Accelerating Our Growth and Exploration

TSX: CRK OTCQX: CROCF FRANKFURT: XGC

NOVEMBER 2011

Our Investment Advantage

TSX:CRK OTCQX: CROCF

Assets
Production Exploration Infrastructure Potential

3.175 million ounces M&I and 2.14 million ounces Inferred Over 3,300 km2 land package with proven historical production Financially well positioned to support exploration and production 2010 production of 82,000 ounces 2.4M TPA processing facility Expanding production profile with decreasing cash costs Outstanding potential to discover additional resources $10-12 million budgeted for exploration efforts in 2011 Extensive exploration project and development pipeline Existing infrastructure (replacement value $200M) Adjacent to major highway and utilities (natural gas and power lines) Road, rail and deep sea port in close proximity Strong management team Positioned for significant growth in the short and long term Exploration strength with excellent JV opportunities
2

Location & Infrastructure

Northern Australia
Total Surface area: 3,300km2 Northern Territory Historical Gold Production: 14.9 million oz. (3 million oz. from Crocodile Gold tenements)
TSX:CRK OTCQX: CROCF

Our Assets
TSX:CRK OTCQX: CROCF

Exploration
Burnside Pine Creek/Union Reef Maud Creek Moline Mt. Bundy Base Metals Exploration Potential >3,300 km2

Development
Cosmo underground mine initial ore mined Q3 2011 Pine Creek Area open pit mines International production upon receipt of permits Brocks Creek

Production
Howley Trend open pit mines Howley & Mottrams Yam Creek Trend open pit mine Princess Louise

Processing
Union Reefs Mill 2.4M TPA in operation, >94% availability Toms Gully Mill 240,000 TPA care and maintenance

Rising Tide open pit mine

Delivering Quality Production Through 2011

2011 Key Catalysts

TSX:CRK OTCQX: CROCF

Production from Cosmo Initial ore Q3 - 2011 Will contribute 50% of ounces at full production (800,000 TPA ore)

Aggressive exploration program (brownfields and greenfields) Increasing % of high grade mill feed throughout the year from Princess Louise & Cosmo

2011 Guidance
77,500 to 82,500 oz Cash Cost US$1,150 - $1,250/oz

2011 Production Sources

Open Pits: Howley mines, Princess Louise Underground: Cosmo

2011 Major Capital Investments

Cosmo underground Union Reefs mill improvements Exploration
5

Production Pipeline
TSX:CRK OTCQX: CROCF

Generative Exploration
Greenfields

Advanced Exploration
Reserve Extensions

Development Projects
Pine Creek North Pine Creek South Maud Creek Cosmo Underground Rising Tide

Production
Mottrams North Point Princess Louise Cosmo Underground

Burnside Moline Maud Creek Extension Base Metal Potential Historical Resources Golden Dyke The Greeks Mt Bonnie Moline

Cosmo Underground Yam Creek Trend Gandys

Identified Resources Union Reefs Underground Bridge Creek, Western Arm, Bons Rush, Kazi Iron Blow

Exploration
TSX:CRK OTCQX: CROCF

Strategy
Growth through greenfields and brownfields exploration

Exploration Goals
Reserves: Replace & Increase reserves from 650,000 oz to 1M oz.

Resources: Replace & Increase resources from 5M oz to 6M oz Discover new precious metal deposits Assess the Companys 3,300km2 land position

2011 Objectives
$10 - $12 Million budgeted Complete 30,000m of diamond drilling, 20,000m of RC drilling Completed 4,000 line km of VTEM airborne geophysical survey
7

Our Growth Strategy

TSX:CRK OTCQX: CROCF

Short Term Focus on higher quality ore

Commissioning and Ramp-up of Cosmo underground mine Optimization of the Burnside area New production from the Union Reefs and Pine Creek areas

Medium Term Maximize value of gold assets

Increase production from higher grade deposits Consolidation of assets Continued significant investment in Exploration on an annual basis Expansion of processing capabilities - scenario

Long Term Explore

Development of Maud Creek Deposit Generate value out of the base metal deposits, currently 500,000 equivalent AU oz. in resource
8

Strategic Production Growth

Cost Comparison
Burnside
$2.50 3.0 $10.00 $16.00 $8.25

TSX:CRK OTCQX: CROCF

Prospect
$80.00 N/A $80.00 $16.00 $1.00 $5.00 $102 6.00 92.0% $575

Burnside
$2.50 6.5 $18.75 $16.00 $8.25 Mining Cost per Tonne Strip Ratio Mining Cost per Tonne Milled Processing Cost Ore Haulage Site General & Administration Total $/Tonne Milled Ore Grade g/t Au Recovery Cost per Ounce

