Wachigabau

On January 15, 2009, the Company signed an option and joint venture agreement with Matamec Exploration Inc. (“Matamec”) to explore for all commodities on the Wachigabau property in the Desmaraisville area of west-central Québec, with a particular focus on gold and base metals. The Wachigabau property defined in this agreement includes Northern Superior’s L’Espérance property and other claims which belong to both parties, and are all now part of this new agreement.

Under the terms of the Agreement, Northern Superior can earn 50% of all mineral rights on the Wachigabau project property by paying to Matamec $25,000 cash and issuing 100,000 shares and 100,000 share purchase warrants (this was completed in March, 2009). The Company has also committed to spending $500,000 (the timing of which is at the discretion of Northern Superior) over three years. Once Northern Superior has met the requirements to earn its 50% interest, the Company and Matamec will form a 50-50 Joint Venture for all commodities on the property (both the Company and Matamec will have 50/50 interest on all metal and mineral rights, including diamonds). IAMGOLD retains certain back-in rights on some of the claims through agreements with Matamec. Northern Superior is the operator of the Project. As of September 30, 2009 the Company had spent $82,000 of earn-in expenditures on the project.

The signing of this agreement has provided an opportunity to explore for gold and other commodities within an established gold exploration and mining and milling camp. The Wachigabau property is underlain by structures and geology associated with gold mineralization at the Bachelor Lake gold mine, located 10 kilometers to the southwest, and also overlies geology and structures associated with the Lac Shortt gold deposit 4.5 kilometers to the northeast. By entering into this agreement, the Company expands its opportunity for success on the property beyond diamonds and into other commodities.

The Property

The property is located 15 km northeast of the hamlet of Desmaraisville, 125 km northeast of the town of Lebel-sur-Quévillon and 225 km northeast of the city of Val-d’Or, Québec. Access to the property is possible by a series of old logging roads extending east from highway 113 and an abandoned rail bed that crosses the north side of the property. The property can also be accessed by boat from Lac Wachigabau and Opawica. The Wachigabau property is strategically located between the Lac Shortt gold mine to the northeast and the Coniagas zinc, lead and silver mine and the Bachelor Lake gold mine and mill complex to the southwest. These mines are all associated with the Lake Opawica-Gwillim fault system. The property currently consists of 359 claims covering an area of 14,578 hectares.

Wachigabau Exploration History

Pre-2009

• In 2005, the Company entered into an option agreement with Matamec to explore for diamonds (only) on the property.
• Between 2005- 2008, the Company completed several overburden sampling programs, geophysical surveys (both airborne and ground), and drill programs:
• Several narrow kimberlite dykes were intersected in drill programs;
• One drill hole intersected a massive to semi-massive pyrite and pyrrhotite in a cherty to graphitic metasedimentary schist which returned an interval of 4.21 g Au/ t over 0.43m.

2009

• The Company re-negotiated its agreement with Matamec to allow the Company to earn-in on all commodities (see press release January 22nd, 2009).
• BThe Company completed due diligence for the property and recognized:
• Lode gold mineralization associated with quartz veining with values in drill hole intersections up to 5.39 g Au/ t over 2.4m , 10.3 g Au/ t over 0.3m and 10.1 g Au/ t 1.0 m;
• Historical stripping and trenching on the northeast part of the property with reported  quartz veins of up to 6” returning grab sample assay values of 138 oz Au/t  and 450.5 oz Ag/ t and channel samples returning assay values of 3.52 oz Au/ t over 36”;
• Cu-Au remobilized along continuous fracture systems up to 2.62% Cu, 14 g Ag/ t and 3.14 g Au/ t over a 3.25 m drill hole intersection;
• Potential for volcanogenic Cu-Zn massive sulphide mineralization.
• The Company completed a reconnaissance exploration program during the second quarter which was successful in identifying the location of reported gold showings and key drill collar locations.
• The Company re-located the trenches described in the assessment reports. These were re-exposed and ground geophysics was completed within this area of the property.