Resource Inventory

Since acquiring the Selwyn Project in 2005, Selwyn has, through methodical exploration of its properties in the Selwyn Basin, spent approximately $54.7 million on exploration activities developing a very detailed, 3D geological model that continues to demonstrate the strong continuity of the stratabound, zinc-lead SEDEX-type mineralization. The continuity of the Active Member has now been traced for 37.5 kilometres by drilling activities with another 28.5 kilometres of very favourable strata unexplored on Selwyn's Yukon mineral claims. Selwyn has made 9 major deposit discoveries; noting that the Selwyn Project now contains 14 drill defined deposits and zones that include mineralization in both the open pit and underground environments. Table 1 summarizes the significant growth in metal content over the last three years.

The Indicated mineral resources for the Selwyn Project now total 154,350,000 million tonnes grading 5.35% zinc and 1.86% lead for a metal content of 18.19 billion pounds of zinc and 6.31 billion pounds of lead (see Table 2). The Inferred mineral resources total 234,150,000 million tonnes grading 4.54% zinc and 1.41% lead for a metal content of 23.19 billion pounds of zinc and 7.23 billion pounds of lead (see Table 2 below). The Inferred mineral resources are generally adjacent to the main areas of drilling in the deeper part of the Active Member. Areas of Inferred mineral resources require more closely spaced drill holes to improve the confidence level for their inclusion in Indicated mineral resources. These closer spaced drill holes will be done from surface drill stations.

The 2008 mineral resource estimate was prepared by Non-Independent Qualified Person, John J. O'Donnell, P.Geo., the onsite Qualified Person for Selwyn in conjunction with Independent Qualified Person, Cliff Pearson, P.Geo., of Pearson Geological Ltd., Victoria, BC. Mr. Pearson has overseen the resource estimation, and audited and reviewed the writing of the related NI 43-101 compliant Technical Report. In accordance with National Instrument 43-101, the Technical Report was filed on SEDAR on March 14, 2008.

Table 1: NI 43-101 Compliant Mineral Resource Content Growth from 2006 to 2009

Table 2: Selwyn Project 2009 Mineral Resource Estimate

Table 3: Selwyn Project 2009 Underground Deposit Mineral Resource Estimate

Notes for Table 3:
1. Mineral Resources reported above have been calculated as of February 25, 2009 in accordance with the standards of the CIM and National Instrument 43-101.
2. A 2% zinc grade cut-off was applied to the new mineral resource estimate.
3. The Mineral Resource Estimate uses all 582 drill holes, totaling 126,127.2 metres, successfully completed on the Selwyn Project over three separate periods: 1973 to 1981, 2000, and 2005 to 2008.

In addition to the Indicated and Inferred resources estimated in this report, the mineral potential remains unchanged from the January 2008 mineral resource estimate; which contains 245 to 255 million tonnes with an estimated grade of between 4.0-5.0% zinc and 1.0-2.0% lead. The mineral potential represents the down dip and strike extension of the Indicated and Inferred resources taken from a polygonal long-section model. The mineral potential represents a small portion of the interpreted extent of the Active Member that hosts all known zinc-lead mineralization in the Selwyn District. The Active Member has now been defined over 37.5 kilometers of strike length with the drilling results from 2005 to 2008. Importantly, all drill holes that have intersected the Active Member have contained zinc and lead sulphide mineralization. The possible quantity and grade of this mineral potential is conceptual in nature, as there has been insufficient drilling to define a mineral resource and it is uncertain if additional exploration will result in any of this potential being realized as a mineral resource.

In addition to the Indicated and Inferred resources there is also 245 to 255 million tonnes of mineral potential with an estimated grade of 4.0 to 5.0% zinc, and 1.0 to 2.0% lead. The quantity and grade of the mineral potential is conceptual in nature and it is uncertain whether additional drilling will result in this potential being realized as a mineral resource.