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Message: Latsst MD&A mining

Natural Gas

Natural gas production (and revenue of $238,252) was voluntarily cut back due to low spot gas prices ; however, full

production has been resumed in the second quarter as one forward contract (through October, 2011) was secured above $5 per


Mining Exploration

The Company has been conducting seasonal exploration programs in its 100% owned gold prospect in a 306 claim unit


block in the Cedartree Lake area, Sioux Narrows, Ontario. During the summer of 2010 the Company conducted line cutting,

geophysics and extensive stripping operations and seven drill holes for a total of 1,100 meters. Two of the drill holes were drilled on

non-related geophysical targets


and cut both massive and disseminated sulphides but with no economic value. The remaining

holes were drilled beneath the overburden (bog) covered projected extension of the felsic intrusive associated with the main Gold

discovery. A number of Bulk Leach Extractable Gold assays are still being processed at the assay lab and these results will be

assimilated within preparation of a NI 43-101 technical report on the property, although the Company does not consider the

Cedartree prospect to be material at this time. Metalore will continue to explore and evaluate the economic potential of this

extensive mineral property.

Metalore also holds a 1% NSR (Net Smelter Return) in 18 leased claims as well as a 26% joint venture (Premier Gold

74%) in a further 232 leased and staked claims in Irwin and Sandra Townships, Beardmore area, Ontario, upon which a significant

National Instrument 43-101 compliant Gold Resources have been identified. In addition the Company holds a similar 21% joint

venture interest in 425 claims in the adjacent Walters Leduc and Legault Township as well as a 100% interest in 6 leased claims in

the same area which host an historic Molybdenum/Gold occurrence on the north shore of Paint Lake in this area. All claims that are

not under lease are secured by assessment work through 2014 and 2015, thus there has been no work required and no work

performed during this period.


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