percent. Recovery of zinc has been in the range of 82.2 percent to 93.6 percent and copper recovery has been in the range of 69.9 percent to 77.3 percent.

Table 19-1 lists the operating parameters from 1997 – 2008 along with the metallurgical results.

Table 19-1 - Metallurgy - Historical Production 1997 – 2008

1997 1998 1999 2000 2006 2007 2008 Production Tonnes Milled 261,068 414,742 402,224 310,466 59,373 437,875 514,444 Head Grade

Zn (%) 6.4 6.5 7.5 7.9 8.3 7.1 8.1 Cu (%) 0.4 0.3 0.4 0.4 0.5 0.4 0.5 Ag (g/t) 29.1 26.7 28.8 31.4 41.0 28.6 35.5

Recoveries Zn (%) 92.6 93.3 93.6 92.8 82.2 90.9 92.5 Cu (%) 75.1 73.6 69.9 70.6 72.1 72.1 77.3 Ag (%) 43.7 35.4 30.1 30.9 29.2 39.6 51.0

Conc. Grade Zn (%) 52.7 52.9 52.0 52.7 49.5 52.3 53.7 Cu (%) 21.3 24.0 21.6 22.3 19.3 20.3 18.7

Tonnes Conc. Zn (t) 29,181 47,770 54,397 43,287 8,201 54,184 71,868 Cu (t) 3,322 4,198 4,739 3,589 1,078 6,492 10,661

Tonnes Metal Zn (t) 15,382 25,281 28,280 22,792 4,057 28,327 38,620 Cu (T) 709 1,009 1,,023 800 208 1,315 1,994

Ag (Oz) 90,914 126,224 112,063 96,976 22,855 159,673 298,863 The zinc recovery in 2006 was low as the operation was in a start-up mode. Zinc recovery during 2008 has steadily improved with recovery averaging 92.5 percent.

The same holds true for copper recoveries. Copper recovery during 2008 averaged 77.3 percent.

19.3 Markets The zinc concentrate is loaded on Canadian National (“CN”) railcars directly at the mine site and transported to Xstrata Plc.’s (“Xstrata”) CEZ smelter in Valleyfield, Québec or to the HudBay Minerals Inc. smelter in Flin-Flon, Manitoba. Copper concentrate is sent by rail to Xstrata’s Horne smelter in Rouyn-Noranda, Québec.


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19.4 Contracts Contracts governing the sale of concentrate to customers are within market parameters. Most sales are on renewable contracts with terms ranging from three to five years. There are currently no hedging or forward sales contracts. There are currently no long-term arrangements in place covering the transportation of the concentrates.

19.5 Environmental Considerations The mine operates under required Certificates of Authorization issued by the Québec Ministry of Environment under the Loi sur la qualité de l’environnement (L.R.Q., chapter Q-2). In addition, all approvals/leases required for land use (tailings pond, quarries and pits) have been issued by the Québec Ministry of Natural Resources pursuant to the Loi sur les mines (L.R.Q., chapter M-13.1).

Langlois holds a restoration plan (the “Plan”) that received approval from the Québec Ministry of Natural Resources (in consultation with the Québec Ministry of the Environment) in August 1996. The Plan was subsequently updated, as required, and resubmitted in 2005. This Plan consists of the following main elements:

• placing non-acid generating development rock underground and placing the acid-generating development rock under one metre of water in the tailings pond to avoid acid generation;

• directing surplus water through an alternate discharge spillway on the southeastern side of the pond;

• dismantling/demolishing and removing all surface infrastructure from the site; • salvaging and removing any equipment and material that has value to another operation; • disposing of any remaining hazardous materials off-site; and, • re-contouring and re-vegetating the site with native species. Due to the relatively small footprint of the site, the cost of reclamation is currently estimated to be $1.7 million.

19.6 Taxes The Langlois operation is subject to federal income taxation of resource income at a rate of 21 percent. Provincial taxes at 10.95 percent as well as 12 percent Québec Mining Duties also apply. The taxes are calculated after deducting appropriate cost allowances.

19.7 Capital and Operating Cost Estimates Operating and capital costs were developed to coincide with the forecast production plan (Table 19-2). Projected operating costs are consistent with actual 2008 costs which are higher than historical numbers due to increases in labour costs, consumables and the use of contractors for a


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portion of the mine development and production. Significant increases have been made to staff wages in order to attract workers to the Langlois operation. Mill reagent costs have increased 25 percent to 35 percent since the decision was first made to re-open the mine, with the largest increase due to the price of copper sulfate. Increases have also been noted in fuel and lubricants due to the recent record high oil prices. The operating costs are expected to average $92.51 per tonne milled over the period. Langlois is going through a phase of capital commitment that will enable the mine to operate at least until the end of current mineral reserves.

