The Fiedmont Property consists of 84 claims totaling 3456 ha located approximately 30 km north of Val d'Or, Quebec, and approximately 360 km northwest of Ottawa, Ontario (Map 1). Val d'Or is a vibrant community with a long history of mining in the area. The "Valley of Gold" has seen significant mining operations dating back to the opening of the Sullivan Mine in 1911, and the town has played a major role in the development of the Quebec mining industry for almost a century. Given this history, the mining-related technical resources and infrastructure foundations in the area are second to none.

PFN optioned the Fiedmont property from Kinbauri Gold Corp. (KNB) in late 2008. Under the terms of the option agreement, PFN will pay an aggregate of $98,000 and 150,000 common shares to KNB, and complete 400,000 in work expenditures to earn 60% interest in the property by November 30, 2010. Upon completion of the earn-in, PFN and KNB will form a joint venture to further develop the property.

Platinum Group Metals (PGM) were discovered on the property in 2001 by geologists R.J. Tremblay and T. Cole, after road construction revealed new outcrops carrying sulphide mineralization. KNB optioned the property from the discoverers in late 2005, and completed limited exploration work on the property in 2006-2008.

The property overlies a differentiated mafic ultramafic intrusive complex mapped by Géologie Québec, Ministére des Resources naturelles et del la faune, Québec (Map 2). An airborne magnetometer survey completed by KNB suggests that the intrusion as mapped is actually part of a much larger complex situated on the property.
 

A total of five PGM showings have been identified on the property. Four of these showings lie along a magnetic high that appears to be coincident with the northern contact of the intrusion. The fifth showing is coincident with a magnetic high that lies along the eastern boundary of the complex.

PGM values at the original showing ranged up to 4g/t Pt+Pd. Values from the other showings ranged up to 6.7g/t Pt+Pd, 4.57g/t Pt+Pd. 1.17g/t Pt+Pd. and 5.7 7g/t Pt+Pd. Mineralized zones sampled at surface by Kinbauri gave results of 0.46g Pt/t and 1.44g Pd/t over 2m; 0.75g Pt/t and 1.52g Pd/t over 4m; 1.52g Pt/t and 4.21g Pd/t over 1m. The PGE mineralization occurs in dark, very hard, fine to medium grained silicified diorite to gabbro; containing 1% to 7% disseminated pyrrhotite and pyrite, and subordinate chalcopyrite.

In 2006, KNB drilled four short diamond drill holes totaling 240 meters beneath four of the showings to document the continuity of the surface mineralization. Significant PGE intercepts include:

Diamond Drill Hole KNB06-01 (Tower West Showing);
• 1.21 7g/t Pt+Pd over 8.6m beginning at 44.4m and including 1.76 7g/t Pt+Pd t over 2m.

Diamond Drill Hole KNB06-02 (Tower Showing);
• 0.89 7g/t Pt+Pd over 5.5m beginning at 20m and including 1.05 7g/t Pt+Pd over 3.5m.

Diamond Drill Hole KNB06-03 (Windfall Showing);
• 1.48 7g/t Pt+Pd over 5m beginning at 48.8m and including 1.69 7g/t Pt+Pd over 1m and 2.77 7g/t Pt+Pd over 1m

KNB has recently collected approximately 1800 humus samples over the property during the course of a geochemical survey designed to identify additional zones of mineralization, and document trends amongst the known mineralization. An interpretation of this survey is currently underway.

PFN plans to drill-test targets based on geology, geophysics and geochemistry starting in late January 2009. The initial phase of drilling will test known mineralization at deeper levels, and the strike continuity of the mineralized zone on the north boundary of the intrusion.