phase l exploration program line cutting and ......report on y-phase l exploration program line...

REPORT

ON

y-

PHASE l EXPLORATION PROGRAM

LINE CUTTING and HIGH RESOLUTION IP SURVEYS

SOUTH BAY fe BOOMERANG LAKE PROPERTIES

NTS52N/2

Agnew and Dent Townships (G-3738 and G-3737)

Red Lake Mining Division

Northwestern Ontario

May 22, 2O04

52N02NE2002 2.27743 AGNEW 010

Tribute Minerals CorporationJ. Gregory Davison, M.Se., P. Geo.

Vice President Exploration

TABLE OF CONTENTS

Page

Introduction lProperty 2Location and Access 3Previous Work 4 Regional Geology and Metallogeny 5Current Program 6Proposed Program 11

List of Figures

Figure l. Property Location Map, Red Lake District, NW OntarioFigure 2. Confederation Lake Property Claim GroupsFigure 3. Property Status Confederation Lake Claim GroupsFigure 4. Location and Topographic MapFigure 5. Property Claim Location Map - MNDMFigure 6. IP Survey Claim Location MapFigure 7. Northwestern Ontario Geology with Property LocationFigure 8. Regional Geology of Confederation Lake AreaFigure 9. Geology of South Bay l Boomerang Lake PropertyFigure 10. Base Metal Mineralization of South Bay Area

List of Tables

Table l. List of ClaimsTable 2. Line Cutting - Grid Dimensions

Appendices

1. Noranda Property Agreement2. JVX Ltd. IP Survey Interpretive Report

TRIBUTE MINERALS INC. - SOUTH BA Y/BOOMERANG LAKE PROPERTY 2OO4

INTRODUCTION

This property assessment report covers line cutting and induced polarization (IP) geophysical surveys carried out only over the southern portion (13 unpatented claims/ 29 units) of the South Bay and Boomerang Lake property. The line cutting program was completed during April 2004. The ground geophysical survey was completed during April and May 2004 and the final interpretive report is appended.

The primary objectives of the IP survey were:

r- To detect/delineate IP chargeability signatures associated with Cu- Zn-Ag VMS massive sulphide mineralization located in the adjacent South Bay Mine property and recognized in drill programs from previous operators.

r To determine within the survey area, if the new geophysical results support further diamond drilling.

' To map, where possible, geologic lithologies and structure to depth whose physical property signatures can be related to the resistivity parameter.

r To locate other priority areas, associated with South Bay Mine type massive sulphide type deposits, for drill testing within the survey boundaries, from surface to ^OOmetres.

The South Bay and Boomerang Lake property hosts known base metal sulphide VMS-style occurrences associated with heavily altered felsic pyroclastic metavolcanic horizons.

The South Bay and Boomerang Lake properties are included within Tribute Minerals' property package in the Confederation Lake area and the individual property status are given in Figures 2 and 3.

The South Bay property was optioned by Tribute Minerals Corporation from Noranda Inc. on February 12, 2002 (see Appendix 1). The Boomerang Lake property was staked in May 2003 and recorded by Tribute Minerals in May 14, 2003.

All of the field exploration work was carried out for Tribute Minerals Corporation under the direction of J. Gregory Davison, M.Se., P. Geo., Managing Director, Davison and Associates, and Vice President Exploration, Tribute Minerals Corporation, and a Qualified Person for the purposes of National Instrument (NI) 43-101.

Line cutting was carried out during April 2004 by crews by TopNotch


Exploration under the direction of Mike Desmeules of Red Lake, Ontario.

Ground geophysical surveys were completed during April and May 2003 by JVX Ltd. of Richmond Hill, Ontario, under the direction of Chris Hale and Slaine Webster. The interpretive report was prepared in May 2004.

PROPERTY

The Property was optioned by Tribute Minerals Corporation from Noranda Inc. on February 12, 2002. The details of the agreement are provided in Appendix l.

Under the terms of the agreement, Tribute Minerals has the right to earn 10007o interest in the South Bay property and several other claim blocks (Figures 2 and 3) by incurring annual escalating exploration expenditures totaling S3.5 million over four years, including 16,000 metres of diamond drilling. Noranda retains a back-in option for a 50^o participating interest in any deposit indicated by an independent scoping study to contain at least 8 million tonnes of massive sulphide or one million ounces of gold by expending 150% of Tribute's expenditures on the Property. If the back-in option is exercised, a joint venture will be formed relating to the Project Area defined to contain the deposit. Should Noranda elect not to exercise its back-in option, Noranda will retain a 207o NSR royalty relating to the relevant Project Area. In addition, Noranda will receive a one-time cash payment of S500,000 due upon submission of the first such scoping study with respect to the first Project Area in which Noranda does not exercise its back-in option and a further sum of S 1.5 million payable upon commercial production from that Project Area. Noranda also retains the right to carry out a sole risk exploration drilling program to confirm the contents of an independent scoping study delivered by Tribute. The agreement anticipates that there may be more than one Project Area on the Property.

The Boomerang Lake property was staked in May 2003 and recorded by Tribute Minerals in May 14, 2003. The Boomerang Lake property comprised seven (7) claims (1234400, 1247811 through 1247816) totaling 69 units.

The Boomerang Lake property, located within the area of influence of the Noranda agreement (item 33), is subject to the terms of the Noranda agreement dated February 12, 2002.

The overaill Property is located in the Red Lake Mining Division of northeastern Ontario (see Figure 1) and consists of nineteen unpatented


contiguous claims comprising 107 units situated in Agnew and Dent Townships - G-3738 and G-3737, respectively (see Table l and Figures 4, 5 and 6).

Table 1.

Claim

1144211114421211943511195689119569011956911195692119569311956941195695119619111968071234400124781112478121247813124781412478151247816

Units

1111111111

1612

1686161616

Twp/Area

DentDentDentDentDent

AgnewAgnewDentDentDent

AgnewDentDentDentDent

AgnewAgnewAgnewAgnew

Twp/Area #

G-3737G-3737G-3737G-3737G-3737G-3738G-3738G-3737G-3737G-3737G-3738G-3737G-3737G-3737G-3737G-3738G-3738G-3738G-3738

Due Date

June 2, 2004June 2, 2004June 2, 2004June 2, 2004June 2, 2004June 2, 2004June 2, 2004June 2, 2004June 2, 2004June 2, 2004July 27, 2004July 27, 2004May 14, 2005May 14, 2005May 14, 2005May 14, 2005May 14, 2005May 14, 2005May 14, 2005

This report covers the Phase l exploration program over a portion of the property comprising thirteen unpatented claims comprising 29 units (see Figures 4, 5 and 6). Assessment credits were distributed over a total of 17 claims comprising 75 units.

LOCATION AND ACCESS

The Property is located approximately sixty (70) kilometres northeast of Ear Falls and is readily accessible on the gravel South Bay logging road directly adjacent to the past-producing South Bay Mine. The southern portion of the Property can be reached using two and four wheel drive vehicle, and from the east and west by boat from several landing points on Confederation Lake.

The claims are accessible on foot via several logging and drilling trails previously used during the 1980's and 1990's and overgrown roads

TRIBUTE MINERALS INC. — SOUTH BA Y/BOOMERANC LAKE PROPERTY 2OO4

developed during the South Bay Mine operations; the majority of the secondary trails are overgrown with pine, spruce and alder. The Property location with topographic features is shown in Figures 4 and 5.

PREVIOUS WORK

Intermittent exploration has been carried out in the Property area since the 1950's with a significant resurgence in the regional activity in the late 1960's upon the discovery by Selco Mining Corp. of the South Bay Zn-Cu deposit on Confederation Lake, and a second period of major activity has occurred throughout the late 1980's and 1990's with regional exploration programs by Noranda, Minnova, Rio Algom, Inco and Home stake among others.

Extensive property exploration by Minnova-Inmet (1990-1994) and later by Noranda (1994-1998) was completed on a number of claim holdings in the Confederation Lake area primarily on the Cycle III Metavolcanic assemblage; a number of promising drill intersections were reported though the properties have been inactive for much of the recent five year period from 1998 to early 2002. A large number of claim groups in the Confederation Lake remain in good standing though current exploration activity was limited until the Tribute option agreement with Noranda was completed (see Figures 2 and 3).

The South Bay property is part of a portfolio consisting of 22 claim groups stretching over a 70 km strike length - (referred to as the Confederation Lake Properties) - in the prolific Red Lake Mining District of northwestern Ontario. The Confederation Lake belt hosts a number of highly prospective VMS Cu-Zn and gold exploration targets and is underlain by geological structures contiguous with the Red Lake greenstone belt which hosts Goldcorp's Red Lake Mine approx. 40 kilometres to the northwest.

Noranda and BP Selco completed several programs including drilling of fifteen holes in the areas northeast and east of the known South Bay Mine zone with widely spaced test holes designed to test the strike extension of the South Bay mineralization identified by BP Selco in the 1970's. Anomalous base metal mineralization including pyrrhotite, pyrite, sphalerite and chalcopyrite was identified (see following section).

The borehole transient electromagnetic surveys in the South Bay holes identified anomalous responses which indicated shallow off-hole or above-hole responses. Further drilling of the downhole anomalies was not completed by Noranda prior to the Tribute option agreement.


REGIONAL GEOLOGY AND METALLOGENY

The Property is underlain by the Archean Woman Lake and Confederation Lake assemblages of the Uchi Subprovince and represents the eastern continuation of the Red Lake greenstone belt.

The Uchi-Confederation Lake area is underlain by a mixed submarine metavolcanic and metasedimentary package in the western portion of the Archean Uchi Subprovince of the Superior Province of the Canadian Shield (see Figures 7, 8 and 9). The terrane is characterized by east- northeasterly trending, near vertically dipping, isoclinally folded cycles of mafic through intermediate to felsic metavolcanic flows and pyroclastics with interbedded epiclastic and chemical metasediments. Later granitic, trondhjernitic and dioritic intrusions enclose the metavolcanic sequences.

The Confederation Lake area exhibits metamorphism ranging from greenschist to lower amphibolite grade.

The South Bay and Boomerang Lake property is comprised of highly folded east and west-younging amphibolitized dacitic to rhyolitic flows and pyroclastics, and a thin to locally thick sequence of chemical metasediments comprising mainly cherty argillite exhalite and siliceous tuffs (see Figures 8 and 9).

Mineralized horizons occurred with highly altered felsic metavolcanics locally interbedded with chemical metasediments (chert and silicified ash tuff) which have been intruded by synvolcanic to younger gabbro, diorite to granodiorite. Numerous quartz feldspar porphyry intrusions, locally interpreted to be synvolcanic bodies, may be rhyolitic flows and flow breccias, crystal, and possibly vitriclastic, tuffs and tuff breccias. The mineralized zones comprising sphalerite, chalcopyrite, pyrite, pyrrhotite and minor to trace galena occurred as complex, lenticular to cylindrical bodies locally adjacent and superjacent to moderately to weakly altered footwall rocks replacing felsic tuffs.

Three major cycles of volcanism followed by quiescent periods have been identified within the Confederation Lake area; base metal mineralization has been documented only within Cycle III. All of the mineralization has been identified with highly altered footwall sequences with temporal and stratigraphic breaks.

Recent exploration focused on geological and geochemical modeling, diamond drilling, and borehole pulse EM. Lithogeochemistry of the

TRIBUTE MINERALS INC. — SOUTH BA Y/BOOMERANG LAKE PROPERTY 2OO4

favourable metavolcanic horizons identified widespread areas of primary alteration, including intense Na-depletion and Mg-enrichment. The centers of sulphide mineralization include both stratabound and cross cutting alteration and metal enrichment typical to VMS hydrothermal systems.

The style and tenor of mineralization is similar to the Kidd Creek, Mattabi and Geco Mines, and hosted the past-producing South Bay Mine on Confederation Lake to the southwest adjacent to the Tribute's South Bay and Boomerang Lake property.

Mineralized metavolcanics typically exhibited chlorite-biotite-garnet- anthophyllite footwall alteration. Lithogeochemical alteration including Mg-enrichment, Na-depletion, and base metal enrichment are typical of the volcanogenic massive sulphide (VMS) systems.

The South Bay property contains several known areas of mineralization containing copper and zinc values in chalcopyrite and iron-rich sphalerite, respectively, which appears to extend northeast from the South Bay Mine though several NE and EW faults, in part synvolcanic structures appear to offset the mineralization.

Figure 1C) illustrates the extent of the mineralized occurrences in the area surrounding the Property.

CURRENT PROGRAM

Line cutting

The purpose of the current phase of line cutting was to prepare the Property for the JVX IP geophysical surveys. The surveys required high precision lines at 200m line interval for a length of not less than 2500m. Each of the lines required baseline quality. A series of nine lines (L100W, L100E, L300E, L500E, L700E, L900E, L1100E, L1300E and L1500E) were required for the proposed IP surveys.

The grid was cut using a 200metre line spacing with a base line (0+OON) oriented at 060dg azimuth and lines oriented at 150dg azimuth . All lines were cut to base line quality and were picketed at 25m intervals. A total of 24 line kilometres (17.1 line km for assessment credits) were completed. The grid was prepared by M. Desmeules and a crew of six to eight workers. The grid was cut in part over lines previously used by Noranda and Selco during exploration in the 1980's and early 1990's. GPS co-ordinates were collected at key points on the grid.


The line lengths and positions are tabulated below in Table 2 and are illustrated in Figure 10 and Appendix 2.

Table 2.

Line # Length (metres)

L100W 1750L100E 1750L300E 2000L500E 1900L700E 1800L900E 1750

L1100E 1750L1300E 1750L1500E 1500

1000N TL 2000BL 2000

500STL 1200

Geophysics

The program on the South Bay and Boomerang Lake property comprised the JVX Ltd. induced polarization (IP) geophysical survey.

A series of nine lines (L100W, L100E, L300E, L500E, L700E, L900E, L1100E, L1300E and L1500E) were required for the IP surveys. The line lengths and positions are illustrated in Figure 10, and shown in more detail in Appendix 2.

The survey involved 16.2 line kilometres of IP/resistivity on a grid of north west/southeast lines with a line separation of 200metres. This total coverage includes line 900E which was resurveyed (1600m) to obtain data at a greater depth. The majority of the grid was cut just prior to the survey.

The daily production summary of the survey is in Appendix 2.

The Scintrex IPR12 time domain receiver and a pole-dipole combination array (3 of a=50 and 3 of a^OO m) were used on all lines. Nine lines were surveyed with IP/resistivity. The results are presented as stacked pseudosections and plan maps at 1:5000.

Survey coverage, methods, personnel, instrumentation, data processing and presentation are described in Appendix 2.


Specifically to the South Bay and Boomerang Lake Property, the JVX IP system responded as follows:

•- Twelve Spectral IP anomaly zones cross the South Bay property in 3 main groups comprised of IP Group I, IP Group II and IP Group III.

IP Group I is located in the north eastern part of the survey grid and consists of IP Zones IP-1, IP-2, IP-3, IP-3a, IP-4 and IP-5. The anomalies are associated with a resistivity high that crosses the northern part of the grid. IP-2 is a 400m long medium to strong chargeability anomaly with a resistivity low on line 1500E and a resistivity high on line 1300E. The anomaly is shallow (n^) and is coarse grained, (long time constant). The resistivity decrease indicates some weak conductivity may be present. IP-2 on line 1300E is deeper and weaker. T-2 has been targeted on line 1500E @ SOON. IP-4 is a 600 meter long moderate to strong chargeability anomaly that correlates with a resistivity high. The source is coarse grained (long time constants) and the best correlation is with a resistivity low on line 1100E. The source appears to be shallow (11=1) and should be prospected, trenched and drilled.

r Group II is located in the north eastern part of the survey grid and consists of IP Zones IP-9, IP-12c, and IP-12b. IP-9 is an 800m long, moderate chargeability anomaly located on the north flank of a resistivity high. The anomaly has long time constants indicating a coarse grained or linked source.T-4 is located on a medium IP anomaly with a resistivity low located on the north flank of a resistivity high. Target T-4 is a high priority target. The chargeability anomaly correlates with a resistivity low (2,700 ohm- m) that may be associated with a significant volume of sulphides.

r Group III is located in the south western part of the survey grid and consists of IP Zones IP-7, IP-8, IP-10, IP-11, IP-12a and IP-12b. IP- 7 is a single line moderate chargeability anomaly that correlates with a resistivity high. The MIP values are low to moderate with short time constants indicating a low percent fine grained disseminated source. IP-10 is a 200m long, moderate to strong chargeability response located between two resistivity highs. Significant sulphide mineralization could be the causative source of the resistivity decrease (567 ohm.m) on line 100W. Line 100W/1+50S is a high priority target that should be prospected and drilled.


In total, eight targets have been identified. Four faults have been interpreted from the resistivity data. The deep IP cut on line 900E demonstrated where deeper anomalies may be located. IP-6 was located but more deep cuts on adjacent lines are required to determine if there is a real anomaly at depth or if it is the effect of a combination of shallow sources. All targets should be prospected with drilling recommended for T-2, T-4 and T-6.

The results of the Phase l JVX Ltd. IP survey including the entire interpretive report and accompanying plans and sections are enclosed (see Appendix 2).

PROPOSED PROGRAM

Based on the available drilling and geophysical program data, Tribute plans to conduct further geological and geochemical evaluation of the Property, coupled with further interpretation of the IP survey data following detailed compilation with the geological database, during the 2004 field season with a limited drilling program during the 2004-2005 winter season. The proposed program specific tasks are currently under review.

The results of the followup program will be included in subsequent Property assessment report filings.

All of which is respectfully submitted.

Tribute Minerals Corporation

J. Gregory Davison, M.Se. Geology, P. Geo. Vice-President, Exploration


South Bay/BoomerangLake Property

r'

j*'L'-^ -

f7^

i**.*

15 l

/w*'-* ?V 1

16y/' --

Figure 1. Location Map of South Bay/Boomerang Lake Property Area, Red Lake district, northwestern Ontario

South Bay/Boomerang Lake Property

PROPERTY CLAIM GROUPS

Bruce Lake, Snake Falls, Dixie, Dixie North l St 2, Dixie East, Joy, Whitefish Falls, Ben Lake, Gerry Lake, Sandy Pines, Copperlode, Fredart West, Fredart Lake, Fredart Creek, Fredart East, Garnet Lake, Garnet Lake South, Garnet Lake North, Garnet Lake East, Boomerang Lake and South Bay

South Bay Mine

Figure 2. Confederation Lake Property Claim Groups

PROPERTY STATUS

Staked by Tribute Minerals

Staked by Tribute Minerals, English royalty

Option from Noranda

Option from Perry English 10 kilometres

Figure 3. Property Status - Confederation Lake Property Claim Groups

Figure 4. South Bay 4 Boomerang Lake Claim Location Map - MNDM UTM Zone 15 NAD83

South Bay 8t Boomerang Lake Property

•iMj^s- Kriboea* / jf * * l ;_____ i^^. tpisH^g.... J———^J

to

Figure 5. South Bay A Boomerang Lake Claim Location Map - MNDM UTM Zone 15 NAD83

K*•virf^ CO

119569^ 1195690

1195694

Figure 6. South Bay ft Boomerang Lake IP Survey Claim Location Map

South Bay 8t Boomerang Lake Property

MANITOUWADGE

LEGENDPaleozoic Sediments

Granite, Granitic Gneiss

Proterozoic Volcanics, Sediments

Archean M eta sedimentary Belts

Archean Greenstone Belts 150 kilometres

Figure 7. Location Map of South Bay/Boomerang Lake Property, Red Lake-Confederation Lake-Uchi Greenstone Belt

South Bay/Boomerang Lake Property

LEGENDGranite

Gabbro

Chemical Metasediments

Clastic Metasediments

Felsic Metavolcanics, Intrusions

Intermediate Metavolcanics

Mafic Metavolcanics

South Bay Mine

10 kilometres

Figure 8. Geological Map of South Bay/Boomerang Lake Property Area, Red Lake-Confederation Lake-Uchi Greenstone Belt

Granite

Gabbro

Chemical Metasediment^

Clastic Metasediments

Felsic Intrusions

Felsic Metavolcanics

Intermediate Metavolcanics

Mafic Metavolcanics

Noranda Chert Exhalite Zone

Past-producing South Bay Mine 1.6Mt 14.70XoZn, 2.30XoCu Crabb Zone

Stringer Fe sulphide

Wasp Zone DDH intersections 19m 20XoZn

ci 661 000 Ne!

Blueberry Island Zone DDH intersections

, Ig/tAu

10

Figure 9. South Bay 4 Boomerang Lake Geology and Mineralization Map CO

Figure 10. South Bay A Boomerang Lake IP Survey Grid Location Map

APPENDIX l Property Agreement


February 12. 2002

Mr. Greg DavisonVice President ExplorationTribute Minerals CorporationSuite 1210. 181 University AvenueToronto. OntarioM5H 3M7

Dear Mr. Davison,

Subject: Confederation Lake area properties. Northwestern Ontario.

Further to our conversation of October 26, 2001 on the above subject, and subject to approval by our Senior Management. Noranda Inc. proposes the following terms whereby Tribute Minerals Corporation will have an option to acquire 100*5-0 interest in mining claims held by Noranda Inc. in the Confederation Lake Greenstone Belt, northwestern Ontario as described in Schedule "A" attached hereto and subsequent to the date hereof such of them as may from time to time be subject to the provisions hereof are hereinafter collectively referred to as the "Property".

THE PROPERTY

l Representations and Warranties. Noranda Inc. represents and warrants that:

a) Parties to the agreement will be Tribute Minerals Corporation (""Tribute") as Optionee, and Noranda Inc. ("Noranda") as Optionor;

b) the Property is properly and accurately described in Schedule "A";

c) Noranda warrants that it holds a l 0(Wo interest in the Property subject to a J.5% Net Profits Interest royalty to Copper-Lode Mines Limited to be calculated and paid on certain claims all in accordance with the provisions of Schedule "C" attached hereto and a l .5 07o Net Smelter Return royalty to Inmet Mining Corporation on certain claims all to be calculated and paid in accordance with the provisions of Schedule "D" attached hereto, (which henceforth shall be referred to collectively as the "Underlying Royalties"'), that the copies of the underlying agreements, attached as "Schedules "C"" and "D" each of which is in full force and effect unamended, Noranda is not aware of any default or event that would constitute default thereunder and there is no impediment or restriction in Noranda transferring its right, title and interest in the respective properties referred to therein as herein contemplated, that the Property is duly recorded with the "Ministry of Northern Development and Mines. Ontario", that the Property is in good standing, and other than the before mentioned royalties that it is held free and clear of all encumbrances; including secondary surface rights, land claims; pursuant to the Mining Act of Ontario (the "Act");

d) pursuant to the "Act" or any other applicable legislation or statute there are no outstanding work orders or actions required to be taken relating to environmental matters

...12

NORANDA/TRIBUTE - 2 - Confederation Lake, Ontario

in respect to the Property or any operations thereon and Noranda has no knowledge of any environmental issues affecting the Property.

e) the representations and warranties contained herein shall continue and survive for a period of not less than two years from the Effective Date.

THE OPTION

2. Grant of Option. Noranda hereby grants to Tribute the sole and exclusive option to acquire a 10007o interest in the Property (the "Option") subject only to a 2 07o NSR defined in Schedule "B" payable to Noranda as set out below.

3. Holding Title. Upon signing this agreement. Noranda, at Tribute's expense, will transfer title to 10007o of the Property to Tribute to be held in trust by Tribute during the currency of the Option and thereafter with respect to any part of the Property for which the Back-in Option set forth in section 22 hereof is extant.

4 Option Expenditures and Work Requirements. To maintain the Option in good standing and earn its 10007o interest in the Property. Tribute must:

a) incur expenditures in respect of the exploration and development of the Property or related thereto aggregating three million five hundred thousand dollars (CDNS3,500,000) over a four (4) year period following the Effective Date of this agreement in accordance with the following schedule:

(i) S500.000 on or before 1 s' anniversary of the Effective Date;

(ii) an aggregate of S 1.500.000, including 4000 meters of diamond drilling, on or before 2nd anniversary of the Effective Date.

(iii) an aggregate of S2,500,000. including an additional 5000 meters of diamond drilling, on or before 3 rd anniversary of the Effective Date; and

(iv) an aggregate of 53.500.000. including an additional 7000 meters of diamond drilling, on or before 4th anniversary of the Effective Date;

provided that the exploration expenditures set out in this section may be accelerated at any time in the sole discretion of Tribute. Any expenditures for exploration of the Property exceeding the required minimum expenditure from time to time shall bc carried forward and credited to the expenditures required in subsequent periods. Diamond drilling requirements in excess of those defined for each year of the option shall also be carried forward and credited towards requirements of any subsequent years. In the event Tribute does not incur the minimum expenditure requirements within the time period but wishes to keep the Option in good standing, it may make a non-refundable payment to Noranda equal to the difference of the scheduled minimum expenditure and the amount actually incurred; and

b) give written notice of confirmation to Noranda on or before the 4th Anniversary of the Effective Date that it has met all of the above exploration expenditure and drilling requirements, and automatically exercises the Option to acquire its lOO'Xo interest in the Property.

5. Payments. Payments under section 4 and any royalty payments shall be properly made to Noranda. at the address first set out on page l or such other address as Noranda may in writing designate

NORANDA/TRIBLITE - 3 - Confederation Lake, Ontario

6. Information Disclosure. Upon execution of this Agreement and throughout its currency. Noranda will make available to Tribute all information in its possession or control relating to work done on or with respect to the Property.

RIGHTS AND OBLIGATIONS DURING OPTION

7. Operator. Tribute will be the Operator during the currency of the Option unless otherwise agreed to by Noranda.

8. Land Holding Fees. During the Option, Tribute shall be responsible for paying annual rentals or holding fees, including fees payable for maintaining the mining claims, filing reports with government agencies, applying work assessment credits to the claims and otherwise maintaining the Property in good standing.

9. Work Standards. Tribute shall ensure that all work done on the Property, including without limitation the work of its contractors, shall be done in accordance with good exploration, drilling, mining and engineering practice and Tribute's activities in respect of the Property shall be performed in compliance with all applicable federal, provincial and local laws, rules, orders and regulations including all reclamation obligations.

10. Indemnity. During the Option, Tribute shall indemnify and save harmless Noranda and its directors and officers from and against all suits, claims, losses, penalties, demands and expenses (including reasonable legal fees) by reason of any act or thing done or omitted to be done by Tribute or its employees, agents or contractors in relation to its activities on the Property, including without limitation those relating to its mining and exploration activities and its cleanup, reclamation and rehabilitation obligations and any disturbance thereon. Additionally, during the Option. Noranda shall indemnify and save harmless Tribute and its directors and officers from and against all suits, claims, losses, penalties, demands and expenses (including reasonable legal fees) by reason of any act or thing done or omitted to be done by Noranda or its employees, agents or contractors in relation to its activities on the Property, including without limitation those relating to its mining and exploration activities and its cleanup, reclamation and rehabilitation obligations and any disturbance thereon.

11. Annual Reports. During the Option. Tribute shall provide Noranda with annual reports indicating any results and interpretations obtained or received in connection with exploration or development work on the Property and an accounting of expenditures incurred. The annual report will be submitted to Noranda on or before the anniversary of the Effective Date of each successive year. Notwithstanding such disclosure by Tribute, Tribute shall not have any liability or responsibility arising out of the furnishing of any reports or results or interpretations to Noranda and Noranda agrees that it will rely on its own appraisals and interpretations related thereto.

12. Site Visits. During the Option, Noranda personnel may visit the Property and/or the offices of Tribute or its agents and have access to all exploration results provided reasonable notice is given to Tribute and any such visits are undertaken on the parties OWTI account and during the course of any such visit, Noranda shall enter entirely at its own risk with the exception of any incident which is legally determined to be due to the gross negligence of Tribute.

