Forward Looking Statements - This Website contains “forward looking information” within the meaning of the Ontario Securities Act or “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, including statements concerning our plans at the Meadowbank Gold Project and other mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including gold, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Annual Information Form AIF filed with the Securities Commissions of the Provinces of British Columbia, Ontario, Quebec and Nova Scotia in our 40F filed with the United States Securities and Exchange Commission (the “SEC”) and with the Toronto Stock Exchange. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that we will receive required permits and access to surface rights, that we can access financing, appropriate equipment and sufficient labour and that the political environment within Nunavut and Canada will continue to support the development of environmentally safe mining projects so that we will be able to commence the development of the Meadowbank Gold Project within the established timetable. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words “anticipate”, “believe”, “estimate” and “expect” and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

Cautionary Note to U.S. Investors - The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website such as “mineral resources” and “inferred resources” that the SEC guidelines strictly prohibit us from including in our Form 40-F available from us at Suite 950 – 505 Burrard Street, Vancouver, B.C. V7X 1M4. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Cautionary Note to U.S. Investors concerning estimates of Indicated Resources – This website uses the term “indicated” resources. We advise US Investors that while that term is recognized and required by Canadian regulations, the SEC does not recognize it. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into mineral reserves.

Cautionary Note to U.S. Investors concerning estimates of Inferred Resources – This website uses the term “inferred” resources. We advise U.S. investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. “Inferred Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Cautionary Note to U.S. Investors concerning estimates of Proven and Probable Reserves - The estimates of mineral reserves described on this website have been prepared in accordance with Canadian National Instrument 43-101. The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Guide 7.  Accordingly, the Company’s disclosure of mineral reserves on this website may not be comparable to information from U.S. companies subject to the SEC’s reporting and disclosure requirements.

1. Meadowbank open pit mineral reserves (Q4/2005) have been prepared in accordance with NI 43-101. Dr. Mike Armitage, Managing Director of SRK Consulting (UK) Limited, is the independent Qualified Person responsible for preparation of stated reserves.

Mineral reserves are a subset of mineral resources.

Meadowbank mineral resources (Q4/05) were prepared in conformance with the requirements ser out in NI 43-101 under the direction of Dr. Mike Armitage, Managing Director of SRK Consulting (UK) Limited, who is an independent Qualified Person as defined by NI 43-101

PDF deposit resource estimates (Aug. 2000) were prepared by Cumberland in accordance with standards outlined in National Instrument 43-101 and CIM Standards on Mineral Resources and Reserves (August 2000). James McCrea, P.Geo., Manager, Mineral Resources for Cumberland, is the Qualified Person under NI 43-101. PDF deposit resources are not included in the feasibility study of the Meadowbank project.

Cannu zone inferred mineral resource estimate (April 2006) was prepared in conformance with the requirements set out in NI 43-101 under the direction of Dr. Mike Armitage, Managing Director of SRK Consulting (UK) Limited, who is an independent Qualified Person as defined by NI 43-101. The Cannu zone resource is not included in the feasibility study of the Meadowbank project.

2.Historical Reserves and Resources

Meadowbank open pit mining reserves (Q1/2005) consist of the inventory of diluted and recovered Measured and Indicated blocks within the final pit designs.  Inferred tonnage, within the final pit design, is not included within the reserve and has been added to waste. The Reserves have been been prepeared in accordance with NI 43-101.  Mr. Mark Pearson, P.Eng, Principal Mining Engineer with Amec Americas Limited, is the independent Qualified Person responsible for preparation of stated reserves.

Meadowbank resource estimates (Q4/2004) were prepared by Cumberland in accordance with standards outlined in National Instrument 43-101 and validated by AMEC Americas Limited (AMEC) (except for the Portage Area and PDF deposits) under the direction of Steve Blower, P.Geo., Independent Qualified Person as defined by NI 43-101. Resource estimation models for all deposits (except the Portage Area and PDF deposits) were estimated using three-dimensional block model methods employing inverse distance methods. Grade capping strategies include application of capping and/or capping with distance restrictions on high grade assays. Resources were classified as measured only in areas supported by close-spaced drilling and trench exposures. Indicated resources from all of the deposits are generally within 25 metres of a drill hole and are supported by a minimum of two drill holes.

