2008 MAPPING REPORT ON THE AU- MOLY PROPERTY MISHIBISHU LAKE AREA SAULT STE. MARIE MINING DIVISION, ONTARIO, CANADA NTS: 42C/03SW

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1 2008 MAPPING REPORT ON THE AU- MOLY PROPERTY MISHIBISHU LAKE AREA SAULT STE. MARIE MINING DIVISION, ONTARIO, CANADA NTS: 42C/03SW 309 South Court Street Thunder Bay, Ontario. P7B 2Y1 Mitch Dumoulin, P.Geo Senior Geologist October 31, 2008

2 Table of Contents 1.0 Summary... i 2.0 Recommendations... i 3.0 Introduction Property, Location, Access, and Physiography Exploration History Regional Geology Mapping Program Property Geology Local Structural Geology Main Geological Units Description of Results Conclusions Recommendations Proposed Budget References Certificate of Qualifications List of Figures Figure 1. Ontario Location Ma... 3 Figure 2. Claim Map of Floating Heart Property... 4 Figure 3. Regional Geology Map...9 Figure 4. Au-Moly Property Geological Map..12 Figure 5. Au-Moly Property 2008 Grab Sample Locations..15 List of Tables Table 1. Au-Moly Property Claims Table... 2 Table 2. Au-Moly Property Sample Descriptions Table 3. Au-Moly 2008 Selected Results Table 16 List of Appendices Geological and Sample Locations Maps.... Appendix I Claims List...Appendix II Sample Results and Certificates of Analysis. Appendix III

3 1.0 Summary contracted Eveleigh Geological Consulting of Thunder Bay, Ontario to perform a short systematic mapping reconnaissance survey in the area of Floating Heart Lake, on its Au-Moly Property. The property can be accessed by a year round maintained road leading to the Eagle River Mine, west of Mishibishu Lake. The property is located within the Mishibishu Greenstone Belt, southwest of Wawa, Ontario. Geological field mapping was completed between September 15, 2008 and September 22, The survey was conducted by Mitch Dumoulin (P. Geo.), mapping geologist, and Shane Dyer, assistant field tech. A total of 22 samples were collected during the mapping period. Previous prospecting work carried out in the area showed occurrences with as much as 1% to 5% molybdenum within 5 to 25 cm quartz veins, with one value above 1% Mo. The survey included re-visiting two of these occurrences while several new discoveries were found. The best sample results of the program returned 1.38% Mo in a quartz vein associated with a strong shear zone, and one grab sample collected in a pegmatitic rock, previously visited, returned 0.37% Mo and 1.23 g/t Au. Also, more detailed geological mapping was carried out in the search of a better understanding of the geology in this area. The Au-Moly Property is located in the Archean-age Mishibishu Lake Greenstone Belt, within the Wawa Subprovince of the Southern Superior Structural Province. Property geology is split in two domains; granitoid rocks covering the western half and mafic meta volcanics on the eastern half. Several faults have been identified, which were often associated with pegmatitic dykes or quartz vein systems. Total costs for the 2008 reconnaissance program were $15, (see Au-Moly Costs in Others in Appendix) 2.0 Recommendations A mapping survey on the Au-Moly Property, owned by MetalCORP Limited of Thunder Bay, was recommended to gain more information on the mechanisms involved in local mineralization of molybdenum, as well as gold, in an area north of Floating Heart Lake on claim # of Mishibishu Lake Township. This claim is due for renewal by November 10 th, 2008, and a minimum of $6,000 must be submitted to keep it in good standing for MetalCORP Limited. i

4 3.0 Introduction Eveleigh Geological Consulting was commissioned by to carry out a short preliminary systematic mapping evaluation of its100% owned Au-Moly Property, during the fall of The property consists of 2 claims: a 15 unit claim ( ), and a 2 unit claim ( ), located within the Mishibishu Greenstone Belt, approximately 80 km south-southeast of the Hemlo Gold deposit. The property is approximately 1.2 km west of MetalCORP s Dorset Property, which has been optioned to Terex Resources Inc., now Trelawney Resources Inc. The field mapping survey included traversing east-west across the local geology, while identifying new possible sources of mineralization. A total of 22 samples were collected from the property during the period of mapping between September 15 th, 2008 and September 22 nd, The Mishibishu Greenstone Belt is known to host two past-producing mines, and one producing gold mine: the past-producing Mishi Mine contained gpt Au; the past-producing Magnacon Mine contained gpt Au; and the producing Eagle River Mine, presently contains gpt Au. 4.0 Property, Location, Access, and Physiography The Au-Moly Property is located approximately 280 km east of Thunder Bay, 50 km west of Wawa, 90 km southeast of Marathon, 4.54 km north of the Eagle River Mine, and 1.2 km west of MetalCORP s Dorset Property (presently optioned to Trelawney Resources Inc.). The property consists of 2 claims: a 15 units claim ( ) and a 2 unit claim ( ), that are 100% owned by It is contained within the Sault Ste. Marie Mining Division (see Figures 1 and 2), is centered on latitude 48 o 01'45" North and longitude 85 o 28'00" West, within the Mishibishu Lake (Claim Map G-3772) Area, and NTS block 42C/03SW. The northeastern portion of the property is transected by the Paint Lake Road which exits Highway 17, located to the north, approximately 50 kilometers west of Wawa, Ontario. A transmission power line parallels the Paint Lake Road for its entire length. The claims are characterized by moderate to rugged terrain, commonly broken by steep-sided hills and ridges with elevations varying between 440 to ~565 m above Sea Level (ASL). The highest relief occurs west of Floating Heart Lake and along the southern boundary of the property east of Floating Heart Lake. Hills and ridges are covered by a mature growth of white birch, black spruce and occasionally trembling aspen. Lower relief areas, such as swamps and stream valleys host variable growths of black spruce, larch, and tag alder. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

5 Township/Area MISHIBISHU LAKE MISHIBISHU LAKE AU/MO PROPERTY - CLAIMS AND CURRENT STATUS - Sault Ste. Marie Division Claim Number # of Units Size (Ha) Recording Date Claim Due Date Work Required OWNERSHIP Nov Nov-10 $6,000 MTC Jun Jun-11 $800 MTC TOTALS $6,800 Table 1: Au-Moly Property Claim Table 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

6 - I -. & J e;l - Au - Moly - F... ' Au _.,...,. Pr...,ny Loealion Map Figure 1: Ontario Location Map 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

7 \ \ ( \ i \ I I Figure 2: Claim Map of Au-Moly Property 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