13. Exclusive Possession. Tribute in its sole discretion shall be responsible for proposing, carrying out and administering exploration and development work upon the Property and shall have exclusive charge of all operations on the Property. Tribute shall have quiet and exclusive possession of the Property and have the exclusive right to conduct exploration and development work on the Property, with the full right to remove mineral samples and ores for the purpose of

NORANDA/TRIBUTE Confederation Lake, Ontario

-4-

"" i

assay's and tests, and to have such buildings, machinery, equipment and supplies on the Property as it deems necessary.

14. Dropping Claims. At any time during the Option, Tribute may give Noranda notice that it wishes to relinquish to Noranda one or more of the claims comprising the Property, provided that such claims are in good standing for at least one (1) year. In the event that at any time during the currency of the Option, Tribute has dropped or transferred to Noranda the claims that comprise the whole of the Property, then this Agreement shall thereupon terminate and Tribute shall have no further obligations or responsibilities in respect of the Property or to Noranda. Should Tribute wish to withdraw from this Agreement during the Option or wish to drop or abandon any claims comprising the Property otherwise in accordance with the terms hereof, it must provide Noranda with 30 days written notice of such withdrawal or abandonment together with its written confirmation that all its cleanup, rehabilitation and reclamation obligations hercundcr with respect to the claims comprising the Property have been properly and fully completed in accordance with section 16. Provided that should Tribute wish to withdraw from this Agreement during the Option or wish to drop or abandon any claims comprising the Property in accordance with the terms hereof, it must complete all its cleanup, rehabilitation and reclamation obligations hereunder with respect to the claims comprising the Property or the claims to be dropped, in accordance with all applicable regulations.

15. Mandatory Requirements. Tribute shall obtain all necessary permits, certificates, approvals and financial assurances and make all necessary filings as may be required by any regulatory authority having jurisdiction in the premises prior to the commencement of any work on the Property. Any landowner compensation, including but not restricted to. stumpage fees, land access fees, land disturbance fees will be the responsibility of and paid by Tribute to any surface rights holders on a timely basis. Any costs, expenses or payments so contemplated shall bc applicable against amounts referred to in section 4(a) hereof.

16. Rehabilitation Obligations. Tribute shall take all reasonable steps to progressively clean-up, rehabilitate and reclaim the Property with respect to its activities thereon, including without limitation, all effects directly or indirectly relating to drill sites, trenches, camps, roads, mine features, disturbances of the ground or environment, hazards, contaminants or any adverse effects ("Disturbance"), and, subject to section 17, such steps shall be properly and fully completed by Tribute within 12 months of the completion of the activity which created or caused the Disturbance. The cleanup, reclamation and rehabilitation of any Disturbance shall bc in compliance with all federal, provincial and local laws, rules, orders, regulations, or other legal requirements.

17. Disturbance Remediation. In the event that, upon examination of the Property and provision of written notice by an independent third party mutually acceptable to Noranda and Tribute, and/or a representative of the appropriate federal or provincial ministry, the cleanup, rehabilitation and reclamation obligations with respect to any Disturbance has not been completed in accordance with Section 16:

a) Within the 12 month period as set out therein;

b) Within 30 days of the Tribute notice of withdrawal from the Agreement;

c) Within 30 days upon any other termination of this Agreement; or

d) Within 30 days of the Tribute notice of abandonment of any claims comprising part of the Property.


then in addition to any other remedy that Noranda may have. Noranda may at its sole discretion on written notice to Tribute anytime thereafter, declare that Tribute is the I000Xt legal and beneficial owner of either the mining claims on which the Disturbance exists, or at Noranda's sole discretion, the entire Property, and Tribute hereby acknowledges and agrees to accept such ownership and responsibility.

18. Termination During Option. During the Option, this Agreement may bc terminated at any time by Tribute upon giving Noranda 30 days written notice or it shall automatically expire after the 4th anniversary of the Effective Date if Tribute does not give written notice under section 4(b). All expenditures of the Option as outlined in section 4 are optional at the sole discretion of Tribute and it shall not be required to make any such payment unless it wishes to keep the Option in good standing. Should Tribute fail to provide any of the funds during the currency of the Option as set out in section 4 within the corresponding specific period but not have given a notice of termination of this Agreement, Noranda may terminate this Agreement but only if:

a) it shall have first given Tribute a written notice of default: and

b) Tribute has not. within l O days following delivery of such notice of default, cured such default by making a payment to Noranda pursuant to the respective amount set out in section 4.

19. Re-transfer of Title on Termination. Should this Agreement be terminated during the Option. Tribute shall re-transfer the mining claims in its possession which comprise the Property at the date of termination to Noranda which re-transfer Noranda shall have the option in its complete discretion to accept subject to the obligations of sections 14 through 17 being complied with and Tribute shall ensure that the Property is in good standing for a period of one (1) year following the date of termination.

20. Assignment. During the Option, neither party will assign, dispose or otherwise transfer any interest in the Agreement or in the Property to any third party other than to an "affiliate" of such party as such terms is defined in the Business Corporations Act of Ontario (R. S. O. 1990. as amended).

VESTING OF PROPERTY INTEREST

21. Acquisition and Royalty. Should Tribute meet its expenditure and drilling requirements as defined in section 4(a) and give written notice under section 4(b), it shall have acquired lOO*/^ interest in the Property, subject only to a two percent (I.O'Yo) Net Smelter Return royalty ("NSR") retained by Noranda derived from commercial production from the Property to be calculated and paid commencing at commercial production and otherwise pursuant to Schedule "B" attached (the "Primary Royalty") and the Underlying Royalties and the Back-in Option described in section 22 below.

22 Back-in Option. Pursuant to the terms defined in this section. Noranda will retain a Back-in Option for a 50"7o Participating Interest in that part or parts of the Property designated by Tribute as a project area ("Project Area") containing a threshold deposit ("Threshold Deposit").

a) If Tribute is of the view that a Threshold Deposit exists in the Project Area. Tribute will commission an independent scoping study thereof, and if such scoping study confirms such view. Tribute will deliver a copy thereof to Noranda.

b) The Back-in Option is exercisable at any time after Tribute's exercise of the Option as per sections 4 and 21 and before the expiry of a 12()day period following a positive independent scoping study being submitted to Noranda by the Board of Directors of


Tribute. Provided, however, that Noranda's exercise of its Back-in Option is strictly conditional upon a Threshold Deposit being identified in the before mentioned independent scoping study.

c) For the purposes of the Back-in Option.

i) A Threshold Deposit shall bc defined as one or more ore bodies, which contain in aggregate at least 8 million tonnes for a massive sulphide deposit or one million ounces for a gold deposit, which meet a positive independent scoping study and which shall be developed via a common infrastructure.

ii) Threshold Deposit estimations are to be based on the CIM Standards on Mineral Resources and Reserves - Definitions and Guidelines

iii) a Project Area must be defined by Tribute that encloses the Threshold Deposit put forth in the scoping study under consideration for the Back-In Option.

d) [f an independent scoping study delivered pursuant to subsections a and b above does not indicate a Threshold Deposit.

i) Noranda shall have the right to provide written notice to Tribute of its intent and to carry out a sole risk drill program within the Project Area to evaluate any mineral resource not meeting the above tonnage criteria for a Threshold Deposit prior to the expiry of a 120 day period following delivery of a positive scoping study.

ii) Within the 120 day period. Noranda shall advise Tribute whether or not Noranda is of the view that a Threshold Deposit exists in the Project Area. If Noranda is of the view that a Threshold Deposit does not exist in the Project Area, the Project Area shall cease to be subject to the Back-in Option. Failure to provide said notice will be deemed an indication that a Threshold Deposit does not exist in the Project Area. If Noranda is of the view that a Threshold Deposit so exists in a Project Area, the Back-m Option shall bc applicable.

e) Noranda will retain its Back-in Option for the remainder of the Property outside of a Project Area defined under section 22c.

f) To exercise the Back-in Option. Noranda must incur exploration and development expenditures totaling 150(7o of the total exploration and development expenditures incurred by Tribute on the Property and excluding expenditures incurred within a Project Area that had not met a Threshold Tonnage or in which Noranda has not elected to exercise its Back-in Option. Should Noranda elect to participate in any new Project Area subsequent to having made any previous election to participate in an existing Project Area, the vesting expenditures will be 150^o of any new exploration and development expenditures incurred since the most recent immediately preceding back-in election. The date upon which Noranda provides to Tribute written notice that it has completed such back-in expenditures shall be known as the "Vesting Date". Should Noranda exercise the E5ack-in Option and acquire a 5007o Participating Interest in a Project Area containing a Threshold Deposit, the Primary Royalty granted to Noranda in section 21 shall be considered null and void with respect to the Project Area as of the Vesting Date and a Joint Venture shall be formed to govern the further exploration and development of the Project Area.

NORANDA/TRIBUTE - 7 - Confederation Lake. Ontario

g) Should Noranda elect not to exercise the Back-in Option with respect to a Project Area, such Project Area shall cease to be subject to the Back-in Option and Noranda will retain the Primary Royalty as described in section 21 and additionally Tribute, its successor or assigns shall pay Noranda the following one time cash payments triggered on Noranda's first election not to exercise the Back-in Option:

(i) the sum of five hundred thousand dollars (CDNS 500.000) which shall be due and payable upon submission of the first scoping study to Noranda and;

(ii) the further sum of one million five hundred thousand dollars (CDNS 1.500.000) which shall be due and payable upon commercial production from this Project: Area.

The Joint Venture. In the event that Noranda acquires a 5Q"Ai Participating Interest in a Project Area pursuant to section 22. a Joint Venture would thereafter be formed to govern the future exploration and development of the Project Area. The Joint Venture will be deemed to be constituted and the initial Participating Interests will be Tribute 500/) and Noranda 5007o (the "Participating Interests").

At the Vesting Date pursuant to section 22 and for the purposes of calculating future Participating Interests and dilution, each party will have deemed expenditures equal to 50"-o of actual project expenditures incurred to the Vesting Date, excluding expenditures incurred within a Project Area that had not met a Threshold Tonnage or in which Noranda has not elected to exercise its Back-in Option.

Thereafter all expenditures and obligations will be shared by Noranda and Tribute in accordance with their respective Participating Interests.

Participating Interests can be calculated by dividing that party's expenditures and deemed expenditures by the total expenditures and deemed expenditures of all parties expressing the result as a percentage.

r, ^ , , . . Total Participant's Contributions x 100 Participating Interest = - *

Total Joint Venture Expenditures

24. Designation of Operator. Should Noranda elect to acquire a 50*^0 Participating Interest a Project Area and a Joint Venture be formed. Noranda shall have the right to designate the Operator provided Noranda maintains at least a 50*^ Participating Interest in a Project Area subject, however, to the condition that if a party which is entitled to be operator pursuant to this section does not have at least a 5007o Participating Interest, then the Management Committee shall appoint the Operator.

25. Management Committee. Should Noranda elect to acquire a 500X) Participating Interest m a Project Area and a Joint Venture be created as hereinbefore described, a Management Committee would immediately bc formed with Noranda and Tribute being the representatives thereon. Each party shall have a vote equal to its Participating Interest. Decisions shall be by majority vote with the Operator having a casting vote in case of deadlock. The Operator shall be entitled to immediately propose and implement work plans and budgets approved by the Management Committee.


26. Overhead Fee. Should a Joint Venture be formed as herein described, the Operator shall be entitled to include in each work plan and budget an overhead fee equal to 10 07o of expenditures incurred in a Project Area except third party contracts which exceed S50.000 in a single year for which the overhead fee will be 5 07o. until the date of the Management Committee's approval of a positive bankable feasibility study, including expenditures upon all forms of surface exploration activity but excluding, however, any construction or development contracts in excess of S100.000 to which a I'Vo management fee shall apply. Overhead fees on all expenditures from the date of the Management Committee's approval of a positive bankable feasibility study shall be renegotiated to be based upon usual business practice for preproduction and an operating mine, it being the intention of the parties that the Operator shall neither make a profit nor operate at a loss.

27. Dilution. Following the formation of a Joint Venture, should one party be in default of making its required financial contribution, dilution would take place in accordance with the formula in section 23. Should either Tribute or Noranda have its Participating Interest in a Project Area reduced to 2007o or less, then such party (hereafter the "Royalty Holder") shall have its Participating Interest converted to a 207o Net Smelter Return royalty payable, however, only to the extent that it exceeds any amount payable pursuant to any underlying agreement, royalty or otherwise. For greater clarity, the amount payable to the Royalty Holder shall otherwise be calculated by deducting the amount(s) owing (if any) pursuant to any underlying agreements or obligations (if any) from the amount payable pursuant to the Net Smelter Return royalty with the Royalty Holder entitled to receive the balance. The Net Smelter Return royalty shall be calculated and paid in accordance with the provisions of Schedule "B" attached hereto. The reduction or conversion to a royalty interest of a party's Participating Interest shall not relieve such party of its share of any liability, whether it accrued before or after reduction or conversion, arising out of operations conducted prior to such reduction or conversion. A party's share of such liability shall be equal to its Participating Interest at the time that such liability was incurred.

GENERAL

28. Dropping Claims After Vesting. Upon Tribute earning its l()()07o interest in the Property and prior to any exercise of the Back-in-Option described in section 22, Noranda acknowledges and agrees that Tribute has the right at any time at its sole discretion to drop or abandon any or all of the claims or area comprising the Property provided that Tribute shall give Noranda thirty (30) days notice of its intention to do so subject to the provisions of sections 14-17 and Noranda may give notice to Tribute, within such 30 day period, electing to have such claims transferred to it. Upon receipt of such notice from Noranda, Tribute shall forthwith transfer title to such claims. Any claims so transferred shall be in good standing for a period of at least one (1) year. In the event that Noranda does not so elect or fails to respond to Tribute's notice within such 30 day time period, then Tribute may abandon such claims. Subsequent to the abandonment or transfer to Noranda of a claim(s) or area comprising part of the Property, the definition of Property shall exclude such claim(s) or area and Tribute shall have no further obligations or responsibilities in respect of such abandoned or transferred claim(s).