19.8 Economic Analysis A long-term plan has been developed that is based on mining and processing only the proven and probable reserves at a rate of up to 600,000 tonnes per annum. Table 19-2 shows the total forecast production for years one to 10.

Table 19-2 – Forecast Production: Years 1 – 10


Zinc % 9.7%Copper % 0.7%Silver g/t 45

Zinc % 93.5%Copper % 80.0%

Zinc 000 t 852.5 Copper 000 t 130.2

Zinc 000 t 460.3 Copper 000 t 26.7 Silver 000 oz 4,046

Head Grades

Mill Recoveries

Concentrate Prod.

Contained Metal

A financial model has been prepared based on the metal prices, currencies and treatment and refining charges listed in Table 19-3.


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Table 19-3 – Long-Term Pricing Assumptions

Projected total operating results for years one through 10 are summarized in Table 19-4.

Table 19-4 – Projected Operating Results: Years 1 – 10

The long-term plan estimates the production of 863 billion pounds of payable zinc, 56 million pounds of payable copper and 3,720,000 ounces of payable silver.

Commodity PricesZinc US$/lb. 1.00

US$/t 2,205Copper US$/lb. 2.66

US$/t 5,864Silver US$/oz 12.55

Exchange Rate C$/US$ 1.12

Treatment ChargesZinc US$/t 204 Copper US$/t 50 Refining ChargesCopper US¢/lb. 0.07


Payable Metal

Zinc 000 lb. 862,648

Copper 000 lb. 55,960

Silver 000 oz 3,720

Smelter Revenue (millions) 1,186

Smelter Treatment (232)

Transportation (85)

Operating Cost (471)

Operating Cash Flow 397

Mining Tax (2)

Capital (115)

Cashflow 280

Cash Cost

US$/lb./Payable Zinc $ 0.541

Operating Cost/t Milled $ 92.51


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The long-term plan is sensitive to metal prices, exchange rates, operating and capital costs, grade and smelter charges.

Table 19-5 – Sensitivities: Years 1 – 10

Cash Cost Cash Flow NPV 7.5% NPV 10% NPV 12%Base Case $0.541 280,419 158,751 134,232 117,645

A. Metal PriceZn Price + $0.10/lb $0.555 $350,522 $206,181 $176,579 $156,452

- $0.10/lb $0.528 $197,242 $104,641 $86,485 $74,264Cu Price + $0.10/lb $0.535 $286,624 $162,853 $137,859 $120,946

- $0.10/lb $0.548 $274,214 $154,648 $130,605 $114,345Zn+Cu Price + $0.10/lb $0.548 $355,765 $209,760 $179,774 $159,381

- $0.10/lb $0.535 $191,031 $100,531 $82,851 $70,957

B. Exchange Rate + $0.05 US/Cdn $0.564 $242,035 $133,691 $112,109 $97,539- $0.05 US/Cdn $0.521 $314,759 $181,840 $154,786 $136,439

C. CostOperating Cost 10% $0.588 $235,435 $128,533 $107,432 $93,200

-10% $0.494 $320,567 $186,612 $159,156 $140,521Capital Cost 10% $0.541 $271,031 $151,697 $127,748 $111,561

-10% $0.541 $289,792 $165,791 $140,704 $123,718

D. ProductionZn Grade Change 10% $0.516 $339,318 $198,237 $169,384 $149,789

-10% $0.573 $213,789 $115,415 $95,994 $82,905Cu Grade Change 10% $0.527 $294,218 $167,878 $142,303 $124,989

-10% $0.556 $266,604 $149,612 $126,152 $110,292

E. Smelter ChargesZn Charges + $10/t con $0.551 $270,957 $152,597 $128,803 $112,713Cu Charges + $10/t con $0.543 $278,975 $157,796 $133,389 $116,878

($C 000's)

19.9 Payback The operating scenario depicted in Table 19-4 indicates that all future capital will be paid back.

19.10 Mine Life Existing proven and probable mineral reserves are sufficient for at least 10 years of production. Being an underground operation, additional mineralization tends to be delineated as mining proceeds. There is potential for existing mineral resources to be converted to reserves as well as potential for additional new discoveries. Recent additions have been found by diamond drilling in the vicinity of existing reserves.


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20.0 Interpretation and Conclusions Langlois has a major mineralized system comprising mineralized zones of many types and sizes, often of exceptional grade. The current property mineral reserves provide an estimated mine life of approximately 10 years if production is limited to the currently known areas. Sufficient additional tonnages are contained in the measured, indicated and inferred resource categories to potentially double the current mine life, however, exploration work must be conducted in the near future to determine the extent to which these mineral resources can be upgraded to mineable tonnages and to ensure these areas are developed for mining within the time frame of the current mine plan.


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21.0 Recommendations Historically, a consistent and committed funding level for exploration programs resulted in successful identification of additional mineral reserves and resources and consequently added to the life of the mine. As stated earlier, there is potential to upgrade mineral resources and identify new deposits. To accomplish the foregoing it is recommended that the Company:

• complete a review of the potential for increasing mineral resources and reserves at Langlois;

• prepare and implement an exploration program based on such review; and • initiate annual exploration programs.


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22.0 References Gervais, D., February 1, 2009. Resources and Reserves Evaluation on December 31, 2008, Langlois Mine. Gervais, D., March 1, 2008. Resources and Reserves Evaluation on December 31, 2007, Langlois Mine. SRK Consulting, June 2003, Langlois Mine, Lebel-sur-Quévillion, Québec, 2CB003.02 Feasibility Study. SRK Consulting, May 14, 2003. An Independent Technical Report on the Mining Assets of Breakwater Resources Ltd.


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APPENDIX I List of Leases Type Title No. Twp. Area (Ha) Title % BM 831 Grevet 134.27 Breakwater 100 BM 874 Grevet 60.014 Breakwater 100 BNE 19812 Grevet 0.01 Breakwater 100 Surface 815232 Grevet 295 Railway 813008 Grevet -


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APPENDIX II List of Claims Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CDC 32F01 16254 56,23 Breakwater Resources Ltd (6436) 100 %CDC 32F01 83837 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F01 83838 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1105840 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1105841 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1105842 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1123078 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1123079 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1123080 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1123081 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F01 1123082 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2032342 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2032343 56,19 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2032344 56,19 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2032345 56,19 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2032346 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046434 56,18 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046435 56,18 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046436 56,18 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046437 56,18 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046438 56,18 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046439 56,18 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046440 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046441 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046442 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046443 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046444 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046445 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046446 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2046447 56,17 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128860 56,32 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128861 56,32 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128862 56,32 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128863 56,32 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128864 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128865 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128866 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128867 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128868 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128869 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128870 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128871 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128872 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128873 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128874 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128875 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128876 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128877 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128878 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128879 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128880 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128881 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128882 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128883 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128884 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128885 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128886 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128887 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128888 56,26 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CDC 32F02 2128889 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128890 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128891 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128892 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128893 56,26 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128894 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128895 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128896 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128897 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128898 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128899 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128900 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128901 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128902 56,25 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128903 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128904 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128905 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128906 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128907 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128908 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128909 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128910 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128911 56,24 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128912 56,23 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128913 56,23 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128914 56,23 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128915 56,22 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128916 56,22 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128917 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128918 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128919 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128920 56,2 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128921 56,2 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128922 43,61 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128923 56,2 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128924 29,54 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128925 11,91 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128926 12,05 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128927 12,63 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128928 11,72 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128929 11,94 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128930 12,71 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128931 5,89 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2128932 20,37 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128933 29,81 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128934 56,32 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128935 12,12 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128936 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128937 44,12 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128938 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128939 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128940 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128941 42,72 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128942 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128943 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128944 56,29 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128945 29,32 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128946 15,44 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2128947 7,6 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CDC 32F07 2129066 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129067 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129068 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129069 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129070 56,21 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129071 56,2 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129072 56,2 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129073 56,19 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129074 56,19 Breakwater Resources Ltd (6436) 100 %CDC 32F07 2129075 41,93 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2146253 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2146254 56,31 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2146255 56,3 Breakwater Resources Ltd (6436) 100 %CDC 32F02 2146256 56,24 Breakwater Resources Ltd (6436) 100 %CL 32F02 3658811 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3658812 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3658821 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3658822 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3658841 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3658842 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3723543 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3723545 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3723551 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3723552 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3723553 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804543 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804544 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804545 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804571 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804572 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804573 9 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804703 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804704 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804705 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804714 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804715 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804725 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804734 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3804735 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808374 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808375 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808401 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808402 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808403 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808404 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808405 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3808415 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820143 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820144 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820145 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820151 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820153 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820154 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820155 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820161 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820162 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820172 15 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820173 17 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820174 16 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F02 32F01 3820182 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 32F01 3820183 17 Breakwater Resources Ltd (6436) 100 %CL 32F02 32F01 3820184 15 Breakwater Resources Ltd (6436) 100 %CL 32F01 3820205 15 Breakwater Resources Ltd (6436) 100 %CL 32F01 3820211 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 3820212 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820252 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820253 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820254 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820255 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820261 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820264 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820265 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820271 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820272 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820273 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820301 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820302 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820303 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820304 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820305 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820313 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820314 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820315 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820321 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820322 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3820335 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822662 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822663 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822664 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822665 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822695 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822781 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822811 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822812 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822813 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822814 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822821 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822822 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822823 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822831 10 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822834 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822835 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822843 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822844 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822845 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3822853 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3828132 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3828133 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3828134 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3828135 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 3828171 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 3828184 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 3828185 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 3828344 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 3828345 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 3828351 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3828352 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3923651 4,48 Breakwater Resources Ltd (6436) 100 %


