EAST WEST RESOURCE CORPORATION MANAGEMENT DISCUSSION AND ANALYSIS

The following discussion and analysis is for the three months ended October 31, 2008, compared with the three month period ended October 31, 2007. This information is current to December 24, 2008 and has not been reviewed by the Company’s auditors. Additional information on the Company is available on SEDAR at www.sedar.com.

Introduction

The discussion and analysis of the operating results and financial position of the Company should be read in conjunction with the attached Consolidated Financial Statements and related Notes (the “Financial Statements”), which have been prepared in accordance with Canadian generally accepted accounting principles (GAAP) (see Summary of Significant Accounting Policies and Nature of Operations). This discussion and analysis may contain forward-looking statements about the Company’s future prospects, and the Company provides no assurance that actual results will meet management’s expectations.

Forward Looking Statements

Except for historical information, this contains forward-looking statements relating to, among other things, regulatory compliance, and the sufficiency of current working capital, the estimated cost and availability of funding for the acquisition of properties and the continued exploration and development thereof. Such statements reflect current views of East West with respect to future events and are subject to certain risks, uncertainties and assumptions. Estimates provided for fiscal 2008 and beyond are based on assumptions of future events and actual results could vary significantly from these estimates. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation.

Results of Operations

The Company incurred a loss of $251,346 in the three month period ending October 31, 2008 ($0.00 per share) compared with a loss of $158,143 in 2007 ($0.00 per share). The difference of $93,203 arose primarily as a result of an unrealized loss on marketable securities.

Key Exploration Projects

The following is a summary of the key exploration projects the Company has been working on, all summaries have been reviewed by R. Middleton, P.Eng, who is the qualified person and responsible for quality control of the assaying and reporting.

The company made no significant acquisitions or dispositions of property (i.e. “significant” being properties where the book value of such a property in the Company’s financial statements is worth more that 10% of the Company’s total).

MARSHALL

Exploration of copper bearing zones on the Marshall Lake property continued throughout 2007 and 2008 with the completion of 5 core drilling programs (December 2006, March, May, September 2007, and May-June 2008). Two airborne VTEM surveys were completed which assisted in extending copper zones at depth beneath the Gazooma and Teck Hill showings. A more extensive infill drilling program is being planned for the Gazooma and Teck Hill areas.

In May – September 2008 3 holes were completed on GAZ North (GAZ 6, 7, and 8) within 25 m of GAZN-07-2, and all intersected mineralization (NWT claim). Three holes GAZ 12, 13, and 14 were drilled on the Gazooma showing (C. Lance claim) and all intersected copper. Four holes were completed on Teck Cominco leased claims and all hit Cu and hole TK08-9 drilled at -90 degrees hit the down dip of the original copper showing found by Teck Hughes Gold Mines in 1954. Fivce other holes were drilled on the north part of the property in May 2008 which intersected sulphide iron formation with no significant values.

There was an extensive trenching program on the Teck Hill, North Gazooma, Cherry Hill (Teck Cominco leases) and a new area east of Teck Hill (NWT Copper Mines Ltd. leases) completed also earlier in the year. Re-opening of two old copper-zinc occurrences with a backhoe was done on the North Diabase and North Copper Showings on the NWT Copper leased claims. Geophysical surveys continued on the Main Billiton grid and areas east of Teck Hill and North Gazooma. Five drill holes were completed on the Gazooma area in September, one on Cherry Hill, one on the Teck Hill claim and three on Teck Cominco leases for a total of 1447m in 10 holes. The company increased the size of the Marshall property by adding 161 claim units to the western side of the Marshall Lake property following the encouragement received from the airborne EM survey, and prospecting observations on the ground. This enlarges the property to 965 claim units or 60 square miles.

Pursuant to an agreement with Carey Lance, the company has been granted an option to acquire a 100 percent interest in certain surface and mineral rights comprising 421 claim units located in the Sollas Lake and Summit Lake area, Thunder Bay mining division, Ontario. In consideration therefore, the company is required to issue 200,000 common shares in two stages and pay $150,000 in stages over seven years. A 2 percent net smelter royalty (NSR) is being retained by the vendor, 1 percent of which may be purchased for $1-million and the company has the right of first refusal to purchase the remaining 1 percent.

