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Location and Access

The Ardeen Gold Project is located about 110 kilometres west of the city of Thunder Bay, which is situated on the western edge of Lake Superior in northwestern Ontario, Canada. The property is situated about 15 kilometres south of Highway 11 which forms part of the Trans-Canada Highway system.

 

Location Map of the Ardeen Gold Project, Ontario, Canada

 

The Ardeen Gold Project comprises 153 unpatented mining claims (totalling 290 claim units or 4,540 hectares) and four patented mining claims (404.3 hectares) in the Moss Township of Ontario. The total area of these claims is almost 5,000 hectares or 50 km².

 

Ardeen Gold Project Tenure

 

Access to the claims is gained via a gravel all-season main logging road. This road transects the central portion of the claim block and connects with the numerous secondary logging roads which give access to most parts of the property.

High-voltage power (230,000 volts) is available along the Trans-Canada Highway, approximately 15 kilometres to the north and to the northeast at the past-producing Coldstream Copper-Gold mine. Manpower and support services are readily available in the area from Thunder Bay, Atikokan and Kenora.

Coventry has the right to earn a 100% interest in the Ardeen Gold project. The Company has recently achieved 51% ownership by spending CAD$1.5 million since the execution of the agreement in July 2009, and can earn 75% by the additional expenditure of CAD$1.5 million prior to December 2013. Pele has the right to contribute to further expenditure on a pro-rata basis, or Coventry completes a bankable feasibility study to earn 100%, with Pele reverting to a 2% NSR royalty.

The Ardeen Gold Project is located 4.5 km west of the Moss Lake/Snodgrass Gold Deposit. In 2006, Moss Lake Gold Mines Ltd (Moss Lake Gold) announced a NI 43-101 compliant inferred mineral resource estimate of 56.1Mt at 0.92 g/t gold for 1.5 Moz of gold.