December 3, 2010 66

Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F02 3923652 4,09 Breakwater Resources Ltd (6436) 100 %CL 32F02 3949531 9,68 Breakwater Resources Ltd (6436) 100 %CL 32F02 3949532 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3990521 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 32F01 3990522 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 3990523 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3990524 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 32F01 3990525 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 3990535 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3997341 0,18 Breakwater Resources Ltd (6436) 100 %CL 32F02 3997351 16,06 Breakwater Resources Ltd (6436) 100 %CL 32F02 3997352 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 3997361 0,51 Breakwater Resources Ltd (6436) 100 %CL 32F02 3997362 15,85 Breakwater Resources Ltd (6436) 100 %CL 32F07 4067453 16 Breakwater Resources Ltd (6436) 70 % NEXTAIR INC. (20958) 30%CL 32F07 4160873 16 Breakwater Resources Ltd (6436) 70 % NEXTAIR INC. (20958) 30%CL 32F07 4160874 16 Breakwater Resources Ltd (6436) 70 % NEXTAIR INC. (20958) 30%CL 32F07 4160875 16 Breakwater Resources Ltd (6436) 70 % NEXTAIR INC. (20958) 30%CL 32F07 4160881 16 Breakwater Resources Ltd (6436) 70 % NEXTAIR INC. (20958) 30%CL 32F02 4230874 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4438275 16 Breakwater Resources Ltd (6436) 70 % NEXTAIR INC. (20958) 30%CL 32F07 4484461 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4484462 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4484463 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4484464 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4484465 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4484671 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4484672 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4484673 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4484674 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4484675 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4527871 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4527872 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4527873 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4550401 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4550402 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4550403 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4550404 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4550411 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4550412 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4550413 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4550414 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552202 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552203 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552204 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552215 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552221 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552222 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552225 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552232 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552233 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552234 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552235 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552492 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552493 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552494 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552562 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552563 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552564 16 Breakwater Resources Ltd (6436) 100 %


December 3, 2010 67

Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F02 4552572 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552921 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552922 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552923 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552932 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552933 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552934 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552944 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552945 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552951 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552954 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4552955 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 4703911 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4703912 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703913 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703914 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703915 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703921 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703922 7,69 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703923 3,87 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703924 1,01 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703925 6,78 Breakwater Resources Ltd (6436) 100 %CL 32F07 4703931 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4703932 15,29 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4703933 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4703934 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4703935 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703942 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703943 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703944 10,32 Breakwater Resources Ltd (6436) 100 %CL 32F07 4703951 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4703952 16,07 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703953 7,44 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703954 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703961 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703962 8,88 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703963 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703964 11,51 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703965 7,73 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 4703971 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703972 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703973 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703974 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4703975 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704001 10,85 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704002 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704003 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704004 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704005 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704011 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704012 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704024 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704025 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704031 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704032 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704033 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704035 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704951 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704952 16 Breakwater Resources Ltd (6436) 100 %


