SUMMARIES OF ALL PROPERTIES

The resource estimates listed below have not been verified and accordingly may vary significantly. They have been taken from government files or internal reports and must be considered historic. References are provided for the sources in each instance.

FROM WEST TO EAST

HANSON LAKE CAMP
• Hanson Lake – Hanson Lake Area, Saskatchewan
      o 1 Former Producing VMS Deposit 1967-1969
      o 162,000 tons averaging 10% Zn, 5.8% Pb, 0.5% Cu. and 4.0 oz/t Ag.
      o Undisclosed tonnage of unmined resource exist below mine workings
      o 2VMS occurrences, large alteration zone south of former mine
      o 2 km of untested to poorly tested mine horizon.
Reference: 1991, Hanson Lake Mine, NTS 63L/10NW, Open File Report 91-1, Saskatchewan Energy and Mines, Saskatchewan Geological Survey.

• Radar Property
This property is located 70 kilometres west of Flin Flon, in Saskatchewan and consists of three claims (576
hectares). One additional claim, previously acquired by staking by Copper Reef, is contiguous to
the Radar property to the north. The property hosts two poorly defined copper zones.

Radar Highlights
      o North zone
          The best intersection was 2.72 per cent copper, 5.9 grams per tonne silver and 0.31 gram
          per tonne gold over 3.4 metres.
      o South zone
          The best intersection was 1.46 per cent copper, 5.4 grams per tonne silver and 0.9 gram
          per tonne gold over 3.7 metres Downhole pulse electromagnetic data suggest that stronger conductors lie           to the south at depth.

FLIN FLON CAMP
• Big Island Property Group – Big Island East, Bartley Lake Properties
      o 1VMS zone, best intersection was 22.44% Zn, 0.58% Cu, 2.73 oz Ag and 0.17 oz Au/ 40.67 feet
      o Untested Spectrum Airborne on same horizon toward Trout Lake Mine.
      o 2 km east from HBMS’ Trout Lake Mine (approximately 20,000,000 tons)
      o Has on strike stratigraphy and same lithologies as the McBratney Lake (PGE) occurrence 500 m to the          south, best drill intercept of 8.9 g/t Pd, 1.6 g/t Pt , 1.6% Cu and 1,2% Ni (Hudson Bay’s McBratney          Occurrence)
Reference: Gale, G.H., and Eccles, D.R., 1988. Mineral deposits and occurrences in the Flin Flon Area, Manitoba, NTS 63K/13: Part I, Mikanagan Lake Area (63K/13SE), Mineral Deposit Series Report No. 1. Manitoba Energy and Mines, pg. 131.

• Smelter Property (Wax Claims)
          Location: Flin Flon, main mine area (276 hectares)
          These claims lie approximately 200 metres north of the Callinan orebody and one kilometre
          north of the Triple Seven orebody which are presently being mined. The property contains the
          same geological units as the mine stratigraphy. Copper Reef is planning deep-penetrating
          geophysical surveys to be followed immediately by drilling this fall and winter. Only one hole
           has ever been drilled into the property and that hole was shut down prior to intersecting the key
           mine unit. This property is considered by Copper Reef's management and colleagues in the area
           as the most exciting exploration target in the region. Please see the detail map showing the
           smelter claim area on the company's website.

• BBS Property Group – Big Island West, Bib and Steeves Properties
Flin Flon
      o Large (1000 m x 200 m) VMS style alteration system in rhyolites
      o Best intercept 1.20% Cu, 2.10 % Zn, 0.90 g/t Au, 16.1 g/t Ag / 2m
      o The Trout Lake deposit (~20 Mt @ 1.80% Cu, 5.60% Zn, 1.70 g/t Au and 17.4 g/t Ag) is located 4 kilometres          NW along strike of the property
      o 5VMS occurrences, 3 km east of Flin Flon
References: Gale, G.H., and Eccles, D.R., 1988. Mineral deposits and occurrences in the Flin Flon Area, Manitoba, NTS 63K/13: Part II, Mikanagan Lake Area (63K/13SW), Mineral Deposit Series Report No. 2. Manitoba Energy and Mines, pgs. 35-39. Internal Report by Aur Resources

