Miskamowin Project, Manitoba

Takara has recently signed and agreement with Shear Minerals Ltd. (SRM:TSXV) (“Shear”) and have signed a letter of intent with whereby Shear can earn an option in all mineral rights including up to 70% in diamond rights on specific targets to the Miskamowin Project, Manitoba and that a VTEM airborne survey is currently underway.
 
Property and Location
 
The Miskamowin Project is composed of twelve Mineral Exploration Licences prospective for nickel sulphides, covering an area in excess of 265,000 hectares located west of Thompson, Manitoba. The permit areas are located in the vicinity of Nelson House, Manitoba and are located close to small settlements with some infrastructure.  Highway access is possible to some of the licensed areas, and a combination of foot, water, and aircraft access will be possible for all licence areas.
 
Approval of another series of licences is pending.
 
Geology
 
The Miskamowin Project is located in an underexplored area known to host ultramafic rocks correlative with the Thompson Nickel Belt (“TNB”), and is prospective for the identification of new ultramafic magmatic sulphide Ni deposits, particularly with the use of modern geological and geophysical techniques. The TNB lies along the north western boundary between the Archean Superior Province and the Kisseynew Domain of the Proterozoic TransHudson Orogenic Belt.  The Miskamowin Project area falls within the Kisseynew Domain, which has formerly been thought to comprise barren metasedimentary rocks unrelated to the TNB.  However, new mapping, geochronology, and interpretation combined with existing geochemistry by researchers in government and academia show that windows of highly prospective TNB-type stratigraphy, locally intruded by ultramafic rocks, exist in the Miskamowin Project area, tens of kilometres farther west than previously interpreted. The presence of ultramafic intrusions within sulphide-rich rocks correlative with the
 
TNB opens up the entire Kisseynew Domain to Ni exploration.
 
Mineralization
 
Past exploration in the 1990’s confirmed the presence of serpentinized dunite and peridotite with anomalous nickel values in glacial boulders and in six shallow drill holes. This project was acquired on the basis of existing geophysical data that suggests ultramafic intrusive rocks. The project is presently one of the largest single landholdings in the province of Manitoba.
 
Current Exploration Program
 
Shear and Takara have mobilized an airborne VTEM survey contracted to Geotech Ltd. that will cover the property in order to confirm geology and identify prospective EM conductors for future follow up ground work followed by drill testing. Upon receiving final results from the 2009 airborne survey, Shear and Takara may at their discretion elect to create a new company focused on developing underexplored nickel projects in Manitoba combined with others identified elsewhere including Nunavut.
 
The Miskamowin Project, was generated by Dr. James Mungall, PGeo, an Associate Professor of Economic Geology at the University of Toronto and consultant in the mining industry. Dr. Mungall holds the Norman Keevil Chair of Ore Genesis, and has published on the magmatic sulphide deposits of the Sudbury and Raglan camps. Dr. Mungall’s research is focused primarily on magmatic Ni-Cu-Co-PGE deposits, chromitite, magmatic Fe-Ti-V and rare element granites, and he has played a role in editing written materials on Ni-Cu-Co-PGE deposits.
 
Terms of the Deal
 
Under the terms of the agreement, Takara has granted Shear the right and option to acquire, subject to all underlying royalties, up to a 49% interest in all mineral rights and up to a 70% interest in the diamond only rights, based on the following terms:

• Shear has a First Option to acquire a 25% interest in the Project by incurring $340,000 in exploration expenditures before January 31, 2010.
• If the First Option is exercised Shear has an option to complete a Second Option whereby Shear can earn an additional 24% interest in the mineral rights for the Project by incurring an additional $500,000 in exploration expenditures before December 31, 2011 and if the Second Option is complete, the issuance to Takara of 1,00,000 Common Shares of Shear.
• Shear will have the opportunity to earn into 70% of any diamond “target” by drill testing the target and confirming the presence of kimberlite.
• Shear will be the Operator.