Ruttan

Discovered in 1968, the Ruttan Mine operated from 1973 to 2002 and historic production has been reported to be approximately 55 million tonnes grading 1.23% copper (Cu) and 1.41% zinc (Zn).

Ruttan is a bimodal-siliciclastic type of volcanogenic massive sulphide deposit (VMS) similar to those found in the Iberian Pyrite Best of Portugal and Spain and in the Bathurst district of New Brunswick.

Ruttan is a relatively large VMS deposit when compared to others types of these deposits found throughout the world (see table below).

The graph below gives an example of how Ruttan compares to other Canadian massive sulphide deposits for grade and tonnage.

Sulphide Deposits

An initial NI 43-101 compliant mineral resource estimate for the Ruttan Project was completed by Tetra Tech Wardrop in February 2008, which was subsequently updated in September 2008 to incorporate drill hole and assay data from the 2007/2008 exploration programs that targeted both the West Anomaly and Hanging Wall Zinc Zone (HW Zinc). The new estimate is based on 4,875 holes totalling 577,263 metres, which includes an additional 30 holes and 9,123 metres compared to the previous resource estimate.

The Inferred Mineral Resource at the Ruttan Deposit is estimated to be 19.75 million tonnes grading 1.17% copper and 1.47% zinc using a 1.0% capped copper equivalent cut-off grade. (Please review Disclaimer)

Property Potential*

Two drilling programs have been conducted since acquiring the Ruttan property: one in the summer of 2007 that consisted of 9 holes totalling 2,421 metres and a second in the fall/winter of 2007/08 that consisted of 23 holes totalling 6,594 metres (please see Kria press releases dated October 30, 2007, January 10, 2008 and June 10, 2008 for complete assay results).

The Ruttan property has good exploration potential. Priorities for future potential exploration include the following:

• An airborne VTEM survey was conducted on the Ruttan and Bill Claims in 2008 and there are a number of targets to follow up on.
• The upper section of the West Anomaly near surface (west of the old open pit) holds potential for additional discoveries.
• The area to the east of the Main Mine remains open and requires additional drilling.
• The deposit remains open to depth. Sparse drilling shows the continuation of the mineralized horizon.
• A mineralized horizon located approximately 80 metres to the footwall of the West Anomaly is sparsely drilled.
• The DAR 2 zone (Bill 5025 Claims) located 12 km south of the Ruttan Mine represents additional potential at a shallow depth. The zone has a strike length of 250 metres, a depth of 250 metres and a thickness of 2 to 10 metres.
• A detailed review of historical data should be conducted to determine the potential for further exploration opportunities within the property.

*Where Trevali discusses exploration/expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

2009 Technical Report on the Former Ruttan Mine