December 3, 2010 68

Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F02 4704953 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704954 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704955 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 4704961 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5011956 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5011957 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5011958 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5011959 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5011960 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5011961 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5011964 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5012461 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012462 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012463 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012464 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012465 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012466 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012467 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012468 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012469 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012470 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012471 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012472 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012473 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012474 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012475 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012476 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012477 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012478 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012479 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012480 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012481 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012482 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012483 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012484 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012485 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012486 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012487 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012488 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012489 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012490 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012491 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012492 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012493 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012494 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5012495 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013867 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5013869 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013870 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013871 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013872 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013873 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013874 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013875 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013876 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013877 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013878 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013879 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013880 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F02 5013881 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013882 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013883 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013884 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013889 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013890 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013891 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013892 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013893 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013894 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013895 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013896 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013897 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013901 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013902 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013903 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013904 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013905 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013906 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013907 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013908 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013909 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013930 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013931 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013932 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013933 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013934 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013935 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 32F02 5013936 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 32F02 5013939 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013940 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013941 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013942 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013943 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 32F02 5013944 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 32F02 5013947 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5013948 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 32F02 5013954 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 32F02 5013955 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013956 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013962 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013963 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 32F02 5013964 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013965 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013966 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013970 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013971 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013972 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013973 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013974 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013975 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013977 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F07 5013978 16 Breakwater Resources Ltd (6436) 75 % NEXTAIR INC. (20958) 30%CL 32F02 5014129 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5015163 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016372 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016373 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016389 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016390 16 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F02 5016391 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016392 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016401 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016408 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016409 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016410 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016411 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016412 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016413 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016414 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016415 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016416 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5016417 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5017021 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5236611 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5236612 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251251 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251252 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251253 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251254 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251255 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251256 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251257 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251258 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251259 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251260 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251261 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251262 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251263 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251264 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251265 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251266 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251267 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251268 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251269 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251270 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251271 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251272 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251273 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251274 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251275 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251276 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251277 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251278 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251279 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251280 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251281 11,4 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251282 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251283 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251284 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251285 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251286 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251287 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251288 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251289 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251290 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251291 4 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251292 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251293 16 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F07 5251294 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251295 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251296 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251297 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251298 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251299 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251300 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251301 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251302 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251303 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251304 4 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251305 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251306 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251307 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251308 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251309 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251310 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251311 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251312 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251313 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251314 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251315 8 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251316 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251317 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251318 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251319 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251320 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251321 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251322 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251323 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251324 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251325 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251326 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251327 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251328 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251329 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251330 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251331 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251332 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251333 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251334 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251335 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251336 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251337 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251338 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251339 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251340 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251341 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251342 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251343 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251344 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251345 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251346 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251347 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251348 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251349 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251350 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251351 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251352 16 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F07 32F02 5251353 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251354 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251355 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 32F02 5251356 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251357 11,4 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251358 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251359 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251360 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251361 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251362 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251363 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251364 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251365 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251366 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251367 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251368 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251369 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251370 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251371 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251372 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251373 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251374 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251375 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251376 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251377 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251378 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251379 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251380 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251381 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251382 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251383 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251384 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251385 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251386 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251387 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251388 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251389 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251390 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251391 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251392 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251393 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251394 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251395 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251396 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5251397 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5251398 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251399 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251400 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251401 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251402 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251403 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251404 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251405 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251406 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251407 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251408 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251409 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251410 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251411 16 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F01 5251412 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5251413 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251414 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251415 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251416 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251417 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251418 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251419 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251420 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251421 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251422 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251423 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251424 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251425 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251426 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251427 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251428 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5251429 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5251430 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251431 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251432 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251433 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251434 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251435 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251436 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251437 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251438 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251439 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5251440 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251441 15 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251442 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251443 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5251444 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251445 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251446 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251447 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251448 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251449 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251450 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251451 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251452 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251453 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251454 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251455 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251456 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251457 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251458 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5251459 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5258066 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5258067 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5258068 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5261845 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5261846 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5261847 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263304 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263305 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263306 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263307 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263308 16 Breakwater Resources Ltd (6436) 100 %