• Lucille Lake – Flin Flon, Manitoba
      o 1 Copper VMS Occurrence, May Zone
      o Best intersection 3.06% cu/ 5.5 m
      o Other intersections 1.4% Cu/ 13.1 m, 1.83% Cu/ 8.2 m, 2.14% Cu/ 4.5 m,1.40% Cu/ 9.1 m
Reference: Gale, G.H., and Norquay, L.I., 1996. Mineral deposits and occurrences in the Cranberry Portage Area, Manitoba, NTS 63K11. Mineral Deposit Series Report No. 16. Manitoba Energy and Mines, pgs. 31-39.

• Leo Lake Property Group (Lew, Alberts, Mike, Mur, and Amulet Properties)
      o 20 km East of Flin Flon, Baker Patton Felsic Complex
      o 6 VMS zones, 5 Au zones, >20 Au occurrences
      o Alberts Lake Gold Zone (Alberts Property): Values up to 125 g/t Au were noted in Grab Samples. The best          intersection was 10.89 g/t Au over 9.0 metres at 225 metres vertical depth. Approximately 60 holes have          been drilled into the zone. It has been tested over a 500 metre strike length, and to a depth of 325 metres.    
         to Wally Occurrence (Alberts Property): 100 tonnes at 16 g/t Au removed. Trenches samples returned 11.24          g/t Au and 54 g/t Ag over 1.2 metres. A Grab Sample of mineralized rubble from the same trench returned          37.24 g/t Au and 61 g/t Ag. Two Granges drill holes, which tested the vein obtained shallow (<18 metres          vertical) intersections of 5.32 g/t Au over 0.5 metres (AL-75) and 3.00 g/t Au over 1 metre (AL-77).
      o Gwynne Zone (Alberts Property): Surface samples from the shear yield high grade gold values (3.54 g/t Au          up to 124.1 g/t Au. Values up to 3.0 metres at 10.39 g/t Au, 18.0 g/t Ag were yielded from drilling.
      o Amulet VMS Occurrences (Amulet Property) - best intercept 2.18% Cu and 0.90 % Zn over 2.6 metres in drill          hole
      o Leo Lake Occurrence (Lew Property) 79,417 metric tonnes (non 43-101) at 3.65% Cu and 1.94% Zn. The best          interval from the 1997 drilling program, an intersection of the 24 zone in hole 97-Lw-3, returned 8.44% Cu,          0.03% Zn, 6.0 g/t Ag, and 0.77 g/t Au over 7.3 metres (true width 4.2 metres
      o 159 Zone (Lew Property): 3.10% Cu, 10.50% Zn, 10.4 g/t Ag, and 1.28 g/t Au, over a core length of 1.5          metres. Short strike length zone open down-plunge. Possibility that 159 zone and Leo Lake deposit may          intersect at depth
      o Lion Zone- (Lew Property): Geological resources of 58,500 tonnes at 22.28 g/t Au (38,600 oz Au). Deposit          still open
      o Lew Zone (Lew Property): High grade Au Mineralization occurs ( up to 137 g Au /t over 0.9 metres – V.G.          noted in log) in several thin sections, but they appear to be discontinuous pods of very narrow width.
Reference: Gale, G.H., and Eccles, D.R., 1988. Mineral deposits and occurrences in the Flin Flon Area, Manitoba, NTS 63K/13: Part 1, Mikanagan Lake Area (63K/13SE). Mineral Deposit Series Report No. 1. Manitoba Energy and Mines, pgs. 31-34.

• Jewel Box - Flin Flon, Manitoba
      o 1 gold occurrence, high grade narrow quartz carbonate vein
      o 30km East of Flin Flon, near Sherridon Railway Line
      o Best intersections are in core length:
         198 g/t Au / 10 cm (DDH-11)
         516 g/t Au /25 cm (DDH-12)
         143 g/t Au /28 cm (DDH-13)
Reference: Gale, G.H., and Norquay, L.I., 1996. Mineral deposits and occurrences in the Cranberry Portage Area, Manitoba, NTS 63K/11. Mineral Deposit Series Report No. 16. Manitoba Energy and Mines, pgs. 45-46.