8 5.0 Exploration History Between 1970 and 1980, exploration in the vicinity of the Au-Moly Property was primarily directed towards base metals. Intense gold exploration commenced in the area soon after the 1981 Hemlo Au discovery and lead to the discovery of numerous Au and Mo occurrences and 3 Au deposits. The deposits include the past-producing Mishi Mine, containing gpt Au; the past-producing Magnacon Mine, containing gpt Au; and the presently-producing Eagle River Mine, containing gpt Au. Known exploration in the immediate vicinity of the property is summarized below: 1972: Asarco Exploration Company of Canada Ltd. completed an airborne magnetometer and EM survey over most of the Mishibishu Greenstone Belt. 1978: Noranda Exploration Company Limited completed ground electromagnetic and magnetic surveys over the central portion of MetalCORP=s present Dorset Property, located 1.2 km to the east of the Au-Moly claim. 1980: Amoco Canada Petroleum completed line cutting, geological mapping and 4 diamond drill holes, totaling 380 m, north of Cameron Lake. 1982, 1983, 1986 to 1991, and 1994 to Present: The Eagle River Mine Property was staked in 1982 and then optioned to Central Crude Limited in During 1983 Central Crude completed airborne EM and magnetic surveys, ground follow-up prospecting, and reconnaissance geological mapping. The property was optioned by Noranda Explorations Limited in 1986, which transferred the property to its gold exploration and mining subsidiary Hemlo Gold Mines Limited, and expanded the property to total 331 claims. Hemlo immediately completed prospecting, outcrop stripping, and channel sampling. It was during this time that most of the Au-bearing veins and what was to become the Eagle River deposit were discovered on the property. Between 1988 and 1990 Noranda completed 266 diamond drill holes, totaling 76,000 m, most of which were completed on the No. 8, No. 6, and No Name Lake zones. A 100-ton bulk sample was taken from surface exposures of the No. 8 and No. 6 (Bruce Vein) zones during December of Noranda excavated a 1759 ft (536 m) decline into the No. 8 Au Zone and removed a 66,000 ton bulk sample. A 1991 resource calculation estimated that the deposit contained 2.24 million tons (Mt) proven and probable reserves grading 0.25 ounces per ton (opt) Au. A Noranda feasibility study recommended that production be deferred. The property remained idle until early 1994 when it was purchased by Western Quebec Mines Inc. That same year River Gold Mines Limited acquired 100% interest in the property and completed a 100 hole definition drilling program on the No. 8 Zone. Additional drilling was completed on other Au occurrences within the property during October of The Eagle River Mine entered production in 1996 and has to date produced 583,000 ounces of Au from 2.00 million tonnes (MT) of ore 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

9 at a recovered grade of 9.1 gpt Au. The present inventory (2004) estimated to be 1.20 MT grading 9.4 gpt Au. River Gold Mines Ltd. was bought by Wesdome Mines Ltd. in late , 1988 to 1990: Dominion Explorers Inc. (Formerly Harbinson Mining and Oil Group) completed an airborne magnetic and VLF-electromagnetic survey over a large area that included the present property. Follow-up exploration focused in the Cameron and Mishibishu Lakes areas and to the east in the Birch Vein area. There is no evidence that any work was completed within the present Au-Moly Property. Noranda Exploration Company Limited optioned the property in 1987 and like Dominion Explorers focused their exploration efforts in the Cameron and Mishibishu Lakes area and to the east in the Birch Vein area. They completed geological mapping, induced polarization (IP), magnetic, and VLF-EM surveys, soil geochemical surveys, stripping, trenching, prospecting, and 21 diamond drill holes, totaling 2208 m. Most of the drilling was completed on the Marten Zone. This exploration program discovered numerous new gold occurrences; however, Noranda dropped the option in to 1987: The Ontario Geological Survey completed a helicopter-supported mapping program of the Mishibishu Lake Greenstone Belt. (Heather 1987) to 1999, 2005 to Present: The greater part of MetalCORP s present Dorset Property, located 1200 m east-northeast of the Au-Moly Property, was staked in 1994 after Dominion Explorers failed to keep their claims in good standing. The property was optioned that same year to Murgor Resources Inc. who immediately proceeded to complete a program of prospecting. During 1997 and 1998 they completed geophysics, more prospecting, trenching, geological mapping, and sampling which exposed considerably more gold mineralization than was previously known. A 14 hole, m, diamond drilling program confirmed the presence of significant gold mineralization over a 1 km strike length. The best intersection, from drill hole MC98-09, assayed 3.74 gpt Au/21.53 m (true width). Battle Mountain Gold optioned the property in August 1998 and immediately completed preliminary geological mapping, structural mapping, and prospecting. A 15 hole, 2894 m drill program was completed during late All holes intersected the Au-bearing Dorset Zone with varying grades and widths. The best values were obtained from holes MC98-22, MC98-27 and MC98-28 which assayed true width grades of 3.02 gpt Au/5.92 m, 5.23 gpt Au/3.70 m, and 5.05 gpt Au/7.45 m, respectively. During 1999 Battle Mountain completed IP-EM, soil geochemistry, geological mapping, sampling, trenching, and drilling to more fully evaluate the Dorset Zone. Several Au-in-soil anomalies, closely associated with the Dorset trend, were obtained, with 30 samples containing in excess of 100 ppb. Five (5) drill holes were completed, totaling 1923 m. Three (3) of the holes tested the depth potential of the Dorset Zone, while the remaining two holes tested near surface targets east and west of the known mineralization. The 3 Dorset Zone holes all intersected the targeted 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

10 zone with the best intersection (MC99-32) grading 1.98 gpt Au/5.40 m. Hole MC99-33 tested a soil anomaly west of the known Dorset Zone and intersected three zones consisting of strongly carbonatized mafic metavolcanic rocks containing 1 to 2% disseminated arsenopyrite and grading 0.93 gpt Au/10.05 m, 0.82 gpt Au/3.45 m, and 1.44 gpt Au/2.00 m. The Dorset Property was optioned to Terex Resources Ltd. late in Terex rehabilitated the existing grid early in 2006 and at the time of writing were in the midst of a diamond drill program that primarily targeted the Dorset Au Zone. 1996: Murgor Resources Inc. entered into an agreement with Goldust Mines Ltd. to option/joint venture several groups of claims, near the Eagle River Mine and in September 1999 optioned a 6 unit claim in the same area from J. Pinksen of Thunder Bay, Ontario to 2004: A 15 unit claim was staked by A. Eveleigh in early October 2002 that exactly included the present Au-Moly Property. Early in 2003 several reconnaissance prospecting traverses were completed within the claim but no base or precious metals were obtained from the 10 grab samples taken and the prospecting was not filed for assessment. The claim was allowed to lapse in late 2004 and the present claim was staked that same year by 2005 to 2006: Two programs of systematic prospecting on the Au-Moly Property were completed between May 14 and 16, 2005 and September 29 and October 2, A total of 45 samples were taken, 20 during 2005 and 25 during Several new Mo occurrences were found along natural topographic features such as creeks and valleys. 2007: A 2 unit claim was staked and added contiguously to the 15 units representing the Au-Moly Property by Also, a prospecting program with 18 samples taken mostly to the north of the property and exceeding on the new 2 units was conducted at the same time of staking. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

