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Mining Updates Mineral Resource Estimate For Harper Creek Project

Block model grade estimation for copper, gold and silver was carried out by the inverse distance squared method using 6 metre downhole drill composites.  High grades were capped prior to compositing at levels of 5% Cu, 1 g/t Au and 30 g/t Ag.  Block model dimensions were 12 by 12 by 12 metres.  Grade estimation was constrained by a combination of geologic, structural and grade shell wireframes.  Bulk density was assigned by lithology based on data from 10,739 density measurements on drill core.

Classified blocks were constrained by an optimized pit shell using a Cu price of C$3.00/lb.  Combined processing and General & Administrative costs were set at C$6.02/tonne.  Ore and waste mining costs were C$1.40/tonne with a bench increment of C$0.025/tonne.  Pit slopes on the north, east and west sides were set at 42° and slopes to the south were 32°.

The selected base case cut-off grade of 0.2 % Cu is considered consistent with other mineral deposits of similar characteristics, scale and location. The effective date of the estimate is December 20, 2011.

 
                       Measured                                   Indicated
    COG                                      Cu                                      Cu
     %                 Cu     Au     Ag    billion             Cu     Au     Ag    billion
    Cu     Ktonnes     %      g/t    g/t      #     Ktonnes    %      g/t    g/t      #
    0.1    590,790    0.24   0.028   1.1    3.13    928,207   0.22   0.026   1.1    4.50
    0.2    348,515    0.31   0.034   1.3    2.38    466,482   0.28   0.030   1.3    2.88
    0.3    149,694    0.39   0.044   1.5    1.29    144,943   0.38   0.040   1.5    1.21
    0.4    56,753     0.48   0.056   1.7    0.60    44,638    0.47   0.051   1.7    0.46
    0.5    18,925     0.58   0.074   2.0    0.24    11,687    0.57   0.065   1.9    0.15
 
                 Measured + Indicated                              Inferred
    COG                                      Cu                                      Cu
     %                 Cu     Au     Ag    billion             Cu     Au     Ag    billion
    Cu     Ktonnes     %      g/t    g/t      #     Ktonnes    %      g/t    g/t      #
    0.1   1,518,997   0.23   0.027   1.1    7.63    155,251   0.22   0.027   1.1    0.75
    0.2    814,997    0.29   0.032   1.3    5.26    80,169    0.30   0.033   1.4    0.53
    0.3    294,637    0.39   0.042   1.5    2.50    31,635    0.39   0.037   1.5    0.27
    0.4    101,391    0.48   0.054   1.7    1.06    11,360    0.47   0.044   1.8    0.12
    0.5    30,612     0.58   0.071   2.0    0.39     3,017    0.57   0.054   2.0    0.04
 

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