The Gold Bar project in Nevada comprise 70 patented and unpatented claims covering 5 square kilometres which are prospective for gold. Gold Bar is subject to a 2 percent net smelter royalty capped at US$1,000,000 on future production.
The Gold Bar properties are located in the Battle Mountain/Eureka mineral trend in east-central Nevada and cover a past-producing bulk tonnage gold mine with 485,000 oz of historic production. Historic reserves (now characterized as subeconomic resources) in place at Gold Bar have most recently been quoted at 6.1 million tons grading 0.082 opt by Atlas Corporation and its subsidiaries (collectively "Atlas"). Several drill targets are ready to test, including the 150,000 ounce Millsite-Gold Bar Pit area (estimated by Granges). Numerous other economically interesting areas exist on this historic producer.
G.F. McArthur, P.Geo. ("McArthur"), an independent consulting geologist of Vancouver, British Columbia prepared a report dated September 8, 2000 (the "McArthur Report") on the properties which the Corporation acquired in the "Bonanza Acquisition" in late 2000, prepared in accordance with what was then the proposed National Instrument 43-101, Companion Policy 43-101 CP and Form 43-101 F(1) Standards of Disclosure for Mineral Projects, as described in British Columbia Securities Commission's Notice and Interpretation Note 2000/12 dated March 22, 2000; the National Instrument came into force on February 1, 2001.
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