A 100-per-cent interest can be acquired from NWT Copper Mines Ltd. by making three option payments of $25,000 for a total of $75,000 and spend $1 million in exploration over three years, now completed. A work commitment of $55,000 for backhoe trenching of mineral showings was completed as part of the exploration program. NWT will retain a 2 percent net smelter return royalty on base metals and a 3 percent NSR on precious metals where 1 per cent of either royalty may be bought by East West at any time for $2 million and the remaining 1percent or 2 percent NSR may be bought on a first-right-of-refusal basis

East West has issued to Teck Cominco and Mr. Baker 250,000 units in December 2006 with each unit consisting of one share and one two-year share purchase warrant priced at 13 cents. East West has also committed to spend $100,000 on the three claims within three years (Dec. 31, 2009), which is now completed. Mr. Baker will receive a 0.1 percent net smelter return (NSR) royalty and Teck Cominco will retain a 1.9 percent NSR royalty, as well as a back-in right to earn a 51 percent interest in the property (3 claims) by spending double East West's expenditure. Teck Cominco may exercise the back-in up to five years after East West completes the initial $100,000 program. On March 26, 2008 a report for $150,000 of drilling was submitted to Teck Cominco, completing the $100,000 commitment.

The Marshall property will form a 50-50 joint venture with Eyeconomy Holdings PLC (now called Marshall Lake Mining PLC) which is participating with East West on the acquisition and development of gold and base metals properties in Canada.

NORTON

At Norton nickel-copper-cobalt-PGE property a gravity survey was read over the deposit. Lines were also extended and refurbished in 2007. Airborne helicopter time domain EM surveys were flown over the deposit, west extensions, and the eastern group. An additional seven claim blocks were staked totalling 112 claim units. The company awaits a decision from the operator of this project (Cascadia), as to when exploration will resume. Work was filed for assessment in March 2008 for the gravity survey, airborne survey and ground soil and magnetometer survey.

The company received the results of an Independent Mineral Resource Estimate for the Norton Lake Ni-Cu-Co Property located in northwestern Ontario. The Independent Mineral Resource Estimate was prepared by Caracle Creek International Consulting Inc. (CCIC) of Sudbury, Ontario. The Mineral Resource, quoted below, was calculated using a 0.3% Ni cut-off. The Mineral Resource Estimate reported herein is not a mineral reserve and as such, does not demonstrate economic viability.

On the Basis of the current Mineral Resource Estimate, the Norton Lake deposit has an in situ metal content comprising:

According to CCIC, the Mineral Resource can be expanded with additional exploration drilling along strike and down plunge toward the northeast, and toward the southwest, near-surface side of the deposit where there exists some sampling gaps and some poorly defined sulphide lenses that appear to be structurally displaced.

The Norton Lake Ni-Cu-Co Deposit has been traced by diamond drilling over a strike length ranging from 225 to 300 metres, and locally to about 400 metres depth, with true widths ranging between 5 and 10 metres. On the basis of geophysical surveys and exploration drilling, the deposit is open to the southwest, northeast and to depth, and other geophysical targets occur along an 11 km strike length.

A formal joint venture agreement was documented on July 12, 2007 between Canadian Golden Dragon Resources, Cascadia International Resources and the company. East West Resource has a 39.2-per-cent working interest in the Norton West property where the existing Norton deposit lies; however, it owns a 9.8-per-cent interest in the Norton East property.

HAVOC

Line cutting commenced on the Havoc property and geophysical surveys were carried out during the fiscal 2008 year. Numerous Megatem (airborne EM conductors) occur in the area being surveyed and the current target is graphite in the basement which may have concentrated uranium mineralization.

Universal Power Corp. has decided to not continue with the option agreement on the Havoc property. The Company will look for a new joint venture partner.

NEW PROPERTIES

Three properties east of the Norton Nickel-Copper-Cobalt-PGE deposit and five properties 30km south of the Noront Nickel discovery (120km northeast of the Norton deposit) were acquired by staking or option agreements.

These are called the Ox, Max and Trump, east of Norton and the GP and GP2, Feeder, Magtail, Fishhook and Northtrap properties south of Noront. The Fishhook property has been joint ventured with Noront Resources Ltd. and drilling commenced in August 2008. The North Trap, GP and GP2 properties are part of a joint venture with Temex Resources where the company has a 50% interest, and in the case GP a 50% interest can be earned. The Feeder and Magtail property has been joint ventured with KWG Resource. The Trump 96 claim unit block was sold to Canadian Orebodies and the Max was joint ventured with Northern Shield Resources, who commenced drilling in August 2008.

