Mirabelli

Western James Bay territory, Quebec

100%-owned

Operator : Majescor
Development Stage : Reconnaissance and targeted exploration (Year-3)
Target : Volcanogenic massive sulphide (“VMS”) deposit; shear-zone or iron formation\sediment-hosted gold deposit.
Property : 1,537 CDCs covering a total surface area of 818 km²
Significant Results : A 34,569 line-km high resolution airborne geophysical survey of the property by De Beers (2004-2005) identified 66 electromagnetic conductors forming 29 “sulphide” targets with potential to host massive sulphide mineralization. None of the sulphide targets have been tested. Majescor explored Mirabelli for diamonds from 2006 through to February 2008. New geophysical, mineralogical and geological data acquired as part of the diamond program provides additional evidence of the gold and base metal potential of the property. These new datasets cover specific portions of the property and add to the existing data which covers the 15,267 km² surface area of the original Mirabelli property Area of Interest.
Status : First phase of targeted prospecting, mapping and geochemical sampling on the property in 2008.

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In September of 2006, Majescor signed an Option Agreement with De Beers Canada Inc. (“De Beers”) to earn an interest in the Mirabelli property held by Beers. The vast 3,246 km² property, the single largest mining property in Quebec at the time, is located in western James Bay Territory, 80 km south of Goldcorp’s Éléonore gold project. The James Bay hydroelectric access road runs right through the property.

The Mirabelli property was deemed by Majescor to have potential for primary diamond occurrences based on regional and targeted exploration work carried out by De Beers starting in the mid 1990’s and ending in 2005. Exploration expenditures by De Beers over this period totalled $3.7 million. During the course of the diamond exploration program, De Beers acquired geophysical, mineralogical and geological data which indicated the Mirabelli property was also prospective for gold and base metals. A 34,569 line-km high resolution airborne geophysical survey was flown on the property between 2004 and 2005. The survey identified 66 electromagnetic (“EM”) conductors, forming 29 “sulphide” targets with potential to host massive sulfide mineralization. None of the sulphide targets were tested by De Beers. Two new unmapped greenstone belts were also identified based on airborne geophysics. Coarse visible gold particles were detected in glacial sediment samples collected over the greenstone belts.

The discovery by partners Siros Resources Inc. and Dios Exploration inc. of a high grade silver-gold showing in altered felsic pyroclastics on its Pontax property (up to 821 g/t Ag, 1.31 g/t Au, 0.56% Pb and 0.18% Zn over 4.36 m), along with several gold-in-till anomalies provides additional evidence of the gold and base metal potential of the Mirabelli property area.

Majescor explored the Mirabelli property for diamonds from October 2006 through to February 2008. As part of the diamond exploration program, Majescor acquired new geophysical, mineralogical and geological data in support of the potential for gold and base metals. These new datasets both cover specific portions of the property (an anomalous 1 km-long segment of greenstone terrain has also been delineated based on bedrock grab samples grading between 0.1 to 0.5 g/t Au), and extend to cover the full 15,267 km² surface area of the original Mirabelli property Area of Interest.

In 2007, Majescor launched a CDC renewal and abandonment process on the Mirabelli property. The total surface area of the property has been reduced from 3,246 km² (6,093 CDC) in January 2007, to 818 km² (1,537 CDC) as of the reporting date.

On April 7, 2008, Majescor purchased 100% of the mineral rights on the Mirabelli property and Area of Interest from De Beers in exchange for a 1% royalty on any economic mineral deposit that goes into commercial production.

Majescor is committed to moving the Mirabelli gold and base metal project forward. To this effect, the Company plans a focused ground exploration program for the summer 2008 field season. This program will aim to investigate the “high priority” airborne sulphide targets, together with a series of gold-in-till anomalies.