In-Mine Mineral Reserves^(1)(2)(3) - January 1, 2009

(1) This table shows the estimated reserves at our producing properties in Manitoba.
(2) The zinc price used for mineral reserve estimation was US$0.85 per pound, the copper price was US$2 per pound, the gold price was US$700 per troy ounce , the silver price was US$12 per troy ounce and the exchange rate $1.10 CAN to $1.00 US.
(3) The estimate as of January 1, 2009 was prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines.

In-Mine Inferred Mineral Resources⁽¹⁾⁽²⁾ - January 1, 2009

(1) This table shows the estimated inferred mineral resources at our mining properties in Manitoba.
(2) Mining dilution and mining recovery is assumed and applied.

PRE-DEVELOPMENT PROPERTIES

Lalor Zinc- Rich Base Metal Zone Mineral Resource - October 8, 2009

(1) The estimate as of October 8, 2009 was prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines.

Lalor Gold Zones Potential Mineral Deposit Estimate - October 8, 2009

The Lalor gold zones potential mineral deposit estimate is conceptual in nature and to date there has been insufficient exploration to define a mineral resource compliant with National Instrument 43-101. It is uncertain if further exploration will result in the target deposit being delineated as a mineral resource.

The gold zones conceptual estimate was based on 66 gold mineralized drill holes. Diamond drilling and geological interpretation has identified five stacked mineralized gold zones either in contact with or entirely separate to the zinc rich base metal resource zones, 715 to 1,175 vertical metres below surface. The gold zones vary in east- west direction from 75 to 360 metres and in the north-south direction from 150 to 850 metres. Average thickness of the gold zones varies from 4 to 11.5 metres. The gold zones have been drilled at a spacing of 30 to 150 metres by near vertical parent holes from surface or by wedge offsets.

Assays in each one of the gold zones were top cut based on statistical analysis, where zones 21, 25, 27 were top cut at 30 g/t gold, zone 24 at 17.5 g/t and Zone 26 at 25 g/t. Approximately 5% of the gold zones assay population was top cut. Assays were weighted by specific gravity and were composited from hanging wall to footwall in each drill hole.

Three-dimensional wireframes defining each gold zone were created using MineSight resource modeling software. The gold zones conceptual estimate was based on an interpolation of the gravity weighted composites using inverse distance squared methodology with MineSight software.

Fenix Mineral Reserve^(1)(2)(3) - September 25, 2006

(1) The estimate as of September 25, 2006 was prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines.
(2) The nickel price used for mineral reserve estimation was US$5.00 per pound, an additional $US0.20/lb was added for iron, for a combined metal price of $US5.20/lb.
(3) Saprolite mineralization only.

Fenix Mining Reserve ⁽¹⁾ - March 31, 2007

Mineral Resources are inclusive of Mineral Reserves for the resources of Fenix only.

(1) The estimate as of March 31, 2007 was prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines.  Mineral resources are inclusive of mineral reserves for Fenix mineral resource statement only and they must not be added together.
(2)0.80% Ni cut-off saprolite; 1.00% Ni equivalent cut-off limonite where Ni equivalent = Ni + 3 Co.
(3)1.60% Ni cut-off saprolite; 1.00% Ni equivalent cut-off limonite where Ni equivalent = Ni + 3 Co.
(4)Saprolite includes transition material.

Estimated Mineral Resources⁽¹⁾ - Additional Properties January 1, 2009

(1) The estimate as of January 1, 2009 was prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines.

For further details, please see Annual Information Form dated March 31, 2009 on SEDAR.