Houston Flagship Deposit Development Plan

Growth through Exploration 2012 Exploration Program ■ 2012 exploration program expected to achieve 14,000 m of drilling (10,000 m plan), despite reducing budget to $5.3 million Drill programs on Houston (remains open), Malcolm (remains open), James North, James South extension (remains open) and stockpiles with the intention of: Further technical information for more detailed mine planning New / updated NI 43-101 resource estimates in Q4 Commenced drilling on Elizabeth taconite target Labrador Iron Mines - TSX: LIM LIM 28 28

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