29. Royalty First Right. Tribute or its permitted successors and assigns shall have a right of first offer on any proposed transfer, assignment or other disposition ("Sell") of the Primary Royalty by Noranda notwithstanding that Noranda may assign its interest to an affiliate at any time pursuant to section 32. Any assignment to an affiliate shall be required to be novated. That is if Noranda wishes to Sell its interest in the Primary Royalty or portion thereof, Noranda shall offer to Sell it to Tribute for a price and on terms to be negotiated. If Tribute does not accept within 30 days. Noranda shall be entitled to Sell its interest to a third party for the same or greater price and on

NORANDA/TRIBUTE Confederation Lake, Ontario

-9-

the same terms or terms no more favorable to the third party within the next 90 days and failing. the same shall again be subject to the provisions of this section 29.

30. Royalty Cap. Tribute and any of its permitted successors or assigns agrees that it will not incur a total royalty load exceeding a S.5% NSR on the Garnet Lake claims (identified in Schedule A. carrying an underlying 1.5 07oNSR to Inmet) and a Wo NSR on the remainder of the Property through any subsequent agreements or arrangements, including the Primary Royalty. The Primary Royalty may not be reduced to accommodate subsequent agreements.

31. Automatic Termination After Vesting. In the event Tribute abandons or transfers to Noranda the claims that comprise the whole of the Property, then this Agreement shall thereupon terminate and Tribute shall have no further obligations or responsibilities in respect of the Property, including without limitation any royalty.

32. Assignment of Interest. Any party to this agreement shall have the right to assign its interest or a portion of its interest in the agreement to another party provided that such party specifically agrees in writing to be bound by all the terms of the Agreement including this section. Such assignment is subject, however, to each party having a right of first refusal to purchase the other party's interest or portion thereof. The requirement of any party to offer a right of first refusal does not apply to an assignment to an "affiliate" of that party as such term is defined in the Business Corporations Act of Ontario (R.S.O. 1990, as amended to the date hereof}. Any assignment or transfer to an affiliate shall be required to be novated.

33. Area of Interest. During the Option, .should either Noranda or Tribute acquire any additional claims immediately adjacent to and contiguous with the Property and within one kilometer of the Property boundary, written notice of the acquisition will be provided to the other party within 30 days of the Recording Date and these claims will be considered for inclusion in the Property. The other party will have 30 days to provide written notice as to the inclusion of the additional claims in the Property or exclusion of the additional claims from the Property.

34. Commercial Production. Noranda acknowledges and agrees that Tribute shall not be under any obligation whatsoever to place the Property or any Project Area into commercial production, and if placed into commercial production. Tribute shall have the right at any time to modify criteria relating to. curtail or suspend such commercial production as Tribute, in its absolute discretion, considers advisable.

35. Right To Concentrate. Tribute acknowledges and agrees that Noranda retains the right to purchase all but not part (unless mutually agreed) of Tribute's share of ore or concentrate produced from the Property. The purchase price, period of time of purchasing and any other terms of sale shall be determined by good faith negotiation between the parties and shall be consistent with prevailing commercially competitive terms available to an arms length third party at that time.

36. Confidentiality. Tribute agrees that the entering into this Agreement and all data and information provided to or received by Tribute from Noranda with respect to the Property shall be treated as confidential. During the Option, Tribute shall not disclose such information to third parties without obtaining the prior written consent of Noranda, such consent not to be unreasonably withheld, unless the disclosure is required by law or regulatory authority having jurisdiction. During the Option, Noranda will be provided with a reasonable amount of time to review and approve any references to Noranda in all press releases and promotional material with respect to the Property prior to release to the public, such review to be completed in a timely manner provided that such review does not cause Tribute to become in default under any requirements.

NORANOA/TRIBUTE -10- Confederation Lake, Ontario

37. Force Majeure. No party hereto shall be liable to the others and no party hereto shall be deemed in default under this Agreement for any failure or delay to perform any of its covenants and agreements caused or arising out of any act not within the control of the party, excluding lack of funds but including, without limitation, acts of God, strikes, lockouts, or other industrial disputes, acts of the public enemy, riots, fire, storm, flood, explosion, government restriction. Aboriginal Land Claims, failure to obtain any approvals required from regulatory authorities, including environmental protection agencies, unavailability of equipment, interference of third party specific interests groups or other causes whether of the kind enumerated above or otherwise which is not reasonably w ithin the control of the party. No right of a party shall bc affected for failure or delay of the party to meet any condition of this Agreement, which failure or delay is caused by one of the events above referred to. and all times provided for in this Agreement shall be extended for a period commensurate with the period of the delay, and so far as possible the party affected will take all reasonable steps to remedy the delay caused by the events above referred to provided, however, that nothing contained in this section shall require any party to settle any land claim, or industrial or environmental dispute or to test the constitutionality of any law enacted by any Province or the Federal Government of Canada. Any party relying on the provisions of this section shall forthwith give notice to the other party of the commencement of such event and of its end.

38. Entire Agreement. This Agreement including Schedules "A" through "D" inclusive attached hereto, constitutes the entire Agreement between Noranda and Tribute pertaining to the Property and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written between Tribute and Noranda. and there are no warranties, representations or other agreements between Tribute and Noranda in connection with the Property except as set forth herein.

39. Headings. Headings in this Agreement are for reference and convenience only with no legal significance and do not expand, amend, alter or influence in any way the substantive provisions of the sections to which they refer.

40. Currency. References in this Agreement to monetary amounts are expressed in Canadian currency.

41. Further Assurances. Each of the parties to tins Agreement shall take all such further steps and execute all such further and other documentation as may be necessary in order to more fully give effect to the provisions of this Agreement.

42. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario.

43. Effective Date. The effective date of this Agreement will be February 12.2002.

NORANDA/TRIBUTE. - 11 - Confederation Lake, Ontario

If the foregoing terms and conditions accurately reflect our agreement please sign all three copies and return two of them to my attention and this agreement shall be binding on the parties.

Yours trulv,

NORANDA INC.

Dave GowerGeneral Manager. Northern Hemisphere Exploration

Robin AdairRegional Manager. Western Canada and Alaska

Tribute Minerals Corporation agrees to the above Agreement as written this ___ day of February, 2002.

Tribute Minerals Corporation Date

Witness

RAX/jsh

copy: Hillar Pinna

NORANDA/TributeConfederation Lake, Ontario Draft

This is SCHEDULE "A" to the letter agreement dated the __ day of February. 2002

between NORANDA INC.

and Tribute Minerals Corporation

PROPERTY DESCRIPTION

Grant Number Expiry DateClaim Name


This is SCHEDULE "A" (continued) to the letter agreement dated the __ day of February. 2002

between NORANDA, INC.

andTribute Minerals Corporation

Map


This is SCHEDULE "B" to the letter agreement dated the __ day of February. 2002

between NORANDA INC.

and Tribute Minerals Corporation

NET SMELTER RETURNS

This is Schedule "B" referred to in the Agreement between Noranda and Tribute Minerals Corporation relating to the payment of the NSR Royalty:

l . "Net Smelter Returns" means, subject to section 3 hereof, the actual amount of payment received or deemed to have been received by the Operator or its successor or successors in interest to the Property from any refiner, smelter, mint or other purchaser ("Purchaser", which term may include a Noranda site) for ores mined and extracted from the Property (but excluding materials extracted for bulk sampling purposes) and concentrates or other products produced therefrom and delivered for treatment, tolling, smelting, refining, minting and/or sale ("Products"), such to include any proceeds of insurance collected on Products. In calculating Net Smelter Returns, there shall be deducted therefrom:

a) costs of transporting Products, costs of sampling, assaying, representation and umpire charges respecting the Products, costs of charges and penalties for smelting, refining and/or similar treatment of the Products, reasonable costs or charges with respect to the sale and/or marketing of Products, costs of all insurance premiums for insurance of the Products after the Products have lett the Property, and

b) any government royalties, duties and other assessments and any sales, excise, production, import, export, extraction, ad valorem, goods and service and other taxes on such Products (but not income taxes) if such charges are based on production of Products and payable out of the net or gross proceeds received or shown as deductions therefrom.

2. If Products are delivered to or smelted and/or refined by the Operator as the Purchaser, or sold to or smelted or refined by any third party which is affiliated with Noranda. the Products shall for purposes hereof be deemed to have been delivered, sold, smelted and/or refined, as the case may bc:

a) on a fair, representative and reasonable composite of the commercial terms under which Noranda is delivering Product to independent European Purchasers (excluding any spot transactions); or

b) if there is no such European Purchaser agreement then in effect, then at prices, costs and charges equivalent to the competitive rates of independent European Purchasers, or similar smelters or refiners, as the case may be. in arm's length transactions for products of like grades and quality in the marketplace at the time of the sale, or smelting and/or refining, of the Products (excluding any spot transactions).

-2-

If the Operator and uses its own or leased equipment (or equipment of an affiliated entity) to transport Products, the costs of transporting Products for the purpose of determining the amount of the Net Smelter Returns shall not exceed the firm rates quoted by other competent and reliable haulers who are ready, willing and able to transport such Products. If Noranda markets or sells Products through an affiliated entity, the costs of such for the purpose of determining the amount of Net Smelter Returns shall not exceed those customarily charged for like services in the industry from a non-affiliated party.

A Royalty Holder (which for the purposes of sections 3 through 5 inclusive of this Schedule "B" shall include a Primary Royalty Holder) further acknowledges and agrees that the party controlling the concentrate pursuant to the provisions of section 35 of the Agreement (the "Marketer") shall have the right to market and sell or refrain from selling Products in any manner it may elect, that Marketer shall have the right to engage in forward sales, future trading or commodity options trading, and other price hedging, price protection, and speculative arrangements which may involve the possible delivery of Products and that Marketer shall not be entitled to participate in any profits nor be obligated to share in any losses generated by said activities. Accordingly, with respect to gold and/or silver produced, the actual amount of payment received by the Operator shall in all cases be deemed to be the amount equal to the relevant number of ounces received by the Operator from commercial production on the Property times, in the case of gold, the gold price per ounce as quoted by the London Bullion Brokers' P.M. Gold fixing (or other equivalent quotation) and, in the case of silver, the silver price per ounce quoted by Handy and Harman (or other equivalent quotation) on the date (the "Out-turn Date") that the relevant mint, refiner or smelter credits The Operator's account with refined gold or silver, as the case may be. With respect to any metals other than gold or silver produced, and in the event the Marketer delivers Product to satisfy its delivery obligations arising from any such futures or other forward trading or hedging activities, the proceeds received by the Operator shall, for the purposes hereof, be deemed to be the relevant London Metal Exchange official settlement quotation (or other equivalent or generally accepted quotation) on the date prior to the day any such delivery is made.

The Operator shall cause to be kept proper books of account, records and supporting materials covering all matters relevant to the calculation of the NSR Royalty and the reasonable verification thereof. Net Smelter Returns shall be calculated at the end of each calendar quarter in which revenues are received from the production of Products and thereafter at the end of each subsequent calendar quarter during which revenues are received as aforesaid. The quarterly calculations, except for the last calendar quarter, of Net Smelter Returns, shall be submitted to The Royalty Holder within 60 days after the quarter involved. The calendar year-end calculation of Net Smelter Returns shall be submitted to the Royalty Holder within 120 days after the end of the calendar year. The year end calculation of Net Smelter Returns and the records relating thereto shall be reviewed by chartered accountants designated by Noranda (which may be the auditor of the Royalty Holder, and copies of such chartered accountant's report thereon shall be delivered to the Operator and to the Royalty Holder. The Royalty Holder shall have 90 days after receipt of any report to object thereto in writing to the Operator and, failing such objection, such report shall be deemed correct. If the Royalty Holder shall object to any such report and request a review, the chartered accountant(s) shall be directed to review the records for the period in question and all costs relating to such review shall be paid by the Operator if the original report is found to be in error to the benefit of the Royalty Holder and. if not, by the Royalty7 Holder. In addition, the Rovaltv Holder mav. on reasonable notice and its own cost, ask for and cam out an

-3-

independent review of the Operator's books of account, records and supporting materials covering all matters relevant to the calculation of the NSR Royalty the Operator shall for such purpose at the Royalty Holder sole cost, permit agents of the Royalty Holder to inspect and review and make copies from the aforesaid books of account, records and supporting materials relevant to the calculation of Net Smelter Returns. In the event that the Royalty Holder undertakes such inspection and review and following such inspection and review the calculation and verification of Net Smelter Returns for the purpose of the determination of the NSR Royalty is found to have been in error to the benefit of the Royalty Holder, all reasonable costs relating to such inspection and review shall be paid by the Operator.

5. Payment to the Royalty Holder of die NSR Royalties shall be made by the Operator within 60 days after the end of each calendar quarter based on the aforesaid calculations, other than the last calendar quarter in any year with respect to which the payment will be as estimated by the Operator. Forthwith upon receipt of the calculation of Net Smelter Returns for the year subject to such calculation, adjustments without interest in respect of the NSR Royalty for such year shall be made based upon the final statements so prepared for such year. For greater certainty, acceptance by the Royalty Holder of any payment made by the Operator hereunder shall not prejudice the right of the Royalty Holder to protest or question the correctness of the amount of any such payment as contemplated herein.

6. Nothing in this Schedule or the Agreement shall in any way limit Tribute's rights as the owner of the Property or its interest therein, including without limitation its rights to set up such mining organization as it sees fit to bring the Property into production (in partnership with others or otherwise), to manage and operate the mining organization, to commence, curtail, expand or terminate production from time to time and to market and sell Products in such manner, as it may in its sole discretion decide, including the right to pre-sell such Products. Pursuant to section 35 the Operator may, but is not obligated to, beneficiate, mill, sort, concentrate, refine, smelt, or otherwise process or upgrade the ores and concentrates produced from ores mined from the Property prior to delivery to a Purchaser.

