The Company’s exploration and operating budget for the remainder of years 2012 and 2013 is estimated at
$5,000,000 to be expended predominantly on the Company’s portfolio of precious metals projects: Timmins
Whitney Joint Venture and Juby Gold Project. The exploration expenditures are intended to be directed
primarily to diamond drilling, and resource evaluations.
The Company believes that the funds on hand after completing the Private Placement on October 11, 2012 are sufficient to conduct all of its planned business activities to the year ended February 28, 2014.