Location:	Converse County, Wyoming
Property Position:	26 Federal Lode Mining Claims 2 state leases
Ownership:	100%
Grades:	0.10% to 0.12%
Comments:

The package, known as the 35-75 Property, is located 6 miles southwest of Cameco Corporation's ("Cameco") Smith Ranch uranium deposit, the United States' largest producing ISL uranium deposit, having a reserve of 27.8 million pounds of U3O8. The 35-75 Property abuts the southwestern edge of Cameco's southwest-trending land position and its Smith Ranch Permit Area. The property lies in the Powder River Basin at the site of an old, unnamed Nuclear Exploration and Development Company ("NEDCO") prospect that was partially drilled in the early 1970's.

Magnum considers the 35-75 Property to be a high quality uranium target that warrants additional drilling based on the presence of favorable surface Eocene Wasatch Formation and underlying Paleocene Fort Union Formation sandstone host rocks, as well as its proximity to and potential for multiple stacked roll deposits similar to those found at the adjacent Smith Ranch deposit. According to NEDCO-referenced data drawn from a historical report, the potential exists for a deposit containing a resource in the range of 1.0 million lbs of U3O8, with the material grading in the 0.10% to 0.12% U3O8 range. Although considered relevant, the reader is cautioned that this potential resource estimate does not comply with the guidelines of National Instrument 43-101 and Magnum is not treating it as such.