Uranium - Gold - Diamonds

James Bay, Quebec - Athabasca Basin, Saskatchewan - Carlin Trend, Nevada

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Message: MANAGEMENT DISCUSSION AND ANALYSIS - Dated: January 27, 2009

MANAGEMENT DISCUSSION AND ANALYSIS - Dated: January 27, 2009

posted on Jan 28, 2009 08:12AM

MANAGEMENT DISCUSSION AND ANALYSIS

Three Months Ended November 30, 2008

Dated: January 27, 2009

Dated: January 27, 2009

OVERVIEW

This management discussion and analysis (“MDA”) covers the operations of Bonaventure Enterprises Inc. (“Company”) for the three months ended November 30, 2008. All monetary amounts referred to herein are in Canadian dollars unless otherwise stated. This MDA should be read in conjunction with the Company’s unaudited consolidated financial statements for the three months ended November 30, 2008 and the Company’s audited consolidated financial statements for the year ended August 31, 2008.

Additional information related to the Company is available for view on SEDAR at www.sedar.com , on the Company’s website at www.bonaventure.us , or by requesting further information from the Company’s head office in Vancouver.

FORWARD LOOKING STATEMENTS

Information contained in this MDA that is not historical fact may be considered “forward looking statements”. These forward looking statements some times include words to the effect that management believes or expects a stated condition or result. All estimates and statements that describe the Company’s objectives, goals or plans are forward looking statements. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including such variables as new information regarding recoverable reserves, changes in demand for and commodity prices of crude oil and natural gas, legislative, environmental and other regulatory or political changes, competition in areas where the Company operates, and other factors discussed herein. Readers are cautioned not to place undue reliance on this forward looking information.

DESCRIPTION OF BUSINESS

Bonaventure Enterprises Inc. (TSX-V: BVT) (FSE: YQG) is a mineral exploration company focused on developing a diversified portfolio of excellent uranium properties in Canada and promising gold properties in Nevada leading to NI 43-101 compliant Mineral Resources in the near term.

The property portfolio consists of uranium and gold exploration assets. The Company has a 100% interest in the flagship K9 Uranium Property located in the James Bay region in Quebec, as well as other uranium assets located in the North Shore region of Quebec and uranium, polymetallic and diamond assets located in the Athabasca Basin in Saskatchewan.

The Company holds highly prospective gold exploration properties in Nevada with the potential to host Carlin-type gold deposits. The Company has an option agreement to acquire up to 60% interest in the New Pass Property located in Austin, Nevada and the Squaw Creek Property located on the northern extension of the Carlin Trend in northern Nevada. The Company also holds a 100% interest in the Goldfields, Cottonwood, Jet and Northern Lights properties located in western and southern Nevada.

RESOURCE PROPERTIES

A summary of the Company’s resource properties at November 30, 2008 is as follows:

November 30, 2008

- $ -

Current

Expenditures

- $ -

August 31, 2008

- $ -

Goldfield West, Nevada

224,586

172

224,414

Cottonwood, Nevada

787,259

30,213

757,046

Northern Lights, Nevada

1

-

1

Jet Property, Nevada

6,470

6,469

1

New Pass, Nevada

2,676,825

110,666

2,566,159

Squaw Creek, Nevada

2,195,320

265,556

1,929,764

Total - USA

5,890,461

413,076

5,477,385

Four Lakes, Saskatchewan

1,257,513

(185,688)

1,443,201

K9, Quebec

7,818,548

1,203,756

6,614,792

North Shore, Quebec

752,947

67,430

685,517

Moose Pasture, Quebec

416,859

-

416,859

Lac St-Pierre, Quebec

37,759

-

37,759

Monte Christo, Quebec

338,002

31,530

306,472

Bay of Pigs, Quebec

255,976

-

255,976

Wakeham Basin, Quebec

334,000

-

334,000

Heydon Bay, British Columbia

1

-

1

Total – Canada

11,211,605

1,117,028

10,094,577

Oil and gas properties

1

-

1

17,102,067

1,530,104

15,571,963

RESOURCE PROPERTIES UPDATE

UNITED STATES

Overview

Based on external and internal reports and assessments made during the past year, management is of the opinion the New Pass, Squaw Creek, Cottonwood and Goldfield properties have significant potential for growth and has formulated a development schedule for its properties in 2009 based on recommendations by the Company’s Qualified Person in the U.S.A., Mr. Richard Kern, P. Geo. The Northern Lights and Jet properties are outside the strategic gold belts in Nevada. There has not been any significant work done to date on both properties by the Company, such that a decision will be made in the coming year on whether to maintain the options. The Company has decided at this time to record impairment charges on both properties.

Cottonwood Property, Nevada

In June 2005, the Company announced it filed its Notice of Intent with the Bureau of Land Management, Nevada, to begin its second phase of exploration at its 100% owned Cottonwood Property, located 6.3 miles (10 km) north of Austin, Nevada, a major silver producing district. The Company opened and sampled an old adit near Trench 2 and drilled 5 shallow exploration drill holes. Drilling was completed in November 2005.

The second phase of exploration included the extension of Trench 1 to further test high grade gold in previous sampling. The highest gold values occur in the top portion of Trench 1. Geochemical analyses showed the highest value over 6 m is 5.41 g/t (0.16 oz/ton) gold. Sampling of two quartz-sulfide veins in this area gave values of 57.1 g/t (1.67 oz/ton) and 23.9 g/t (0.70 oz/ton) across 0.3 meter (0.48 ft) sample widths.

The Cottonwood target has several characteristics of the Getchell gold system. Getchell is located approximately 100 miles (160 km) north of Cottonwood. Early mining at Getchell was of gold in arsenic-rich quartz veins in intrusive rocks near the surface. Later, small near-surface gold deposits were mined in limy units within Ordovician rocks similar to those exposed at Cottonwood. Eventually, deep drilling at Getchell discovered the Turquoise Ridge deposit hosted by a thick carbonate section.

The Company has identified a major gold-bearing shear zone at Cottonwood. A program of deeper drilling is now needed to test the intersection of this shear zone with carbonate host rocks. Carbonate rocks are exposed in the Callaghan Window less than 10 miles (16 km) north of Cottonwood.

