$0.23

Clear Lake, Yukon

Projects

Clear Lake Project, Yukon

Target - Sediment hosted Zn-Pb-Ag massive sulphide deposit.

Property and Ownership Description

On January 25, 2008, the Company announced that it had agreed to terms whereby it may acquire a 100% interest in the Clear Lake zinc-lead-silver deposit, located 70 km east of Pelly Crossing and 225 km north of Whitehorse, in the Whitehorse Mining District (see Figure 1). The initial claim group of 7 claims was expanded by the Company to a total of 55 claims covering approximately 1,200 hectares. Terms of the acquisition include payments of $160,000 and the issuance of 500,000 shares over 5 years, plus a payment of $10,000 and 250,000 shares if an interest in the property is farmed out or sold to a third party. The vendor will retain a 2% Net Smelter Royalty, ¾ of which can be purchased for $1.5 million.

Project Description

Clear Lake is a barite associated, shale hosted sedimentary exhalative massive sulphide deposit that occurs in Devonian-aged Earn Group sediments within the Selwyn Basin. The pyritic massive sulphide body is sigmoidal in shape, approximately 1,000 m in length and up to 120 m wide. Zinc-lead rich lenses are 5 to 30 m thick, 450 m in length and extend at least 300 m down dip (see Figure 2). The Company believes there is excellent potential for the discovery of additional zinc-lead-silver mineralization.

Historical Exploration

Clear Lake has a long exploration history:

1965-67:	Initial claims staked (1,000 claims) followed by an airborne electromagnetic (AEM) survey and a small drill program that intersected a narrow massive pyrite intersection.
1974:	Property re-staked (1,074 claims) by Conwest Exploration - Essex Minerals JV.
1975-77:	Ground magnetometer and electromagnetic (EM) surveys over the entire property, limited mapping, gravity and seismic surveys. 1978: Drilling of seven targets in older (Anvil equivalent) stratigraphy were unsuccessful but drilling an EM-17 target south of Clear Lake lead to the discovery. Test soil geochemistry found to be effective. Additional EM surveys carried out. Additional claims staked south of the Tintina Fault.
1979:	Further drilling of the deposit carried out, plus detailed gravity and EM surveys.
1980:	Getty Mines enters the joint venture. Geophysical surveys over the fringes of the deposit and some of the untested AEM targets.
1981:	Surveys included additional EM, prospecting and aerial photography, plus limited drilling of the deposit.
1982:	"Clear Lake Designated Area" formed. Six holes drilled (6,530 ft.) and exploration surveys including mise-a-la-masse, gravity, Max-Min, 20 overburden drill holes and a 1:10,000 compilation.
1983:	In the Designated Area, drilled 9 holes, surveyed all drill collars and completed the mise-a-la-masse survey. Outside the Designated Area, tested two targets with 5 holes (2,228 ft.), drilled 66 overburden holes and completed EM, magnetics, gravity and mapping surveys. 1984: Completed 1 drill hole (1,500 ft.).
1985-88:	No work completed. Claims outside Designated Area allowed to lapse.
1989:	Total Erickson Resources Ltd. acquires the property. 490 claims staked outside the Designated Area.
1990:	An Additional 108 claims staked, evaluation of 21 earlier identified targets, including geological mapping, soil sampling and overburden drilling.
1992:	Ten drill holes were completed for 3,100 m.
1993:	Three outside targets were tested with gravity, magnetics and 6 drill holes (1,364 m).
2008:	The deposit was staked by B. Kreft and optioned to Copper Ridge.

Recent Results

In July, 2008, Geotech Inc. completed a 235 km Versatile Time Domain Electromagnetic (VTEM) survey over the property. A preliminary interpretation of the data has identified four targets that have similarities to the anomaly over the Clear Lake deposit and will likely deserve follow-up drill testing (see Figure 3). One of these, Target A, was a previously defined high priority target defined by gravity, electromagnetic and Induced Polarization surveys, but has never been drilled. Targets B and D are new targets that have not been drilled. Target C is a weaker anomaly that has seen limited historical drilling.

Future Plans

The Company is seeking a joint venture partner or a buyer for the Clear Lake property.