11 6.0 Regional Geology The Au-Moly Property is located in the Archean-age Mishibishu Lake Greenstone Belt within the Wawa Subprovince of the Southern Superior Structural Province. Volcanic rocks within the belt are dominated by one sequence of massive to pillowed, mafic, Mg- to Fe-tholeiitic flows and associated pyroclastic units (Bowen 1986). Thin (1 to 5 m) intermediate to felsic flows and pyroclastic-rocks are intercalated with the mafic volcanic sequence. Interflow oxide facies iron formation (magnetite-chert, magnetite) and fine to coarse, clastic metasedimentary rocks (turbidites to conglomerates) mark quiescent and rapid uplift/erosional periods within the belt, respectively. Coarse grained, locally porphyritic, mafic rocks have been interpreted as thick flows and/or subvolcanic gabbroic sills and dykes. Felsic to intermediate sills, dykes, and plutons within the belt vary greatly in size and composition (quartz-feldspar porphyritic granite to porphyritic diorite). Extensive mineral exploration completed between the early-1980's and the late 1990's discovered numerous gold and molybdenum occurrences and mineral reserves within the Mishibishu Lake Greenstone Belt. The gold mineralization is associated with quartz veins and disseminated sulphides (arsenopyrite-pyritechalcopyrite-pyrrhotite-galena) within areas of high strain (shear zones) and intense alteration. Molybdenum is found in quartz veins or stockworks, but also in local porphyritic granite or pegmatite dykes with a strong association with structural geology. Large scale structures have been mapped by government geologists and exploration by private industry has located significant mineralized trends within the belt. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

12 ~ , OU""'''' "''''' ~,.- Figure 3: Regional Geology Map 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

13 7.0 Mapping Program 2008 This field mapping survey was completed on the Au-Moly Property between September the 15 th and September the 22 nd, The purpose of this program was to revisit historic Au-Mo occurrences discovered during the mid-1980's to the northwest of Floating Heart Lake, as well as re-locate previous occurrences visited during three previous prospecting tours between 2005 and Systematic east-west lines, roughly spaced 100m from each other, were carried out in relation with the local geology. To locate and position the outcrops and samples related to this program in the field, a handheld Garmin GPSmap 76CSx device, with units in UTM NAD83, Zone 16, was used to collect the data, which was later downloaded onto computer and imported into the MapInfo GIS program. Samples were collected and described in an appropriate way, and later taken to the ALS Chemex Lab in Thunder Bay for analysis. This mapping program was supervised by MetalCORP Senior Geologist Mitch Dumoulin, P.Geo. The location of the outcrops, along with a GPS grid outlined roughly E-W, are presented on Figure 4 on the interpreted geological map, and in Appendix I at the end of the report. The sample descriptions are listed in Table 2, as well as in Appendix II, along with the Certificates of Analysis. 7.1 Property Geology All of the property-scale rock descriptions were derived using the field observations of MetalCORP contracted field personnel. The geology consists mainly in two domains within the mapped area where the traverses have been performed, mainly on the west part of claim and the southern part of claim The eastern part of the mapped area is made up of mafic meta volcanic rocks, generally fine grained or aphanitic with a basaltic composition, while the western part is a massive differentiated felsic intrusive granitic complex of which the core seems to be a medium grained granite, surrounded by a granophyric coarse grained monzonitic granite. 7.2 Local Structural Geology Several faults have been mapped mainly in the mafic volcanic units, generally trending slightly north-east between 000 and 030 in azimuth. Similarly, the contact between the volcanic rocks and the granitic intrusive is striking roughly at 020 to 030 azimuth with schistosity, lineation and shearing measured in the field at the same azimuths in the meta-volcanic rocks environment. All structures are dipping moderately east-south-east between 50 and 70 degrees. However, the most interesting fault structure runs to the north-west at about 330 degrees azimuth, crossing all units from the mafic volcanics deep into the granitic intrusive and is recognized as being the main creek running out of Floating Heart Lake. This fault is the host of a narrow but quite continuous quartz vein strongly associated with locally anomalous amounts of molybdenum. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

14 7.3 Main Geological Units Mafic Metavolcanic Flows Generally massive grey-green flows, fine grained to aphanitic with a moderate chloritic alteration. These flows () become schistose as they are proximal to the faults, and it is recognized in the field along cliffs or in valleys normally striking north-east, except for the main fault (creek-fault) running north-west along the Floating Heart Creek. Here the fault is associated with a shear zone hosting an intermittent and narrow quartz vein locally rich in molybdenum (see quartz vein). Another unit contained in the volcanic rocks and associated with the north-east faults, is a pegmatitic rock that also contains some molybdenum (see pegmatite dyke). Felsic Intrusive Rock The granitic rocks on the west side of the property are generally higher in altitude with rugged relief at the contact with the volcanics. The most frequent granitoid rock mapped in this area, is a massive granophyric rock called Monzonitic Granite (), poor in plagioclases and very rich in coarse grained potassic feldspars and moderate content in quartz. This is also a very pinkish rock with very large feldspar. Quartz occurs as grains, pinch and swell very narrow lenses, or veinlets and fairly continuous narrow quartz veins. In some occasions, traces of molybdenum were observed and sampled in those quartz veins. The Monzonitic Granite surrounds a more typical Granite (), that is equigranular with equal amounts of plagioclases, potassic feldspars and quartz. It is also very massive but with a light pink coloration. Mafic Intrusive Rocks A wide (1-15 meters) dyke of gabbro (8b), medium grained, green, weakly chloritic with a basaltic texture, was emplaced with a north-west trend at approximately 315 degrees azimuth, through all geological units. While traversing across the faults associated with the volcanics, the gabbro was observed to lie sub-parallel to the creek-fault. A few samples of this unit were collected to test for PGM s. Intermediate to Felsic Hypabyssal Intrusive Rocks These rocks have limited extent and are lenses or dykes of granophyric material intruding in the volcanics along the faults, and are possibly derived from the granitoid stock to the west. The lenses can be found as pinch and swell structures in highly schistose flows, while the dykes are generally intermittent and broken up. This rock was structurally called a Pegmatite Dyke (9e). Both are composed of pinkish and potassic feldspar rich material with more or less quartz grains and ellipsoidal veinlets that locally contain fair amounts of molybdenum. These dykes or lenses take place along schistosity with a moderate dip (50-70 degrees) to the south-east. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

15 Quartz Veins Numerous quartz veins, normally with limited extent and very narrow (1-5cm) width, were observed in the Monzonitic Granite, and at an azimuth of , but dipping vertically. A few of these veins that contain traces of molybdenum were sampled. The most interesting quartz vein, which varies from a milky white to a smokey coloration, is associated with the creek-fault shear zone that runs north-west from Floating Heart Lake through all units. This vein is fairly continuous for almost 300 meters although intermittent and broken-up at the surface, due to erosion in the creek. Its thickness varies between 5 cm to 25 cm, and fairly consistent mineralization of molybdenum can be observed. Appropriate sampling of the vein has been carried out with the best value returning 1.38% Mo. Figure 4: Au-Moly Property Geological Map (PDF Map 1 in Appendix I) 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