•••i j*.VI " f S 4:-;

APPENDIX 2 JVX Ltd. IP Survey Interpretive Report, Section and Plans

O


Report onIP/Resistivity Surveys

South Bay Property - Northern Ontario

for -' "t '""

Tribute Minerals Inc.Suite 808-67 Yonge Street

TorontOjOntarioCanada M5E-1J8

www.tributeminerals.com

by

60 West Wilmot Street, Unit 22Richmond Hill, Ontario L4B 1M6

www.jvx.ca

Ref. 4-14 April, 2004

52N02NE2002 2.27743 AGNEW 020

J VX

Table of Contents

1. Survey2. Geology3. Geophysical Survey

3.1 General Comments3.2 IP Group l3.3 IP Group II3.4 IP Group III

4. Summary and Recommendations

Figures

Figure 1 : Location Map - " '*'' 'v 'lFigure 2 : Grid /Claim MapFigure 3 : Compilation Map (reduced)Figure 4: Tribute's South Bay Property Compilation(from www.tributeminerals.com)

Attachments

Appendix 1 : Survey, Data Processing, Presentation and Archives, Instrument Specification Sheets Appendix 2: Daily Summary of Field Survey Production Appendix 3: IP And Resistivity Inversions

Maps

All plan maps and pseudosections are drawn at 1:5000. All plan maps and pseudosections are provided folded.

Plate 1 : Compilation MapStacked pseudosections of apparent resistivity, MX chargeability, spectral MIP,tau and c.scale 1:5000 (Plates 2 to 10)Plate2:100WPlate3:100EPlate 4:300EPlate 5:500EPlate 6:700EPlale 7.900E

J! VX

Plate 8:11 GOEPlate9:1300EPlate 10:1500EPlate 11 : Contoured Apparent Resistivity 0^=2)Plate 12 : Contoured MX Chargeability (11=2)Plate 13 Results from DCIP2D inversion. Line 900E.

J VX

IP/Resistivity and Magnetic SurveysSouth Bay Property - Red Lake Ontario

Tribute Minerals Inc

In April 2004, IP/resistivity surveys were done for Tribute Minerals Inc. over the South Bay property in northwestern Ontario.The property is located 85 kilometers east of Red Lake. Access is provided from Ear Falls by a 80km, gravel all-weather logging road.

The results are reviewed in light of publicly available and readily accessible geology and exploration history. The geophysical setting and expression of the South Bay property grid is outlined. Promising features are highlighted and possible exploration targets are described. This does not constitute a formal interpretation, but it may lead to a better understanding of the survey results and may suggest what might follow.

The Grid is covered by the following 13 claims:119568911956931144212

119435111956941234400

119569011956951247811

11956911196807

11956921144211

The purpose of the surveys was to delineate sulphide zones at moderate depths that could be favourable for base metal.

1. Survey

The survey involved 16.2 km of IP/resistivity on a grid of northwest/southeast lines with a line separation of 200 m. This total coverage includes line 900E which was resurveyed (1600m) to obtain data at a greater depth. The majority of the grid was cut just prior to the survey. The daily production summary of the survey is in Appendix 2.The Scintrex IPR12 time domain receiver and a pole-dipole combination array (3 of 3=50 and 3 of 3=100 m) were used on all lines. Nine lines were surveyed with IP/resistivity. The results are presented as stacked pseudosections and plan maps at 1:5000.

Survey coverage, methods, personnel, instrumentation, data processing and presentation are described in Appendix 1. The South Bay area is located in Figure 1. The grid and claims are shown in Figure 2. The topography in the survey area is moderate with maxmimum elevation less than 40 m relief.

JVXLtd.ref.no. 4-14 May 2004

LOCATION MAP TRIBUTE MINERALS INC.

SOUTH BAY PROPERTYRed Lake District, Northwestern Ontario

SPECTRAL IP/RESISTIVITY SURVEYScale 1 : 1,725,000 Figure 1

JVX JVXUtt. of. no. 4-14 U*y20O4

GRID l CLAIM MAP TRIBUTE MINERALS INC.

SOUTH BAY PROPERTYRED LAKE DISTRICT

NORTHWEST ONTARIO

SPECTRAL IP/RESISTIVITY SURVEY

loom

Figure 2

; 1194351 : \/

t, Itey Hoi (j 1! mVW)

OT^

Figure 3

TRIBUTE MINERALS INC.SOUTH BAY PROPERTY

RED LAKE DISTRICT NORTHWEST ONTARIO

SPECTRAL IP/RESISTMTY SURVEY

COMPILATION MAP

JVXLM. ref. no. 4-14. May2004

2. Geology

Figure 12 on Tribute minerals' website www.tributeminerals.com

QTZ-FELD PORPHYRYCHERTY QTZ PORPH RHYOUTESPHERULITIC RHYOLITEINTERMEDIATE PYROCLASTICSBASALT

HLEM CONDUCTOR DeepEM CONDUCTOR HYDROTHERMAL ALTERATION WITH BM ENRICHMENT

* AEM CONDUCTOR

FIGURE 12 Figure 4 tribute's South Bay Property Compilation

J VX

3. Discussion

3.1 General Comments

Twelve Spectral IP anomaly zones cross the South Bay property in 3 main groups comprised of IP Group l, IP Group II and IP Group III. IP Group l is located in the north eastern part of the survey grid and consists of IP Zones IP-1, IP-2, IP-3, IP-3a, IP-4 and IP-5. Group M is located in the north eastern part of the survey grid and consists of IP Zones IP-9, IP-12c, and IP-12b. Group III is located in the south western part of the survey grid and consists of IP Zones IP- 7, IP-8, IP-10, IP-11, IP-12a and IP-12b.

3.2 IP Group l

IP zones IP-1, IP-2, IP-3, IP-4 and IP-5 form the IP Group l. The anomalies are associated with a resistivity high that crosses the northern part of the grid.

IP-1 (1500E7(1(HOON-1(H50N)) to (900E/ (10+OON-10+50N))IP zone IP-1 is a 600m long weak to moderate chargeability anomaly that correlates with a very high to high resistivity anomaly. The MIP values are 366 mV/V with a Tau of 0.3 sec that indicate a fine- grained disseminated source. T-1 (1500E/10+OON ) is a medium priority target

Recommendation: T-1 (1500E 1 10+OON) Medium Priority target. The resistivities indicate overburden is shallow and T-1 should be prospected.

IP-2 (1500E7(7*50N to SOON) to 1300E/ (8+50N to 9+OON))IP-2 is a 400m long medium to strong chargeability anomaly with a resistivity low on line 1500E and a resistivity high on line 1300E. The anomaly is shallow (n^) and is coarse grained, (long time constant). The resistivity decrease indicates some weak conductivity may be present. IP-2 on line 1300E is deeper and weaker. T-2 has been targeted on line 1500E @ SOON.

Recommendation: T-2 (1500E /8+OON) High Priority target. The source appears to be shallow (n^) and should be prospected, trenched and drilled.

IP 3 (900E7(8*OON - 8+50N) to 700E/ (8+OONS to 8+50N)) weak IP anomaly IP 3a (1300E/ 7+OON to 7+50N) weak IP anomalyIP Zone IP-3 and IP-3a are two weak IP anomalies zones on strike that are associated with resistivity highs. The sources appear to be minor amounts of sulphide

Recommendation: Surface prospecting (low priority).

J VX

IP-4 (1500E/5+OON-5+50N) to 1100E/ (6+OON to 6+50N) moderate to strong IP anomalyIP-4 is a 600 meter long moderate to strong chargeability anomaly that correlates with a resistivity high. The source is coarse grained (long time constants) and the best correlation is with a resistivity low on line 1100E.

Recommendation: T-3 a medium priority target @ 1300E/5+75N should be prospected. A weak resistivity low @ 1100E/5+75N to SOON is associated with a moderate IP anomaly that should also be prospected.

IP -5 (SOOE/te+SON - 7+OON) to 300E/ (5+50N - 6+OON))IP-5 is a 200m long weak chargeability anomaly that correlates with very high resistivity. The M l P values are low with short time constants indicating a low percent, fine-grained disseminated source.

o - ~'Recommendation: IP-5 is shallow and should be prospected. ' : - i

IP-6 (QOOE/fS+OON - 5+50N)) Deep (11=6) medium strength sourceIP-6 is a medium strength chargeability anomaly associated with high resistivities. The anomaly is associated with long time constants. There is a deep 01=9) resistivity low (7,000 ohm-m) that could be indicative of a weak conductor.

Recommendation: The results of the deep IP did suggest a deep source (IP-6) that must be further evaluated with geology. If IP-3 or IP-9 on line 900N have a base metal correlation, then additional deep IP surveys should be considered.

7.3 IP Group II

IP Group M is formed by IP zones IP-9 and IP-12c. IP-9 and IP-12C are located in the north and south flanks respectively of a resistivity high.

IP -9 (1300E/CI+50N - 2+OON) to SOOE/fO+SON - 00+00))IP-9 is an 800m long, moderate chargeability anomaly located on the north flank of a resistivity high. The anomaly has long time constants indicating a coarse grained or linked source.T-4 is located on a medium IP anomaly with a resistivity low located on the north flank of a resistivity high.

Recommendation: Target T-4 is a high priority target. The chargeability anomaly correlates with a resistivity low (2,700 ohm-m) that may be associated with a significant volume of sulphides. The anomaly should be prospected and drilled if the geology is favourable.

J VX

IP-12c(900E7(24-OOS))IP-12c is a strong chargeability anomaly associated with a (7000 ohm-m) resistivity low. T-5 is a medium priority target that should be prospected both on the line and on strike.

Recommendation: T-5 is a medium priority target.

7.4IP Group III

IP Group III is formed by IP zones IP-7, IP-8, IP-10, IP-11, IP-12a and IP-12b. The anomalies occur on and flank a resistivity high

IP-7 is a single line moderate chargeability anomaly that correlates with a resistivity high. The Ml P values are low to moderate with short time constants indicating a low percent fine grained disseminated source.

Recommendation: Prospect IP-7, low sulphides are expected.

IP -8 (100VW((H50N - 1+OON) to 100E7(OH-50N - 1+OON))IP-8 is a 200m long, moderate chargeability anomaly located on the south flank of a resistivity high. The anomaly has long time constants indicating a coarse grained or linked source.

Recommendation: Prospect IP-8.

IP -10 (100W/CI+50S - 1+OOS) to 100E7((H50S - 1+OOS))IP-10 is a 200m long, moderate to strong chargeability response located between two resistivity highs. Significant sulphide mineralization could be the causative source of the resistivity decrease (567 ohm. m) on line 100W. Line 100W/1+50S is a high priority target that should be prospected and drilled.

Recommendation: T-6 should be prospected and drilled.

IP-11 (SOOE/^+OOS - 2+50S) to 100W/ (4+OOS - 4+50S) Medium strength IP anomalyIP-1 1 is a 400m long, weak to moderate chargeability response associated with a resistivity high. The anomaly is strongest on line 100E @ 3+OOS (T-7).

Recommendation: T-7 should be prospected.

J VX

IP-12a (SOOE/fS+OOS - 5+50S) to 100E/ (5+50S - 6+OOS) Medium strength IP anomalyIP-11 is a 200m long moderate chargeability response associated with a resistivity high. The anomaly is strongest on line 300E @ 5+50S (T-8).

Recommendation: T-8 should be prospected.

Inversion of line 900E

An inversion of line 900E was made. (Note: INV-I (6m) 6m refers to estimated depth from the inversion.

IP-1 at 10+50N correlates with INV-I (6m) that is a shallow source.IP-2 at SOON correlates with a shallow Inversion source (INV-II) (13m) at SOON.IP-6 at 5+OON correlates with the depth extension of INV-II labelled INV-III(281m).IP-9 correlates with a deep inversion source INV-IV (178m) that also isassociated with a resistivity low.IP-12c at 2+OOS correlates with a moderate inversion chargeability high INV-V(56m) and a weak resistivity low Res-V(31m).

8. Summary and Recommendataions

Three main Spectral IP zones have been located: IP Group l, IP Group II and IP Group III.

Eight targets have been identified and are summarized below in the table on the next page. Four faults have been interpreted from the resistivity data. The deep IP cut on line 900E demonstrated where deeper anomalies may be located. IP-6 was located but more deep cuts on adjacent lines are required to determine if there is a real anomaly at depth or if it is the effect of a combination of shallow sources. All targets should be prospected with drilling recommended for T-2, T-4 and T-6.

J VX

TARGET

T-1

T-2

T-3T-4

T-5T-6T-7T-8

LINE

1500E

1500E

1 300E

900E

900E

1000 W100E

300E

STN

10+OON

8+OON

5+75N

1+50N

2+OOS

1+50S

3+OOS

5+50S

PRIORITY

Moderate

High

Moderate

High

Moderate

High

Moderate

Moderate

COMMENTS

Moderate priority target fine grained source associated with high resistivities. Prospect and trench.High priority target with coarse grained source. M^480MvA/ The source is shallow and could be trenched.T-3 should be prospected.T-4 is a high priority target that should be prospected and drilled if geology is favourable.T-5 is a moderate priority target that should be prospected.Strong chargeability response should be prospected and drilled.

Moderate chargeability anomaly that should be prospected.T-8 is a moderate priority target The target is shallow and should be prospected.

Detailed discussions of the survey results should be made to further integrate geology and geophysics. After drilling and trenching the targets, additional IP lines surveyed at 100 meter intervals should be considered.

Prior to drilling please contact JVX for final drill collar locations. Respectfully submitted,

jvx

ie Web President

SLAINE R. WEBSTER PRACTISING MEMBER

Appendix 1 Survey, Data Processing, Presentation and Archives

Time domain induced polarization (IP)7resistivity and were conducted over the South Bay grid from April 20 to 28, 2004.