SHERRIDON CAMP
• Kiss Property Sherridon Area , Flin Flon Belt, Manitoba
      o 2 km long gold zone 0.5- 5.2 g/t Au from surface Grab Samples
      o Discovered by Aur Resources when that company operated in the Flin Flon area
      o No drill holes
Reference: Internal Report by Aur Resources

• Kississing Property Sherridon Area , Flin Flon Belt, Manitoba
      o 1 VMS (Ideal) zone, open down plunge
      o Sherridon ore bodies (8.5 million tons @ 2.37% Cu, 2.28% Zn, 21.0 g/t Ag and 0.70 g/t Au) located five          kilometres east of the property
      o Best Intersections:
         1.50% Cu, 20.00% Zn, 4.5% Pb, and 189 g/t Ag / 3.1m
         0.76% Cu, 12.50% Zn, 3.7% Pb, and 155 g/t Ag / 0.6m
         1.65% Cu, 3.88% Zn, and 0.65 g/t Ag / 1.5 m
         2.70% Cu, 6.90% g/t Au / 2.0 m
Reference: Ostry, G., Athayda, P., and Trembath, G.D., 1998. Mineral deposits and occurrences in the Serridon Area, Manitoba, NTS 63N/3. Mineral Deposit Series Report No. 17. Manitoba Energy and Mines, pgs 33-38.

SNOW LAKE- REED LAKE CAMP - Morgan Lake Snow Lake, Manitoba
Morgan Deposit
      o Approximately, 200,000 tonnes grading 8% Zn. Likely that the deposit plunges to the north. This area has          never been tested.
Finlayson Find Gold Occurrence:
      o Best intersection: 19.95 g/t Au over 2.3 metres.
Blue Zone:
      o Best intersection: 5.76 g/t Au over 0.6 metres
Reference: Fedikow, M.A.F., Ostry, G., Ferreira, K.J., and Galley, A.G., 1989. Mineral deposits and occurrences in the File Lake Area, Manitoba, NTS 63K16. Mineral Deposit Series Report No. 5.. Manitoba Energy and Mines, pgs. 81-86.

Sherlynn Property
      o Location: Lynn Lake belt, near airport (1,371 hectares)
The property, consisting of 22 leased claims, is located four kilometres north of the city of Lynn Lake at Beige Lake.

Sherlynn Highlights
      o The Goodenough copper deposit was drilled by Sherritt Gordon in the 1950s.
         They outlined 165,000 tonnes (historic and non-43-101-compliant) of 2.63 per cent copper, 1.21
          per cent zinc and 2.06 grams per tonne gold. Granges in the late 1970s upped the historic
          resource (also not 43-101-compliant) to 330,000 tonnes of 2.48 per cent copper, 0.62 per cent
          zinc, 24.88 grams per tonne silver and 1.49 grams per tonne gold. The drilling outlined the
          mineralization down to 325 metres vertically and it has a strike length of 500 metres at surface
          with an average width of two to three metres.
      o The Barbara zinc zone is located 400 metres south of the Goodenough copper zone
         and is a poorly defined zone of semi-massive sulphides of pyrite, sphalerite and chalcopyrite. It
          has a strike length of 500 metres, with the deepest intersection down to 325 metres. Soil enzyme
          leach anomalies and TEM magnetic anomalies suggest an addition to the zone may extend 400
          metres south of any drilling to date. Deeper drilling was recommended by Aur Resources.
Some of the better historic results:
      o Intersected 0.42 per cent copper, 2.77 per cent zinc, 17.8 grams per tonne silver and
         0.6 gram per tonne gold over 6.1 metres (true width);
      o Intersected 0.21 per cent copper, 2.84 per cent zinc, 4.98 grams per tonne silver and
         0.20 gram per tonne gold over 4.1 metres (true width);
      o Intersected 420 grams per tonne silver and 12.69 grams per tonne gold over 0.8 metre
         (in a black argillite unit).

Counsell Property
This property is located 20 kilometres southwest of Lynn Lake where the Hudson Bay
rail line runs through the property. The property consists of 16 claims (2,586 hectares). Twenty
drill holes into the property have outlined four poorly defined mineralized zones.

