In Canada, the Greywacke Lake project, in the La Ronge area of Saskatchewan, hosts several known high-grade gold-bearing zones along a distinctive volcano-sedimentary horizon. Of these known areas, the North Zone deposit has reached the advanced exploration stage. A total of 52 shallow diamond drill holes in the North Zone has allowed for the preparation of a NI 43-101 compliant resource estimate on the near surface portion of the deposit.

Wardrop Engineering has completed an independent, NI 43-101 compliant resource estimation of the North Zone which gives an indicated resource of 184,000 tonnes grading 8.4 grams per tonne gold (est. 49,700 Troy ounces) plus an inferred resource of 58,000 tonnes at 7.29 grams per tonne gold (est. 13,600 Troy ounces) at a cut-off of 5 grams per tonne gold.

The North Zone remains open at depth and potentially along strike. The 2 most recent holes include both the thickest gold intersection yet (26.64m of 8.2 g/t Au), and the deepest, at over 250 m vertical depth. Other notable intersections include 23.98 g/t over 6.31m, 18.03 g/t over 5.29m, 18.92 g/t over 4.89m and 9.14 g/t over 19.84m.

Ongoing work on several of the further known zones includes stripping, trenching and diamond drilling. Four of these gold-bearing zones are clustered over one km of strike length, which suggests continuity of the system. A proposed winter drill program of 3,500m to 4,000m is planned for February 2008 to delineate further resources and to upgrade inferred resources to the Measured & Indicated category.

Masuparia has 51% of the main Greywacke Lake claims. The minority holder, Golden Band Resources of Saskatoon with 49%, maintains a fully permitted processing facility at the former Jolu Mine, within trucking distance from the property by provincial highway.