Cosmo
$44.00 N/A $44.00 $16.00 $8.50

Crosscourse
$44.00 N/A $44.00 $16.00 $1.00 $5.00 $66 4.50 92.0% $496

$1,200

7.0

Ore Grade (g/t)

$1,000 $800 $600 3.0 $400 $200 $0 6.0 5.0 4.0

Cash Cost
2.0 1.0 0.0

$5.00
$39.25 1.30 90.0% $1,043

$5.00
$48.00 1.50 93.0% $1,070

$5.00
$73.50 4.50 92.0% $552

Open Pit Mines

Provide good margin (>US$500) to current gold price Lower grade leads to higher cash cost

Underground Mine - Cosmo

Provides leverage of additional highgrade ore leading to significantly lower cash costs/oz. Will eventually make up 40% of mill feed (50% of ounces) which will: Lower overall costs Improve overall production Potential for expansion at depth and on West Lodes

Underground Projects Potential

Based on existing operating data and projected Cosmo costs Union Reefs UG deposits show excellent potential to deliver low cost ounces to the production profile. High-Grade targets (Prospect & Lady Alice) Bulk-Ore targets (Crosscourse- Cosmo Style) Need to expand resources and complete detailed mining studies before deposits can be included in any future production forecasts
9

Our Growth Strategy What could CRK look like?

Strategic Plan
500
400 Thousands oz.

TSX:CRK OTCQX: CROCF

$1,500

$1,000

300

200
$500 100

0 2010 2012 Burnside 2014 Cosmo 2016 UR/Pine Creek 2018 Maud Creek 2020 Cash Cost/oz.

$0

Assuming the following: Continued production from Burnside, new production from UR/Pine Creek Surface & UG Successful conversion of resources into reserves Expansion of processing facilities by 2014 Permitting, construction and operation of Maud Creek by 2016
10

Capital Structure & Price Comparison

Share Structure (At October 31, 2011)
Basic:
Warrants: Options: Fully Diluted*:

TSX:CRK OTCQX: CROCF

$1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00

310,027,546
69,499,116 19,441,204 401,615,366

Historical Share Price

Market Capitalization:
52 Week Trading Range

$161.2 Million
$0.47 $1.63

1-Apr-11

1-May-11

1-Nov-10

1-Aug-11

1-Feb-11

1-Dec-10

1-Mar-11

1-Sep-11

1-Jan-11

1-Jun-11

1-Jul-11

*Including 2.5 million shares to be issued under the Company Share Compensation Plan

Economic Value/oz Au
EV/oz Au Producer Average = $US 145/oz Crocodile Gold = $US 45/oz
Source: NBF on June 15, 2011

Price to Net Asset Value

Valuation at 0.5x net assets Share price trading at a discount when compared to peers
Source: Raymond James Updated as of June 14, 2011

2.0 1.5 1.0 0.5

Price to Net Asset Value Comparison

Analyst Coverage
Cormark Securities Frasier Mackenzie Raymond James Union Securities

0.0 ORA CRK AGI GSC LSG YRI ANO ELD AEM

1-Oct-11 11

Management & Board

TSX:CRK OTCQX: CROCF

Management
Chantal Lavoie, P.Eng. President and Chief Executive Officer David Keough

Board of Directors
Stan Bharti, P.Eng. Chairman Chantal Lavoie P.Eng. George Faught, CA Mike Hoffman, P.Eng.

Chief Operating Officer

Steve Woodhead Chief Financial Officer Bill Nielsen, P. Geo Vice President Exploration Colinda Parent Vice President Business Development

Bruce Humphrey, P.Eng.

Peter Tagliamonte, P.Eng.

Brianna Davies
Corporate Secretary

12

Our Investment Advantage

TSX:CRK OTCQX: CROCF

Assets
Production Exploration Infrastructure Potential

3.175 million ounces M&I and 2.14 million ounces Inferred Over 3,300 km2 land package with proven historical production Financially well positioned to support exploration and production 2010 production of 82,000 ounces 2.4M TPA processing facility Expanding production profile with decreasing cash costs Outstanding potential to discover additional resources $10-12 million budgeted for exploration efforts in 2011 Extensive exploration project and development pipeline Existing Infrastructure (replacement value $200M) Adjacent to major highway and utilities (natural gas and power lines) Road, Rail and Deep Sea Port in close proximity Strong Management Team Positioned for significant growth in the short and long term Exploration strength with excellent JV opportunities
13

