2010 Mining Explorers: MMG

Chief Executive Officer: Andrew Michelmore

Executive Director: Mark Liu

President, MMG Canada: Martin McFarlane

The MMG group of businesses is owned by China Minmetals Non-ferrous Co., Ltd, a division of China Minmetals Corp., which is one of the largest state-owned enterprises in the People’s Republic of China and ranked No. 412 on the Fortune Global 500 list in 2008. In Nunavut, MMG is exploring 2,000 square kilometers of granted tenements that surround the High Lake and Izok Lake projects early stage nickel-copper projects through joint ventures in Ontario and the Nunavut Territories. Targeting copper, zinc-lead and nickel in its Nunavut exploration, MMG seeks to develop Izok first, followed by High Lake and Gondor. In 2009, MMG geologists reviewed all data previously collected about Izok Lake and developed new interpretations and 2010 drill targets at depth and along strike. The work led MMG to shift its exploration focus in Canada this year to Izok Lake, arguably the highest grade, undeveloped zinc resource left in the ground in the world. Previous studies show Izok Lake, — located 300 kilometers, or 186 miles, inland near Kugluktuk in northwestern Nunavut — could sustain an 11-year mine life with annual output of 140,000 metric tons of zinc, 30,000 metric tons of copper and 13,000 metric tons lead. But MMG wants to expand its resource to support 20 years of mining. Using only 30 days of geophysics, mapping and prospecting focused on High Lake East in 2009, MMG geologists also developed new exploration targets for 2010. The company budgeted C$7 million to explore both properties in 2010, primarily with drill testing of extensions of the Izok deposit at depth and along strike this spring and summer, drill testing of the High Lake East targets identified in 2009, prospecting for more targets at High Lake East and exploring the region for another Izok-caliber target. To enhance the project’s financial return, MMG also continued to study infrastructure challenges to Izok’s development, including the lack of a road and port for the remote project and the Arctic region’s 100-day shipping window. MMG’s board also approved a budget of C$4 million to complete a new prefeasibility study in 2010, incorporating new ideas.

1159 Alloy Dr., Suite 200 • Thunder Bay, ON Canada P7B 6MB

Tel: 807-346-1668 • Fax: 807-345-0284

www.mmg.com