16 MetalCORP Sample Description Sheet Project Name: Floating Heart Date: Aug 2008 Area: White River, Floating Heart, Mishibishu Sampler/s: Mitch Dumoulin and Shane Dyer NAD- 83 Sample # Sample UTM's NAD: Sample Description Type Easting Northing Grab Gabbro, dark grey, fine grain, minor rusty weathering along fractures, approx 60-70% fine grain, Amphiboles (hornblendes) approx 30-40% fine grain- light green plagioclase, trace to 1% fine grain disseminated- splashy pyrrhotite, weakly mag Grab Quartz vein, approx 4-8cm wide and 3-4 feet long, clear white, coarse grain, minor rusty weathering along fractures, moderately silicified, with a sugary texture, brownish-red iron staining throughout, trace of fine grain moly, non mag, on contact with a Grab Gabbro, dark grey, fine grain, minor rusty weathering along fractures, approx 50-60% fine grain. Amphiboles (hornblende), approx 40-50% fine grain- light green plagioclase, trace of fine grain- splashy pyrrhotite, locally moderately mag Grab Quartz vein, approx 3cm wide and approc 2 feet long clear white, coarse grain, minor rusty weathering along fractures, trace of weathered cubic pyrite, non mag, On contact with a granite Grab Quartz vein, approx 9-10cm wide and approx 3 feet long clear white, coarse grain, minor rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag on contact with a granite Grab Monzonite granite, light pink with smokey grey quartz, coarse grain, minor rusty weathering along fractures, extreme potussic alteration with a strong pegmatite texture, approx 1% fine grain disseminated and cubic fluorite throughout and along fractures t Grab Grab Grab Grab Grab Grab Grab Grab Grab Basalt- Gabbro? Dark grey, fine grain, minor rusty weathering along fractures, approx 30% milky white- light green plagioclase, trace of fine grain disseminated and splashy pyrite, non mag Pegmatite dyke, concordent to the host rock, basalt, light reddish pink, coarse grain, minor rusty weathering along fractures, large fragments of quartz and k-spar feldspar, trace of fine grain and aggregate moly, non mag Gabbro, dark grey, fine grain, minor rusty weathering along fractures, light green plagioclase, trace of fine grain-splashy pyrrhotite, locally moderately mag Pegmatite granite, approx 10-25cm wide and 2-3cm long, light pink with clear white quartz, coarse grain, minor rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag on contact with a mafic volcanic b Pegmatite granite, approx 10-25cm wide and 2-3cm long, light pink with clear white quartz, coarse grain minor rusty, weathering along fractures, trace of fine grain, pyrite, trace fine grain and aggregate moly, non mag. On contact with a mafic volcanic- b Pegmatite granite, approx 3 feet wide and 6 feet long, open in both directions, vein is 30 degrees N-NE and dipping east into a creek, pinkish brown with clear white quartz, minor rusty wetahering along fractures, trace of cubic galena, approx 5 Pegmatite granite, approx 3 ft wide and 6ft long, opening both directions, vein is 30 degrees N-NE and dipping east into a creek, pinkish brown with clear white quartz, coarse grain, med rusty weathering along fractures and throughout, trace to Gabbro, dark grey, fine grain, minor rusty weathering along fractures, plagioclase is light green, trace of fine grain splashy pyrrhotite, non mag Quartz vein, approx 3-5cm wide and approx 3ft long, clear white, coarse grain, minor rusty weathering along fractures, and throughout, yellow weathering-staining along fractures, approx 1% fine grain disseminated and aggregate moly, non mag, vein is runni Grab Quartz vein, plates of quartz in the fault valley between the two mafic volcanic- basalt walls, large pieces ranging from 1000lbs. Fell into creek, clear white, coarse grain, medium rusty weathering along fractures, yellow staining-weathering along fract Grab Same as sample Grab Quartz vein, plates of quartz in the fault valley between the two mafic volcanic- basalt walls, large pieces ranging from 1000lbs fell into creek, clear white, coarse grain, approx 3% fine grain disseminated and aggregate moly, non mag. On contact with a Grab Quartz vein, plates of quartz in the fault between the two mafic volcanic-basalt walls, large pieces ranging from lbs fell into the creek, vein is approx 20cm wide and approx cm long, clear white, coarse grain, minor rusty weathering along fr Grab Quartz vein, approx 5cm wide and approx 20-25cm long, it pinches and swells, clear white coarse grain, minor rusty weathering along fractures and along contact, approx 5% fine grain disseminated moly contained along fracturtes with traces of fine grain a Grab Quartz vein, approx 20-30cm wide, clear white, coarse grain, medium rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag. On contact with a monzonite granite Grab Quartz vein, approx 15-30cm wide and approx. 10m long, coarse grain, clear white with an overall light blue tinge/impurities to it, trace of fine grain pyrite, trace of fine grain moly, non mag. On contact with a monzonite granite. Table 2: Au-Moly Property Sample Descriptions (also in Appendix III) 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

17 8.0 Description of Results Twenty two grab samples have been collected along with the traverses carried out in the field during the short mapping program. They were sent to the ALS Chemex Laboratory facilities in Thunder Bay for preparation before the pulps were shipped to the laboratory in Vancouver for final analysis, ICP MS61 and MS24 over 51 elements with AA finish for any element over detection. However, only 4 elements required our attention on this project; such as Silver (Ag), Molybdenum (Mo), Rhenium (Re) and Gold (Au). Structural geology is fairly apparent in the field as several faults have been identified, as well as the granite-volcanic contacts, with two of the N-E-N faults in the volcanics being associated with pegmatitic dykes containing molybdenum mineralization. The strong N- W fault, also called creek-fault, seems to be the control of a narrow 5-25 centimeters quartz vein also intermittently mineralized in Molybdenum. Two old showings have been re-visited both in the pegmatite and the quartz vein leading to more discoveries in those units. Sample # returned 0.37% Mo and 1.23 g/t Au in one of these pegmatites in the south-east corner of claim Samples and , collected near the contact with the granite in the north-west area of claim , demonstrated elevated values, respectively 1.38% Mo and 0.98% Mo in a 25 centimeter quartz vein corresponding to the creek fault quartz vein system. Two more samples were taken on this quartz vein system near an old sampling of the vein in 2005; samples and returned values of 0.08% Mo and 0.14% Mo. A few more interesting values were returned for samples collected where stockworks of very narrow stringers or veinlets of quartz swarm in the monzonitic granite. One value of 0.52% Mo suggests that more molybdenum mineralization may exist in the granitic stock, which opens further discussions on the source of this mineralization and it s deposition. A list of the best results is displayed in Table South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

18 Figure 5: Au-Moly 2008 Grab Sample Locations (PDF Map 2 in Appendix I) 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

19 MetalCORP Sample Description Sheet Project Name: Au-Moly Property Sampler/s: Mitch Dumoulin and Shane Dyer NAD- 83 Sample # UTM's NAD: Easting Northing Ag g/t Mo % Re g/t Au g/t Table 3: Au-Moly 2008 Selected Results Table (Complete Table in Appendix III) 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

20 9.0 Conclusions The Mishibishu Lake Greenstone Belt is host to one producing Au mine, two past-producing Au mines, and hundreds of gold occurrences, most discovered since the early 1980's. Also, with current prices and a hungry market for molybdenum and rhenium, for its super alloy properties, the belt is even more attractive to exploration companies. Access and infrastructure are excellent. The area is traversed by an all weather road (Paint Lake Road) and powerline which services the Eagle River Gold Mine, located a 4.54 km south of the Au-Moly Property, and the Eagle River mill, located at the past-producing Magnacon Deposit. Both are operated by Wesdome Mines Ltd. The Belt contains all of the important geological features commonly associated with established Archean gold mining camps. It can be concluded from this mapping program, that there is an association of some of the mineralization to structural geology. The faults identified in the field were coincidental to valleys or creeks in conjunction with steep cliffs of outcrops, where dykes or lenses of pegmatitic rock have been found intruded in volcanic rock environment. The most impressive case in Floating Heart Creek, which is a shear zone containing a local, more or less continuous mineralized, but narrow quartz vein. Sample , with a value of 1.38% Mo in the quartz vein, demonstrates the strong potential of the area as well as sample , with values of 0.37% Mo and 1.23 g/t gold in a pegmatite; also sample with 0.51% Mo from a quartz stringer in the granite stock that indicates more mineralization outside the structurally controlled quartz veins and pegmatite dykes. More geological investigations are needed to understand the mechanisms that control the mineralization, and what is the mineral potential in this highly prospective area. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