The Kopsa grid is made up of north west/south east traverse lines at a 200 m line separation. Traverse line and station numbers are based on local grid coordinates. Line 500E and baseline O is located (using WGS84) Zone 15 U 523333, 5662599 UTM.

IP/RESISTIVITY SURVEY - SOUTH BAY GRIDLine

100W100E300E500E700E900E900E1100E1300E1500ETotal

Survey Configuration

3=5001,0=1,3 S 3=100(11,0=4,63=5001,0=1,3 8(3=10001,0=4,63=5001,0=1,3 S 3=10001,0=4,63=5001,0=1,3 S 3=10001,0=4,63=5001,0=1,3 S 3=10001,0=4,63=5001,0=1,3 8n 3=10001,0=4,6

3=10001,0=7,103=5001,0=1,3 S 3=10001,0=4,63=5001,0=1,3 S 3=10001,0=4,63=5001,0=1,3 S 3=10001,0=4,6

From Station750S750S700S500S500S250S250S250S250S50N

To Station1050N550N900N

11 DON1200N1550N1350N1550N1250N1550N

Distance (m)

1800130016001600170018001600180015001500

16200

Personnel O of--t f

Tim Charlebois from JVX was party chief. Alex Jelenic also operated the IP receiver and was responsible for all technical aspects of the field survey. Up to fiver helpers were required to carry out the survey. Data processing and presentation was handled by JVX staff at their office in Toronto, Canada.

Instrumentation

Scintrex IPR12 time domain receiver.

For each potential electrode pair, the IPR12 measures the primary voltage (Vp) and the ratio of secondary to primary voltages (Vs/Vp) at 11 points on the IP decay (2 second current pulse). These 11 points (or slices or windows) are labeled MO to M10. There is the option for an additional user defined slice (Mx). Units of measurement are millivolts for Vp and milliVolts/Volt (mV/V) for MO to M10, MX. Time settings are

Vp : 200 to 1600msecMO centerec at 60 msec (50 to 70)M1 centered at 90 msec (70 to 110)M2 centered at 130 msec (110 to 150)M3 centered at 190 msec (150 to 230)M4 centered at 270 msec (230 to 310)M5 centered at 380 msec (310 to 450)M6 centered at 520 msec (450 to 590)M7 centered at 705 msec (590 to 820)M8 centered at 935 msec (820 to 1050)M9 centered at 1230 msec (1050 to 1410) M10 centered at 1590 msec (1410 to 1770)MX centered at 870 msec (690 to 1050)

The apparent resistivity is calculated from Vp, the transmitted current and the appropriate geometric or K factors. MO to M10 define the IP decay curve. The M8 or MX slice is commonly presented in contoured pseudosections.

JVX has chosen the above settings for MX in order to better reflect an IP measurement (M7) from the older Scintrex IPR11 time domain receiver. In IPR11 surveys from the 1980s, this chargeability window was most often plotted and experience gained is based in part on this measurement.

The IPR12 also calculates the theoretical decay that best fits the measured decay. The theoretical decay is based on the Cole-Cole impedance model developed in the 1970s. The fit is based on a set of theoretical master curves with restrictions that limit the value of the calculation. JVX uses a different method to calculate impedance parameters (see below).

Scintrex IPC-7 2.5 kW time domain transmitter

This transmitter is powered by an 8 hp motor generator and produces a commutated square wave current output with current on times of 2, 4, 8, or 16 seconds. A 2 second current pulse was used (base frequency of .125 Hz). Output current is stabilized to within ±0.1 07o for up to 5007o external load or ± 10 07o input voltage variations. Voltage, current and circuit resistance are displayed in analog and digital form.

Survey Specifications and Production Summary

The pole-dipole array was used. This combination array uses up to 7 potential electrode pairs. The distance from the current electrode to the first potential electrode is always 50 m. When fully extended, the potential electrode separation ('a' spacing) for the first 3 electrode pairs is 50 m. The 'a' spacing for the last 3 electrode pairs is 100 m. This might also be described as 3=50 m, 11=1,3 + 3=100 m, n=4,6.

On every second move, the current electrode is advanced 50 m to a position formerly occupied by the first potential electrode. The receiver moves to what was P2. The array is now defined by 3=50 m, n^,2 + 3=100 m, n=3,5. The whole string of potential electrodes is then moved forward 100 m and the process repested until end of line.

As the shspe of IP snomslies in pole-dipole surveys depends on the orientstion of the array, the current - potentisl electrode orientation is fixed for any survey grid. Over the Kopsa grid, the potential electrodes were slwsys \a\d out to the north of the current electrode.

Data Processing

At the end of every survey day, the IP/resistivity survey data are dumped to 3 PC. The dsts are checked for quality and quantity. The data are edited and corrected to remove duplicate or incorrect results. Field plots of selected preliminary results may be generated. The data are archived on CD for transfer to JVX Ltd. in Toronto.

In the office, data processing and plotting are based in large part on the Geosoft Sushi (IP pseudosections) and Oasis Montaj V4.1 geophysical data processing systems (see www.geosoft.com). Impedance modelling software (see below) is based on a suite of programs, originally developed by Scintrex and later modified by JVX. 2D IP inversion (see below) is based on software from the UBC-Geophysical Inversion Facility (see www.geop.ubc.ca). The compilation map was prepared using AutoCAD drafting software (see www.autodesk.com).

The pseudosections are plotted using standard depth and position conventions. These plot forms have been found to give a reasonable image of target location, width and depth where 1) the anomalously chargeable and/or resistive body is an isolated, near-vertical tabular body, 2) where background chargeabilities and resistivities (overburden and host rock) are uniform and 3) where the terrain is relatively flat. They are more difficult to interpret for irregular or nearby chargeable bodies and where there is any amount of conductive cover or topographic relief. Forward or inverse modelling may be useful in such esses.

Colour contours in the pseudosections are assigned by equal area distribution for each individual pseudosection. Minor line to line changes in colour assignment: may occur.

Archives

The results of the survey are archived on CD in directories: Comp,Figures,Inversion,PSEUDO,Plan,Report. COMPILATIONMAP

.dwg AutoCAD drawing file (display using the dwgviewer.exe provided)

FIGURES(figures as included in the report)

INVERSIONDCINV2D results (GEOSOFT files)

.grd -grid file (Geososft)

.mdf - text file, map layout (Geosoft)

.pit - map title, contours and posted values (Geosoft)

.att -attribute file of *.plt (Geosoft)

.xyz - text file, with the plot position of the data (x,y) and value (z)(Geosoft).zon - text file, colour distribution (Geosoft)

IP PSEUDO-*.i12 - text file, raw IPR12 data*.MAP (display in GEOSOFT OASIS VIEWER)

PLAN.pin -text file,1 for MX one for ohm.m (2 files per line)*.MAP (2 maps one plan map of MX and one of ohm.m)

REPORT*.DOC (MS office 2000 files of the bound report)

l PR-12 Time Domain Induced Polarization/Resistivity ReceiverSpecifications

Inputs1 to 8 dipoles are measured simultaneously.

Input Impedance 16 Megohms

SP Bucking±10 volt range. Automatic linear correction operating on a cycle by cycle basis.

Input Voltage (Vp) Range50 uvolt to 14 volt

Chargeability (M) RangeO to SOOmillivolt

Tau Range1 millisecond to 1000 seconds

Reading Resolution of Vp, SP and MVp, 10 microvolt; SP, 1 millivolt; M, 0.01 millivolt/volt

Absolute Accuracy of Vp, SP and MBetter than 1 "/0

Common Mode RejectionAt input more than 10Odb

Vp Integration Time107o to 807o of the current on time.

IP Transient Program Total measuring time keyboard selectable at 1,2,4,8, 16 or 32 seconds. Normally 14 windows except that the first four are not measured on the 1 second timing, the first three are not measured on the 2 sefc- ond timing and the first is not measured: on the 4 second timing. (See diagram on page 2.) An additional transient slice of minimum 10 ms width, and 10rns steps, with delay of at least 40 ms is keyboard selectable.

Transmitter TimingEqual on and off times with polarity change each half cycle. On/off times of 1, 2, 4, 8, 16 or 32 seconds. Timing accuracy of ±100 ppm or better is required.

External Circuit Test All dipoles are measured individually in sequence, using a 10 Hz square wave. The range is O to 2 Mohm with O.lkohm resolution. Circuit resistances are dis played and recorded.

SynchronizationSelf synchronization on the signal received at a keyboard selectable dipole. Limited to avoid mistriggering.

FilteringRF filter, 10 Hz 6 pole low pass filter, sta tistical noise spike removal.

Internal Test Generator1200 mV of SP; 807 mV of Vp and 30.28 mV/V of M.

Analog MeterFor monitoring input signals; switchable to any dipole via keyboard.

Keyboard17 key keypad with direct one key access to the most frequently used functions.

Display16 lines by 42 characters, 128 x 256 dots, Backlit Liquid Crystal Display. Displays instrument status and data during and after reading. Alphanumeric and graphic dis plays.

Display HeaterAvailable for below -15'C operation.

Memory CapacityStores approximately 400 dipoles of infor mation when 8 dipoles are measured simultaneously.

Real Time ClockData is recorded with year, month, day, hour, minute and second.

Digital Data OutputFormatted serial data output for printer and PC etc. Data output in 7 or 8 bit ASCII, one start, one stop bit, no parity format. Baud rate is keyboard selectable for stan dard rates between 300 baud and 51.6 kBaud. Selectable carriage return delay to accommodate slow peripherals. Hand shaking is done by X-on/X-off.

Standard Rechargeable BatteriesEight rechargeable Ni-Cad D cells. Supplied with a charger, suitable for 110/230V, 50 to 60 Hz, 10W. More than 20 hours service at -i-25'C, more than 8 hours at -30'C.

Ancillary Rechargeable BatteriesAn additional eight rechargeable Ni-Cad D cells may be installed in the console along with the Standard Rechargeable Batteries. Used to power the Display Heater or as back up power. Supplied with a second charger. More than 6 hours service at-30'C.

Use of Non-Rechargeable BatteriesCan be powered by D size Alkaline batter ies, but rechargeable batteries are recom mended for longer life and lower cost over time.

Operating Temperature Range-30'C to H-50'C

Storage Temperature Range-30'C to -i-50'C

DimensionsConsole: 355 x 270 x 165 mm Charger: 120 x 95 x 55mm

WeightsConsole: 5.8 kgStandard or Ancillary RechargeableBatteries: 1.3 kgCharger: 1.1 kg

Transmitters available IPC-9 200 W TSQ-2E 750 W TSQ-3 3 kW TSQ-4 10 kW

In Canada

222 Snidercroft Rd. Concord, Ontario Canada, L4K1B5

In the U.S.A.

85 River Rock Drive Unit # 202 Buffalo, M.Y. U.S.A. 14207

l PR-12/94

Tel.: (905) 669-2280 Fax: (905) 669-6403 Telex: (905) 06-964570

Tel.: Fax:

(716)298-1219 (716)298-1317

Induced Polarization and Commutated DC Resistivity Transmitter System

VOLT ADJ STOP ON

Function

f he IPC-7/2.5 kW is a medium power transmitter system designed for time do main induced polarization or commutated DC resistivity work. It is the standard power transmitting system used on most surveys under a wide variety of geophysical, topographical and climatic conditions.

The system consists of three modules: A Transmitter Console containing a transformer and electronics, a Motor Generator and a Dummy Load mounted in the Transmitter Console cover. The purpose of the Dummy Load is to accept the Motor Generator output during those parts of the cycle when current is not transmitted into the ground, in order to improve power out put and prolong engine life.

The favourable power-weight ratio and com pact design of this system make it portable and highly versatile lor use with a wide variety of eleclrode arrays

Features

Maximum motor generator output, 2.5 kW; maximum power output, 1.85 kW; maximum current output, 10 amperes; maximum voltage output, 1210 volts DC.

Removable circuit boards for ease in servic ing.

Automatic on-off and polarity cycling with selectable cycling rates so that the op timum pulse time (frequency) can be selected for each survey.

The overload protection circuit protects the instrument from damage in case of an overload or short in the current dipole cir cuit.

The open loop circuit protects workers by automatically cutting off the high voltage in case of a break in the current dipole circuit

Both the primary and secondary of the transformer are switch selectable for power matching to the ground load. This ensures maximum power efficiency.

The built-in ohmmeter is used for checking the external circuit resistance to ensure that the current dipole circuit is grounded properly before the high voltage is turned on. This is a safety feature and also allows the operator to select the proper output voltage required to give an adequate current for a proper signal at the receiver.

The programmer is crystal controlled for the very high stability required for broadband (spectral) induced polarization measurements using the Scintrex IPR-11 Broadband Time Domain Receiver.

Technical Description of IPC-7/2.5 kW Transmitter System

Complete 2.5kW induced polarization system including motor-generator, reels with wife, fool kit. porous pots, simulator circuit, copper sulphate. IPR-8 receiver, dummy load, transmitter, electrodes and clips.

IPC-7/2.5kW transmitter console with lid and dummy load.

EL , , nT T T T

lime Domain Wavetorm

Transmitter Console

Maximum Output Power

Output Current

Output Voltage

Automatic Cycle Timing

Automatic Polarity Change

1.85 kW maximum, defined as VI when cur rent is on, into a resistive load

10 amperes maximum

Switch selectable up to 1210 volts DC

T:T:T:T; on:off:on:off

Each 2T

Pulse Durations

Voltage Meter

Current Meter

Period Time Stability

Operating Temperature Range

Overload Protection

Open Loop Protection

Undervoltage Protection

Standard: T n 2,4 or 8 seconds, switchselectableOptional: T = 1,2,4 or 8 seconds, switchselectableOptional: T = 8,16,32 or 64 seconds, switchselectable

1500 volts full scale logarithmic

Standard: 10.0 A full scale logarithmic Optional: 0.3, 1.0, 3.0 or 10.0 A full scale linear, switch selectable

Crystal controlled to better than .01 Vo

-30 0 C to +55-C

Automatic shut-off at output current above 10.0 A

Automatic shut-off at current below 100 rnA

Dimensions

Weight

Shipping Weight

Automatic shut-off at output voltage less than 95 V

280 mm x 460 mm x 310 mm

30kg

41 kg includes reusable wooden crate

Motor Generator

Maximum Output Power

Output Voltage

Output Frequency

Motor

Weight

Shipping Weight

2.5 kVA, single phase

110 V AC

400 Hz

4 stroke, 8 HP Briggs 4 Stratton

59 kg

90 kg includes reusable wooden crate

222 Snidercroft Road Concord Ontario Canada L4K 1B5

Telephone: (416) 669-2280 Cable: Geoscint Toronto Telex: 06-964570

Geophysical and Geochemical Instrumentation and Services

Appendix 2JVX Ltd.