In May, 2007, the Company began permitting a second phase of drilling at Cottonwood. Environmental permitting was completed in July, 2007. RC drilling began in late October. Four attempts were made to drill a deep hole (2,000 feet or 645 m) to determine the stratigraphy of the area. The deepest hole only reached 880 feet (285 m) with total drilling equaling 2,475 feet (800 m).

In October, 2007, Bonaventure made several attempts to drill a deep (1,500 to 2,000 feet or 485 to 645 m) vertical hole at Cottonwood to test for favorable limy host rocks at depth. Unfortunately, the RC rig used for this test was unable to reach the target depth because of excessive water intersected in the holes.

On October 25, 2007, the Company paid $120,000 to acquire 92 mining claims contiguous to the Company’s Cottonwood property in Nevada, USA.

New Pass Property, Nevada

In October 2005, the Company received assay results for 12 of a planned 27 drill holes at the New Pass Project located in Central Nevada, approximately 27 miles (43 km) west of Austin. The property was optioned from White Knight Resources Ltd. (acquired by U.S. Gold) enabling the Company to earn up to a 60% interest in the property.

The NI 43-101 report on the property, written before the Company began its exploration program, lists an “Indicated Mineral Resource” of 3.37 million tons (3.06 million tonnes) averaging 0.042 oz/t (1.44 g/t) gold. No silver value is stated. This equates to 142,000 ounces of gold.

In April, 2006 the Company received a new mineral resource report on the New Pass project compiled by Sam S. Arentz III, P.E. of Sierra Environmental Engineers, Inc., Reno, Nevada. The report was prepared using NI 43-101 guidelines and standards and is identified as an addendum to the NI 43-101 report filed on SEDAR.

According to the Arentz report the New Pass project contains an Inferred Mineral Resource of 11.5 million tons (10.5 million tones) averaging 0.0226 oz/t (0.78 g/t) gold and 0.2214 oz/t (7.59 g/t) silver. This is equivalent to approximately 260,000 ounces of gold and 2.546 million ounces of silver. The shallow and largely oxidized nature of the resource indicates it may be amenable to open pit heap-leach mining methods.

Phase 2 drilling began in the fall of 2006. Because of the difficulty of obtaining a drill rig, only 5 of the planned 30 hole program at the New Pass Project were completed before drilling was discontinued for the winter. A total of 2,300 feet (740 m) of RC drilling was conducted. It is notable that 4 of the 5 holes drilled have 85 to 115 feet (27 to 37.1 m) thickness of +0.01 oz/t (0.34 g/t) gold, the cutoff grade for the 2006 resource study completed by Bonaventure. Of special interest are the fact that the 2 holes drilled on the north end of the grid intersected +0.01 oz/t (0.34 g/t) gold values in the volcanic tuff above the main limestone hosted mineralized zone and drill hole NP-0607, drilled 500 feet west of the resource to test the down-dip extension of the resource intersected two zones including 75 feet averaging 0.045 oz/t (1.54 g/t) gold equivalent. Phase 2 drilling resumed in May, 2007 and was completed in mid-November.

In February, 2008 Bonaventure released results for the 33 hole / 16,785 feet (5,117 m) 2007 Reverse Circulation (RC) drilling program. The Company discovered a mineralized fault well west of the known Mineral Resource at New Pass and extended the mineralized system west, north and east. In order to follow these extensions a Plan of Operation is being completed with the Bureau of Land Management (BLM) that will allow a much expanded drilling program.

In May, 2008, the Company resumed exploration drilling. The plan calls for 12,000 feet of reverse circulation drilling.

Based on expenditures incurred and work completed during the year ended August 31, 2008 the Company received confirmation the Option Agreements to acquire 60% of the New Pass property are in good standing.

Squaw Creek Property, Nevada

On June 20, 2005, the Company announced it began its first phase of exploration at the Squaw Creek property located in the Ivanhoe Mining District, four miles northwest of the Hollister Deposit. The Squaw Creek Property is 15 miles southeast of the Ken Snyder Deposit in the Midas Mining District. Both the Ivanhoe Mining District and the Midas Mining District lie on the northwest strike projection of the Carlin Trend and within the Northern Nevada Rift. The Midas Mining District lies at the northwest end of a line of gold deposits, which extends to the southeast to the Rain deposit, south of Carlin. The property is a joint venture with White Knight Resources Ltd. (acquired by U.S. Gold) with the Company able to earn up to a 60 % interest in the property.

According to the NI 43-101 report on the property, strongly anomalous gold mineralization has been consistently intersected in drill holes over an area 3 miles long by 1 mile wide. The Company conducted a geophysics survey of the property and a 3 hole deep core drilling program. The primary target is a high grade vein deposit like the Ken Snyder mine or the deeper part of the Ivanhoe (Hollister) mine.

Phase 2 drilling at Squaw Creek began in July 2007, and was completed in September, 2007. The Drilling tested a major north-south trending, west dipping fault system. A total of 3 RC holes were drilled totaling 4,130 feet (1,260 m). Because of difficult drilling conditions only one hole reached its planned depth of 1,500 feet (457 m). Drill holes SC-0701 and 0702 were drilled to test the main graben fault intersected in SC-0602. SC-0701 deflected from the planned projection and essentially twinned core hole 0602. Gold values were slightly lower in 0701 than 0602 with the highest gold over 5 feet (1.6 m) being 0.018 oz/t (0.62 g/t) gold.

SC-0702 intersected a 70 feet (21 m) long fault zone (true thickness of 45 feet or 14 m) starting 250 feet (76 m) below the fault intercept in 0602. SC-0602 contained a 25 feet (8 m) long fault zone (true thickness of 22 feet or 7 m). SC-0702, which intersected the fault at a down-hole depth of 925 feet (282 m), has an average gold grade of 0.030 oz/t (1.02 g/t) over the 70 foot (22.5 m) interval and includes 10 feet (3 m) of 0.073 oz/t (2.50 g/t) gold. Core hole 0602 above, intersected the fault at a down-hole depth of 780 feet (276 m) and has an average gold grade of 0.0125 oz/t (0.43 g/t) over the 25 foot (8 m) interval. Both the width of the fault zone and gold grade have increased with depth. Silver values in both holes are low with silver to gold values of 1 to 1 or less.