21 10.0 Recommendations and Proposed Budget A two-phase exploration program is recommended. Phase I would consist of line cutting, 1:5000 scale grid mapping, detailed prospecting, mechanical stripping and channel sampling, and detailed trench mapping. Once surface work has been completed and compiled a follow-up Phase II exploration program would consist of a 2000 m diamond drill program Proposed Budget Phase I: Mapping, Detailed Prospecting, and Compilation Geological Mapping 10 $500/day... $5,000 Detailed Prospecting and Sampling 7 $850/day... $5, $45/sample... $3,450 Stripping/Trenching 50 $150/hour... $ 7,500 Channel Sampling 200 $45/sample... $9.000 Compilation, Interpretation, Report & Maps (compilation of all drill data)... $5,000 Supervision, Administration, Support, Supplies... $2,500 Meals and Accommodation... $5,000 Contingencies (10%)... $5,500 Total Phase I... $48,900 Phase II: Diamond Drilling Drilling (all inclusive) 2000 $200/metre... $400,000 Compilation, Interpretation, Report & Maps (compilation of all drill data)... $30,000 Supervision and Administration (5%)... $20,000 Contingencies (10%)... $40,000 Total Phase II... $490,000 Total Budget (Phases I & II)... $538, South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

22 11.0 References Bowen & al. (1986) Precambrian Geology of the Mishibishu Lake Area, Northeastern Section, Districts of Thunder Bay and Algoma, OGS Map P2970, Geol. Series Prelim. Maps, Scale 1:15840 or 1 inch to ¼ mile. Heather, K. B Mineralization of the Mishibishu Lake Area, Districts of Thunder Bay and Algoma; Unpublished manuscript, Ontario Geological Survey, Toronto. Reid, R.G., Bowen, R.P., Reilly, B.A., Logothetis, J, and Heather, K. B Geology, Structure and Economic Geology of the Mishibishu Lake Area; Ontario Geological Survey, Open File Report 5774, 350p. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

23 12.0 Certificate of Qualification I, Michel Dumoulin, of 507 McMaster St., Thunder Bay, Ontario, do hereby certify that: 1. I hold a Bachelor of Science Degree in Geology (1981) from Université du Québec à Chicoutimi, Chicoutimi, Québec; 2. I am a member of the Association of Professional Geoscientists of Ontario (P.Geo. Registration #0304). 3. I have practiced my profession in Ontario and Québec since 1981 and have been employed directly by several large mining and exploration companies and the Ministère de l Energie et des Resources de Québec; 4. I am presently an employee of Eveleigh Geological Consulting based in Thunder Bay, Ontario and contracted to as Senior Geologist and Project Manager for the company; 5. I have supervised numerous projects similar to that represented by the North Rock Project, also a Qualified Person in the context of National Instrument , and have been contracted as such by I consider this report to be accurate in all respects; 6. Permission is granted to to use this report in a prospectus or other financial offering. Dated October 31, 2008 in Thunder Bay, Ontario. Michel Dumoulin, B.Sc., P.Geo. 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

24 Appendix I Au-Moly Property Geology & Sample Maps 309 South Court Street, Thunder Bay, Ontario. P7B 2Y1. Phone: (807) ; Fax: (807)

25 Appendix II Au-Moly Property 2008 Claims List

26 Appendix III Au-Moly Property 2008 Sample Results and Certificates of Analysis

27 mn me me me me me me me Sandy Lake MANITOBA MANITOBA ONTARIO ONTARIO Sachigo Lake Big Trout Lake North Caribou Lake Winisk Lake Attawapiskat Lake! Trout Red Lake Trout Lake Lake St. Joseph Floating Heart Property Ogoki Lake mn mn mn mn mn 8b Y Y White birch, Black Spruce, Trembling Aspen, White Pine Cl Post White birch, Black Spruce, Trembling Aspen, White Pine qv 8b # qv Y qv qv qv 8q qv plagv qv plagv b 8q 9e qv 8q 9e 9e 9e Moly Float 9e 8q White birch, Black Spruce, Trembling Aspen, White Pine 60 9e 3 8b 9e 9e 9e Y White birch, Black Spruce, Trembling Aspen, White Pine!! 65 8b !! 9e 9e qv Y CP #4 3 White birch, Black Spruce, Trembling Aspen, White Pine N N N N N swamp Y N Y White birch, Black Spruce, Trembling Aspen, White Pine White birch, Black Spruce, Trembling Aspen, White Pine N swamp N N N N N N N swamp Paint Lake Road CmPost mn mn mn mn mn Kenora Scale 100 Lake of the Woods Rainy Lake " E Sioux Lookout Legend Units / Outcrop 12 Alkalic Intrusive Rocks Quartz monzonite 10 Late Archaean Felsic to Intermediate Intrusive Rocks 8 Mafic Intrusive Rocks Granite 9 Intermediate to Felsic Hypabyssal Intrusive Rocks 9e Pegmatite Dyke 8b Gabbro 2 Mafic Metavolcanic Rocks 3 72 Sturgeon Lake 599 8q Mafic dikes and their altered equivalents Massive flow, fine- to medium-grained qv Quartz Vein Fault Bedding (vertical) 17 Foliation (vertical) Thunder Bay LAKE Km SUPERIOR Regional - Scale Location Map Date:21/10/08 Geologist: Mitch Dumoulin Office: Thunder Bay Mapper Mitch Dumoulin Digital Cartagraphy C. Salo 11 Lac des Mille Lacs SUPERIOR Small Outcrop! Lake Nipigon MetalCORP LTD. MAP 1 Lake Beardmore CANADA U.S.A. Onaman Geraldton Marathon Bedding (inclined) 86 foliation (inclined) Au - Moly Property Property Geology metres 11 Hemlo Manitouwadge me me me me me me me Scale: 1:1500 Projection: NAD 83, UTM Zone 16

