Yellowjacket Gold Project

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This is the outline of the claims that make up the Yellowjacket Gold Project and Property. During fiscal 2004, Muskox Mining (later Prize Mining) obtained an option from L. Diduck to acquire a 100% interest in certain mineral claims in the Atlin District of British Columbia. Under an agreement dated April 9, 2009, between Diduck, Eagle Plains, Prize and 0852959 BC Ltd., the Diduck/Prize option was amended. Diduck assigned his rights, title and interest in and to the Option Agreement, including the Mineral Tenures to 0852959 BC Limited. Prize assigned 40% of its rights to Eagle Plains. On March 27, 2009, Prize Mining and Eagle Plains signed a comprehensive Purchase and Joint Venture agreement, under which, Eagle Plains initially purchased 40% equity in the Atlin Gold Property, subject to the underlying 2003 agreement.

Under the agreement, the Yellowjacket Joint Venture was formed, with Eagle Plains as Operator. Initially, Eagle Plains earned a 40% interest in the Project from Prize by making a cash payment. Through the course of operations in 2009, EPL contributed $1,400,000 in additional funding to the Joint Venture, increasing its initial interest to approximately 54.364%. On August 19th, 2010, Eagle Plains announced that it had completed the purchase of Prize Mining's remaining interest in the Yellow Jacket Joint Venture to holds 100%, subject to any underlying agreements.

The geology of the Atlin region is divisible into two distinct lithotectonic elements. A structurally higher, imbricated sequence of oceanic crustal and upper mantle lithologies termed the “Atlin ophiolitic assemblage”, is tectonically superimposed over a lower and lithologically diverse sequence of steeply to moderately dipping, tectonically intercalated slices of pelagic metasedimentary rocks with tectonized pods and slivers of metabasalt, limestone and greywacke termed the “Atlin accretionary complex”. Locally these elements are intruded by the Middle Jurassic calcalkaline Fourth of July batholith and related quartz-feldspar porphyritic and melanocratic dike rocks (Ash, 2001).

On July 10, 2009, the Yellowjacket Gold Mine received its BC Mines Act Permit for the development and operation of an open pit gold mine and onsite concentrator processing up to 75,000 tonnes per year of gold ore. The 2009 mining plan outlined extraction of a minimum of 32,000 tonnes of gold ore from the existing open pit. The permitted mine life is 7 years with an average anticipated production of 50,000 tonnes of mineralized bedrock. Key components of the Yellowjacket Gold Project include small open pits, stockpile area, mine access and haul roads, water management structures, backfilled waste dump, gravity gold process plant, and associated infrastructure facilities.

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