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• • r r Summary Calais's Consolidated Caribou project is destined to become the site of a successful underground gold mine. Presented here is the essence of the project which leads to this conclusion. Location and Setting The project is located 25 miles west of the city of Boulder and accessible by 5 miles of well maintained gravel road northwest from the small community of Nederland, Boulder County, Colorado. Situated in T1S, R73W at an average elevation of about 10,000 feet in the Calorado Rocky Mountains, the area experiences delightful summer weather and occasionally harsh weather conditions in the winter. Underground mining could proceed unimpeded on a yeaz round basis, but surface exploration activities may be difficult during several weeks of the most sever winter weather. Land Status Calais controls the mineral rights on a package of patented and unpatented lode mining claims covering an azea of about three square miles encompassing the historic mining district. Except for annual taxes and fees, there aze no purchase payment burdens on the properties. A 2.(~% net smelter royalty is the only production royalty on the properties (see attached Claim map). To date, all the identified gold, silver and base metal resources are located on fee simpl•~ patented lode mining claims. Geological studies and recent discoveries indicate that the resources will most likely extend onto unpatented lode mining claims also controlled by the compan} . On Site Facilities and Equipment Facilities aze in place on the project to support exploration and development activities Facilities At The Caribou Mine 500 Nine Port?I Level (see attached Photoeranhsl • A large two story steel building with an office, dry room and core processing equipment and core storage and snow shed. • A fuel and lubricant building. • Three phase 4,160/480 volt power and telephone. Facilities At the Cross Mine Portal (see attached Photoeranl3sl • An office trailer. • A concrete block shop and dry room building and snow shed • A large steel building with the mine air compressor and core storage. • Two personal cabins. • Three phase 480 volt power and telephone. Faciliti son ri o ~ ill • A large steel building. • A personal cabin. Three phase 440 volt power and telephone. 1.