28 mn me me me me me me me Sandy Lake MANITOBA MANITOBA ONTARIO ONTARIO Sachigo Lake Big Trout Lake North Caribou Lake Winisk Lake Attawapiskat Lake 51 Trout Red Lake Trout Lake Lake St. Joseph Floating Heart Property 51 Ogoki Lake Sioux Lookout Onaman Lake Kenora 72 Sturgeon Lake Lake Nipigon Geraldton 11 Lake of the Woods Beardmore mn mn mn mn mn 815,619 # # 815,622 # 815, Ag ppm 5150 Mo ppm 815,621 # 1.31 Ag ppm Mo ppm RE ppm 815, Ag ppm 9770 Mo ppm RE ppm 815, # # 815, , ,627 # # 815,626 # # # # # 815, , Mo ppm RE ppm 815, Mo ppm 1355 Mo ppm 815, ,638 # # 3.00 Ag ppm 2150 Mo ppm RE ppm # 815,620 # 4.19 Ag ppm 3730 Mo ppm RE ppm 1230 Au ppb 815, , , ,628 # 815,630 # 815,625 Floating Heart Lake Paint Lake Road mn mn mn mn mn Scale Rainy Lake Grab Sampling Project Au ppb # # >100 (1) 10 to 100 (2) # 5 to 10 (5) # 2 to 5 (12) # 1 to 2 (2) 17 Thunder Bay LAKE SUPERIOR Km SUPERIOR Regional - Scale Location Map Date:21/10/08 Geologist: Mitch Dumoulin Office: Thunder Bay Mapper Mitch Dumoulin Digital Cartagraphy C. Salo 3 Small outcrop 11 Lac des Mille Lacs CANADA U.S.A. MetalCORP LTD. Marathon MAP 2 Au - Moly Project Sampling Program Au ppm Dot Thematic Mapping metres 86 Hemlo Manitouwadge me me me me me me me Scale: 1:1500 Projection: NAD 83, UTM Zone 16

29 Township/Area Claim Number AU/MO PROPERTY - CLAIMS AND CURRENT STATUS - Sault Ste. Marie Division # of Units Size (Ha) Size (a) Recording Date Claim Due Date Work Required Total Applied Total Reserve Claim Bank OWNERSHIP MISHIBISHU LAKE Nov Nov-10 $6,000 $12,000 $1,735 $0 MTC MISHIBISHU LAKE Jun Jun-11 $800 $0 $0 $0 MTC TOTALS $6,800

30 Date: Aug 2008 MetalCORP Sample Description Sheet Project Name: Floating Heart Area: White River, Floating Heart, Mishibishu Sampler/s: Mitch Dumoulin and Shane Dyer NAD- 83 Sample UTM's NAD: Sample Description Sample # Type Easting Northing Ag ppm Al % As ppm Ba ppm Be ppm Bi ppm Ca % Cd ppm Ce ppm Co ppm Cr ppm Cs ppm Cu ppm Fe % Ga ppm Ge ppm Hf ppm In ppm K % La ppm Li ppm Mg % Mn ppm Mo ppm Na % Nb ppm Ni ppm P ppm Pb ppm Rb ppm Re ppm S % Sb ppm Sc ppm Se ppm Sn ppm Sr ppm Ta ppm Te ppm Th ppm Ti % Tl ppm U ppm V ppm W ppm Y ppm Zn ppm Zr ppm Au ppb Pt ppb Pd ppb Gabbro, dark grey, fine grain, minor rusty weathering along fractures, approx 60-70% fine grain, Grab Amphiboles (hornblendes) approx 30-40% fine grain- light green plagioclase, trace to 1% fine grain disseminated- splashy pyrrhotite, weakly mag Quartz vein, approx 4-8cm wide and 3-4 feet long, clear white, coarse grain, minor rusty Grab weathering along fractures, moderately silicified, with a sugary texture, brownish-red Iran staining throughout, trace of fine grain moly, non mag, on contact with a monzonite granite Gabbro, dark grey, fine grain, minor rusty weathering along fractures, approx 50-60% fine grain Grab Amphiboles (hornblende), approx 40-50% fine grain- light green plagioclase, trace of fine grain splashy pyrrhotite, locally moderately mag Quartz vein, approx 3cm wide and approc 2 feet long clear white, coarse grain, minor rusty Grab weathering along fractures, trace of weathered cubic pyrite, non mag, On contact with a granite Grab Grab Grab Quartz vein, approx 9-10cm wide and approx 3 feet long clear white, coarse grain, minor rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag on contact with a granite Monzonite granite, light pink with smokey grey quartz, coarse grain, minor rusty weathering along fractures, extreme potussic alteration with a strong pegmatite texture, approx 1% fine grain disseminated and cubic fluorite throughout and along fractures trace of fine grain and aggregate moly, non mag on contact with a mafic volcanic-basalt Basalt- Gabbro? Dark grey, fine grain, minor rusty weathering along fractures, approx 30% milky white- light green plagioclase, trace of fine grain disseminated and splashy pyrite, non mag Grab Grab Grab Grab Grab Grab Pegmatite dyke, concordent to the host rock, basalt, light reddish pink, coarse grain, minor rusty weathering along fractures, large fragments of quartz and k-spar feldspar, trace of fine grain and aggregate moly, non mag Gabbro, dark grey, fine grain, minor rusty weathering along fractures, light green plagioclase, trace of fine grain-splashy pyrrhotite, locally moderately mag Pegmatite granite, approx 10-25cm wide and 2-3cm long, light pink with clear white quartz, coarse grain, minor rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag on contact with a mafic volcanic basalt Pegmatite granite, approx 10-25cm wide and 2-3cm long, light pink with clear white quartz, coarse grain minor rusty, weathering along fractures, trace of fine grain, pyrite, trace fine grain and aggregate moly, non mag. On contact with a mafic volcanic- basalt Pegmatite granite, approx 3 feet wide and 6 feet long, open in both directions, vein is 30 degrees N-NE and dipping east into a creek, pinkish brown with clear white quartz, minor rusty wetahering along fractures, trace of cubic galena, approx 5-7% fine grain disseminated and aggregate moly, non mag. On contact with a mafic volcanic basalt Pegmatite granite, approx 3 ft wide and 6ft long, opening both directions, vein is 30 degrees N-NE and dipping east into a creek, pinkish brown with clear white quartz, coarse grain, med rusty weathering along fractures and throughout, trace to 1% fine grain disseminated and aggregate moly contained in small stringers, non mag. On contact with a mafic volcanic basalt Gabbro, dark grey, fine grain, minor rusty weathering along fractures, plagioclase is light green, Grab trace of fine grain splashy pyrrhotite, non mag Quartz vein, approx 3-5cm wide and approx 3ft long, clear white, coarse grain, minor rusty weathering along fractures, and throughout, yellow weathering-staining along fractures, approx Grab % fine grain disseminated and aggregate moly, non mag, vein is 164 degrees. On contact with a monzonite granite. Quartz vein, plates of quartz in the falt valley between the two mafic volcanic- baslat, walls, large pieces ranging from 1000lbs. Fell into creek, clear white, coarse grain, medium rusty weathering Grab along fractures, yellow staining-weathering along fractures, vein-stringers of biotite, approx 5-10% fine grain disseminated and aggregate moly throughout and along fractures, non mag on contact with a mafic volcanic-basalt Grab Same as sample Pegmatite dyke & Quartz vein, plates of quartz in the falt valley between the two mafic vlcanicbasalt walls, large pieces ranging from 1000lbs. Fell into creek, clear white, coarse grain, approx Grab % fine grain disseminated and aggregate moly, non mag. On contact with a mafic volcanicbasalt Quartz vein, plates of quartz in the fault between the two mafic volcanic-basalt walls, large pieces ranging from lbs fell into the creek, vein is approx 20cm wide and approx cm long, clear white, coarse grain, minor rusty weathering along fractures and along contact approx 5% Grab fine grain disseminated moly contained along fractures with traces of fine grain and aggregate moly throughout, non mag. Vein running at 5 degrees N. On contact with a mafic volcanicbasalt. Quartz vein, approx 5cm wide and approx 20-25cm long, it pinches and swells, clear white coarse grain, minor rusty weathering along fractures and along contact, approx 5% fine grain Grab disseminated moly contoured along fracturtes with traces of fine grain and aggregate moly throughout, non mag, vein 5 degrees N. On contact with a mafic volcanic-basalt. Quartz vein, approx 20-30cm wide, clear white, coarse grain, medium rusty weathering along Grab fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag. On contact with a monzonite granite. Quartz vein, approx 15-30cm wide and approx. 10m long, coarse grain, clear white with an Grab overall light blue tinge/impurities to it, trace of fine grain pyrite, trace of fine grain moly, non mag On contact with a monzonite granite.