SC-0703 was drilled 3,300 feet (1,006 m) south of hole 0701 due east to explore for the eastern bounding structure of the graben. The hole stayed within the thick section of tuffaceous volcanics within the graben and failed to find any sizable structures. The hole contained no significant gold values.

On September 28, 2007, the Company issued 400,000 common shares to complete the New Pass Property and the Squaw Creek Property acquisitions as the last of three staged issuances of shares.

Based on expenditures incurred and work completed during the year ended August 31, 2008 the Company received confirmation the Option Agreements to acquire 60% of the Squaw Creek property are in good standing.

Northern Lights Property, Nevada

The Northern Lights claims are situated between the Aurora (0.6 million ounces gold) and Borealis (1.2 million ounces gold) historic mines. In 2004, the Company conducted a magnetic survey. Results show interpreted northwest and northeast trending fault zones that are the target of further exploration. A phase 1 trenching and/or drilling program is planned when time permits. During the year, due to the Company’s decision to focus and prioritize its exploration budget on several of the Company’s other properties, management made a decision to record an impairment charge of $185,463 reducing the carrying value to $1.

Jet Property, Nevada

The Jet Property is located between the Palmetto Mountains south of Silver Peak in Esmeralda Country, Nevada about 300 kilometres northwest of Las Vegas. Goldfield, a 5.0 million ounce gold producer, is 40 kilometres to the east. Access to the property is by 9 miles (15 km) of good gravel road from Silver Peak. Regionally, the Jet Property is located within the Walker Lane, which hosts important precious metal deposits such as Bullfrog, Goldfield and Tonopah.

The Company’s planned exploration for Jet includes mapping and sampling that will allow identification of the best mineralization and establish the offsets produced by post- mineral faulting. Systematic drilling will then easily follow this visually recognizable mineralization. This work will be conducted when personnel and resources are available.

During the year, due to the Company’s decision to focus and prioritize its exploration budget on several of the Company’s other properties, management made a decision to record an impairment charge of $54,759 reducing the carrying value to $1.

Goldfield West Property, Nevada

In February 2006, the Company began drilling at its Goldfield West Property as part of its third phase of exploration at the Goldfield West Project.

A total of 3,700 feet (1,195 m) of drilling was conducted across three zones: the Nevada Eagle target; the Central target; and the Southern target. Drilling of 6 holes totaling 1,800 feet (580 m) at the Southern target tested a broad northwest trending zone of low-grade gold found in previous drilling. The best result was 130 feet (40m) grading 0.72 g/t (0.02 oz/t) gold and 6.2 g/t (0.18 oz/t) silver.

At the Nevada Eagle target, the north-west trending fault thought to control the previously mined high-grade mineralization was tested along trend to the south-east. The best result from the 3 hole program totaling 900 feet (290 m) was 5 feet (1.5m) assaying 0.07 g/t (0.002 oz/t) gold and 110 g/t (3.20 oz/t) silver. Drilling of the Central target tested a postulated north-west and north-south structures within areas of low-grade gold found in historic drilling. A total of 3 holes were drilled totaling 1,000 feet (323 m). The most significant result was 30 feet (10 m) averaging 0.72 g/t (0.02 oz/t) gold and 3.73 g/t (0.11 oz/t) silver.

The Company plans to continue exploration in this region when personnel and resources are available.

CANADA

Saskatchewan

Four Lakes Property

On July 25, 2007, the Company entered into an agreement to acquire a 100% interest in 1,240,000 acres or 5,069.1 km2, of uranium claims located in the SE Athabasca Basin, Saskatchewan, called the Four Lakes acquisition. Roughly one-third of the Four Lakes Property is located within the Athabasca Basin contiguous with the former producing Key Lake Uranium Mine; whereas the remaining claims encompass the NE-SW trending Wollaston Belt gneisses and granites that form the basement units to the Athabasca Basin. The Wollaston Belt host a number of sub-parallel NE-SW faults known for their uranium mineralization. The property was acquired in mid-2007 from two separate arm’s length parties by the issuance of 8 million common shares of the Company at a deemed price of $5,040,000, a cash payment of $1,500,000, and the granting of a 2% net smelter return royalty and a 2% gross overriding royalty (for diamonds).

The Foster Lake Project comprises 115 claims covering an area of over 4,755.1 km2, bordering AREVA’s past-producing Key Lake Mine, and Cameco’s MacArthur River Deposit is located approximately 10 km to the NE of the western flank of the project. The Foster Lake project also surrounds most of JNR’s Way Lake project, where grab samples from its Way Lake project assayed 40% and 48% U3O8; and Uracan’s Pipewrench Lake Property which hosts the Portage Zone discovery (12.7 m of 0.142% U3O8 in drilling).

Foster Lake has undergone limited historical work for not only uranium, but also gold, nickel, molybdenum and diamonds. The main exploration focus will be on the uranium mineralization, while being more opportunistic on the other commodities. The Company believes that Foster Lake hosts unconformity-type, vein-type and disseminated-type U3O8 mineralization. Historical work on Foster Lake has yielded some 70 boulder train samples, with grades ranging from 5.79% to 7.17% U3O8. Two additional 20 kg grab samples from outcrops gave 0.10% and 0.27% U3O8. The project also hosts a historic mineral resource of 65,000 tons grading 0.19% U3O8 to a depth of 65 m. These resources are historical in nature, are not part of any recognized National Instrument 43-101 mineral resource or reserve categories, and should not be relied upon.

With deteriorating market conditions and the Company’s ever growing focus on the K9 Uranium Property in Quebec, Bonaventure decided to farm out the Foster Lake Property. In July, the Company announced the signing of a binding Letter of Agreement with Uracan Resources Inc. (TSX-V: URC), whereby Uracan could possibly acquire a 75% interest in Foster Lake. Under the terms of the Agreement, Uracan, which is already active on its Pipewrench Lake Project surrounded by Foster Lake, will over a term of five years pay approximately $870,000 in cash, issue 1,250,000 Uracan shares to the Company, and incur $5,000,000 in exploration expenditures on the Property. The cash payments, share issuances and cash expenditures can be accelerated at Uracan’s option.

