•  According to the US Bureau of Mines, historical underground production was 16,000 oz at an average grade of about 0.36 opt.

•  Initial drilling was conducted by American Copper & Nickel Company (ACNC, US subsidiary of INCO) in mid 1980s with followup drilling and feasibility studies by WEX, Billiton (Royal Dutch Shell) and North Lily Mining in late 1980s ? early 1990s.

•  These studies met requirements for development of the resource at the time, but they must be upgraded to compliance with current National Instrument 43-101 requirements prior to development.

•  According to multiple mineralogical studies, free gold occurs in thick quartz veins with gold shows in all directions from the defined resource.

•  Metallurgical work completed by Kappes Cassiday & Associates in 1989-90 supported a low cost open pit, high recovery gold heap leach project .

•  Development was postponed in 1994 due to declining gold prices (they eventually dropped to $250/oz).

•  As a result of high gold prices in the early 2000s and the probability of continued high prices, WEX entered into a JV with Golden Phoenix Minerals in 2004.

•  In 2006, the JV agreement was completed and GPM began production of a moly resource associated with the gold resource because moly prices were rising faster than Au prices. The intent was to use profits from moly production to finance development of the gold resource.

•  In November 2008, due to a collapse in moly prices, the Ashdown Moly Mine was put on care and maintenance.

•  In May, 2009, WEX purchased GPM's interest in Ashdown and due to continued high gold prices ($900 - $1000/oz), has begun seeking funding for updating the 1991 feasibility study with the hope that it will be feasible to develop the gold resource.