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Type NTS 1 NTS 2 Title No Area (Ha) Titleholder(s) (Name, Number and Percentage)CL 32F01 5263309 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263310 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263311 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263312 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263313 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263314 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263315 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263316 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263317 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263318 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263319 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263320 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263321 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263322 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263323 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263324 16 Breakwater Resources Ltd (6436) 100 %CL 32F01 5263325 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263328 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263329 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263330 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263331 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263332 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263337 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263338 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263339 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263340 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263341 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263342 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263343 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263344 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263345 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263346 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263347 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263348 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263349 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5263350 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5269026 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5269027 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5269028 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5269029 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270552 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270553 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270554 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270555 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270556 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270557 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270798 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270799 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270800 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270801 16 Breakwater Resources Ltd (6436) 100 %CL 32F07 5270802 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5272566 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5272567 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5272568 16 Breakwater Resources Ltd (6436) 100 %CL 32F02 5272569 16 Breakwater Resources Ltd (6436) 100 %


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Breakwater Resources Ltd. Suite 950, 95 Wellington St. W. Fax: 416-363-1315 Toronto, Ontario Email: [email protected] M5J 2N7

CERTIFICATE of Author I, Torben Jensen, P.Eng., do hereby certify that: 1. I am Vice President, Engineering of:

Breakwater Resources Ltd. Suite 950, 95 Wellington St. W. Toronto, Ontario M5C 2N7

2. I graduated with a diploma in Mining Engineering Technology from Haileybury School of Mines in 1975. In addition, I graduated with a diploma in Mining Engineering from the South Dakota School of Mines, Rapid City, South Dakota in 1978.

3. I am licensed by Professional Engineers Ontario (PEO) since 1992. 4. I have practiced my profession continuously since 1975. I have held positions in the

mining industry in underground coal mining and both underground and surface metal mining in engineering, construction, operating and management roles including Chief Mining Engineer for Hillsborough Resources Ltd. (1985-1995), Manager of Engineering for Black Hawk Mining Inc. (1995-1997), Manager of Engineering and North American Exploration for Breakwater Resources Ltd. (1997-2003) and Vice President, Engineering for Breakwater Resources Ltd. (2003 - present).

5. I have read the definition of “qualified person” set out in National Instrument 43-101

(“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as described in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.

6. I am responsible for the preparation of all sections of the technical report titled Langlois

Mine, Lebel-sur-Quévillon, Québec, NI 43-101 Technical Report and dated December 3, 2010, (the “Technical Report”) relating to the Langlois property. I have visited the property on an on-going basis from January 2000 to the present date to review geology, exploration, infrastructure and development.

7. I have had prior involvement with the property that is the subject of the Technical Report.

The nature of my prior involvement is a due diligence review in January 2000, when the property was originally for sale.

8. I am not aware of any material fact or material change with respect to the subject matter

of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.

9. I am not independent of the issuer applying all of the tests in section 1.5 of National

Instrument 43-101. I am currently an insider of Breakwater Resources Ltd.


December 3, 2010 76

10. I have read National Instrument 43-101 and Form 43-101F1 and the Technical Report has

been prepared in compliance with that instrument and form. 11. I consent to the filing of the Technical Report with any stock exchange and other

regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the Technical report.

Dated this 3rd day of December, 2010 Signed “Torben Jensen” ___________________ Torben Jensen, P.Eng., Vice President, Engineering Breakwater Resources Ltd.


December 3, 2010 77

Breakwater Resources Ltd. Tel.: 416-363-4798 Suite 950, 95 Wellington St. W. Fax: 416-363-1315 Toronto, Ontario Email: [email protected] M5J 2N7

Consent of Author TO: British Columbia Securities Commission

Alberta Securities Commission Saskatchewan Financial Services Commission, Securities Division The Manitoba Securities Commission Commission des valeurs mobilières du Québec Office of the Administrator, New Brunswick Nova Scotia Securities Commission Registrar of Securities, Prince Edward Island Securities Commission of Newfoundland and Labrador Ontario Securities Commission Government of Yukon Government of Northwest Territories Government of Nunavut Toronto Stock Exchange

I, Torben Jensen, P.Eng., do hereby consent to the filing of the written disclosure of the technical report Langlois Mine, Lebel-sur-Quévillon, Québec, NI 43-101 Technical Report and dated December 3, 2010 (the “Technical Report”), and to the filing of the technical report with the securities regulatory authorities referred to above. I also certify that I have read the written disclosure being filed and I do not have any reason to believe that there are any misrepresentations in the information derived from the Technical Report contains any misrepresentation of the information contained in the Technical Report. Dated this 3rd day of December, 2010 Signed “Torben Jensen” ___________________ Torben Jensen, P.Eng., Vice President, Engineering Breakwater Resources Ltd.

Documents

Lang Lo is Tech Rpt