Holloway & Holt - Ontario

Royalty:	2% to 10% NSR
Production (2007):	Past producer undergoing redevelopment
Resources:	919,000 oz M&I / 356,000 oz Inf. (Au)¹ (June 08)
Operator:	St. Andrew Goldfields

The Holloway camp contains the Holloway and Holt mines and is located approximately 30 miles northeast of Kirkland Lake, Ontario.

The Holloway-Holt Gold Mine brownfields exploration project consists of 148 square kilometers (approximately 36,000 acres) of exploration properties with excellent exploration prospects. Exploration will take the form of both surface and underground drilling programs.

St. Andrew Goldfields commenced mine site exploration and development activities at its Holloway-Holt Gold Mine and made a positive production decision to recommence mining and milling activities, conditional on arranging the required financing.  The production decision was made after receipt of an independent technical report prepared in accordance with National Instrument 43-101.

Franco-Nevada owns a royalty based on a sliding scale: 2% if price of gold is $500 or less, increasing by 1% for every $100 increase in the price of gold, up to a maximum of 10%.

¹ Measured and indicated figures from June 1, 2008 resource update.

² Franco-Nevada also contains a 1% NSR royalty interest in the adjoining Stock Gold Complex.