Vista South Property

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This property is 100% owned by Coalspur. The rocks underlying Vista South form part of a thick sequence of continental sediments from the Saunders Group that overlies the marine Wapiabi Formation of the Alberta Group. The Upper Cretaceous-Tertiary Saunders Group is over 3,600 m thick and is divisible into the Brazeau, Coalspur and Paskapoo Formations. Although all three units include carbonaceous
partings and thin coal seams, major coal deposits are restricted to the Coalspur and Paskapoo Formations. The initial reserve estimates for the project are 210.6 Mt measured and 259.7 Mt Indicated, and a inferred resource of 604.6 Mt.

Denison Mines Limited (“Denison”) initially acquired coal leases in the area in 1969 and undertook an initial geological reconnaissance program of the region. This led to an initial 11-hole exploration drilling programme in 1971. However, these holes were not properly surveyed, the geophysical logs were of poor quality and most of this data is considered unreliable. Between 1980 and 1982, Denison commenced a major exploration program in the area which included leases in what are now the Vista South Property as well as lands near Mercoal and Robb which are currently held by Sherritt International. A total of 164 drill holes, including 6 diamond core holes, totalling some 26,000 m were completed over this period of time on all of the Vista South lease areas to identify the best prospects for development. Work on the properties ceased in 1985 and they remained dormant until the Robb and Mercoal interests were purchased by Luscar Ltd in the early 1990s. and then subsequently acquired by Sherritt International in 2001. The unsold lease interests in what is now Vista South were allowed to expire and the rights reverted back to the Alberta Government.

In December 2008, Xenolith Resources, the predecessor company to Coalspur Mines Limited acquired 3,416 hectares of Alberta Crown Coal Leases in the Vista South area through open public tender. In 2009, Xenolith was renamed Coalspur Mines Limited. An additional 13,943 hectares of Crown Coal Leases was successfully acquired by Coalspur in December 2009, followed again by another 3,616 hectares in September 2010. Both acquisitions were through open public tender. Coalspur now controls a total of 23,287 hectares (232.9 square kilometres) of coal leases in the Vista South property.