Dissimieux Lake Phosphate Project

• (8.30 km2 -66.7% interest; earn in up to 90%, additional 43.20 km2  - 100%)
• 5% increase in ownership in 8.30 km2  for every $500,000 in exploration work
• No NSR to Vendors and free carried interest to Vendors
• *235 million tonnes @ 3.65% P2O5 and 4.72% TiO2
• 92% apatite (Ca5(PO4)3F) recovery – to produce a 41.2%P2O5 concentrate
• 62.5% ilmenite (FeTiO3)recovery - to produce a 48.1% TiO2 concentrate

* Historical resources in the presentation are historical estimates that predate NI 43-101 and are not compliant with current definitions, have not been verified by the company and consequently should not be relied on by investors.

Production of Apatite Concentrate and Synthetic Rutile - July 10, 2000

An Investigation of the Recovery of Apatite and Ilmenite From An Ore Sample - October 12, 2000

Scoping Study for the Development of An Ilmenite-Apatite Deposit - December, 2000