Mr. Paul Cowley reports

PHENOM OPTIONS DOBBIN GOLD PROPERTY, NEVADA

Phenom Resources Corp. has further strengthened its gold exploration portfolio in Nevada by signing an option agreement for a Carlin-type gold-deposit opportunity strategically located along the northwest-trending Sulfur-Lovelock-Austin structural-mineral trend in central Nevada, approximately 80 kilometres (50 miles) southwest of Eureka, Nev.

Dave Mathewson, geological adviser to the company, states: "The Dobbin gold project is an exceptionally good Carlin-type gold prospect which I identified in the late 1980s for Newmont. The prospect area was initially identified through an altered cobbles in drainages program, followed up by detailed rock sampling, claim staking and soil surveys. Soil sampling identified an area on the property of significant elevated gold values in soils consistently ranging between one g/t and three g/t Au at surface in highly altered Roberts Mountains formation. Roberts Mountains formation is well known to be one of Nevada's best rock hosts for Carlin-type gold deposits. Much to my protests, Newmont pulled out of the project when an initial wilderness study area was declared in 1989 which later shrank in size, leaving the anomalous gold-in-soil area open for staking which is now covered by the recently acquired Dobbin property."

Paul Cowley, president and chief executive officer, states: "We are very excited to add this high-quality near surface gold asset as we continue our gold push in Nevada, complementing our flagship Carlin gold-vanadium and Crescent Valley projects. Much to our astonishment and delight, this gold prospect had been completely and mistakenly forgotten by the world under the assumption it was still within the wilderness area. I spent three days last week in the anomalous gold-in-soils area on the Dobbin property. I was very impressed with the intensity and size of the area where the Roberts Mountains formation is completely silicified (jasperoid); over an area of at least one kilometre long and 300 metres wide. And, knowing that there is one to three g/t Au values reported at surface within this unit is remarkable."

Dobbin transaction

The company has signed a six-year option agreement with two private vendors pursuant to which it may acquire a 100 -er-cent interest in 31 unpatented mining claims located in Nevada, commonly referred to as the Dobbin property. Pursuant to the Dobbin option agreement, in order to fully exercise its option and acquire the property, over a six-year period, the company will pay an aggregate of $150,000 (U.S.) ($25,000 (U.S.) in year 1, $25,000 (U.S.) in year 2, $25,000 (U.S.) in year 3, $25,000 (U.S.) in year 4, $25,000 (U.S.) in year 5 and $25,000 (U.S.) in year 6) and incur an aggregate of $2-million (U.S.) in exploration expenses on the property ($100,000 (U.S.) in year 1, $100,000 (U.S.) in year 2, $200,000 (U.S.) in year 3, $200,000 (U.S.) in year 4, $400,000 (U.S.) in year 5 and $1-million (U.S.) in year 6 ). The vendors will also retain an aggregate 3-per-cent net smelter return royalty on any mineral products derived from the property. Phenom will have the right to purchase up to a 1-per-cent NSR for $1.0 million (U.S.) for each 1-per-cent NSR prior to commencing commercial production, leaving the vendors with a 2-per-cent NSR.

About Phenom Resources Corp.

Phenom has a 100-per-cent interest in the Carlin gold-vanadium project, located in Elko county, six miles south from the town of Carlin, Nev., and Highway I-80. The project lies in the Carlin gold trend. Approximately nine million ounces comprised of multiple gold deposits, including past-producing mines, are present near the Phenom flagship property (five to 15 km). The Carlin gold-vanadium project also hosts the Carlin vanadium deposit.

We seek Safe Harbor.