The VBE-2 property, comprising of 64 claims, is located 40km southwest of the village of Nain in NTS14D/1 and 14D/8. The claims also lie 8km due south of Discovery Hill site of the Voisey’s Bay deposit.
The Company holds a 50% interest, subject to a 2.5% NSR royalty, in the VBE-2 property located in the Voisey’s Bay area of Labrador. The Company, together with CanAlaska Ventures Inc., now known as CanAlaska Uranium Ltd. (“CanAlaska”), entered into an Option Agreement (“Agreement”) dated September 6, 2006 (effective date: October 6, 2006) with Celtic Minerals Ltd (“Celtic”) and Merrex Gold Inc (“Merrex”) whereby Celtic and Merrex have acquired the right to earn a 100% interest in the VBE-2 property. Celtic will be the operator of the exploration programs carried out on the VBE-2 Property.