Investor Contact Information

TSX:CRK OTCQX: CROCF

Crocodile Gold Corporation

Chantal Lavoie President and CEO 416-861-2964 clavoie@crocgold.com
TSX: CRK OTCQX: CROCF FRANKFURT: XGC

Investor Relations Rob Hopkins 416-861-5899 info@crocgold.com

www.crocgold.com Find us on
14

A Member of the Forbes & Manhattan Group of Companies

TSX:CRK OTCQX: CROCF

Additional Information

15

Reserve Summary
December 31, 2010
Project Burnside Deposit Brocks Creek Cosmo Deeps Howley North Point Princess Louise Mottrams Kohinoor Cox International Gandys South Enterprise TOTAL

TSX:CRK OTCQX: CROCF

Pine Creek

PROBABLE MINERAL RESERVE Gold Grade Cut-off (g/t) Tonnes (g/t) 7.1 34,000 8.6 3.1 3,100,000 4.2 1.0 340,000 1.6 1.0 55,000 2.3 1.0 200,000 1.5 1.0 980,000 1.2 1.0 290,000 1.9 1.0 500,000 1.6 1.0 1,300,000 1.5 1.0 480,000 1.7 1.0 420,000 2.0 7,699,000 2.7
Gold Price: $A:$US $US1000/oz 0.91

Ounces Gold 9,300 420,000 18,000 4,000 9,700 39,000 18,000 26,000 65,000 26,000 27,000 662,000

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

Note: Mineral Reserves are included in Mineral Resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Depleted for mining as at December 31, 2010 and does not include any depletion for mining since such date. The Mineral Reserve estimate was reviewed and optimized by Mark Edwards who is a qualified person as such term is defined in National Instrument 43-101 and has supervised the preparation of the technical information and data included in this news release. The mineral resource estimate was generated using the following parameters: Models used have been reviewed and optimized by Mark Edwards and Fleur Muller Model technique is Ordinary Kriging, Multiple Indicator Kriging or Inverse Distance (review NI43-101 for more details) Mineralization wireframes conducted on 0.4-2g/t material with a minimum width of 1-2m depending on deposit and mineralization styles High grade top cut used of 2-40g/t depending on statistical review of sample results 1m metre samples with core half core or split RC samples used in models Samples were generally submitted to NAL and analyzed using 50g fire assay with AAS finish, some samples were submitted to umpire laboratory for QAQC purposes

16

Resource Summary
December 31, 2010
M+I MINERAL RESOURCE Project Mt Bundy* Burnside*
A

TSX:CRK OTCQX: CROCF

INFERRED MINERAL RESOURCE Tonnes Gold Grade (g/t) Ounces Gold 10,513,000 1.0 350,800 18,679,800 2.2 1,323,200 3,740,000 2,347,000 1,072,000 36,351,800 1.7 2.4 2.4 1.8 204,200 183,200 82,000 2,143,400

Tonnes 20,241,000 16,553,330 239,000 5,528,000 9,288,000 51,849,330

Gold Grade (g/t) Ounces Gold 1.0 2.4 2.4 1.6 3.1 1.9 664,800 1,268,500 18,200 288,600 935,000 3,175,100

Union Reefs Pine Creek Maud Creek* Total

*Includes Underground Resources A Crocodile Gold holes 80% interest in the Rustlers Roost deposit which is included in this Project Please Note: Mineral Resources include Mineral Reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Calculated at a gold price of US$1,000>/oz and exchange rate of $A0.91:US$1.00 ) and contained within optimizing pit shells using current operating costs

Project Burnside

MINERAL RESOURCE STATEMENT (Other Commodities) INFERRED MINERAL RESOURCE Deposit Commodity Cut-off Tonnes Grade (ppm) 7,595 Lead 1.0g/t Au 3,175,000 Iron Blow 32,823 Zinc 1.0g/t Au 3,175,000 101 Silver 1.0g/t Au 3,175,000 C Uranium 200ppm 316,800 796 Thunderball

Contained metal 53,163,000 pounds 229,750,000 pounds 10,200,000 ounces 556,000 pounds

Crocodile Gold has a 30% free carried interest in this deposit

17

Our Assets
Burnside Howley Trend
TSX:CRK OTCQX: CROCF

18

Burnside - Howley Trend

2011/12 Production - Open Pit
Howley Pit
Successfully completed mining in Q2 2011 Possible extension West Howley being investigated
TSX:CRK OTCQX: CROCF

Mottrams Pit
Initiated production in Q2 2011, transitioning from Howley pit Main open pit feed for remainder of 2011
Howley Pit and Ore ROM Pad

Optimizing the operations

Increasing equipment fleet in H2 2011 Current plan is to have >400,000t of stockpile material in place prior to the next wet season.

