The River Valley property is a PGM exploration project located in the Sudbury Mining Division in Ontario, Canada. The Company has fulfilled its commitments to earn a 100% interest in certain claims comprising the River Valley property. The mining interest consists of title to optioned and staked unpatented mining claims.

On December 14, 1999, the Company entered into a joint venture agreement with Impala Platinum Holdings Limited ("Implats"). In order to earn a 60% interest in the property, Implats needed to make cash payments of $225,000 and make exploration expenditures of $6,000,000 over five years. On February 11, 2003, Implats ceased spending on this property after having spent approximately $3,800,000 on exploration to earn a 38% interest.

The company has written down its investment in the River Valley property. The Company has sufficient assessment credits to keep the River Valley currently in good standing

Historical Work

• The majority of previous exploration work on the River Valley intrusion was by companies searching for large nickel-copper deposits similar to the deposits in the Sudbury Igneous Complex.
• Several pits and trenches along the margins of the intrusion yielded copper up to 25% per tonne and PGM's up to 10 grams per tonne. (Source MNDM assessment records)
• No targeted drilling for PGM dominant deposits has been documented at River Valley.
• The River Valley intrusion has been identified by researchers as part of the Huronian-Nipissing Magmatic Belt. (Peck et al 1990-1995)
• The River Valley intrusion is an early Proterozoic layered gabbro-anorthosite intrusion hosting platinum, palladium, rhodium, gold, copper and nickel.
• PGM and copper mineralization have been identified within the fertile PGM host rock associated along the margin of the intrusion. Mustang controls approximately 28km of total strike length along this margin.
  
• The current exploration model is "contact style" magmatic sulphide mineralization, similar to the Pacific North West Capital/Implats discovery in the River Valley.

North Grid Zone Map: