"MBMI has the right to earn up to a 92% interest in four advanced exploration nickel projects encompassing 10,150 hectares located in the south eastern region of Samar, Philippines by way of a joint venture agreement with Falcon Ridge Resources Management Corporation (Falcon Ridge) of the Philippines.

A series of reports prepared in 1970 and 1971 by Olympic Mines and Development Corporation "Olympic" and based on drilling and exploration conducted during the period by Olympic, and its strategic affiliates, resulted in a resource estimates which are not compliant with NI 43-101. A systematic exploration program will be required to confirm the estimates.