Carmacks Resource & Reserve

NI 43-101 Compliant Resource Estimate*

			Resource Grade				Contained Metal
	Category	Tonnes M	Total Copper %	Oxide Copper %	Gold g/t	Silver g/t	Cu Eq %	Copper M lb	Gold k oz	Silver k oz
Oxide	Measured	4.031	1.10	0.90	0.59	5.7	1.52	97.8	76.5	739
	Indicated	7.949	1.04	0.83	0.39	4.0	1.32	182.3	99.7	1,022
	M + I	11.980	1.07	0.86	0.46	4.6	1.40	280.0	176.1	1,761
	Inferred	0.090	0.73	0.53	0.13	1.8	0.83	1.4	0.4	5
Sulphide	Measured	0.695	0.80	0.02	0.26	2.5	0.99	12.3	5.8	56
	Indicated	3.645	0.74	0.03	0.21	2.3	0.89	59.5	24.6	270
	M + I	4.340	0.75	0.03	0.22	2.4	0.91	71.7	30.4	325
	Inferred	4.031	0.71	0.01	0.18	1.9	0.84	63.1	23.3	246

NI 43-101 Compliant Reserve Estimate**

		Reserve Grade				Contained Metal
Class	Tonnes M	Total Copper %	Oxide Copper %	Gold g/t	Silver g/t	Cu Eq %	Copper M lb	Gold k oz	Silver k oz
Proven	3.189	1.227	1.028	0.659	6.20	1.70	86.3	67.6	635.7
Probable	7.422	0.965	0.822	0.408	3.94	1.26	157.9	97.4	940.2
Proven & Probable	10.611	1.044	0.884	0.48	4.62	1.39	244.2	164.8	1,576.1

Notes:

(*)Technical Report: Wardrop, December 2007 - Qualified Person: G. Arsenau Ph.D., P.Geo & Scott Casselman P.Geo. - Total copper Cut-off: 0.25% - Cu Eq Metal prices: US$2.00/lb copper, US$875.00/oz gold, US$11.25/oz silver - Oxide resource estimate for Zones 1, 4 and 7. Sulphide resource estimate for Zone 1 - No discount for metallurgical recovery in contained metal figures
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(**)Technical Report: May 2007 - Qualified Person: M. Hester FAusIMM - Cu Eq Metal prices: US$2.00/lb copper, US$875.00/oz gold, US$11.25/oz silver - Includes mining dilution