31 MetalCORP Sample Description Sheet Project Name: Floating Heart Sampler/s: Mitch Dumoulin and Shane Dyer NAD- 83 Sample # UTM's NAD: Easting Northing Ag g/t Mo % Re g/t Au g/t

32 MetalCORP Sample Description Sheet Project Name: Floating Heart Date: Aug 2008 Area: White River, Floating Heart, Mishibishu Sampler/s: Mitch Dumoulin and Shane Dyer NAD- 83 Sample # Sample UTM's NAD: Sample Description Type Easting Northing Grab Gabbro, dark grey, fine grain, minor rusty weathering along fractures, approx 60-70% fine grain, Amphiboles (hornblendes) approx 30-40% fine grain- light green plagioclase, trace to 1% fine grain disseminated- splashy pyrrhotite, weakly mag Grab Quartz vein, approx 4-8cm wide and 3-4 feet long, clear white, coarse grain, minor rusty weathering along fractures, moderately silicified, with a sugary texture, brownish-red Iran staining throughout, trace of fine grain moly, non mag, on contact with a monzonite granite Grab Gabbro, dark grey, fine grain, minor rusty weathering along fractures, approx 50-60% fine grain. Amphiboles (hornblende), approx 40-50% fine grain- light green plagioclase, trace of fine grain- splashy pyrrhotite, locally moderately mag Grab Quartz vein, approx 3cm wide and approc 2 feet long clear white, coarse grain, minor rusty weathering along fractures, trace of weathered cubic pyrite, non mag, On contact with a granite Grab Quartz vein, approx 9-10cm wide and approx 3 feet long clear white, coarse grain, minor rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag on contact with a granite Grab Monzonite granite, light pink with smokey grey quartz, coarse grain, minor rusty weathering along fractures, extreme potussic alteration with a strong pegmatite texture, approx 1% fine grain disseminated and cubic fluorite throughout and along fractures trace of fine grain and aggregate moly, non mag on contact with a mafic volcanic-basalt Grab Grab Grab Grab Grab Basalt- Gabbro? Dark grey, fine grain, minor rusty weathering along fractures, approx 30% milky white- light green plagioclase, trace of fine grain disseminated and splashy pyrite, non mag Pegmatite dyke, concordent to the host rock, basalt, light reddish pink, coarse grain, minor rusty weathering along fractures, large fragments of quartz and k-spar feldspar, trace of fine grain and aggregate moly, non mag Gabbro, dark grey, fine grain, minor rusty weathering along fractures, light green plagioclase, trace of fine grain-splashy pyrrhotite, locally moderately mag Pegmatite granite, approx 10-25cm wide and 2-3cm long, light pink with clear white quartz, coarse grain, minor rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag on contact with a mafic volcanic basalt Pegmatite granite, approx 10-25cm wide and 2-3cm long, light pink with clear white quartz, coarse grain minor rusty, weathering along fractures, trace of fine grain, pyrite, trace fine grain and aggregate moly, non mag. On contact with a mafic volcanic- basalt

33 Grab Grab Grab Grab Grab Grab Same as sample Grab Grab Grab Grab Grab Pegmatite granite, approx 3 feet wide and 6 feet long, open in both directions, vein is 30 degrees N-NE and dipping east into a creek, pinkish brown with clear white quartz, minor rusty wetahering along fractures, trace of cubic galena, approx 5-7% fine grain disseminated and aggregate moly, non mag. On contact with a mafic volcanic basalt Pegmatite granite, approx 3 ft wide and 6ft long, opening both directions, vein is 30 degrees N-NE and dipping east into a creek, pinkish brown with clear white quartz, coarse grain, med rusty weathering along fractures and throughout, trace to 1% fine grain disseminated and aggregate moly contained in small stringers, non mag. On contact with a mafic volcanic basalt. Gabbro, dark grey, fine grain, minor rusty weathering along fractures, plagioclase is light green, trace of fine grain splashy pyrrhotite, non mag Quartz vein, approx 3-5cm wide and approx 3ft long, clear white, coarse grain, minor rusty weathering along fractures, and throughout, yellow weathering-staining along fractures, approx 1% fine grain disseminated and aggregate moly, non mag, vein is 164 degrees. On contact with a monzonite granite. Quartz vein, plates of quartz in the falt valley between the two mafic volcanic- baslat, walls, large pieces ranging from 1000lbs. Fell into creek, clear white, coarse grain, medium rusty weathering along fractures, yellow staining-weathering along fractures, vein-stringers of biotite, approx 5-10% fine grain disseminated and aggregate moly throughout and along fractures, non mag on contact with a mafic volcanic-basalt Quartz vein, plates of quartz in the falt valley between the two mafic vlcanic- basalt walls, large pieces ranging from 1000lbs. Fell into creek, clear white, coarse grain, approx 3% fine grain disseminated and aggregate moly, non mag. On contact with a mafic volcanicbasalt Quartz vein, plates of quartz in the fault between the two mafic volcanic-basalt walls, large pieces ranging from lbs fell into the creek, vein is approx 20cm wide and approx cm long, clear white, coarse grain, minor rusty weathering along fractures and along contact approx 5% fine grain disseminated moly contained along fractures with traces of fine grain and aggregate moly throughout, non mag. Vein running at 5 degrees N. On contact with a mafic volcanic-basalt. Quartz vein, approx 5cm wide and approx 20-25cm long, it pinches and swells, clear white coarse grain, minor rusty weathering along fractures and along contact, approx 5% fine grain disseminated moly contoured along fracturtes with traces of fine grain and aggregate moly throughout, non mag, vein 5 degrees N. On contact with a mafic volcanic-basalt. Quartz vein, approx 20-30cm wide, clear white, coarse grain, medium rusty weathering along fractures, trace of fine grain pyrite, trace of fine grain and aggregate moly, non mag. On contact with a monzonite granite. Quartz vein, approx 15-30cm wide and approx. 10m long, coarse grain, clear white with an overall light blue tinge/impurities to it, trace of fine grain pyrite, trace of fine grain moly, non mag. On contact with a monzonite granite.