Uracan’s exploration programs and budgets will be planned and approved by a Management Committee to be established with equal representations from both companies with Uracan retaining a casting vote. Areas deemed non-prospective by exploration work are to be returned to the Company. Under the terms of the agreement, dilution of either company’s interest below 10% would result in an automatic conversion to a 2% Net Smelter Returns Royalty with each party holding a first-right-of-refusal on the other party’s interest and royalty.

The Company believes that the Foster Lake Project hosts unconformity-type, vein-type and disseminated-type U3O8 mineralization that has the potential to host near surface uranium mineralization suitable for open pit mining. Uracan, as operator of the project, plans to implement an aggressive work program to include both an initial airborne geophysical survey to evaluate the known and define new prime targets with follow up ground-based field work to refine these targets. The final agreement is subject to Board and regulatory approvals.

Bonaventure’s other assets in the Four Lakes Property have been abandoned, namely the Mayson Lake, Mallen Lake and Moore Lake projects. All exploration costs relating to these three projects totaling $545,319 were written off during the prior year.

Quebec

The Company’s 944.1 km2 assets in Quebec’s James Bay and North Shore regions show an excellent potential for hosting large, disseminated and near surface uranium systems. The model being used in the exploration of these claims is Rössing-type uranium. The Rössing Uranium Deposit (in Namibia, SW Africa) is a very large low grade uranium deposit that is mined as a large-scale open-pit operation. The principal exploration target is multiple uranium-bearing pegmatites in gneisses. Individual pegmatites may range upwards of 30 m in thickness and mining volume is usually created by the emplacement of many pegmatites in close proximity as is the case at Rössing. This type of mineralization generally shows kilometric airborne radiometric anomalies for uranium and thorium similar to what is found at K9.

At Rössing, average background uranium levels tend to be less than 0.0005% (0.01 lbs/ton) U3O8. Uranium levels in the pegmatites are 25 times background between 0.0075% (0.15 lbs/ton) to 0.01% (0.20 lbs/ton) U3O8 and are indicative of Rössing-type mineralization. The Rössing Deposit average grade is around 0.032% (0.64 lbs/ton) U3O8, or approximately 100 times background values. In addition there are several core areas of higher uranium grade found with abundant pegmatites. The Rössing Deposit began operating in the late 1970’s with a reserve of 300 million tonnes grading 0.025% (0.50 lbs/ton) U3O8.

K9 Property

On November 7, 2007, the Company acquired a 100% interest in the K9 Uranium Property (“K9”) comprising 329 claims totaling 161.5 km2 in the James Bay District of northern Quebec. Consideration for this acquisition was as follows:

- $ -

# of shares

Cash and common shares on closing

500,000

4,000,000

Cash on closing of financing

500,000

-

Reimbursable exploration expenditures payable to vendor as per agreement

500,000

-

Commitment to incur exploration expenditures by December 31, 2009

5,000,000

-

Additional cash and shares issuable upon achievement of certain milestones:

Achieving 100 million lbs NI 43-101 compliant uranium bearing products, or

500,000

500,000

Achieving 200 million lbs NI 43-101 compliant uranium bearing products, or

1,000,000

1,000,000

Achieving 300 million lbs NI 43-101 compliant uranium bearing products, or

1,500,000

1,500,000

Achieving 500 million lbs NI 43-101 compliant uranium bearing products, or

2,000,000

2,000,000

Achieving 800 million lbs NI 43-101 compliant uranium bearing products,

2,500,000

2,500,000

Upon receipt of a bankable feasibility study

2,500,000

-

The property will be subject to a sliding scale net smelter return royalty of either 1% or 2% based on the price of uranium, and 1% on all other metals. The Company issued 331,966 common shares at a value of $0.55 per share for total cost of $182,581 as a finder’s fee on this purchase. The Company capitalized $31,650 to acquisition costs paid to a company controlled by the corporate manager of the Company. In addition, the Company capitalized $809,575 in future income taxes, which reflects the “tax gross-up”, required to be recorded on acquisition and represents the difference between the allocated accounting fair value and the tax bases of the assets acquired.

K9 shows higher uranium concentrations in lake-bottom sediments, at least two orders of magnitude greater than the general background values in the area with a peak of 0.19% U3O8 based on the re-assaying in 2003-2004 by the Ministère des Ressources Naturelles et de la Faune (Québec) of historic samples collected by the Société de développement de la Baie James in the mid-1970’s. The lake-bottom sediments anomalies are multi-kilometric in size and have either sub-circular, elliptical or horseshoe shapes. The property vendor had completed airborne high-resolution radiometric geophysics, field mapping and sampling during the summer of 2007.

The exploration program at K9 is formulated over a three-phased campaign culminating with resource definition. The Phase 1 model validation consisted of airborne geophysics, surface grab sampling work, surface spectrometer readings and assaying all completed between the project acquisition in September and December 2007. A total 522 spectrometer readings in uranium were taken averaging 0.05% eU3O8 or equivalent uranium assay) within a range of trace to 0.44% eU3O8. A total of 94 total bedrock samples were taken and averaged 0.12% eU3O8 within a range of 0.01% to 1.09% eU3O8; whereas the average uranium assays from 91 sample assays is 0.14% U3O8 (2.85 lbs/ton) within a range of 0.01% U3O8 (0.14 lbs/ton) to 0.89% U3O8 (17.17 lbs/ton). Based solely on the spectrometer uranium readings, this resulted in the defining of a 7,000 m long by 675 m wide combined A-B Zones (5.25 km2) located in the main K9 bedrock uranium corridor.

Uranium is present as disseminated uraninite within paragneisses, pegmatites and granites along a series of NW-SE hills averaging more than 65 m in height. Exploration to date indicates a significant two-dimensional uranium system in the near-vertical dipping lithologies. The uranium system is open laterally and at depth. The Company’s objective over the next 18 to 24 months as part of Phase 2 and 3 programs will be the definition of NI 43-101 compliant mineral resources. Targets are currently being drilled to determine continuity and grade of the uranium mineralization in a 10,000 m Phase 2 delineation drilling program. The Phase 2 drilling, which commenced in March 2008, consists of two tranches. The initial 6,000 m will test all uranium anomalies of the A-B Zones with no less than 2 – 3 holes drilled at average depths of 150 m per target. The remaining 4,000 m consists of delineation drilling to confirm continuity and grades of the uranium mineralization on the best targets.

