Under the terms of the Letter Agreement West Timmins can vest its initial 51% interest in the Properties by delivering to MacMillan, subject to regulatory approval, 300,000 common shares (100,000 shares upon regulatory approval (committed) and 100,000 shares by each of September 30, 2008 and 2009). West Timmins is also required to spend $500,000 by September 30, 2010 on exploration on the Properties of which a minimum of $100,000 must be spent on the Properties by September 30, 2008.

West Timmins will have a second option to increase its interest from 51% to 60% by delivering an additional 200,000 common shares to MacMillan (100,000 by each of September 30, 2010 and 2011) and spending an additional $500,000 on the Properties prior to September 30, 2013. The additional 200,000 shares to be delivered under the second option will be subject to a capped maximum value of $1,400,000. Should West Timmins complete this 60% earn in, it will have a third option to increase its overall property interest to 70% by funding and delivering a bankable feasibility report within three years of completing the 60% earn in on a resource developed at least in part within the boundaries of the Properties.

Macmillan now owns 300,000 shares of WTM at 2.67 per.