Mr. Peter Clausi reports

CBLT ACQUIRES FALCON GOLD MINE WITH HISTORICAL RESOURCE ESTIMATE

CBLT Inc. has purchased the Falcon gold property, host to the former Falcon gold mine, in Sudbury, Ont., with a historical gold resource estimate. This purchase consolidates Falcon with CBLT's Copper Prince along the Garson fault, effecting a 1996 recommendation from Falconbridge Ltd., a prior owner.

"There are many overlooked wonderful properties like Falcon in safe jurisdictions," said Peter M. Clausi, CBLT's chief executive officer. "We are grateful to have the opportunity to marry Copper Prince with Falcon along the Garson fault for future exploration."

Location

Falcon comprises a contiguous block of three patented claims, within Falconbridge township in the Sudbury basin.

The property lies within the Huronian gold belt, a zone of past gold producers that extends from northeast of the Sudbury basin to south of Espanola, a distance of roughly 120 kilometres.

History

Like CBLT's adjacent Copper Prince, Falcon has been explored intermittently. Exploration has been carried out since prior to 1900 after gold was found through prospecting. A work report from 2005 filed by Millstream Mines Ltd. indicates over 28,000 feet of diamond drilling was carried out over time at Falcon. Some of the historical data appear to be reliable but there are gaps as some exploration activity was unrecorded, due to Falcon being patented land. Further work will be required to confirm the Millstream Mines data and the data should not be relied upon.

CBLT has not been able to find any production data associated with the past-producing Falcon gold mine.

The Bailey report and resource estimate

The most interesting report dates from 1996, authored by Gordon Bailey, MSc, geology, based upon work carried out by Falconbridge in 1994 and 1995. Mr. Bailey advises five samples from near the former mine site were collected and assayed. Two pyrite-rich surface samples assayed 50.47 and 53.21 grams per tonne gold whereas three pyrite-rich dump samples assayed 33.60, 38.33 and 40.46 g Au/tonne (the work and the report were not carried out according to National Instrument 43-101 standards; it is unknown if Mr. Bailey would meet the current definition of qualified Person, and therefore the results above and the resource estimate below should not be relied upon without further work by CBLT).

Mr. Bailey then recommended:

"As the adjacent Copper Prince property has reportedly returned assays of up to 1.1 oz Au/ton [ounces gold per tonne] over five feet and of 4.8 per cent Cu and 0.07 oz Au/ton over five feet, and appears to be along strike of the Falcon deposit along the Garson fault, a purchase or joint venture agreement with its' [sic] owners should be considered as a fist [sic] step towards gold exploration in this environment beyond the Falcon gold property."

This is what CBLT has done. It has consolidated title along part of the Garson fault, allowing for efficient exploration for gold, copper and cobalt, and ensuring all value created through such exploration can be retained within CBLT.

Subject to the qualifications set out above, Mr. Bailey went on to report on a resource estimate at Falcon:

• In 1988, Falconbridge completed a 24-hole, 14,951-foot drill program which increased the mineral inventory of the Falcon deposit to 59,400 tons grading 0.226 oz Au/ton in a pyritiferous zone traced to a vertical depth of 600 feet with an average dimension of l1 by 100 feet.

CBLT intends to carry out a summer work program at Falcon and Copper Prince, consisting of data aggregation, mapping and sampling. A longer-term goal would be to prove up a larger gold resource in accordance with NI 43-101.

CBLT also advises it intends to carry out work on at least two of its other properties this summer, and intends to continue with merger and acquisition activity as opportunities present themselves.

We seek Safe Harbor.