Fourth quarter 2004 total contained measured and indicated ounces are calculated by the sum of the individual deposits. For comparison purposes, first quarter 2004 total contained measured and indicated ounces, using the same calculation methods, was 2,958,000 ounces.

Portage Area deposits resource parameters: Portage Area resource estimates (Q1/2004) were prepared by AMEC Americas Limited (AMEC) under the direction of Steve Blower, P.Geo., Independent Qualified Person as defined by NI 43-101. Resource estimation models were estimated using three-dimensional block model methods employing inverse distance methods. Grade capping strategies were developed and applied by AMEC and include application of capping and/or capping with distance restrictions on high grade assays. Resources were classified as measured only in areas defined by close-spaced drilling and trench exposures. Indicated resources from all of the deposits are generally within 25 metres of a drill hole and are supported by a minimum of two drill holes.

PDF deposit resource parameters: PDF resource estimates (Q4/2004) were prepared by Cumberland in accordance with standards outlined in National Instrument 43-101 and CIM Standards on Mineral Resources and Reserves (August 2000). James McCrea, P.Geo., Manager, Mineral Resources for Cumberland, is the Qualified Person under NI 43-101. PDF deposit resources are not included in the feasibility study of the Meadowbank project.

PDF resource estimates (Q4/2004) are based on 39 NQ diamond drill holes and a total of 1900 samples. Samples were assayed at IPL Laboratories of Vancouver, British Columbia, utilizing fire assay with AA finish and fire assay with gravimetric finish on all assays yielding greater than 1 g/t. QA/QC programs employ random insertion of four internal standards, field duplicates and blank samples. Acme Laboratories of Vancouver, British Columbia, provides external reference assaying. Resource analysis is based on three-dimensional solid models generated from geological and assay data. Interpolation is based on compositing at 0.75 metre down-hole lengths. Inverse distance to the 2nd power with a minimum of two and a maximum of 12 composites is required to interpolate grade into a block. Composites were capped at 20 g/t. A 2.0 g/t cut-off grade is applied.

Meadowbank resource estimates (Q1/2004) were prepared in conformance with the requirements set out in National Instrument 43-101 by AMEC independent qualified persons as defined by NI 43-101. All resource estimates (except for the PDF deposit which is not included in the current feasibility study) have been prepared by AMEC independent qualified persons as defined by NI 43-101 under the direction of Steve Blower, P.Geo.

PDF resource parameters: Resource estimates are based on 24 NQ diamond drill holes and a total of 1024 samples. Samples were assayed at IPL labs in Vancouver, British Columbia utilizing fire assay with AA finish and fire assay with gravimetric finish on all assays yielding greater than 1 gram per tonne. QA/QC programs employ random insertion of four internal standards, field duplicates and blank samples. Acme Labs of Vancouver provides external reference assaying. Resource analysis is based on 3 dimensional solid models generated from geological and assay data. Interpolation is based on compositing at 0.75 meter down-hole lengths. Inverse distance to the 2nd power with a minimum of 2 and a maximum of 12 composites to is required to interpolate grade into a block. Composites were capped at 20g/t. A 2.0 g/t cut-off grade is applied. James McCrea, P.Geo., Manager, Mineral Resources, is the Qualified Person under National Instrument 43-101. Resource classification conforms to CIM Standards on Mineral Resources and Reserves (August 2000).

3. Classification conforms to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral resources which are not reserves do not have demonstrated economic viability.

4. A Preliminary Assessment on the Meadowbank project was completed (January 2002) by consulting engineers MRDI Canada, a division of AMEC E&C Services Limited. The preliminary assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized. The production forecast used in the preliminary assessment includes approximately 5.9 million tonnes of inferred mineral resource, or 41% of the total forecast. In compliance with National Instrument 43-101, the Company has issued a Technical Report which is available at www.sedar.com for review.