The largest drill project carried out in August 2008 was on the Fishhook property where 11 holes were completed to test VTEM conductors. Massive Sulphides were intersected in all holes along with 4 areas of very anomalous zinc mineralization. This project was managed by East West and funded by Noront Resources. Noront Resources Ltd. has become a partner in this joint venture and all three parties have signed an agreement. Noront can earn a 10-per-cent interest by paying $100,000 upon execution of this agreement and by spending $500,000 in exploration in the first year. Noront can earn up to a 60-per-cent interest by making payments totalling $600,000 and spending $4.5-million over three years.

Another large program was GP2 where 7 holes were drilled and again two sites with zinc mineralization and one site with copper nickel mineralization. On September 2, 2008, the company announced that the GP2 property has been optioned to Mill City Gold Corp. Mill City can earn a 50-per-cent interest in the GP2 property by issuing a total of one million shares to Temex and East West, of which 750,000 are due on signing, and by spending a total of $5-million in exploration on the property over three years. During the earn-in period, Mill City has appointed Temex as the agent to carry out the exploration programs, which will be managed in the field by East West. Once Mill City has exercised the option to earn a 50-per-cent interest, Temex has the option to participate in the joint venture at 25-per-cent interest or to revert to a 7.5-per-cent interest carried to production.

At Ox a ground EM and magnetic were done in early 2008 along with 24 lines of VTEM which outlined 6 high priority drill targets. On September 16, 2008, the company announced that the Ox property has been optioned to Gee-Ten Ventures Inc. (“Gee-Ten”), whereby Gee-Ten may earn a 50% interest by making a total payment of $150,000, issuing 200,000 shares and spending $3.0 million over 3 years.

On the Max property Northern Shield completed 7 holes which intersected copper-nickel mineralization in an ultramafic body.

On the 96 claim unit Trump property Canadian Orebodies completed a VTEM survey which identified numerous conductors, with 4 to 6 being high priority. In order to complete the purchase, Orebodies is required to pay to East West $10,000 cash, issue to East West a total amount of 280,000 common shares of Orebodies and to commission a VTEM airborne survey on the property. East West will hold a 20-per-cent carried interest in the property until a bankable feasibility study is produced.

On September 10, 2008, the company announced that the North Trap property has been optioned to Gee-Ten Ventures Inc. (“Gee-Ten”), whereby Gee-Ten may earn a 50% interest by making $50,000 and share issuances of 50,000 per year for the next four years, and spend $600,000 within 12 months of signing and $3.0-million over the next three years, to earn a 50-per-cent interest in the property

SEAGULL

East West Resource Corp. and Trillium North Minerals Ltd. have entered into an option agreement with Black Panther Mining Corp. whereby Black Panther has been granted an option to earn an initial 30-per-cent interest in the Seagull/Wolf Mountain property located approximately 90 kilometres (km) north-northeast of Thunder Bay, Ont. The Seagull property consists of 17 staked claims with 159 claim units with an area of 2,544 hectares. In order to acquire its initial 30 per cent, Black Panther is required to spend $500,000 in exploration expenditures by Feb. 28, 2009. Under the option agreement, Black Panther also has the right to increase its interest in the Seagull property up to 51 per cent by spending an additional $1-million in exploration expenditures by Feb. 28, 2011, 60 per cent by spending an additional $1-million by Feb. 28, 2012, and 75 per cent by taking the property to commercial production

An eight-hole 3,903-metre drill program has been completed on the Seagull ultramafic intrusion located 85 kilometres north of Thunder Bay. The purpose for the drilling program was to extend the known PGE (platinum group elements) horizons that occur within the layered intrusion. Previous work had traced three upper horizons for 750 metres in a north-south direction and 700 metres in an east-west direction.

EVA KITTO

The Company increased its interest in the Eva Kitto property in the Beardmore area to 100 per cent by purchasing from Mega Uranium Ltd. its 50-per-cent interest. In return Mega will receive 200,000 shares of East West and a 0.5-per-cent net smelter royalty which can be bought out for $500,000.

International Bethlehem Mining Corp. then entered into an option agreement with The Company whereby the company has been granted an option to earn an initial 30-per-cent interest in East West's Eva Kitto platinum group element (PGE) property located north-northeast of Thunder Bay, Ont.