Counsell Highlights
      o Boiley Lake zone
      o Intersected 3.6 per cent copper and one gram per tonne gold over three metres
         (2.9-metre true width);
      o Intersected 3.4 per cent copper and 1.1 grams per tonne gold over 2.1 metres
         (1.8-metre true width)
      o Intersected 3.3 per cent copper and two grams per tonne gold over 1.8 metres
         (1.8-metre true width)
      o Downhole pulse data suggest a two-to-three-times-stronger conductive body at depth which is
         undrilled.
      o Sell 6 zone
         The best intersection was 0.8 per cent copper over 3.6 metres
         (2.6-metre true width).
      o Counsel Lake zone
         The best intersection was 3.7 per cent copper and 0.8 gram per tonne gold over five metres
         (2.9-metre true width).
      o Sell 12 zone
         The best intersection was 1.1 per cent copper over 5.9 metres(4.2-metre true width).
      o Cook Lake Property
         This property is located 15 kilometres west of Snow Lake, Man., and consists of two
         separate non-contiguous claims.

Cook Lake Highlights
      o Cook Lake property
         This claim is located two kilometres west of the large new Lalor deposit presently being
         developed by Hudson Bay. It is thought that this claim may contain the down-plunge extension
         of the Pen 2 zone (owned by Hudbay Minerals) which hosts approximately 665,000 tonnes of 8.3
         per cent zinc only 200 metres to the southwest of the Cook Lake property.
      o Irene claim
         This claim is located just a few hundred metres north of Copper Reef's 100-per-cent
         wholly owned Woosey Lake property, where Copper Reef is planning to drill two new VTEM
         anomalies this winter. The mineralization on the Irene claims appears to be separate anomalies
         from the targets on the Woosey claims. The Irene claims contain two poorly defined areas of
         mineralization.
      o Irene Lake zone
         The best intersection was 4.58 per cent copper, 3.82 per cent zinc, 38.8 grams per tonne
         silver and 1.5 grams per tonne gold over 0.5 metre.
      o SCC zone
         This zone contained a 5.1-metre-thick unit of low-grade (1 per cent) copper and zinc massive sulphide.

NORTH STAR PROPERTY GROUP - Snow Lake, Manitoba
North Star Mining Lease, North Star, Star and Murr Properties
      o All weather road to site, Environmental surveys completed
      o Underground development to 100 foot level via ramp
      o 43-101 indicated resource of 19,100 tonnes of 10.6 g/t gold
      o Non 43-101 inferred resource of approximately 85,000 tonnes of similar grade calculated by Foran Engineers.
      o Blast holes from 400 drill holes from a surface bulk sample gave a average undiluted grade of 0.36 oz/ t Au          and underground sampling of faces gave an average grade of ).29 oz/t Au over 2.2 m
      o More drilling would be needed to prove up other resources and additional zones

Gold Rock Mining Lease
      o Lies on strike on the same shear as the North Star deposit
      o Contains high grade veins similar to North Star
      o Stockwell (GSC-1935) reports two adjacent sections of the vein: 17 m long averaging 14.9 g/t Au across an          average width of 0.95 m; and a 52 m long section averaging 39.4 g/t Au across an average width of 0.36 m.

Sewell Lake Property
      o Located on strike in same felsic package as former Dickstone Mine and to the north of VMS’s Reed Lake          discovery.
      o All weather road runs through property.
      o Contains a number of untested HLEM anomalies
      o 1 km south of former Dickstone copper zinc mine which produced 775,210 tonnes of ore at a average grade          of 2.4% copper, 3.12% zinc, 12.5g/t silver, 0.58 g/t gold and 0.8 % tin, Measured and indicated reserves          remaining unmined averaged 2.43% copper, 4.5% zinc, 10.6 g/t silver, and 0.41 g/t gold.
Reference: Heine, T.H., 2003. Mineral deposits and occurrences in the Elbow Lake Area, Manitoba, NTS 63K15. Mineral Deposit Series Report No. 30. Manitoba Energy and Mines, pgs. 103-148.