Field Production Report

Project No 4-14 Client: Tribute Minerals Area: Red Lake Week Ending: May 1, 2004

""Production Note: "from" and "to" are staring current position to final p7,on a line surveyed overtwo days the production goes from p? to p7, so that over two days the correct line distance ismaintained"**Combi Array3x50 and 3x100m was used for the first pass on each line.*** Ipr12 and ipc7 /tsq3 was used.

Day

Sun April 18Mon 19

Tue 20

Wed 21

Thu 22

Fri 23

Sat 24

Sun April 25

Mon 26

Tue 27

Wed 28

Description of Work

Mobilize.

Ipsetup

IP survey.Tx^pc7

Light rain in am. IP survey.TxHpc7 Very steep and high hill north of lake (SOON is peak) aprox slope is 5007o or more. Average lake depth is 5m Lost 1 .5 hours due to wire problem.open loop in access.IP surveyTxHpc7. Line 100E was deemed impassible further to the north due to swamp??Snow flurries 6:00am IP survey.Txzipc7 L500E goes farther to the north, but it is impassible right now.IP survey.Tx^SQS. Line 700E has many pickets labeled wrong, so some gps points may have wrong name.IP survey.Tx^SQS and IPC7. Lost about 2 hours due to multiple breaks in access Wire. Continuity tested o.k in the morning. There are many moose and caribou on the move.Am -6 degrees.snowy and windy IP survey.lost all the data due to Rx memory problemsIP survey,, n^9603068 Line 1 300E was only cut to 1 250N.

IP survey,, n^9603068 Line 1 100E was resurveyed, using ipc7 Line 900E was deep IP test line

Grid

South Bay

SouthBay

South Bay

SouthBay

SouthBay

SouthBay

SouthBay

SouthBay

SouthBay

SouthBay

Line

100W

300E

100E

500E

700E 900E

900E

1100E

1300E 1500E

1100E 900E deep

From

750S

700S

750S

500S

500S 250S

350N

250S SON

250S 250S

To

1050N

900N

550N

11 DON

1200N 350N

1550N

1250N 1550N

1550N 1350N

Length (m)

1800

1600

1300

1600

1700 600

1200

0

1500 1500

1800 1600

Office Use

Day

Thu 29

Fri 30

Description of Work

IP demob.

IP demob.

Grid

SouthBay

Line From To Length (m)

Office Use

Appendix 3 IP And Resistivity Inversions

DCIP2D is a program library for forward modeling and inversion of DC resistivity and induced polarization data over two dimensional structures. It was developed by the Geophysical Inversion Facility of the University of British Columbia.

The inversion is based on the iterative adjustment of a 2D synthetic mesh of resistivities and chargeabilities in order to achieve a reasonable fit with the measured pseudosections. There are a number of settings to control and stabilize what is in essence a non-unique problem and the output depends on the initial values of these settings.

Of necessity, the synthetic mesh must extend to regions at which point there is little effect on the measurement. The results of the inversion fill this mesh and the full mesh is normally presented in real section form. This explains why the inversion results at depth are the least reliable.

The inversion holds out the promise of quick and reliable interpretation. A realistic explanation of the survey results are possible.this is also achieved in some situations where the process is constrained by the geology. Without constraints, the results may be of limited value.

NOTE: The following cautionary points are make regarding the 2DIP 'mye^siori t- results: O 2 7 i - *

^-W *

* They are produced on a line-by-line basis. The modeling software assumes the anomalies are caused by sources that strike perpendicular to the survey line and are relatively long in strike on either side of the line. Inversion results from inversions carried out over lines that cross the ends of targets, for example, may be incorrect.

* The inversions are presented for stations beginning and ending on thefurthest electrodes used. If dipoles were not dropped at the end of the survey line, the inversion may predict a near-surface source even though this is uncertain. All inversion anomalies should be crosschecked with the pseudosections.

* Below a certain inverted depth, the inversions "explode" and no longer fit the observed data. The nominal depth of investigation would be about one-third to one-half the length of the survey spread. However, the actual depth is dependent on many factors including survey array, overburden thickness, topography and host rock conductivity.

ONTARIO MINISTRY OF NORTHERN DEVELOPMENT AND MINES

Work Report Summary

Transaction No: W0420.00808 Status: APPROVED

Recording Date: 2004-MAY-28 Work Done from: 2004-APR-01

Approval Date: 2004-JUN-02 to: 2004-MAY-18

Client(s):304257 TRIBUTE MINERALS CORPORATION

Survey Type(s):

IP LO

Work Report Details:

Claim*

KRL 1144211

KRL 1144212

KRL 1194351

KRL 1195689

KRL 1195690

KRL 1195691

KRL 1195692

KRL 1195693

KRL 1195694

KRL 1195695

KRL 1196191

KRL 1196807

KRL 1234400

KRL 1247811

KRL 1247812

KRL 1247813

KRL 1247814

External Credits:

Reserve:

Perform52,000

$3,200

31,600

12,000

32,400

52,400

31,600

32,000

33,200

32,400

30

312,784

3400

33,200

SO

SO

SO

539,184

Perform Approve

32,00033,20031,60032,000S2.400S2.400

51,600

52,00053,20052,400

SO312,784

3400

53,20050

3050

539,184

50

Applied5800S8003800380038003800

S800S800S800

380036,40034,800

S800S2.400

33,20032,400

56,400

534,400

14,784 Reserve of Work

54,784 Total Remaining

Applied Approve

S800S800S800S800380058005800

580058003800

36,400

54,8005800

32,40053,20052,400

S6.400

334,400

Assign5100

S2.400so

S1.000

51,600

31,600

SO

5300

52,400

51,500

SO

57,900

SO

SO

50

50

50

518,800

Assign Approve

100

2,400

0

1,000

1,600

1,600

0

300

2,400

1,500

0

7,900

0

0

0

0

0

318,800

Reserve

31,100

30

3800

5200

soso

S800

S900SO

siooSO

S84

30

5800

SO

SO

50

54,784

Reserve Approve Due Date

51,100 2006-JUN-02

SO 2006-JUN-02

5800 2006-JUN-02

5200 2006- J UN-02

SO 2006- J UN-02

SO 2006- J UN-02

S800 2006-JUN-02

S900 2006-JUN-02

50 2006-JUN-02

5100 2006-JUN-02

50 2005-JUL-27

584 2005-JUL-27

SO 2007-MAY-14

5800 2006-MAY-14

SO 2006-MAY-14

SO 2006-MAY-14

SO 2006-MAY-14

S4.784

Report*: W0420.00808

Status of claim is based on information currently on record.

52N02NE2002 2.27743 AGNEW 900

2004-Jun-09 13:52 armstrong-d Page 1 of 1

Ministry ofNorthern Developmentand Mines

Date: 2004-JUN-03

Ministers du Developpement du Nord et des Mines Ontario

GEOSCIENCE ASSESSMENT OFFICE 933 RAMSEY LAKE ROAD, 6th FLOOR SUDBURY, ONTARIO P3E 6B5

TRIBUTE MINERALS CORPORATION SUITE 808, 67 YONGE STREET TORONTO, ONTARIO M5E1J8 CANADA

Tel: (888) 415-9845 Fax:(877)670-1555

Dear Sir or Madam

Submission Number: 2.27743 Transaction Number(s): W0420.00808

Subject: Approval of Assessment Work

We have approved your Assessment Work Submission with the above noted Transaction Number(s). The attached Work Report Summary indicates the results of the approval.

At the discretion of the Ministry, the assessment work performed on the mining lands noted in this work report may be subject to inspection and/or investigation at any time.

If you have any question regarding this correspondence, please contact STEVEN BENETEAU by email at [email protected] or by phone at (705) 670-5855.

Yours Sincerely,

Roy DenommeSenior Manager(A), Mining Lands Section

Cc: Resident Geologist

James Gregory Davison (Agent)

Assessment File Library

Tribute Minerals Corporation (Claim Holder)

Tribute Minerals Corporation (Assessment Office)

Visit our website at http://www.gov.on.ca/MNDM/LANDS/mlsmnpge.htm Page: 1 Correspondence 10:19474

ONTARIOCANADA

Minlns Land Tenure

10o o

lo10

i. u

toO O

S18000E 81(0006 517000E 5240COE 52SOOOE 528000E S2WOOE 928000E

MKJOOON

5661000N

665600QN

General Information and Limitationstno*o wdhtna wntiitoinlnnaclirXTO itwniW temBU1t*ntnw Tun nwpn nsl wstvwa fwiwvtaflMon*!. iun*y of MrM m u'to^Mtton nav li™ ta obKlrwd Ihrawh {(w Isol WM TBtos of RegMry OIlKO. fll Ifn Mnhttv o4 rfclural

Date l Time of Issue: Frl Jul 02 10:00:36 EOT 2004

TOWNSHIP l AREA PLAN DENT 6-3737

ADMINISTRATIVE DISTRICTS l DIVISIONSMining Division Red LakeLand Titles/Registry Division KENORAMinistry of Natural Resources District RED LAKE

TOPOGRAPHIC Land Tenure

Si,*.!* Ami MNna W

. , . ,, WIHU*

U*faM* Patent

l?)!SI l***

Ltc*K*ntc*ciiiiMlnii

a i*]53 ""i-" 1**!SI CWN'MOMHWIlihlrtatJMlVTft

B

LAND TENURE WITHDRAWALS

" ] IMPORTANT NOTICES

LAND TENURE WITHDRAWAL DESCRIPTIONS

ZS: W*m Jnn 1,20* MNKfUGL talCHC 2W Worn Mn t, t(X*1 MNRrUCV CACHE

2.27743IPLG

*p temnvltwl now vaftoufl ***aas. Cowtetenm *tw H-vw.r *m rK* t uammswi. canoe* intomntww

*MW flrmn fctfiar ftnMw BfV Wfl r*** l a

l M

N) H O

200E 400E 600E 800E 1000E 1200E 1400E

LEGEND

Very Strong

Strong

Moderate

iWeak l

Dipole No. —*. 11=2 iM-IP(mWV) -* 367,1'

Time Constant (Long.Medium or Short) ———*,

Very Weak -:

Chargeability Anomaly

Very Strong

Strong

Moderate

ll Weakll

l Very Weak

Resistivity Anomaly

H(2) - High Resistivity, n=2 VH(1) - Very High Resistivity, 0=1

WH(1) - Very Very High Resistivity, 0=1

F1

IP Chargeability zones

Resistivity High ^ 14,000 ohm-m)

Resistivity Low ^4000 ohm-m)

Chargeability Very High ^12 mV/V)

Chargeability High (6-12 mV/V)

Interpreted Fault

o l "" l Exploration TargetHP High PriorityM P Moderate Priority

100Scale 1:5000

100 200 300

(metres)

PLATE



SPECTRAL IP/RESISTIVITY SURVEY

COMPILATION MAP

JVXLtd. ref. no. 4-14, May 2004

JVX Spectral 'c1 (dimensionless)

JVX Spectral Tau (s)

JVX Spectral MIP(mV/V)

MX Chargeability(mV/V, 690ms-1050ms)

Apparent Resistivity (ohm-m)

7+00 S 6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

o.ioO V 0.20 030 0.20 0.20———~"——N V-/ .10 0.10 0.10 \ osff

030

7+00 S 6+00 S S+OOS 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

f X

7+00 S 6+00 S S+OOS 4+00 S 3+00 S 2+00 S 1+00 S 0+00-H————i————l———i————l————i————t————i————t-

1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

IP-117+00 S 6+00 S

11=21^1=3521=100

5+00 S 4+00 S

IP-10 T0=4 I -

1^=6771=100

IP-80=4

1^/1=4931=100 1+00 N

IP-7M=3631=0.03

2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

7+00 S 6+00 S S+OOS 4+00 S 3+00 S 2+00 S 1+00 S 0+00HI————i————t-

1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

VH(1) H(1) VH(1) VH(1)

6834X- 34804

JVX Spectral 'c' (dimensionless)


JVX Spectral MIP (mV/V)

MX Chargeability(rttWtf, 690ms-1050ms)

Apparent Resistivity(ohm-m)

52N02NE2002 2.27743 AGNEW 220

100 W

C1 C1'

Pole - Dipole Combination Array

Resistivity and Chargeability Anomalies

^^^—. Very strong——— Strong

— — Medium— - - - Weak....,... yery Weak

VH(1) - Very High Resistivity, H(2) - High Resistivity, n=2

so oScale 1:5000

50 100 150 200 250•Si

(meters)

300

PLATE 2TRIBUTE MINERALS INC.