The property consists of 15 staked claims with 197 claim units with an area of 3,059 hectares. In order to acquire its initial 30-per-cent interest, the company is required to pay East West $20,000 and to spend $500,000 on exploration by Nov. 3, 2009 ($150,000 of which will be spent in 2008). Under the option agreement, the company also has the right to increase its interest in the property up to 51 per cent, 60 per cent and 75 per cent, respectively, by incurring additional exploration expenditures. The property is subject to two separate royalties (3.5-per-cent net smelter return in total), of which 2 per cent can be purchased for $2-million. The Eva Kitto property, located on the east side of Lake Nipigon near Beardmore, Ont., covers a large circular ring-like ultramafic intrusion adjacent to north-trending faults connected to the Mid Continent Rift structure in Lake Superior. This 10-kilometre-diameter ultramafic body has intruded sulphur-bearing older sedimentary rocks, which creates an ideal setting for nickel-copper-PGE deposits of the Noril'sk-type (the Noril'sk-Talnakh deposits,

) ) ) ) ) ) ) ) ) ) ) ) ) )

located in Russia, are the largest nickel-copper-palladium deposits in the world).

SHEBANDOWAN PROPERTIES

East West Resource Corp. and its joint venture partner, Mega Uranium Ltd., announced on January 2, 2008 an option agreement with Xstrata Copper, whereby Xstrata Copper may earn a 51-per-cent interest in two contiguous properties (Hamlin and Deaty Creek) totalling 157 claim units, by spending $3.0-million over four years, with an option to earn an additional 24-per-cent interest, by completing or spending $20-million toward a feasibility study. Xstrata completed 3 holes during the quarter and intersected IOCG mineralization, assays are pending.

The Hamlin and Deaty Creek properties cover a seven-kilometre-long series of breccias, related to an IOCG iron-oxide-copper-gold system.

Summary of Quarterly Results Net loss by quarter

Year Q1 Q2 Q3 Q4 Total

As the Company is still in the exploration and development stage, variances in its quarterly losses are not affected by sales or production-related factors. Year over year increased costs are generally attributed to successful financing activities which result in the Company being able to conduct more exploration, which results in additional overhead costs to maintain.

Capital Resources and Liquidity

The Company’s financial resources decreased during the period ended October 31, 2008 with $NIL being raised by the issuance of shares, compared to $NIL. The Company had Net working capital of $340,773 at period end.

This was a result of a several work programs being completed in the last period.

The Company has adequate financial resources to conduct its activities for the balance of the year and currently does not anticipate difficulties in raising additional funding if needed. The Company’s outstanding stock options of 12,684,560 options outstanding and warrants of 16,781,373 outstanding are potentially exercisable to generate approximately $4.3 million in additional funding.

There is however, no assurance that any future funding can be accomplished as it would be wholly dependent on the state of the capital markets for junior exploration companies. The Company does not anticipate the payment of dividends in the future.

CONTRACTUAL COMMITMENTS

The Company has no contractual commitments, other than leases on offices and office equipment entered into in the ordinary course of business. All mineral property agreements contain some terms which are at the option of the Company and the Company has the right to terminate the agreements prior to fulfilling all of the terms of the agreement.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

Related Party Transactions

Details of these related party transactions, including the purpose and recorded amounts of the transactions are identified in Note 3 to the Financial Statements.

Changes in Accounting Policy

The Company adopted in 2003 the transitional provisions of Canadian Institute of Chartered Accountants’ Handbook Section 3870 on stock-based compensation on a prospective basis. The Company accounts for the derived value of stock-based compensation to all employees and consultants.

Financial and Other Instruments

The Company’s financial assets and liabilities consist of cash, short-term investments, receivables, accounts payable and accrued liabilities, some of which are denominated either in Canadian dollars or US dollars. These accounts are recorded at their fair market value.

Outstanding Share Data

The Company has one class of common shares: as at October 31, 2008, there were common shares outstanding.

The Company has a stock option plan: as at October 31, 2008, there were 12,884,560 stock options outstanding, all of which have vested.

The Company has outstanding as at October 31, 2008 a total of 16,781,373 warrants.

Risk and Uncertainties

The Company is in the development stage and is subject to the risks and challenges similar to other companies in a comparable stage of development. The risks include, but are not limited to, limited operating history, speculative nature of mineral exploration and development activities, operating hazards and risks, mining risks and insurance, no mineral reserves, environmental and other regulatory requirements, competition, stage of development, fluctuations in commodity prices, currency risk, conflicts of interest, reliance on key individuals and no key man insurance and enforcement of civil liabilities.

