UC: TSX-V

• Initially discovered in 2002 by Spider Resources Inc., KWG Resources Inc. and De Beers Canada Exploration Inc

• Initial massive sulphide discovery was in a reverse circulation drill hole.

• Sample from this hole contained 1.6% copper over 8 meters, and ended in sulfides. This discovery became the site of McFauld's#1 VMS occurrence.

• McFauld's#1 (16 holes drilled to date, 4,720 meters)-Oct 23, 2003: SP3-03-007 intersected 8 meters averaging 1.6% Cu •-May 21, 2003: McF-03-08 intersected 5.68 meters averaging 3.39% Cu, followed •by 4.1 meters averaging 7.64% Zn. •-April 9, 2003:McF-03-01 undercut SP3-03-007 intersected 1.43% Cu over 8.9 m, followed by 1.79% Zn over 4.7 m.


• $1 million financing closed April 30, 2009
  

La Yesca Update

The Company remains committed to achieving successful commercial production at its tailings operation at La Yesca as one of the key goals going forward. Although we have not yet commenced commercial production the company has been actively pursuing further testing of grade, recoveries and grind solutions. The processing facility has been on care and maintenance since the test production runs of November and early December 2008 which provided results that were not profitable due to lower than expected grade and to course a grind.

Beginning in January 2009, MAG Laboratories of Tucson, Arizona were commissioned to conduct recovery testing on our tailings while simultaneously the tailings pile itself was being excavated, tunnelled and assayed to better reassess the grade of the tailings stockpile. We also have been actively reviewing and analyzing a previous successful test recovery process developed by SGS Laboratories in Durango, Mexico.

McFaulds Project Update

In May 2009 Geotech Ltd. of Aurora, Ontario was commissioned to conduct a ZTEM airborne survey (deep penetrating electromagnetic (EM) and magnetic (Mag) survey) over a very highly magnetic Bull's-eye target that is located approximately 12 kilometres southwest of Noront Resources Ltd. Eagle One discovery and over the confirmed VMS targets of McFaulds No. 5 and No. 6 occurrences which are located a few kilometres south of McFaulds No. 1 and No. 3 VMS deposits (refer to May 26, 2009 news release for more details).

Preliminary results have been received that indicate the presence of an EM conductor within the highly magnetic area of the Bull's-eye occurrence and a large EM response in the area of McFaulds No. 5 and No. 6. Data is presently being refined and an inversion has been requested on both of these anomalies.