PROPERTY HIGHLIGHTS

• Property has demonstrated potential to host felsic-volcanic hosted disseminated gold deposits, volcanic-hosted copper-zinc massive sulphide deposits and magmatic copper-nickel-platinum group element deposits
• Noront Resources Ltd. recently optioned the property from Freewest and will be spending $400,000 on exploration in 2007

PROPERTY DESCRIPTION AND LOCATION

The wholly-owned Lizar property is located within the Kabinakagami greenstone belt in northwestern Ontario. It comprises 79.8 square kilometers and is host to a number of new and historic gold and base-metal occurrences. The belt is located about 90 kilometers east of the Hemlo gold mining operations. Prior exploration on the property has been limited due to poor accessibility and the extensive overburden that covers large portions of it. Over the last five years, forestry operations in the area have resulted in greatly improved access and were instrumental in the discovery of several new gold occurrences, made by Freewest and the original vendors.

EXPLORATION OVERVIEW

The new gold occurrences are hosted in felsic volcanic rocks and are characterized by disseminated pyrite-hosted gold mineralization, similar in many respects to Hemlo and Bousquet-styles of mineralization. The new discoveries of this type include the Kirk, Kyle and 42 Zones situated in the central portion of the property, closely associated with the Bear Creek Fault Zone.  High-grade gold values of up to 90.7 g/t gold were obtained from these zones occurring as discrete to irregular disseminated sulphide zones and as well as stringers and stockwork-pyritic zones. Garnet and alumino-silicate alteration is common in these areas of mineralization. In addition to the gold occurrences, the property also has demonstrated potential to host volcanogenic-hosted massive sulphide deposits (Namiegos occurrence) as well as magmatic nickel-copper-platinum group element deposits.

Teck Cominco Limited (TC) optioned the property from Freewest in 2001, under the terms of an agreement permitting them to earn a 55% interest in the property by incurring exploration expenditures of C$3,000,000 over a 4-year period. During 2001 to 2004, TC completed a property-wide airborne geophysical survey (Geotem) and geological mapping program to create a database on which to base further exploration. In early 2004, they completed detailed induced polarization surveys (IP) and UTEM (deep EM) surveys to explore specific targets on the property.

Detailed UTEM surveys were completed by TC, to refine the depth and strength of 3 discrete electromagnetic anomalies outlined by the Geotem airborne geophysical survey, in preparation for diamond drilling. The anomalies were thought to represent komatiite-hosted copper-nickel type targets based on their magnetic and electromagnetic signatures. Drill hole LIZ-01 tested the strongest of the geophysical anomalies and intersected 0.54% nickel and 1.26 g/t palladium over a core length of 3.0 metres, at a vertical depth of 200 metres, within serpentinized peridotite. A second drill hole, LIZ-02, tested an adjacent anomaly and intersected graphitic beds containing pyrrhotite and pyrite within wackes and argillites.

An additional 6 drill holes were completed by TC on well-defined IP anomalies paralleling the trend of the Bear Creek Fault Zone, situated to the southwest of the Kirk, Kyle and 42 gold zones. Highly strained, silicified, garnetiferous gabbro bearing up to 10% pyrrhotite and pyrite was intersected in a few of the drill holes, explaining the IP response. Unfortunately, no significant gold values were encountered in any of the 6 holes.

TC terminated their option agreement with Freewest on the Lizar property in 2004. Freewest recently optioned the property to Noront Resources Ltd. who can earn a 60% interest in same by spending $1,000,000 on exploration over a three-year period. Noront is committed to spending $400,000 in 2007 most of which will be utilized in a diamond drilling program testing the Namiegos base metal prospect and the high-grade gold occurrences.