Limited Operating History

An investment in the Company should be considered highly speculative due to the nature of the Company’s business. The Company has no history of earnings, it has not paid any dividends and it is unlikely to enjoy earnings or paying dividends in the immediate or foreseeable future.

Speculative Nature of Mineral Exploration and Development Activities

Resource exploration and development is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. The marketability of minerals acquired or discovered by the Company may be affected by numerous factors which are beyond the control of the Company and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection, the combination of which factors may result in the Company not receiving an adequate return of investment capital.

Substantial expenditures are required to establish mineral reserves through drilling, to develop metallurgical processes to extract the metal from the ore and, in the case of new properties to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities and grades to justify commercial operations or that the funds required for development can be obtained on a timely basis. Estimates of mineral reserves, mineral deposits and production costs can also be affected by such factors as environmental permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, unusual or unexpected geological formations and work interruptions. In addition, the grade of ore ultimately mined may differ from that indicated by drilling results. Short-term factors relating to reserves, such as the need for orderly development of orebodies or the processing of new or different grades, may also have an adverse effect on mining operations and on the results of operations. Material changes in mineral reserves, grades, stripping ratios or recovery rates may affect the economic viability of any project.

The Company’s mineral properties are in the exploration stage only and are without known or defined bodies of mineral reserves, as per the definitions provided in National Instrument 43-101, although a mineral resource has been established by the Company on its Norton Property. Development of any of the Company’s mineral properties will only follow upon obtaining satisfactory exploration results.

Few properties which are explored are ultimately developed into producing mines. Major expenses may be required to establish mineral reserves, develop metallurgical processes and construct mining and processing facilities at a particular site. There is no assurance that the Company’s mineral exploration activities will result in any discoveries of commercial bodies of ore. Also, no assurance can be given that any or all of the Company’s properties will not be subject to prior unregistered agreements or interests or undetected claims which could be materially adverse to the Company.

Operating Hazards and Risks

Mineral exploration involves many risks, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. The Company’s operations will be subject to all the hazards and risks normally incidental to exploration, development and production of metals, such as unusual or unexpected formations, cave-ins or pollution, all of which could result in work stoppages, damage to property and possible environmental damage.

Mining Risks and Insurance

The business of mining for gold and other metals is generally subject to a number of risks and hazards including environmental hazards, industrial accidents, labour disputes, unusual or unexpected geological conditions, pressures, cave-ins, changes in the regulatory environment and natural phenomena such as inclement weather conditions, floods, blizzards and earthquakes. No assurance can be given that such insurance will continue to be available or that it will be available at economically feasible premiums. Mining operations will be subject to risks normally encountered in the mining business.

Mineral Reserves

Except for Norton, All of the Company’s properties are considered to be in the exploration stage only and do not contain a known body of commercial ore. Mineral reserves are estimates and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realised. Reserve estimates for properties that have not yet commenced production may require revision based on actual production experience. Market price fluctuations of metals, as well as increased production costs or reduced recovery rates may render mineral reserves containing relatively lower grades of mineralization uneconomic and may ultimately result in a restatement of reserves. Moreover, short-term operating factors relating to the mineral reserves, such as the need for orderly development of the orebodies and the processing of new or different ore grades may cause a mining operation to be unprofitable in any particular accounting period. While the Company does have mineral resources, such resources have no demonstrated economic viability.

Environmental and Other Regulatory Requirements

The Company’s activities are subject to environmental regulations promulgated by government agencies from time to time. Environmental legislation generally provides for restrictions and prohibitions on spills, releases or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailings disposal areas, which would result in environmental pollution. A breach of such legislation may result in imposition of fines and penalties. In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner which means stricter standards and enforcement; fines and penalties for non-compliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has a potential to reduce the profitability of operations. The exploration operations of the Company and development and commencement of production on its properties require permits from various federal and local governmental authorities and such operations are and will be governed by laws and regulations governing prospecting, development, mining, production, exports, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters.

Companies engaged in the development and operation of mines and related facilities generally experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations and permits. The Company believes it is in substantial compliance with all material laws and regulations, which currently apply to its activities.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular, environmental laws.