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EXHIBIT M-2 <br />JUBILEE VENTURE LLC <br />EAGLE MINE PROJECT <br />WATER RIGHTS <br />Exhibit G deals with water. The proposed mine in Section 2 is on BLM administrated land. There <br />is no surface water on or near this section. The property falls within Colorado Division of Water <br />Resources Water District 54 which shows that, by exclusion, West Timberlake Creek is under <br />appropriated. They therefore are evaluating Jubilee Venture's water well application. As shown <br />in Exhibit G. <br />qlss ( --- ?