Location:	Emery County, Utah
Property Position:	266 Federal Mining Claims
Ownership:	Joint-venture with Energy Metals Corp. Magnum has a right to earn up to 80% of the project.
Grades:	0.07% to 0.16%
Comments:	Historic resource of 2.2 million lbs of U3O8 (non NI 43-101 compliant, and should not be relied on)

The San Rafael Property, located on the east flank of the San Rafael Swell, was explored for uranium and vanadium from the mid-1950's until the 1980's. Internal reports and memoranda prepared by Conoco and Union Carbide indicate that Conoco drilled more than 165 holes and defined a historical resource on State Section 36 of the property. Furthermore, Magnum has in its possession a large database pertaining to the historic drilling which occurred on the EMC claim block north of the State Section 36 deposit. Deposit and resource information will be detailed in a future news release pending the completion of the due diligence review by Magnum. Uranium and the corresponding vanadium mineralization associated with these deposits has a U:V ratio of 1:2. Deposits in this area occur within the stratigraphic sequence of the upper Salt Wash member of the Jurassic Morrison Formation. Deposits at San Rafael can be classified as roll front and blanket type.

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