Opportunities in Precious Metals and Coal

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Valentine Mountain, Vancouver Island

The Valentine Mountain claims, located 40 miles west of Victoria on southernVancouver Island, cover approximately 7,084 acres (2,867 hectares) along a trendestimated at 7km long and 500m wide. The property hosts a historic mineralresource, known as the Discovery Zone,with an estimated 30,660 tonnesgrading 14.7 grams (0.473 ounces) of gold per tonne(Pre NI 43-101).

The claims also host one gold quartz vein developed prospect, known as the Braiteach zone, and at least six additional gold quartz vein occurrences. The exploration target model for the property is the Bralorne Gold Mine of south-central British Columbia, with past production of 7.3 million tonnes averaging 18 grams of gold per tonne. This historic operation yielded 129 million grams, or 4.2 million ouncesof gold over its long mine life.

Based on a March 10, 2008 Technical Report by Jacques Houle, P.Eng., Mill Bay is considering a multi-faceted, C$5.2 million exploration program to include mapping, sampling, trenching, diamond drilling and drifting. The Valentine Mountain area was first mined in the1860s, when placer gold was discovered in its numerous stream drainages. According to historical accounts, nuggets up to 1 ounce and a total production of 10,000-20,000 ounces of gold may have been sluiced from gravel/bedrock contacts along gravel bars of the Leech River.

More recently, Valentine Mountain has been explored sporadically since 1976, including work by Falconbridge and Noranda. Results over this period have included a number of high-grade showings in trenching and diamond drilling.

BRX Claims, near Bralorne Gold Mine

The BRX claims are located near the historic Bralorne gold mine. Mill Bay and Joint Venture partner Levon Resources have completed trenching and drilling on the property. As development continues, ore from the BRX could be shipped for custom milling at the Bralorne mine.

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Golden Repeat Claims, Carlin Gold Trend

The Golden Repeat claims host many geological similarities to the well-known Midas Gold District. Three major sediment-hosted gold mines (Getchell, Pinson and Twin Creeks lie within 10-15 miles of the Golden Repeat claims. Two distinct targets exist on the property. One is a volcanic-hosted, epithermal, bonanza-type gold-silver bearing quartz system similar to the Ken Snyder deposit (Franco-Nevada’s 6-million-ounce gold resource). The other is a sediment-hosted, gold-mineralized structure beneath the tertiary volcanic cover.

E & E and DH Claims, Cortez Gold Trend

Located approximately 15 miles northeast of the Barrick Pipeline mine (11 million ounces), and on the Cortez gold trend, the E & E and DH claims exhibit strong exploration potential. Drilling by previous operators hit lower plate carbonates with low concentrations of gold over substantial thicknesses.

JDN Claims, Battle Mountain Gold Trend

Located about 10 miles northwest of the Pipeline mine, the JDN claims lie adjacent to the former Hilltop gold mine. The claims are considered highly prospective for gold-bearing structures similar to those at Pipeline and other gold properties in the area. JDN operates as a 50/50 joint venture with Coral Gold Resources.

AC Gold Property, Lander County

Gravity, geochem and biochem surveys have been completed on the property, along with mapping and chip sampling. Drill sites have been located and drilling is planned for 2009. Mill Bay has re-negotiatied the option agreement on the property, whereby Option Agreement by reducing the payments from US$1,500,000 to US$1,300,000 and removing the 3% Net Smelter Returns royalty, in consideration for the issuance to the optionor of a total of 1,500,000 common shares of the Company. Any work on the property is at the sole discretion of the Company.

In addition, the Advance Minimum Royalty Payments Schedule has been amended and the Company is required to pay the Optionor $15,000 per year for three years starting July 12, 2010 and increasing by $5,000 per year for the next 5 years.