The Company completed 4,229 m in the Phase 2A drilling on a 2 km segment within the eastern portion of the property (ie., “B” Zone). The drilling to date has already confirmed that the higher levels of uranium in surface grab samples and broad radioactive zones at surface based on the spectrometer readings taken in 2007 are continuous up to 150 m below surface as a series of uranium enriched zones of variable widths. These broad radioactive zones tend to be more concentrated in multiple lenses of varying widths based on single drill hole intercepts. Broad-multiple spiked radioactive anomalies have a minimum ten-fold increase in background radioactivity, and can extend over tens of meters in width, up to 93 m in K9-11, and is the norm for the holes drilled to date. A total of 23 of 25 drill holes have uranium mineralization: 19 holes show grades of 0.01% U3O8 or better; 5 drill holes (K9-03, 09, 11, 13 and 21) intersected grades greater than 0.01% U3O8, including 0.025% U3O8 over 5.1 m and 0.013% U3O8 over 11.2 m in K9-03.

The company has now completed the sampling on the remaining 85% of the drill core in 1.5 m intervals from the initial Phase 2A drilling, producing an additional 2,430 samples. Drill crews returned to K9 in September 2008 and drilled an additional 3,711m in 34 holes in the Phase 2B campaign to test the more prospective 2.5 km long by 1km wide “A” Zone. A total of 2,420 drill core samples were taken. All 4,850 drill core samples from the Phases 2A and 2B (7,940 m in 59 holes) were shipped to the ALS Laboratory Group facilities in Val-d’Or (Quebec) for sample processing and eventual uranium-thorium assaying with additional laboratory standards, blanks and duplicates. Assay results are pending.

North Shore Region, Quebec

The Company acquired 1,463 claims over 7 properties totaling 782.6 km2 in Quebec’s North Shore region. The properties host uranium mineralization in gneisses and granites/pegmatites. The properties already show higher uranium concentrations in lake-bottom sediments based on the re-assaying of historic samples collected in the mid 1970’s. The lake-bottom sediments anomalies are kilometric in size. There is very limited surface mapping and sampling work recorded on the claims. Fortunately all the properties are accessible year round, some being a few kilometers from the North Shore coastline, the provincial highway and town infrastructures. An important campaign of lake–bottom sediments sampling and assaying was done by the Quebec government in the late 1970’s. The planned airborne geophysical survey to confirm the existence of larger scale uranium mineralization and follow up ground validation programs were postponed primarily due to deteriorating markets conditions and the Company’s focus on K9. At this time, Bonaventure is seeking to sell, option or joint venture the Lac St-Pierre (86 claims), Moose Pasture (16 claims), Wakeham Basin (181 claims), Bay of Pigs (8 claims). As of November 30, 2008, the company was awaiting for final regulatory approvals for the acquisition of the North Shore Syndicate Property. Subsequent to the period end, the Company received regulatory approvals for this acquisition. The main exploration focus in Quebec will be on the K9 Uranium Property.

Lac St-Pierre Property

On November 7, 2007, the Company acquired a 100% interest in two properties collectively named the Timenquek properties located in the Manicouagan area of Quebec comprising a total of 86 claims, by paying $10,000 and issuing a total of 300,000 common shares. The properties will be subject to a net smelter return royalty of 1% on uranium and all other minerals. The Company issued 31,600 common shares at a value of $0.55 per share as a finder’s fee on this purchase

Moose Pasture Property

On November 7, 2007, the Company acquired a 100% interest in two uranium properties known as the Moose Pasture Properties comprising 16 claims located near Forestville, Quebec, by paying $350,000, issuing 1,350,000 common shares and committing to issuing 1,350,000 additional shares if a report prepared in accordance with National Instrument 43-101 concludes that the claims contain a potential of not less than 30,000,000 pounds of Uranium. The properties will be subject to a net smelter return royalty of 2% on uranium and all other mineral deposits. The Company issued 106,000 common shares at a value of $0.55 per share as a finder’s fee on this purchase.

Wakeham Basin Property

On November 7, 2007 the Company acquired two properties included in 181 claims in the Wakeham Basin area of Quebec. A 100% interest in the properties called “Boucher” and “22” was acquired by paying $300,000, issuing 500,000 common shares, and by committing to issuing additional shares at the 6 month anniversary if the global transaction represents less than $500,000 at that time based on the share price of the Company. The Company issued 90,000 common shares at a value of $0.55 per share as a finder’s fee on this purchase.

Bay of Pigs Property

On November 7, 2007 the Company acquired a 100% interest in a uranium property on Quebec’s Upper North Shore comprising of a total of 8 claims for 4.4 km2. Under this agreement, the property was acquired by paying $250,000. The property will be subject to a net smelter return royalty of 1% on uranium and other mineral deposits. Historic work by SOQUEM on the property indicated a 250 m long by 50 m wide and 30 m high radioactive granite-pegmatite hill ranging from 300 to 2,500 counts per second, and bedrock assays ranging from trace to 0.22% U3O8, averaging 0.03% U3O8. The Company issued 40,900 common shares at a value of $0.55 per share as a finder’s fee on this purchase.

SELECTED ANNUAL INFORMATION

The following table provides a brief summary of the Company’s financial operations for the prior three fiscal years. For more detailed information, refer to the Company’s financial statements for the years then ended.

Year ended August 31

2008

- $ -

2007

- $ -

2006

- $ -

Net income/(loss)

(11,954,837)

1,013,487

(635,125)

Basic earnings/(loss) per share

(0.14)

0.03

(0.03)

Total assets

17,878,996

14,311,734

1,723,689

Total long-term liabilities – Future income tax liability

-

666,206

-

Cash dividends

- -

--

-

Year ended August 31, 2008: In 2008 the Company incurred exploration expenditures on its mineral properties totaling $13,320,735 and recorded related impairment charges totaling $12,803,263. Net loss for the year was $11,954,837 compared to net income of $1,013,487 in 2007. Significant costs included stock-based compensation of $1,365,883 (2007 - $157,191), business development costs of $242,267 (2007 - $84,159), foreign exchange loss of $108,233 (2007 – Nil), investor relations costs of $143,542 (2007 - $15,010), office administration costs of $253,400 (2007 - $64,397), and Part XII tax of $131,500 (2007 – Nil). In addition, the Company recorded a future income tax recovery of $3,498,772 (2007 - $1,824,676). At year end, there was a working capital deficiency of $45,847 (2007 - $22,631). Net cash used in operations was $1,074,919 (2007 - $587,205, net cash used in investing activities totaled $7,762,919 (2007 - $4,552,316), and net cash provided by financing activities totaled $10,893,523 (2007 – ($5,211,052).

