The Ellison Property consists of eight claims located in Bousquet Township, Quebec. In 2002, Yorbeau transferred all of its interests in the Ellison property to Agnico-Eagle Mines Limited in consideration of a cash payment of $1,000,000, of which $500,000 was paid on closing and $500,000 is payable upon commencement of commercial production. Yorbeau also retains a net smelter return royalty ranging from 1.5% to 2.5%, depending on the gold price. If the gold price is US $425 or more, the net smelter return royalty is 2.5%.
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