REFERENCES and PRESS RELEASES

The Fedorova project is a large, near surface PGM deposit in the Murmansk region of northwest Russia which was carved out the recent agreement with Highland Gold. Barrick is the operator, with a 50% interest plus an earn-in option to 79%. The project site is about 80 kilometres from Apatity, a major mining centre with a deep pool of mining professionals, and 150 kilometres from a PGM smelter.

Fedorova has a measured and indicated resource (100% basis) of 2.1 million ounces of palladium, 0.5 million ounces of platinum, 150 million pounds copper and 90 million pounds nickel as well as inferred resources of 2.6 million ounces palladium, 0.6 million ounces platinum, 150 million pounds copper and 111 million pounds nickel. A feasibility study is planned to be completed by the end of 2007.

Seven drills are expected to be working on site by the beginning of March to carry out a 60,000 metre drill program this year.