On November 14, 2006, the Company released the results of

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troylando 11072017 #77

May 16, 2012 at 11:26 AM

On November 14, 2006, the Company released the results of an independent update of the gold and silver resource estimates for its Quartz Mountain Project (formerly called the Jessie Page Project) in Malheur County in south-eastern Oregon. MineFill Services, Inc. of Vancouver, Canada, completed a NI 43-101 compliant resource estimate based on a database of historical drilling. The new resource estimate is based on 169 verified drill holes from a total of 175,
encompassing 18,938.2 meters of drilling completed in the 1980’s by Chevron Minerals and MK Gold Company .

Highlights
• The Indicated resource is 15.0 million tonnes containing 281,439 ounces of gold at a grade of 0.58 grams/tonne (“g/t&rdquo plus 3,526,261 ounces of silver at a grade of 7.29 g/t above a cutoff of 0.34 g/t gold.
• The Indicated resource of 15.0 million tonnes has gold-equivalent values of 352,677 ounces gold at an average grade equivalent of 0.80 g/t gold obtained by converting the silver to gold values using a ratio of 49.5:1 silver to gold. Metallurgical recoveries were not considered.
• LEAPFROG modeling confirms Chevron’s interpretation of two main mineralized zones: an East zone that contains 96 percent of the resource, and a Central zone containing the remaining 4 percent.
• The highest assays in the database are 14.95 g/t gold plus 106.3 g/t silver.
• An apparent high-grade feeder zone has been intersected in several historical drill holes. Assays on secondary minerals show anomalous values for As, Sb, and Hg indicative of a deep feeder system.

The Quartz Mountain Project encompasses 27 unpatented claims in the Quartz Mountain claims group. Chevron Minerals prepared a historical resource estimate in 1990 using both polygonal and block modeling/kriging techniques.

The new resource estimate was calculated using LEAPFROG and SURPAC software and block modeling techniques. The block model is based on 20 ft x 10 ft blocks in plan, and 10 ft high blocks in elevation. The gold and silver grades in the block model were computed by ordinary kriging methods. No capping of high-grade assays was performed.

This study provides a basis to continue expanding the gold and silver resource at Quartz Mountain with the mineralization open to the west and northeast. The property has the potential for a higher-grade feeder zone that is largely unexplored, and several secondary targets that require further work. There is the potential to significantly expand the existing resource base at Quartz Mountain.

Following is the global Indicated resource at various cutoff grades:

The updated resource estimate was prepared in compliance with Canadian Institute of Mining and Metallurgy standards on reporting of mineral resources (CIMM (2000)) and is fully compliant with NI 43-101. The Qualified Person responsible for the updated resource is Dr. David Stone, P.Eng., President of MineFill Services, Inc. A copy of the Quartz Mountain Technical Report is posted on SEDAR. Management has initiated a review of the potential of the property and has planned for the resumption of drilling activities in the final quarter of 2010.

The updated resource estimate was prepared in compliance with Canadian Institute of Mining and Metallurgy standards on reporting of mineral resources (CIMM (2000)) and is fully compliant with NI 43-101. The Qualified Person responsible for the updated resource is Dr. David Stone, P.Eng., President of MineFill Services, Inc. A copy of the Quartz Mountain Technical Report is posted on SEDAR. Management has initiated a review of the potential of the property and has planned for the resumption of drilling activities in the final quarter of 2010.

http://kenairesources.net/

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