JVX SPECTRAL IP/RES SURVEY SOUTH BAY PROPERTY


100 W04/04/26

Rx (2 sec): Scintrex IPR12, Tx (2 sec): Scintrex IPC-7

JVX Ltd. ref. no. 4-14

JVX Spectral 'c'(dimensionless)





7+00 S 6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N

0.10 v 0.20

0.10

0.10 \0.20 DfO

NMO ws 0.10 TMO \ KHK 0.10

7+00 S 6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N

7+00 S 6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N

lP~l2a

7+00 S

n=41^=3961=100 6+00 S 5+00 S

IP-110=21^1=4001=100 |y|p

4+00 S l 3*00 S 2+00 S

IP-100=3

1^1=359 1=1 001+00 S

IP-80=3

1^/1=390 1=30 0+00 1+00 N 2+00 N 3+00 N

7+00 S 6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 NVH(1) VH(1) VH(1)

1

27421 ^62869 S6784/ 40580

6500 30921 ^544W 44586 l 18262

n=1 VH(1) VH(1) VH(1) VH(1) VH(1) 0=1

6474

52N02NE2002 2.27743 AGNEW 230






100 E

ci cr3=10001



" Very strong——— Strong

——— Medium— - - - Weak

. -. - - very weak

VH(1) - Very High Resistivity, 0=1 H(2) - High Resistivity, 0=2

Scale 1:500050 O 50 100 150 200jy""™"C

(meters)

250 300




100 E04/04/26








6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N

, x oaoX^cfcsa—— foj*o *.0.10 0.10 xO-M 020, 0.10

0.10 \ fc20 S (

0.10

6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N

——0710

6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N———————(————————,————————(————————,————————|————————,————————|————————,————————|———————,————————|———————,———————|———————.————————|———————.————————|———————,————————|———————,———————(———————,———————|———————,———————|———————.————————|———————,————————|————————,———————|————————!————————p———————,———————|————————l———————l————————,———————|————————,———————(———————.————————|————————,———————|————————.————————)————————,————————|———————^~

264342.0 x 256.6 30 0 \

246.0 \ 328.9'———-^ \ o

^JzKtJ 2

191.8

'";?a T-SM=3281=100 lv) P

6+00 S /^frfcW) S 4+00 S 3+00 S

IP-110=1

1^=2371=100 2+00 S

IP-5

1+00 S 0+00 1+00 N 2+00 N1^=1221=0.01

3+00 N 4+00 N1^=1241=0.10

5+00 N 6+IOO N

8.9

6+00 S 5+00 S 4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N

H(1) VH(I ) ~ ~ ~ -^ ~ ~ - WH(I ) - ~r4-23668 21289 ^33029^ 19999 ^173—-730^^1460

n=2 n=2 WH(1) VH(2)

14Mfr-^^^'^ 218S7 l

.726

52N02NE2002 2.27743 AGNEW 240

JVX Spectral 'c1 (dimensionless)




9


300 Eci cr

l j 3=50111



Very strong Strong

-— Medium Weak

-.. - - Very weak


50 O

Scale 1:500050 100 150 200 250 300

J* k /metera}

PLATE 4

TRIBUTE MINERALS INC.JVX SPECTRAL IP/RES SURVEY


NORTHWEST ONTARIO300 E04/04/27


JVX Ltd. ref.no. 4-14




MX Chargeability(m\ll\l, 690ms-1050ms)


t f i

4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 M 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N

IP-12bn=3

1^1=2627=0.10 4+00 S 3+00 S

IP-9 IP-5

2+00 S

11=71^/1=1931=0.10

1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N1^1=125 7=0.10

6+00 N 7+00 N 8+00 N

3.7 3.6

4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 NHI————i————l-

4112

H(2) VH(1)

I7955 -J3022 23035 27678 42789 .24570

17432 29114 24053 1 38379 32923 23609

11 | 3B6J1^--^^^ 2718326114 23889 22426

25687 20744 22879

19386 18467

18429 18057

11723"\ 16848

9627^ N 15875

52N02NE2002 2.27743 AGNEW 250




MX Chargeability(rnVVV, 690ms-1060ms)


500 Eci cr

3=100m



——— Very strong——— Strong

——— MediumWeak

...,..,. Very weak

VH(1) - Very High Resistivity, n=1 H(2) - High Resistivity, n=2

50 O

Scale 1:500050 100 150 200 250 300

J y(meters)




500 E04/04/26








4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 M 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+0*0 N 9+00 N———t———i———l———p———l———'———l———t———l———i———P———i———l———i———t———i———h-——"———t———'———t———'———!———t———l———'———l———'———l———'———t———t———l———'———l———'———t———t———l———i———l———-———p———t———i———.———i———,———i———,——— i———.———i———,—

0.20 0.20 0.24L 0.20-——N

0.10

4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N

4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N

/P-9 IP-3

4+00 S 3+00 S 2+00 S

1-1=5 0=11^=3921=30 1^=3841=1001+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N

1^=2221=10 8+00 N 9+00 N

4.8

2.7 2.7 l 3A 3A 3.7, 3.1 3.1 3.3

12.2

4+00 S 3+00 S 2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 NH(2) H(1) H(1) H(1) H(2)

12544^-17286 21344 14951 12645 1

(6408 19796 28245 20125 15835 27074 11126? /4181

20496 24385 28571 S l /S3 27369 24430

26003 26930

16581 27192

25167

17860

17020

0=2

52N02NE2002 2.27743 AGNEW 260



JVX Spectral MIP (mv/V)


y*f *M2 . 2 77


700 EC1 CT

3=100111



" " Very strong——— strong

——— Medium— - - - Weak........ very weak

VH(1) - Very High Resistivity, 11=1 H(2) - High Resistivity, 11=2

Scale 1:500050 O 50 100 150 200 250 300

l" """"^i (meters)




700 E04/04/27



l Sl "10~Jifc

(O~J o






i——i——i——i——i——i——r

2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+OON 12+00 N 13+00 N


30.00

f \

2+00 S 1+00 S—i——i——t- 0+00——l—— 1+00N 2+00N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+OON 12+00 N 13+00N

IP-12Cn-1 T-5

N^342J[r302*00 S

IP-91^1=

1+00 S 0+00

J-4MOO up 1^00 N 2+00 N 3+00 N 4+00 N

H————i————\~

IP-6^6

1^1=3661=100 6+00 N 6+00 N 7+00 N

IP-311=3

1^1=2071=0.01 8+00 N 9+00 N

IP-111=3

MM 75 1=0.3010+00 N 11+OON 12+00 N 13+00 N

Deep Resist. Low Deep Resist. Low

2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 6+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 IN 11+OON 12+00 N 13+00 N





i———'———l—

11=1VHI(1)

18583 18688 40122

23138 22788

26875

17005x 7308 y 4|374)I3773"\15631X '". N6SB5

VH(5)Apparent Resistivity

(ohm-m)

\,rc 9691

900 E

3=100m



——" Very strong——— Strong——— Medium— - - - Weak—••••••- Very weak

VH(1) - Very High Resistivity, H(2) - High Resistivity, 1^=2

Scale 1:500050 O 50 100 150 200 250 300a""""""*;

(meters)




900 E04/05/10

Rx (2 sec): Sclntrex IPR12, Tx (2 sec): Scfntrex IPC-7





MX Chargeability, 690ms-1050ms)


52N02NE2002 2.27743 AGNEW

2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 M 8+00 N 9+00 N 10+00 N 11+00 M 12+00 N 13+00 N

0.30, 030 0.10 x 0.

2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+00 N 12+00 N 13+00 Nt———i———t


IP-9 IP-4 IP-1

2+00 S 1+00 S 0+00

n=21^=3767=100

1+00 N 2+00 N 3+00 N 4+00 N 5+00 N

n=3 1^=2707=30

6+00 N 7+00 N 8+00 N 9+00 N1^=299 7=0.01

10+00 N 11+00 N 12+00 N 13+00 N

2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 111+00 N 12+00 N 13+00 N-i———t———l—

H(31)

12535 7343- ,121D6 20289

13809 9S**--^11192 ( 19284/1,'12198 14023 ^—^~J-

1247S 1

8261

10277

9335 \ *6304

8902 l 127/4 ^38389

7613 X 11700 / 3(1542

if ''10867 2469;

35882 36985

35461 401188

40496 /' 72

72 41217 f 71067

34244 34166 l 67099

38494 ' 66273

280




MX Chargeability(tnV/V, 690ms-1050ms)

Apparent Resistivity(ohm-fn)

1100 E

ci cra-100m



Very strong Strong Medium Weak Very weak


4 O O

Scale 1:500050 O SO 100 150 200

•l l. (meters)

250 300

PLATESTRIBUTE MINERALS INC.



1100 E04/05/06


JVX Ltd. ref.no. 4-14






2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+00 N

0.20 0.10 ^0.20———850 0.20 0.20 0.20

fvwv^0.20 0-2JJ_^

0.10

2+00 S 1+00 S——l——,——l——,——l——,——l- 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+00 N————l————,————l————l————|————l————l————l————l————l————l————.————l————.————l————l————l————l————l————l————l————l————l————l————l————l————l————l————l————.————l————f————P————,————P————,————l—————————l————,————l————r————l————,————l

2+00 S 1+00 S 0+00-H————"————h-

1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+OON

J3-8/ 16-5 y?*"3-^ 71 -6Z-

IP-9

2+00 S 1+00 S 0+00 1+00 N

11=2 11/1=3391=100

2+00 N 3+00 N 4+00 N

T-3 ^;4M P 1^1=4081=100

5+00 N f 6+60 N

IP-3a11=3

1^1=3241=100 7+00 N

IP-211=4

1^=3627=10

8+00 N 9+00 N

IP-111=4

1^1=3191=0.1010+00 N 11+00 N

2+00 S 1+00 S 0+00 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+00 NVH(1) VH(1) VH(1)

24378 38573 30834 45^^•—-^A 20666 2573t

VH(1) WH(1) 43094

2855219067

^ /"^ *1663 \ 192C

52302,. 26244 l

^ l l h.

52N02NE2002 2.27743 AGNEW 290

JVX Spectral 'c1(dimensionless)




2Apparent Resistivity

(ohm-m)

1300 E

ci cr3=10011)


vy fy /tc c 4


Very strong Strong

Medium Weak

— — Very weak

VH(1) - Very High Resistivity, H(2) - High Resistivity, 0=2

50 OScale 1:5000

50 100 150 200 250 300J •"c

(meters)




1300 E04/05/06






MX Chargeability (mV/V, 690ms-1050ms)


1+00 N

1+00 N

2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+00 N 12+00 N 13+00 N

-&20 , 0.10 -, 0.20 , 0.10 v 0.20 , 0.10 K 0.20 s 0.10 , Q

1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+00 N 12+00 N 13+00 N-H————"————h-

2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N -H——'——t-8+00 N 9+00 N 10+00 N 11+00 N 12+00 N 13+00 N

IP-4 IP-2

1+00 N 2+00 N

0=1M*3671=30 5+00 N

T-21^=4801=100

7+00 N I 8+^)0 N

IP-1

13+00 N

1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N 11+OON 12+00 N 13+00 NVH(2)

-H———i———t-

WH(1) WH(1) VH(1) VH(1) WH(1)

8726-- 63382 .48074 35244 5621

^45079

67746

71=1 ni'j19383 -9765^ 22593

15573 2

WH(1) VH(1) VH(1)

17321 3JM90 70161, 31859 40161

38202 53205^42721 45043 44492

38477 ^-\ 45837^.57708

61673 \——^1875 56600

57822 55084 60025 / 44006

55648 62071 56822 f 45585

52128 62739 57658 -/47672 f 60390

45966 N 58648 62061 ' 45878 ' 59412

52N02NE2002 2.27743 AGNEW 300



JVX Spectral MIP (mV/v)



1500 Eci cr

3=10001



—— Very strong——— Strong

— — MediumWeak

........ veryweak

VH(1) - Very High Resistivity, H(2) - High Resistivity, 11=2

2774

Scale 1:500050 O 50 100 150 200 250 300

-l L (meters)




1500 E04/05/07



200E 400E 600E 800E 1000E 1200E 1400E

W H O

O O CM

l O

og

so

o o

o oCM

CM

o •t

w os

-i- 1939

m

K)

o o o

go

o o

ro o o

N)

o o w

O)

8V)

200E 400E 600E 800E 1000E 1200E 1400E

2 .2774fatt

100

O O

Scale 1:5000O 100 200 300

(metres)

PLATE 11

TRIBUTE MINERALS INC.SPECTRAL IP/RESISTIVITY SURVEY


NORTH WEST ONTARIORESISTIVITY (n*2)

Contours: 500, 2000 A 10000 ohm-mArray: Pole-Dipole Combo, 3=50 A 100 m

Inst: Scintrex IPR12 Rx(2 sec) A IPC-7 Tx(2 sec)

JVX Ltd. ref. no. 4-14, May 2004

200E 400E 600E 800E 1000E 1200E 1400E

: l( Ul

l Sill OSi lo

-4 ~1•e.

WtoO

200E 400E 600E 800E 1000E 1200E 1400E

100Scale 1:5000

100 200 300

(metres)

PLATE 12

TRIBUTE MINERALS INC.SPECTRAL IP/RESISTIVITY SURVEY


NORTH WEST ONTARIOCHARGEABILITY ((1=2)

Contours: 0.2,1 S 5 mV/VArray: Pole-Dipole Combo, 3=50 4 100 m

Inst: Scintrex IPR12 Rx(2 sec) 4 IPC-7 Tx(2 sec)

JVXLtd. ref. no. 4-14, May 2004

300S 200S 100S l DON 200N 300N 400N SOON GOON 700N 800N 900N 1000N 1100N 1200N 1300N 1400N 1500N 1600N

619314456698194106

122141159178197216234253281

319

356

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/'/•/y///'////-/ /77 1/!/ 1/ 1 /

19314456698194

106122141159178197216234253281

319

356

^^!^S^^y i i^^"^^'^'^!;f^y //fix/J***** ; -^

4456698194106122141159178197216234253281

319

356

4456698194106122141159178197216234253281

319

356

300S 200S l DOS O 100N 200N SOON 400N SOON 600N 700N BOON 900N 1000N 1100N 1200N 130ION 1400N 1500N 1600N

100Scale 1:5000

O 100 200 300

(meters)

PLATE 13


NORTHWESTERN ONTARIOLINE 900E

Results from DCIP2D InversionMX Chargeability Contours: .2, l Se 5 mV/V

Resistivity Contours: 250, 1000 fc 10000 ohm.m

JVX Ltd. ref. 4-14, MAY 2004

52N02NE2002 2.27743 AGNEW 330

phase l exploration program line cutting and ......report on y-phase l exploration program line...

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