Mottrams Pit Looking West

19

Burnside New Production

2011/12 Production - Open Pit
Princess Louise Pit
Initiated production in Q3 of 2011 Will contribute to improving open pit mine grade for the remainder of 2011 and going into 2012
TSX:CRK OTCQX: CROCF

North Point Pit

Production scheduled for 2012

Princess Louise Open Pit

Rising Tide Pit

Production schedule for 2012, possibly earlier

Main open pit feed for 2012

Rising Tide Open Pit

20

Burnside Howley Trend

Cosmo Dewatering Progress
Cosmo Pit Dewatering
On schedule for completion in Q3 2011 By October 2011, a total of 5.7 Glitres of water will have been pumped out. Once dewatering is complete, underground production will begin
TSX:CRK OTCQX: CROCF

Way forward
Surge capacity & Infrastructure in place to address the upcoming wet season.

21

Burnside Howley Trend

Development - Cosmo
Underground Mine
Target production of 800,000 TPA Initial ore Q3, 2011 Ramp-up to full production in 2012
TSX:CRK OTCQX: CROCF

East Lodes - Reserves & Resources

Main focus of initial production Expansion potential at depth

22

Burnside - Howley Trend

Development - Cosmo
West Lodes - Resources Significant potential for expansion Present development plan limited to near surface portion Infrastructure design to handle future development
TSX:CRK OTCQX: CROCF

23

Burnside - Howley Trend

Cosmo Underground Development
TSX:CRK OTCQX: CROCF

Western Lodes

3D Isometric View & Composite Development Plan

24

Pine Creek/Union Reefs

New Production - 2012
Improving the cost profile
Production close to Union Reefs mill with minimum transport cost
Potential for both surface and underground mines, higher grade ore
TSX:CRK OTCQX: CROCF

Pine Creek International Open Pit

In the permitting process Potential to add to 2012 production profile.

Union Reefs Underground Ore Bodies

Located on granted mining lease and ability to bring in to production very quickly

Next to the process plant so essentially no trucking costs

Several high grade intersections over 3 distinct ore bodies (Prospect, Lady Alice, Crosscourse)
25

Pine Creek/Union Reefs

Potential High Grade Deposits
TSX:CRK OTCQX: CROCF

Historical Production/Intercepts: Union Reefs = 800,000 oz Au Pine Creek = 750,000 oz Au Significant potential to increase existing resources Union North: Lady Alice:
5m @ 31.97 g/t Au 3m @ 45.10 g/t Au 3m @ 24.56 g/t Au

Prospect Claim:
3m @ 37.50 g/t Au 4m @ 27.00 g/t Au

Crosscourse Cosmo scale target:

11m @ 6.60g/t Au 36m @ 4.10 g/t Au 16m @ 6.00 g/t Au 19m @ 10.62 g/t Au 9m @ 24.40 g/t Au 9m @ 4.00 g/t Au 8m @ 10.16 g/t Au
26

Exploration
Regional Program
Airborne Geophysics More than 4,000 line kms completed of AEM and magnetometer survey Geotech VTEM system- state of the art Includes Moline and Maud Creek tenements Ground follow-up of individual targets underway Review of historical information Major database compilation in progress of all past work including government files Will ultimately be able to access and manipulate all past geochemical and geophysical surveys. Tens of thousands of geochemical sample results available. It is anticipated that thousands of past drill holes with assays and logs will be found and incorporated into the database Acquired high resolution satellite imagery for all areas
TSX:CRK OTCQX: CROCF

Airborne Geophysical Survey Areas

27

Exploration
Three Key Areas
Burnside
TSX:CRK OTCQX: CROCF

Union ReefsPine Creek

Maud Creek

28

Exploration
Burnside Area
Reserves & Resources
1.2M oz of Measured & Indicated 1.3M oz of Inferred
TSX:CRK OTCQX: CROCF

Howley Trend:
a 25 km long structure with additional deposits of interest Includes Cosmo Underground and Howley Open Pits

Eastern Side
Similar trend with known deposits past production Presence of base metal deposits with significant precious metal content Cosmo look-a-likes

29

Exploration
Union Reefs/Pine Creek area
Reserves & Resources
306,800 oz of Measured & Indicated 387,400 oz of Inferred
TSX:CRK OTCQX: CROCF

