THE ST. CHARLES DE BOURGET DEPOSIT

Micrex has finalized a production finance facility for its magnetite/titanium property (the St. Charles de Bourget Deposit), located in the Saguenay/Lac St-Jean Region, in Bourget Township on the north shore of the Saguenay River, Québec. The Company expects production to begin in the fall of 2008.

Property access is excellent on all weather roads. The CN Railway is nearby and the property is within 20 km of the deep water shipping port at Chicoutimi, which accesses the St. Lawrence Seaway by way of the Saguenay River.

The deposit is classed as a magnetite and titanium rich magmatic segregation within an anorthosite host rock.

Current independent engineering gives a total resource estimate of over 37 million tons, (6,000,000 tons Measured Mineral Resource, 12,000,000 tons Indicated Mineral Resource and over 19,000,000 tons Inferred Mineral Resource), with a strong indication of much more tonnage available.

Drill logs for 23 holes that were drilled into the deposit gave an average ore thickness of 252 feet. The average thickness may in fact be higher because several of the drill holes did not go deep enough to detect the lower boundary of the deposit.

Numerous assays of the ore have been made with values as high as 65% magnetite and 27.8% TiO₂. The pooled average of all samples is 35.1% magnetite and 12.8% TiO₂.

As with every project of this nature, Micrex is evaluating the resource for all minerals that could be of financial interest.

With that in mind, the mineral apatite is abundant in a portion of the deposit. The pooled average for apatite assays is 22.25%. Apatite has value to the phosphate fertilizer industry and testing will be carried out on the overall economics of that use.

Recent work has also indicated important levels of rare earth minerals. Micrex will be continuing the evaluation of the ore with those minerals in mind.

This deposit has had a significant amount of work done on it to date, including surface mapping, geophysics, metallurgical work, and drilling.

Micrex intends to expand on the data through a well-proven exploration formula that has served the company well on the Burmis Deposit in Alberta.

Since the prospect area has already been defined through previous work including some selected area magnetometer surveys, Micrex will apply detailed exploration techniques that can be used to better define the known deposit and in all likelihood expand on the resource.

In late 2002 and early 2003 Micrex mobilized Apex Geoscience to the property.

A tightly spaced ground survey was done using two GEM Systems GSM 19 Overhauser Proton Procession Gradient Magnetometers. The data will be linked to a GPS survey and the two sets of data will be merged onto a digital map base. This will give a detailed picture of the deposit to depth and can be used to assist drill program planning.

Drill core from a previous drill program was split and shipped for analysis.

This analysis can be used to expand on the mineral database as well as on the resource calculations.

Larger samples were taken from outcrop and shipped to International Metallurgical and Environmental Testing Laboratories in Kelowna, BC for metallurgical testing. IME will also be working with Micrex to develop the most efficient way to recover all of the value from the ore.

Micrex considers the location in Québec to be advantageous. As many other exploration companies have discovered, Québec promotes mineral exploration and development through various initiatives including enhanced exploration cost credits, a world class system of information access, and an active Ministry of Natural Resources geared towards industry needs.

Micrex now has two excellent magnetite deposits suitable for heavy media production with the added value of titanium mineral potential. The reserves indicated on these properties could enable Micrex to become a world-class source for these minerals.

Shipping is a major factor in consumer cost for heavy media. The closer the deposit is to market the more competitive the delivered price will be to consumers.

A similar benefit in shipping can be realized from the titanium and other secondary minerals.

The Company can now access heavy media and titanium markets in both east and west North America from advantageous locations.

The proximity of the Québec deposit to a deep water port that feeds into the St. Lawrence Seaway means better shipping costs to the eastern seaboard and to inland Great Lakes locations of Canada and the US.

It also opens the potential for offshore markets.

The Burmis property already enjoys a location benefit in relation to an established market in the Western North America Coal Industry. It is located within 6 miles of the CPR railway and Crowsnest Highway #3.

Micrex is committed to bringing these two deposits into profitable production as soon as possible.

Plan of Operation

Through 2008 Micrex produced samples for market and brought various market representatives to the site in preparation for moving to production.

Mining operations will commence in the fall of 2008. Iniitial production will be 35,000 tonnes of ore crushed to customer specifications. The addition of milling and concentrating equipment that would enable minerals in the ore to be separated will occur if there is sufficient customer demand.

Click on the pictures below for large images

Pictures of Activity During January 2003
	View of the deep water port of Chicoutimi, located approximately 20 km southeast of the property.
	Road to the site showing electrical power lines, which approach the borders of the property.
	Well maintained roads provide all-weather access to the property.
	Crew conducts detailed survey of surface features as part of the mapping process.
	Hundreds of feet of core samples have been drilled, and await examination in these core trays.
	Geologists open the trays and study the core samples to create 3-D visualizations of the ore body.
	Sections of the core are graded by geologists, and samples are selected for assay.
	Samples awaiting shipment to an independent laboratory for assay.
Pictures of Activity During June 2008
	Clearing operations at the working face showing flat area at the base for equipment and all weather access road in immediate foreground.
	Tom Bryant VP Exploration inspects clearing operation on the working face.
	Magnetite outcrop.
	Massive magnetite.
	Processing mineral samples.
	Market representative inspecting magnetite outcrop.

This page was updated on September 12, 2008.