Property Details

The Rottenstone property is located approximately 130 kilometers NNE of the town of La Ronge , northern Saskatchewan consisting of 8 contiguous mineral dispositions covering 33,009 acres.  The Corporation owns 100% of the mineral interest covered by the mineral dispositions as described below.  Claude Resources Inc. ("Claude") retains a 2% net smelter return (NSR) on one mineral claim, S-106565, and a 0.5% NSR on the adjoining mineral claims within a 3 kilometer distance from S-106565.  The Corporation has the option to purchase one-half (1% NSR) of the 2% NSR by paying Claude $1,000,000. Based on an Amendment to the Option to Purchase Agreement dated October 5, 2007, by November 30, 2013, the Corporation must complete a 'bankable feasibility study' on S-106565 or return the mineral disposition to Claude.

The Rottenstone Ni-Cu-PGE Property was a historical focus of the Corporation's exploration efforts from 1998 through 2004 consisting of geophysical, geochemical and diamond drilling programs. The Cu-Ni-PGE target pursued was an extension of the previously exploited Rottenstone deposit. The Rottenstone deposit was mined in the mid-late 1960's, producing approximately 40,000 tons of high-grade ore grading 3.28% Ni, 1.83% Cu and 9.63 g/t PGE.  The Corporation has not been successful in finding the extension or source of the high-grade Ni-Cu-PGE mineralization associated with the previously exploited Rottenstone deposit.

Effective October 1, 2007, the Corporation and Mantis Mineral Corporation ("Mantis" CNQ: MINT)) entered into the Rottenstone Option Agreement whereby Mantis was granted an option to earn an aggregate 60% interest in the Rottenstone property by funding a cumulative ten million dollars ($10,000,000) in exploration expenditures.

In early summer 2008 Mantis completed a deep penetrating high-resolution VTEM B-field electromagnetic (EM) and Magnetic airborne geophysical survey covering 1171 line-km. In the fall of 2008, Mantis complete seven drill holes totaling 1,177 meters drilled. This drill program focused on several anomalous geophysical targets.  The results of this drill program confirmed the presence of conductive sulphides.  The sulphides encountered were interpreted to be formational representing sulphide-rich sediments.  No economic intersections of nickel or copper were reported by Mantis.

On October 26, 2009 Mantis terminated the Rottenstone Option Agreement (the "Option") dated October 1, 2007. As a result of Mantis terminating the Option prior to fulfilling its earn-in commitment as described above, the Corporation retains a 100% interest in the Rottenstone Property