Phoenix Location Map 386 KB, approx. 1 minute, 13 seconds at 56.6Kbps

• Project contains the Big Bird and Curlew lithium rich pegmatites.
• Big Bird returned drill results of 1.24% Li₂O over 34.3m.
• Curlew returned 1.72% Li₂O over 14.87 m.
• Located less than 60 km from existing winter road infrastructure.

The Phoenix Project contains at least two large lithium rich pegmatites. The Big Bird pegmatite has been mapped over a 1280 m strike length with observable outcrop widths of 8 m to greater than 80 m wide. The Curlew pegmatite has been mapped over a strike length of 400 m and widths up to 20 m.

In August 2009, the Company conducted a 682 m seven-hole drilling program at the Phoenix Project. The first hole testing the Big Bird pegmatite was drilled to the northeast at an angle of 45 degrees. The hole collared in spodumene pegmatite, intersecting 34.3 m of pegmatite and related felsite and aplite grading 1.24% Li₂O. Three additional holes tested targets in the Big Bird area. All were drilled to southwest and, although each hole intersected narrow intervals of lithium bearing pegmatite, this drilling is interpreted to have not properly tested targeted surface exposures of the Big Bird pegmatite. The geological attitude of the Big Bird pegmatite remains uncertain; however, the 1,200 m long exposure that has been mapped at surface is now interpreted to dip to the southwest. Therefore, additional evaluation drilling would best be carried out after freeze-up, thereby allowing for more appropriate ice-based setups.

The final three holes of the program were intended to test the new Curlew pegmatite, located three kilometres east of the Big Bird pegmatite. The Curlew pegmatite has been mapped over a strike length in excess of 400 m and prospecting and geophysical surveys indicate a longer strike length is possible. Drilling tested the pegmatite over a 315 m strike length with each hole drilled to the south at a 45 degree angle. The first drill hole intersected a 25.11 m interval of spodumene pegmatite grading 1.37% Li₂O (starting at 9.94 m downhole), and the second hole, drilled 315 m to the east, intersected 1.47% Li₂O over 8.57 m, starting at 17.25 m downhole. The final hole was collared between the first two holes and intersected two intervals of mineralized pegmatite. The upper interval started at 14.43 m downhole and returned 1.72% Li₂O over 14.87 m and the lower interval intersected 1.26% Li₂O over 6.65 m. The upper and lower intervals were separated by 8.2 m of weakly mineralized spodumene pegmatite and metasediment. The significant grades and widths returned from this limited exploration drilling program illustrate the potential for the Phoenix Project area to host a number of large lithium rich pegmatites.

Phoenix Channel Samples and Geology 330 KB, approx. 1 minute, 2 seconds at 56.6Kbps

Phoenix Mag with Pegmatite 544 KB, approx. 1 minute, 42 seconds at 56.6Kbps

Big Bird Outcrop with Pale Green Spodumene 597 KB, approx. 1 minute, 52 seconds at 56.6Kbps