Illinois Creek Project Exploration Update

Resource Statement Waterpump Creek Sulfide Mineral Resource Estimate Mineral resources are stated based on the following assumptions: Estimated recoveries of 75% Ag, 70% Pb, and 84% Zn Metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$ 1.00/lb Pb The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t)= Ag (g/t) + 28.56 x Pb(%) + 37.12 x Zn(%) and ZnEq (%) = Zn (%) + Pb(%) x 0.7692 + Ag (g/t) x 0.0269 The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb(%) x 70% + 37.12 x Zn(%) x 84%. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration. Tonnes Average Grade Contained Metal Class (M) AgEq Ag Zn Pb ZnEq AgEq Ag Zn (g/t) (g/t) (%) (%) (%) (Moz) (Moz) (Mlbs) Pb (Mlbs) ZnEq (Mlbs) Inferred 2.38 980 279 11.28 9.87 26.4 74.9 21.4 591 517 1383 TSX-V: WAM 33

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