Mishi Property

Location and Description
The Mishi Property is located 50 km west of Wawa, Ontario, and approximately 300 km east of Thunder Bay. The Mishibishu Lake area is located on the north shore of Lake Superior, between Wawa and Marathon. The property is accessible via Paint Lake road, an all weather gravel road which links Trans Canada highway 17 to the Eagle River Mine. An ATV- Skidder trail which begins at the 62 km mark along the Paint Lake Road provides direct access to the property.

The property consists of 4 claim blocks comprised of 34 unpatented claims totalling 372 claim units (13,000 acres). The majority of the claims are located in Mishibishu Lake Township with additional claims in the townships of Abbie Lake, Pukaskwa, David Lake, and Point Isacor.

The 4 claim blocks are the Abbie Lake Block (1 claim, 16 claim units), the Aylen block (1 claim, 7 claim units), the Macassa Creek-Scuzzy Lake-Mishi North Block (25 claims, 253 claim units), and the Cameron Lake Block (7 claims, 96 claim units). The total annual assessment work requirement for the 4 claim blocks is $138,918.

Trelawney also holds interests in an adjacent property to the Mishi Property through a joint venture with MetalCORP Inc. (Dorset property). Trelawney currently holds 53% interest in the Dorset property and is the operator of the joint venture.

Geology
The Mishi Property is located in the Mishibishu Lake Greenstone Belt, an Archean greenstone belt which lies within the Wawa Sub province of the Superior Structural Province. The belt strikes in a rough east west direction, and is approximately 50 km long, and up to 20 km wide. It is broadly concave in shape and the east and west portions strike into Lake Superior.

The Mishibishu Lake greenstone belt is bounded to the north, northeast and northwest by the Pukaskwa granitic batholith, and to the south, by the Floating Heart batholith. At least three major granitic batholiths are located within the belt.

Supracrustal rocks in the belt are similar to other Archean greenstone belts found in northern Ontario. The rocks consist predominately of metavolcanics and metasedimentary rocks, which have been intruded by felsic and mafic dikes and sills. The regional geology has been well described by Bowen, 1985, and others. Approximately 55 % of the Mishibishu Lake belt is underlain by metavolcanic and metasedimentary rocks, with magnesium and iron tholeiitic volcanics covering approximately 20 % of the area. Felsic to intermediate volcanic rocks occupy approximately 15% of the area and clastic metasediments cover approximately 20% of the area. Chemical sediments comprise less than 1%, and occur as sulphide and oxide facies iron formation. These rocks have been intruded by syn-tectonic to post-tectonic intrusive complexes ranging from felsic to intermediate composition.

The supracrustal rocks are Precambrian in age, and have been metamorphosed to upper greenschist facies or lower. Diabase dikes intrude all of the above rocks.

Mineralization
There are numerous mineralized zones of deformation on the property. The property hosts 13 documented occurrences, 9 of which are of gold with a few base metal occurrences (Pb, Zn, Cu, Fe, Mo). Highlights include grab samples of 0.42 oz/t Au at 2 sites (Macmillan sample, 1983; Noranda, 1985-86) and 14.3% Zn in vein grabs (Aylen occurrence, 1985).

The property is contiguous to Wesdome's Eagle River Mine and two past-producing (Magnacon Mine and Mishi Pit) gold mines. The Eagle River Mine has been in production for more than 12 years producing 711,000 oz of gold from 2.4 million tonnes of ore at 9.1 g/t Au. In 2008 the Eagle River Mine produced 49,660 oz from 118,961 tonnes at 13.0 g/t Au. Wesdome's past-producing Magnacon Mine produced 34,000 oz of gold from 1988 to 1990. The Mishi Pit, closed in 2003, hosts indicated resources of 1,043,000 tonnes at 5.1 g/t Au.

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