Potential
New targets adjacent to Union Reefs Mill Potential for near term, low cost production 2011 focus on shallow and near surface deposits

30

Exploration Strategic Assets

Gold Deposits - Maud Creek
Previously Mined 173,600t @3.32g/t Au for 18,500oz
TSX:CRK OTCQX: CROCF

Resources
Indicated - 9,288,000t @ 3.1g/t Au for 935,000oz

Greater than 4.5g/t Au 3.1 Mt @ 6.3 g/t for 628,000oz

Inferred - 1,072,000t @2.4g/t Au for 82,000oz
(using a 1.0g/t Au cut-off)

Future Development
Partially refractory metallurgical testing indicates 90-95% recovery by flotation with concentrates grading 6 opt. Near the town of Katherine 8km haul road to paved highway Significantly expanded land position North south trending, good widths, excellent configuration for underground mining

Maud Creek Optimized Pit Shell

Typical Section Maud Creek Deposit

31

Exploration
Other Key Strategic Assets
Massive Sulphide Deposits
TSX:CRK OTCQX: CROCF

Iron Blow Mount Bonnie

Gold Deposits

Mt. Bundy Moline

Uranium Deposits Thunderball
32

Exploration Strategic Assets

Massive Sulfide Deposits
Mount Bonnie
Historic Resource* 650,000t - 1.7g/t Au, 279g/t Ag = Au eq 9.3g/t or 194,000oz plus 9% Zn, 2% Pb, 0.5% Cu
Oxide Cap previously mined 110,000t @ 7g/t Au and 230g/t Ag Au eq = 13.3g/t Au or 47,000oz Au
Aeromagnetics- tilt derivative

TSX:CRK OTCQX: CROCF

Iron Blow
Historic Production

10,000t oxide @ 9g/t Au and 250g/t Ag = Au eq 15.8g 25,000t sulphide (supergene) @ 7g/t Au and 360g/t Ag = Au eq 17g Total production Au eq = 18,747oz
Current Inferred Resources

3,175,000t @ 2.1g/t Au, 101g/t Ag, 3.3% Zn, 0.76% Pb, 0.19% Cu Au eq = 4.85g or 495,000oz
(only Au and Ag considered)

* Gold Deposits of the Northern Territory by Ahmad, Wygralak and Ferenczi, 2009. A qualified person has not done sufficient work to classify this historical estimate as current mineral resources or mineral reserves. Crocodile Gold is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon. Crocodile Gold believes with minimal confirmatory drilling this historic resource information could be included in the Mineral Resource inventory.

33

Exploration
Mount Bundy Area
Reserves & Resources
664,800 oz of M&I 350,800 oz of Inferred
TSX:CRK OTCQX: CROCF

Infrastructure:
Toms Gully mill, presently on Care & Maintenance

Deposits
Toms Gully Mt Bundy (Rustlers Roost) Quest 29

Way Forward
Evaluating possible divestment
34

Forward Looking Statements

TSX:CRK OTCQX: CROCF
This presentation contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the development potential and timetable of the projects; the Companys ability to raise additional funds as necessary; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the anticipated timing, amount and cost of mining at the projects are based on assumptions underlying mineral resource estimates and the realization of such estimates; results of previous mining activities at the projects, and detailed research and analysis completed by independent of the Company; research and estimates regarding the timing of delivery for long-lead items; knowledge regarding the factors consultants and management involved in building a mine and other factors described in the technical reports and Annual Information Form filed under the profile of the Company on SEDAR. Capital and operating cost estimates are based on results of previous mining activities, research of the Company and independent consultants, recent estimates of construction and mining costs and other factors that are set out in the scoping study. Production estimates are based on mine plans and production schedules, which have been developed by the Companys personnel and independent consultants. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays during construction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actual results of exploration and mining activities; changes in project parameters as plans continue to be refined; future prices of gold; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements except in accordance with applicable securities laws. Investors are advised that National Instrument NI 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Non-GAAP Measures Crocodile Gold believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance in accordance with the International Financial Reporting Standards. Cash Cost per Ounce is a non-GAAP performance measure which could provide an indication of the mining and processing efficiency at the operations. It is determined by dividing the operating expenses, excluding stock-based compensation allocated to the operating expense and next of silver revenue, by the number of ounces of gold sold. There are variations in the method of computation of cash cost per ounce as determined by the Company compared with other mining companies. Qualified Person

David Keough, MAusIMM of Crocodile Gold Australia Operations is a qualified person as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this presentation.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources The information presented uses the terms measured, indicated and inferred mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

35