Feasibility Study vs. Prefeasibility Study:

On July 22, 2010, the Company released the results of a Prefeasibility Study (PFS) on the Yellowknife Gold Project. The following table summarizes the key differences between that report and the recently completed and more detailed FS.

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                 Item                       PFS       FS Difference (%) Diff
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Resources
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  Measured + Indicated
    Tonnes (000's)                       17,446   27,115      9,669   55.42%
    Au Oz (000's)                         1,947    1,715       -232  -11.92%
    Grade (g/T)                            3.47     1.97      -1.50
  Inferred
    Tonnes (000's)                        2,545    5,774      3,229  126.88%
    Au Oz (000's)                           269      487        218   81.04%
    Grade (g/T)                            3.29     2.62      -0.67

Reserves
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  Proven & Probable
    Tonnes (000's)                        7,558   20,433     12,875  170.35%
    Au Oz (000's)                           811    1,334        523   64.45%
    Grade (g/T)                            3.34     2.03      -1.31

Conversion of M&I Resources to P&P
 Reserves                                 41.7%    77.8%      36.1%   86.69%
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Mine Life (years)                             7       15          8  114.29%

Nominal Plant Throughput (tpd)             3000     4000       1000   33.33%

CAPEX ($ 000's)                        $173,640 $192,955    $19,315   11.12%

OPEX ($/processed tonne)
    Open Pit Mining                       32.77    17.72     -15.05  -45.93%
    Underground Mining                    49.00     5.54     -43.46  -88.69%
    Rehandle                                N/A     0.81       0.81      N/A
    Processing                            12.37    21.30       8.93   72.22%
    G&A                                    3.96     4.37       0.41   10.35%
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Total OPEX                                59.09    49.74      -9.35  -15.82%

NPV ($000's, @ 36 Mnth Average)         $71,340 $215,724   $144,384  202.39%

IRR (%)                                  16.20%   20.00%      3.80%   23.46%