Year ended August 31, 2007: In 2007, the Company incurred $2,150,910 on mineral properties expenditures in Nevada, USA and $9,336,882 for acquisitions in Saskatchewan, Canada. Significant variations in operational costs included business development of $84,159 (2006 - $35,327), consulting of $248,060 (2006 - $102,450), financing and interest expense $39,500 (2006 - $Nil), stock-based compensation $157,191 (2006 - $214,000), and future income tax recovery of $1,824,676 (2006 - $Nil). The resulting net income for 2007 was $1,013,487 compared to a net loss of $635,125 for 2006.

In order to continue operations, fund its expenditures and acquisition program, and provide adequate working capital for ongoing activities, the Company will continue to depend on equity financing through existing and new shareholders, third party financing, support from its trade creditors, and cost sharing arrangements to fund its programs and operations

Year ended April 30, 2006: In 2006, the Company incurred approximately $805,887 on mineral properties acquisitions and expenditures in Nevada, USA. Significant variations in operational costs included consulting of $102,450 (2005 - $68,250) and stock-based compensation of $214,000 (2005 - $160,986). The resulting net loss for 2006 was $635,125 compared to a net loss of $519,158 for 2005.

COMPARISON OF RESULTS FROM OPERATIONS

Summary of quarterly financial results: The following is a summary of selected financial information compiled from the quarterly interim unaudited financial statements for eight quarters ending November 30, 2008:

Three months ending

November 30,

2008

August 31,

2008

May 31,

2008

February 29,

2008

- $ -

- $ -

- $ -

- $ -

Total assets

17,451,604

17,878,996

30,068,922

28,259,350

Resource properties

17,102,067

15,571,963

26,054,519

22,178,811

Working capital (deficiency)

(1,687,123)

(45,847)

1,737,056

6,052,190

Shareholders’ equity

15,423,741

15,535,422

25,139,184

25,433,419

Net Income (Loss)

(400,260)

(10,498,705)

(891,963)

(238,920)

Earnings (loss) per share

(0.004)

(0.12)

(0.01)

(0.01)

Three months ending

November 30,

2007

August 31,

2007

May 31,

2007

February 28, 2007

- $ -

- $ -

- $ -

- $ -

Total assets

23,361,775

14,311,734

5,709,706

2,591,212

Resource properties

20,820,714

13,125,711

3,052,628

2,511,721

Working capital (deficiency)

147,189

(22,634)

2,632,743

44,400

Shareholders’ equity

20,316,839

13,390,079

5,693,991

2,565,352

Net Income (Loss)

(325,249)

1,359,923

(165,634)

(110,929)

Earnings (loss) per share

(0.01)

0.05

(0.01)

(0.01)

Comparison of operating results for the quarters ended November 30, 2008 and 2007: The Company had a net loss of $400,260 in 2008 compared to a net loss of $325,249 for 2007. Comparison of results between the two periods is outlined in the following table:

Three months ended November 30

2008

- $ -

2007

- $ -

Business development

13,163

49,391

In 2007, business development included extensive travel by management to the Company’s numerous mineral properties acquired in the last two years located in Canada and the United States, together with travel to Europe for listing the Company’s shares on the Frankfurt Stock Exchange, mining conferences, and fund raising. The comparative reduction of expenditures in this regard for the current quarter was because management did not consider it necessary to maintain the same level of business development activities.

Consulting

43,006

42,686

The Company uses consultants to evaluate and advise on property acquisitions, fund raising and overall corporate strategy. The level of expenditures in the current period remained comparatively constant with the prior year as the Company continues to evaluate properties, seek funds and enhance its corporate strategies.

Foreign exchange

(40,479)

-

The change in the value of the Canadian dollar against the US dollar on US denominated assets resulted in a currency exchange gain.

Investor relations

26,420

15,367

In the current period the Company completed two investor relations contracts entered into in the prior fiscal year and now cancelled. In 2007 the Company had not entered into any similar contracts.

Management fees

19,500

38,500

Typically, the nature and business purpose of management relates to directors and/or managers who have the power and responsibility to make decisions to manage an enterprise such as formulating corporate policy and organizing, planning, controlling, and directing the firm’s resources to achieve the corporate objectives. Due to current market conditions, management decided to take a reduction in fees charged.

General and administrative

52,209

106,114

General and administrative expenses includes billings for rent, telephone, printing and stationery, utilities, office supplies, bank charges and interest, janitorial, shareholder communications, and administrative services provided by third parties which are not classifiable more appropriately elsewhere. In general, head office administrative expenses reflect the normal daily business activities of the Company. Any significant increase/decrease in costs relate to the Company’s efforts to provide adequate administrative support to management’s ongoing efforts to achieve its corporate goals. Costs for the current quarter are reduced as the Company completed its extensive expansion programs in the prior fiscal year.

Part XII.6 tax

10,000

-

The Company accrued Part XII.6 tax relating to flow-through expenditures incurred in the current quarter. There were no similar expenditures in the 2007 period.

Professional fees

27,741

9,258

The nature and business purpose of professional fees consist of billings or accruals for legal and accounting/auditing fees. Both the current year and the comparative year include annual accruals for auditing fees. Except for annual audits, professional fees are incurred as and when required and are not subject to regular patterns of activity. The current quarter includes an accrual for annual audit fees. In 2007 a similar accrual had not been recorded.

Stock-based compensation

258,579

65,417

Stock-based compensation is incurred when stock options are either granted to eligible persons or vesting takes place. The current quarter’s compensation was the estimated fair value of the vesting of options granted in a prior period.