34 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Page: 1 Finalized Date: 17-OCT-2008 Account: METCOR CERTIFICATE TB Project: WHITE RIVER - DORSEY P.O. No.: This report is for 1 Drill Core sample submitted to our lab in Thunder Bay, ON, Canada on 14-OCT The following have access to data associated with this certificate: ANDREW DALBY MITCH DUMOULIN AUBREY J. EVELEIGH SAMPLE PREPARATION ALS CODE DESCRIPTION FND-02 Find Sample for Addn Analysis ANALYTICAL PROCEDURES ALS CODE DESCRIPTION INSTRUMENT ME-OG62 Ore Grade Elements - Four Acid ICP-AES Mo-OG62 Ore Grade Mo - Four Acid VARIABLE To: METAL CORP LTD ATTN: MITCH DUMOULIN 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 This is the Final Report and supersedes any preliminary report with this certificate number. Results apply to samples as submitted. All pages of this report have been checked and approved for release. Signature: Colin Ramshaw, Vancouver Laboratory Manager

35 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Project: WHITE RIVER - DORSEY Page: 2 - A Total # Pages: 2 (A) Finalized Date: 17-OCT-2008 Account: METCOR CERTIFICATE OF ANALYSIS TB Sample Description Method Analyte Units LOR Mo-OG62 Mo % E

36 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Page: 1 Finalized Date: 12-OCT-2008 Account: METCOR CERTIFICATE TB Project: WHITE RIVER - DORSEY P.O. No.: This report is for 22 Drill Core samples submitted to our lab in Thunder Bay, ON, Canada on 23-SEP The following have access to data associated with this certificate: ANDREW DALBY MITCH DUMOULIN AUBREY J. EVELEIGH ALS CODE WEI-21 LOG-21 CRU-31 CRU-QC PUL-QC SPL-21 PUL-31 DRY-21 SAMPLE PREPARATION DESCRIPTION Received Sample Weight Sample logging - ClientBarCode Fine crushing - 70% <2mm Crushing QC Test Pulverizing QC Test Split sample - riffle splitter Pulverize split to 85% <75 um High Temperature Drying ALS CODE ME-MS61 PGM-MS24 Au-AA26 ANALYTICAL PROCEDURES DESCRIPTION 48 element four acid ICP-MS Pt, Pd and Au 50g FA ICP-MS Ore Grade Au 50g FA AA finish ICP-MS AAS To: METAL CORP LTD ATTN: MITCH DUMOULIN 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 This is the Final Report and supersedes any preliminary report with this certificate number. Results apply to samples as submitted. All pages of this report have been checked and approved for release. Signature: Colin Ramshaw, Vancouver Laboratory Manager

37 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Project: WHITE RIVER - DORSEY Page: 2 - A Total # Pages: 2 (A - D) Plus Appendix Pages Finalized Date: 12-OCT-2008 Account: METCOR CERTIFICATE OF ANALYSIS TB Sample Description Method Analyte Units LOR WEI-21 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 Recvd Wt. Ag Al As Ba Be Bi Ca Cd Ce Co Cr Cs Cu Fe kg ppm % ppm ppm ppm ppm % ppm ppm ppm ppm ppm ppm % E E E E E E < E E < E E < E < E < < E E E < E < E < < E < < E < < E < < E < E < ***** See Appendix Page for comments regarding this certificate *****

38 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Project: WHITE RIVER - DORSEY Page: 2 - B Total # Pages: 2 (A - D) Plus Appendix Pages Finalized Date: 12-OCT-2008 Account: METCOR CERTIFICATE OF ANALYSIS TB Sample Description Method Analyte Units LOR ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 Ga Ge Hf In K La Li Mg Mn Mo Na Nb Ni P Pb ppm ppm ppm ppm % ppm ppm % ppm ppm % ppm ppm ppm ppm E E < < < E E < E < < < E E E < < E E < < E < < E < E < E E < E < > E < E < < E < E E < < < E < < < ***** See Appendix Page for comments regarding this certificate *****

39 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Project: WHITE RIVER - DORSEY Page: 2 - C Total # Pages: 2 (A - D) Plus Appendix Pages Finalized Date: 12-OCT-2008 Account: METCOR CERTIFICATE OF ANALYSIS TB Sample Description Method Analyte Units LOR ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 ME-MS61 Rb Re S Sb Sc Se Sn Sr Ta Te Th Ti Tl U V ppm ppm % ppm ppm ppm ppm ppm ppm ppm ppm % ppm ppm ppm E < E < E E < E < E E < E E < < E < < < < E < < < E E < < E < E < < E E < < E < E < < E < E < < E < ***** See Appendix Page for comments regarding this certificate *****

40 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Project: WHITE RIVER - DORSEY Page: 2 - D Total # Pages: 2 (A - D) Plus Appendix Pages Finalized Date: 12-OCT-2008 Account: METCOR CERTIFICATE OF ANALYSIS TB Sample Description Method Analyte Units LOR ME-MS61 ME-MS61 ME-MS61 ME-MS61 PGM-MS24 PGM-MS24 PGM-MS24 Au-AA26 W Y Zn Zr Au Pt Pd Au ppm ppm ppm ppm ppm ppm ppm ppm E E < <0.001 E E < <0.001 E < <0.001 E <0.001 E E < <0.001 E E < <0.001 E < <0.001 E >1.00 < < E < <0.001 E E < <0.001 E <0.001 E E < < <0.001 E < <0.001 E <0.001 E < <0.001 E < <0.001 ***** See Appendix Page for comments regarding this certificate *****

41 ALS Chemex EXCELLENCE IN ANALYTICAL CHEMISTRY ALS Canada Ltd. 212 Brooksbank Avenue North Vancouver BC V7J 2C1 Phone: Fax: To: METAL CORP LTD 309 S. COURT STREET THUNDER BAY ON P7B 2Y1 Project: WHITE RIVER - DORSEY Page: Appendix 1 Total # Appendix Pages: 1 Finalized Date: 12-OCT-2008 Account: METCOR CERTIFICATE OF ANALYSIS TB Method ME-MS61 ME-MS61 CERTIFICATE COMMENTS Interference: Mo>400ppm on ICP-MS Cd,ICP-AES results shown. REE's may not be totally soluble in this method.

42 Paint Lake Road Floating Heart Lake MetalCORP LTD. Date:21/10/ metres 500 Geologist: Mitch Dumoulin Office: Thunder Bay Mapper Mitch Dumoulin Digital Cartagraphy C. Salo Figure 2 Au - Moly Project Claim Location N.T.S. Projection: NAD 83, UTM Zone 16

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44 Floating Heart Property: 2008 Mapping Costs Cost Type Personnel Cost Description Work Units Cost/Unit Costs Salaries Mitch Dumoulin Mapping Program 2008 Preparation 1.00 $ $ Mitch Dumoulin Mapping 2008 (Days) 8.00 $ $4, Shane Dyer Assistant 2008 (Days) 8.00 $ $3, Sub-Total $7, Transportation MetalCORP Truck Lease 2008 (days) 8.00 $25.00 $ MetalCORP Fuel 2008 (Lease Truck) $ Sub-Total $ Meals/Lodging MetalCORP Motel Rooms (2) (White River nights) $1, All meals charges included with the rooms Sub-Total $1, Analytical Work Accurassay Labs Sample Analysis 2008 (Au & Multi-element ICP) 22 $97.16 $2, Note: Samples were sent rush for analysis Sub-Total $2, Assessment Rep. Mitch Dumoulin Assessment Report to file at MNDM 5.00 $ $2, Cathy Salo Digitizinng of maps for assessment report 2.00 $ $ Sub-Total $3, TOTAL COSTS $15, Au-Moly Costs Sept 2008 Page 1 of 1 10/31/2008

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