CATALOGUE OF DEPOSITS

OZHERELIE and YKANSKOE

The Ozherelie and Ykanskoye gold deposits are located within a highly mineralized belt of deposits which include the Sukhoi Log gold deposit (arguably the world's current largest undeveloped gold deposit) as well as a number of other hard rock and alluvial gold deposits either in production or in development in the region. The region has historically produced a reported 48,000,000 ounces of gold, making it one of the most prolific gold producing regions in the world.

The deposits are located approximately 1100km north of the capital of Irkutsk and 130km north of the district center of Bodaibo. Irkutsk is serviced by regular direct air services with the capital city of Moscow, which in turn services the town of Bodaibo with daily turbo-prop flight services. Large river barges can also supply Bodaibo (on the Lena River) which is linked to the prospect areas by a gravel road. The prospect areas are situated within 3 km off this road. Alternatively the nearest rail head is at Taksimo situated 240km south of Bodaibo and linked by road.

The Ozherelie deposit has been traced for over 7km and is open to the north and south. The deposit has been tested with relatively small amounts of core drilling (1262m, 1317 samples) and channel sampling (1631 samples). The Ykanskoye deposit has been traced for 6km and confirmed through 21 trenches (859 channel samples) and 11 drill holes (475.7m). Both areas remain under-explored and with no NI 43-101 compliant mineral resources.

The deposits are situated on the northern and southern flanks of a regional mega-syncline (the Marakan-Tungus structure) trending WNW. Crustal shortening and thrusting has occurred from the NE. The Marakan-Tungus structure is a regional up-thrust block, with the same trend which is seen to extend for some 70 km and 15-20 km wide. This trend hosts 3 main mineralized areas on the intersection of regional NNE structures with the Marakan-Tungus structure. The central Sukhoi Log area is hosted in a metamorphic iso-grad zone containing chlorite+muscovite. Guides to mineralization may be related to this metamorphic zoning. Further exploration by Sutcliffe will provide additional guides to mineralization.

Both deposits are hosted within NE plunging thrust zones within greenschist to amphibolite facies metamorphic rocks and in layered fine grained slates of pelitic to psammitic origin (Carbonate to terrigenous sources). Gold mineralization is considered to have been concentrated in association with the regional emplacement of Upper Palaeozoic age granite intrusions and dikes associated with folding and thrust faulting. Coarse gold is associated with quartz veining at Ozherelie. At Ykanskoye, the gold mineralization is associated with silicification and sulfides, and is finer grained. Gold is deposited adjacent to carbonaceous units at both deposits. In both deposits, the silver content is negligible.

All drilling included in the database for Ozherelie and Ykanskoye deposits was done by diamond drills to produce core. All holes were vertical and no down-hole surveying was conducted. The zone of mineralization in both prospect areas is relatively flat (7 to 12 degrees). Some angle holes will be recommended for the future exploration programs. In 2006, an additional 32 holes (~1000m) were drilled using a non-core technique. No new drilling was conducted at Ykanskoye during 2006. Sutcliffe plans to use Reverse Circulation (RC) drilling techniques and/or core drilling for their exploration programs.

Channel sampling in trenches were of consistent size and sampled using a rock saw. They were of a uniform 10cm wide by 5 cm deep and may be considered to adequately represent the material sampled. Channel and core samples were generally of 1m length unless major geological boundaries were met then shorter lengths were considered. Each sample consisted of some 35 kg of rock, an appropriate sample size in sampling such a coarse gold, high nugget effect system. For drill core the entire core is sampled so no half core is retained.

Samples were prepared by a local exploration company, Siberian Geology Company (SGC) at site. The entire sample is dried and crushed to 1mm, two duplicates splits are taken from this with one being pulverized to -0.0074 mm and used for analysis (50g Au fire assay) and the second used for mineralogical analysis and heavy metal analysis after washing.

Analysis was conducted at the Institute of Rare Metals in Irkutsk (IIRE), a laboratory considered to be of high standing. External control analysis was conducted on a representative number of samples (30 each from 5 grade ranges for a total of 150 samples at Ozherelie) at a corresponding institute laboratory. The standard Russian procedure of submitting 5% of samples as duplicates for analysis was done. No external standards or blanks were submitted as these are done by the laboratory. Under Russian regulations the laboratory is required to perform quality control. While the procedures used may not meet International standards and may not pass accepted QA/QC procedures a preliminary review indicated that the analysis done and assays used can be considered to accurately reflect the gold content. Sutcliffe intends to carry out detailed reviews of the database.

For both the Ozherelie and Ykanskoye Russian mineral resource estimates, the bulk density used was 2.7. At Ozherelie, the minimum size of block used was 3.0m and maximum internal dilution was 3.0m.

CIM Inferred Mineral Resources (using a 1.0g/t cutoff grade, a 3m composite thickness and a 2.7 S.G.) are as follows:

Exploration license holder: