Serpent River Property

The Company entered into a Property Acquisition Agreement to facilitate an acquisition of 100% interest in ten mining claims (115 units-approx. 1,840 hectares) in the Sault Ste. Marie Mining Division, Elliot Lake area in Northern Ontario more commonly known as the Serpent River property.

Uranium mineralization on the claims is typical of the setting found at the past producing mines in the Elliot Lake camp.; namely, uraniferous quartz pebble conglomerates of the Mississagi Formation. After completing a drill program in the general area, Rio Algom Ltd., outlined a resource on the Serpent River property that they called the Pecors East Zone. They estimated (Ore Estimates Map, 1977) that the Pecors East Zone contains an indicated resource of 20,000,000 tons grading 0.037% (0.74 lbs./t) U308 or 14,800,000 lbs. U308. This resource estimated is based on limited drilling and there is potential to expand the Pecors East Zone on the property

The resource estimate cited above predates and therefore does not conform to the more stringent reporting requirements of National Instrument 43-101 and should not be relied upon according to those standards. IMT has not yet done exploration work to verify or classify the historical estimates as a current mineral resource and the Company is not treating the historical estimates as a current mineral reserve or resource.

Rio Algom mined more than 100 million pounds of U308 from similar deposits in the Elliot Lake camp and its compilation is generally considered reliable according to local industry standards.