NIBLACK CU-AU-AG-ZN PROJECT, ALASKA, USA

Joint Venture Terms Highlights:

• CBR Gold Corp. holds 49% and Heatherdale Resources Ltd. holds  51% interest in Niblack. Heatherdale is a private company affiliated with the Hunter Dickinson (HD) Group
   
• HD will retain a 51% interest in the project by funding exploration and development expenditures totaling in aggregate at least fifteen million dollars (US $15,000,000) within three years (the “Initial Contribution”).
   
• Upon completion of its Initial Contribution, HD shall have additional earn-in options to increase its ownership interest in the Company to 60% by funding additional expenditures of ten million dollars (US $10,000,000) and to 70% by funding completion of a positive bankable feasibility study within an additional three (3) year period.
   
• This period may be extended to complete technical works programs for the bankable feasibility study if necessary, but will not exceed six (6) years in any event. All spending requirements are subject to minimum annual expenditure of five million dollars (US $5,000,000).
   
• If HD does not complete its Initial Contribution, it shall be deemed to have resigned and withdrawn from the joint venture, returning its 51% ownership interest in the Company to CBG. 
   
• If HD exercises, but does not complete, the additional earn-in options, its ownership interest will remain at the last milestone earned.

Project Highlights:

• The Niblack volcanogenic massive sulphide (VMS) deposit and Niblack property encompass five additional VMS target zones within 4,550 acres of mineral claims (including some 250 acres of patented lands).
   
• Located on Prince of Wales Island in Southeast Alaska, approximately 43 kilometres southwest of Ketchikan
   
• Niblack Indicated Resource:
  2,588,000 tonnes grading 1.18% Cu, 2.33 g/t Au, 33.18 g/t Ag and 2.19% Zn
  Containing: 67,300,000 lbs Cu, 194,000 oz Au, 2,761,000 oz Ag and 124,820,000 lbs Zn
   
• Niblack Inferred Resource:
  1,712,000 tonnes grading 1.55% Cu, 2.08 g/t Au, 32.56 g/t Ag, and 3.17% Zn
  Containing: 58,485,000 lbs Cu, 114,000 oz Au, 1,750,000 oz Ag and 119,611,000 lbs Zn
   
• In 2008, an 880-meter exploration drift was constructed to facilitate cost-effective underground drilling of the Niblack deposit.
   
• The Niblack deposit has been the focus of extensive exploration activity over the past 34 years, including 59,289 meters (194,518 feet) of drilling in 246 holes.
   
• The last two holes drilled at the Niblack Project in 2008 returned grades significantly higher than the historic average, including U28 which intersected 78.66 meters grading 1.89% copper, 4.83 g/t gold, 85.31 g/t silver and 4.93% zinc.

 

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