Ashdown

• Historical underground production of 16,000 oz at an average grade of about 0.36 opt.

• Free gold occurs in thick quartz veins with gold shows in all directions from defined resource.

• Initial drilling by American Copper & Nickel Company (ACNC, US subsidiary of INCO) in mid 1980s.

• Followup drilling and feasibility studies by WEX, Billiton (Royal Dutch Shell) and North Lily Mining in the late 1980s to early 1990s resulted in reported proven reserves of about one million tons with an average recoverable grade of about 0.075 opt. (see footnote 1) .

 • Development was postponed in 1994 due to declining gold prices (they eventually dropped from $500/oz in 1987 to $250/oz in the mid 1990s).

• In 2006, Win-Eldrich and Golden Phoenix formed the Ashdown Project LLC, which is planning to redo the earlier feasibility studies to determine whether the gold resource is still economic.

Cowden

• WEX has an option to earn 100% interest.

• Located only ten miles from Ashdown, so if Ashdown gold is developed, Cowden ore could be shipped to the same leach facility.

• Historical underground production of about 30,000 oz at an average grade of about 1.0 opt.

• Underground sampling confirms high grades, but drilling below existing workings in winter 2006 was inconclusive.

• Additional exploration is being planned.



1 These historical findings have not been verified by Win-Eldrich and accordingly are not being treated by it as National Instrument 43-101 defined reserves or resources verified by a qualified person and as such, should not be relied upon.