Amortization

509

800

Equipment is recorded at cost with amortization being provided annually using the declining balance basis at the following rates:

Office equipment – 20%, and Computer equipment – 30%. These rates are applied consistently from year to year.

Interest and other income

(10,387)

(2,284)

In the current quarter, the Company invested its surplus cash in GICs. In 2007 the Company had substantially less surplus cash to invest in GICs.

Net (loss) income

(400,260)

(325,249)

LIQUIDITY AND CAPITAL RESOURCES

The Company has financed its operations to date primarily through the issuance of common shares and exercise of stock options. The Company continues to seek capital through various means including the issuance of equity and/or debt.

The financial statements have been prepared on a going concern basis which assumes that the Company will be able realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future.

At November 30, 2008 the Company had a working capital deficiency of $1,687,123 and a cumulative deficit of $19,780,149. The cash component of working capital at the end of the period was $226,706. Management considers its cash-on-hand at November 30, 2008 together with subsequent financings may not be sufficient to fund its recommended exploration work, planned acquisition program and corporate overhead to the end of the Company’s 2009 fiscal year. Accordingly, the Company is continuing to seek additional funds through various means including the issuance of equity and/or debt.

To date, the Company’s ongoing operations have been financed primarily by private placements and the exercise of warrants or stock options.

In the quarter ended November 30, 2008 the Company issued 375,000 common shares at a deemed price of $0.08 per share for a finder’s fee relating to the Monte Christo mineral property. There were no other shares issued in the quarter.

On December 31, 2008 the Company closed a private placement of 22,971,160 flow-through units at a price of $0.025 per unit to raise proceeds of $574,279. Each unit is comprised of one flow-through common share of the Company and one transferable share purchase warrant, each warrant exercisable to purchase one non-flow-through common share for a period of two years following the closing, at a price of $0.10 per share during the first year and $0.15 per share during the second year.

Cash proceeds from share issuances were and will be used towards the Company’s current and future mineral exploration projects and for general working capital purposes.

The Company's future capital requirements will depend on many factors, including costs of exploration and development of the properties, cash flow from operations, costs to complete additional exploration, if warranted, and competition and global market conditions. The Company's potential recurring operating losses and growing working capital needs may require that it obtain additional capital to operate its business.

The Company will depend partly on outside capital to complete the exploration and development of the resource properties. Such outside capital will include the sale of additional common shares. There can be no assurance that capital will be available as necessary to meet these continuing exploration and development costs or, if the capital is available, that it will be on terms acceptable to the Company. The issuances of additional equity securities by the Company may result in a significant dilution in the equity interests of its current shareholders. If the Company is unable to obtain financing in the amounts and on terms deemed acceptable, the business and future success may be adversely affected.

RELATED PARTY TRANSACTIONS AND BALANCES

During the quarter, transactions with related parties were as follows:

Three months ended November 30

2008

- $ -

2007

- $ -

Management fees paid or accrued to directors and a company controlled by a director

19,500

38,500

Consulting fees paid or accrued to a company controlled by the corporate manager of the Company

27,000

33,000

Geological consulting and administration fees paid to directors or companies controlled by directors which have been charged to exploration expenditures

62,225

27,229

Administration, and consulting fees paid to a company controlled by a director

9,320

12,321

Share issue costs paid to a company controlled by the corporate manager of the Company

-

64,425

Office administration fees and services paid to an officer of the Company

3,690

-

Fees paid or accrued to a company controlled by the corporate manager for certain corporate administrative functions, securities administration, contract negotiations, and miscellaneous office costs.

34,607

25,575

At November 30, 2008 and August 31, 2008 related party balances were as follows:

Nov 30,

2008

- $ -

Aug 31,

2007

- $ -

Included in accounts payable are amounts due to a company controlled by the corporate manager for certain corporate administrative functions, securities administration, contract negotiations, and miscellaneous office costs.

487

21,150

Included in accounts payable are amounts for a director for exploration expenses

23,352

10,068

Included in accounts payable are amounts for a company owned by a director for management fees

-

14,838

The above transactions and balances were incurred in the normal course of operations undertaken with the same terms and conditions as transactions with unrelated parties.

OTHER MATTERS

Legal proceedings: At January 27, 2009 the Company is not aware of any litigation pending or in process relating to its activities.

Outstanding Share Data: At January 27, 2009 the Company had 119,644,953 common shares outstanding.

CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION

Effective September 1, 2007 the Company adopted three new accounting standards related to financial instruments that were issued by the Canadian Institute of Chartered Accountants (“CICA”). These accounting policy changes were adopted on a prospective basis with no restatement of prior period financial statements. The new standards and accounting policy changes are as follows:

Financial instruments - (CICA Handbook Section 3855) - In accordance with this standard the Company now classifies all financial assets as either held-to-maturity, available-for-sale, held for trading or loans and receivables, and classifies all financial liabilities as held for trading or other financial liabilities. Financial assets held to maturity, loans and receivables and other financial liabilities are measured at amortized cost. Available-for-sale financial assets are measured at fair value with unrealized gains and losses recognized in other comprehensive income. Instruments classified as held for trading are measured at fair value with unrealized gains and losses recognized in the statement of loss and deficit.

The Company’s financial instruments consist of cash, marketable securities, amounts due from related parties, accounts payable, and amounts due to related parties. Management has determined the fair value of cash, accounts receivable, amounts due from related parties, accounts payable, and amounts due to related parties approximates their fair carrying value due to their immediate or short-term maturity. Marketable securities are recorded at their fair value and classified as available for sale with any increase or decrease in fair value being recorded as a component of Other Comprehensive loss until realized. Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest or credit risks arising from these financial instruments.

Comprehensive income (CICA Handbook Section 1530) – Comprehensive income is the change in shareholders’ equity during a period from transactions and other events and circumstances from non-owner sources. This standard includes guidance for reporting a statement of comprehensive loss and accumulated other comprehensive income in the shareholders’ equity section of the balance sheet. The components of this new category will include unrealized gains and losses on financial assets classified as available-for-sale, foreign exchange gains and losses on self-sustaining foreign operations and the effective portion of cash flow hedges, if any.

Hedges (CICA Handbook Section 3865) – The new standard specifies the criteria under which hedge accounting can be applied and how hedge accounting can be executed. The Company has not yet designated any hedging relationships.

Recent Accounting Pronouncements

CICA Handbook S. 1400 General Standards of Financial Statement Presentation: The CICA accounting standards board amended section 1400 to include requirements for management to assess and disclose an entity’s ability to continue as a going concern. This section applies to interim and annual financial statements relating to fiscal years beginning on or after January 1, 2008. The Company does not expect the adoption of this amendment to have an impact on its consolidated financial statements.

CICA Handbook S. 1535 Capital Disclosures: The new standard is effective for annual and interim periods beginning on or after October 1, 2007 and requires disclosure of the Company’s objectives, policies, and processes for managing capital; quantitative data about what the Company regards as capital; whether the Company has complied with any capital requirements; and, if the Company has not complied, the consequences of such non-compliance. The new accounting standard covers disclosure only and has had no effect on the financial results of the Company.

CICA Handbook S. 3031 Inventories: The new standard is effective for annual and interim periods beginning on or after January 1, 2008 and provides expanded guidance on the measurement and disclosure requirements for inventories. Specifically, the new standard requires that inventories be measured at the lower of cost and net realizable value, and provides more guidance on the determination of cost and its subsequent recognition as expense, including any write-down to net realizable value. The Company is assessing the effect of the new standard and does not anticipate a material effect on its results.

CICA Handbook S. 3064 Goodwill and Intangible Assets: The new standard establishes standards for the recognition, measurement and disclosure of goodwill and intangible assets, including those developed internally. At the same time the CICA accounting standards board amended section 1000, Financial Statement Concepts, to clarify the criteria for recognition of an asset. Therefore items that no longer meet the definition of an asset are no longer recognized with assets. The new standard and amended standard are both effective for annual and interim periods beginning on or after October 1, 2008. The Company is currently evaluating the impact of these sections on its results of operation and financial position.

CICA Handbook S. 3862 Financial Instruments – Disclosures and 3863 Financial Instruments – Presentation: This new standard replaces accounting standard 3861 Financial Instruments - Disclosure and Presentation and is effective for annual and interim periods beginning on or after October 1, 2007. Presentation requirements have not changed. Enhanced disclosure is required to assist users of financial statements in evaluating the significance of financial instruments on the Company’s financial position and performance, including qualitative and quantitative information about the Company’s exposure to risks arising from financial instruments. The new accounting standards cover disclosure only and have no effect on the financial results of the Company.

International Financial Reporting Standards: In 2006, Canada’s Accounting Standards Board (AcSB) ratified a strategic plan that will result in the convergence of Canadian GAAP, as used by public companies, with International Financial Reporting Standards over a transitional period. The AcSB has developed and published a detailed implementation plan, with a changeover date for fiscal years beginning on or after January 1, 2011. This initiative is in its early stages as of the date on these annual Consolidated Financial Statements. Accordingly, it would be premature to assess the impact of the initiative on the Company at this time.

SUBSEQUENT EVENTS

Subsequent to November 30, 2008 the Company entered into the following significant transactions:

1)

2)

At the closing the Company paid a finder’s fee consisting of a cash commission equal to 5% of the proceeds raised and compensation options exercisable to purchase 2,297,116 units, at a price of $0.025 per unit, for a period of two years, each unit consisting of one common share and one non-transferable share purchase warrant, with each warrant exercisable to purchase an additional common share for a period of two years following the closing, at a price of $0.10 per share during the first year and $0.15 per share during the second year.

All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units and any shares issued upon exercise of the compensation options and underlying warrants, are subject to a hold period and may not be traded in Canada until May 1, 2009, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.

RISKS

The Company is engaged in the exploration for and development of mineral deposits. These activities involve significant risks which careful evaluation, experience and knowledge may not, in some cases, eliminate. The commercial viability of any material deposit depends on many factors not all of which are within the control of management. Some of the factors that affect the financial viability of a given mineral deposit include its size, grade, proximity to infrastructure. Government regulation, taxes, royalties, land tenure, land use, environmental protection and reclamation and closure obligations, have an impact on the economic viability of a mineral deposit.

The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts revenues and expenses during the reporting period. Actual results could differ from those estimates.

Annual losses are expected to continue until the Company has an interest in a mineral property that produces revenues. The Company’s ability to continue its operations and to realize assets at their carrying values is dependent upon the continued support of its shareholders, obtaining additional financing and generating revenues sufficient to cover its operating costs. The accompanying consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements.

Any forward-looking information in the management discussion and analysis is based on the conclusions of management. The Company cautions that due to risks and uncertainties, actual events may differ materially from current expectations. With respect to the company’s operations, actual events may differ from current expectations due to economic conditions, new opportunities, changing budget priorities of the company and other factors.

DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure. The Company's Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation as of November 30, 2008, that the Company’s disclosure controls and procedures are effective to provide reasonable assurance that material information related to the Company, is made known to them by others within those entities. It should be noted that while the Company's Chief Executive Officer and Chief Financial Officer believe that the disclosure controls and procedures provide a reasonable level of assurance that they are effective, they do not expect that the disclosure controls and procedures will prevent all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

INTERNAL CONTROLS OVER FINANCIAL REPORTING

The Chief Executive Officer and Chief Financial Officer of the Company are responsible for designing internal controls over financial reporting or causing them to be designed under their supervision in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Canadian generally accepted accounting principles. We have designed controls for this process and have conducted an evaluation which has identified potential weaknesses in such controls. Due to the limited number of staff, it is not feasible to attain complete segregation of incompatible duties. Weaknesses in the Company’s internal controls over financial reporting allow for a greater likelihood that a material misstatement would not be prevented or detected.

DIRECTORS

Certain directors of the Company are also directors, officers and/or shareholders of other companies that are similarly engaged in the business of acquiring, developing and exploring natural resource properties. Such associations may give rise to conflicts of interest from time to time. The directors of the Company are required to act in good faith with a view to the best interests of the Company and to disclose any interest which they may have in any project opportunity of the Company. If a conflict of interest arises at a meeting of the board of directors, any director in a conflict will disclose his/her interest and abstain from voting in the matter(s). In determining whether or not the Company will participate in any project or opportunity, the directors will primarily consider the degree of risk to which the Company may be exposed and its financial position at the time.

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