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President's Message

It's been quite a while since the most recent Thyssen Drift, and what a period it's been. TMCC has made the most of the increased mining activity and the opportunities this has brought in terms of additional work. This has resulted in a managed turnover in excess of $100 million per year and a work force that peaked at well over 500 people. The challenging years of the not-so-distant past are just about forgotten and the company is in a great position to continue to grow, with profitable projects, loyal clients and a dedicated workforce. Few of the projects TMCC and MTM were working on two years ago have come to an end. Virtually all have been extended - some of them several times - and several new ones have been added. The Mudjatik Thyssen Mining JV (MTM JV) had an eventful year in northern Saskatchewan, with construction work at Cigar Lake and ongoing production, development and raiseboring work at Eagle Point and McArthur River. The water inflow at Cigar obviously had a large impact on MTM but recovery of the mine is a matter of time and our level of site activity will gradually increase again during the remainder of this year. The activity at McArthur River and Eagle Point rose in response to the increased demand and higher uranium price and our crews continue getting better at what they're doing each year. Shore Gold's Star Project remained active throughout the year and was boosted with Shore Gold's acquisition of Kensington Resources, operator of the neighboring FALC property. The third bulk-sampling program has now been completed and the crew is ready to move over to the FALC property to sink the next shaft. Still in Saskatchewan, the potash mines have ensured another busy summer of shaft steel repairs, rope and skip replacements and other maintenance work at Agrium, Lanigan, Cory, Rocanville and Colonsay. The raiseboring division added a new machine to its fleet and several new clients to its order book with contracts at Diavik in the NWT, Greens Creek and Delta Junction in Alaska and Agnico Eagle's Laronde and Lapa mines in Quebec. Work at Henderson continued at an increased pace with two machines currently in operation, whilst the regular work at Eagle Point also continued. Operations in the US continued strongly, with more contract renewals at Henderson for development and raise boring, and extensions to the development work at Greens Creek in Alaska. This is due to the excellent performance of the crews in all aspects, including safety, quality and productivity. TMCC completed a 9-month stint at Stillwater's Nye site in Montana and is currently mobilizing to sink a shaft at the Greenbrier coal mine in West Virginia. In addition, TMCC joined its German sister company and a local contractor, Precision Mining Repair Inc, in a joint venture to construct a new slope for the Wabash coal mine in Illinois. Unfortunately, the client was forced to terminate this contract after a year, due to financial difficulties at the mine. Last but not least, Rene Gelinas has been spearheading the "French Connection" with the CMAC-Thyssen Mining Group in Quebec, which is now 50% owned by Thyssen. CMAC-Thyssen is currently active at nine (soon to be ten) different sites in Quebec and specializes in Long Hole drilling, drill manufacturing and general contract mining. We welcome them to the Thyssen family and look forward to a bright future together. Back in Regina, the shop and head office personnel somehow continued to manage a lot more work with only a small increase in staff, proving that quality beats quantity. My thanks go to them, to our great people in the field and to our loyal customers who continue to choose Thyssen as their preferred partner.

Rene Scheepers

President

The Thyssen Drift - Spring 2007

Finance and Administration

Wow! The past couple of years have been more than busy for all of us in Regina, including operational, administrative and shop personnel. Adding to the order book has resulted in more work and new challenges for everyone throughout the company. As just one example, every new state we enter in the United States involves a lot of effort to sort through all the different state, county and local regulations. However, being busy is a good thing and certainly provides an opportunity for our entire team to contribute. We are very fortunate to have a team of people in Regina who are willing to do whatever it takes to make things happen. As we are a relatively small group of people, this often means that we need to step out of our official job descriptions, roll up our sleeves and get on with doing the task at hand. That's just what we do. Often times, an organization takes what it has for granted until somebody makes a point of highlighting just how unique the working environment is. While I was in Las Vegas busily studying for and taking an exam for Thyssen Mining's contracting license, TMCC's banker was invited to attend a function with a number of our employees. Doug made a point of reminding me that we have a tremendous group of employees who have a relationship not found in many organizations. He was impressed with how all of our employees can interact with each other regardless of job titles and with how dedicated everyone was to the organization. The dedication and loyalty of our employees is not a fluke; it's a corporate culture. It starts with a shareholder that has provided a great deal of support to this company, extends through senior management who is committed to doing things the right way and carries through to all employees who take care and have pride in what they do. So, when I say, "That's just what we do", I am not making a simple statement. I am making a statement that goes to the core of who we are and what we are about.

Jim Haines

Vice President, Finance

Human Resources

Year-end is wrapped up for another year and 2006 was a great year for Thyssen Mining. Spring has arrived in Saskatchewan... yes warm one day and a wind chill the next, but the snow has melted and the warm weather will be here soon. Thyssen Mining and Mudjatik Thyssen Mining Joint Venture have approximately 400 employees. We've hired Christin McArthur in our Payroll Department as a Payroll Administrator to assist with the workload. Supervisor Training sessions have been scheduled over the next couple of months. If you haven't registered yet send Dave Speerbrecker an email after checking with your supervisor. Update Beneficiary Information Remember to update your dependant information for your Cooperators Insurance and your Group RSP if there's been a birth, marriage, death or divorce that affects your dependants. New Faces Since our last issue of the Thyssen Drift we have had a number of new faces come on board: Edlef Ebert ­ Cost Control Engineer Brian Kowalchuk ­ Superintendent Ron Collette ­ Area Manager, Northern Operations Stephen Farrell ­ Project Engineer Jack Korppi ­ Project Manager Andrea Moffat ­ Purchasing Clerk Steven Herault ­ Chief Estimator Christin McArthur ­ Payroll Administrator Benefit Information Check out the flyer included with the Drift regarding your Group RSP benefit. "Whether you think you can or whether you think you can't, you're right! " - Henry Ford

Carmen Firlotte

Human Resources Coordinator

The Thyssen Drift - Spring 2007

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Information Technology

A lot has happened over the last year in the computer department at TMCC. Mostly good, a little bad, and one really bad event to speak of, so let's get started. Probably the most noticeable change is that our corporate website (www.thyssenmining.com) went through a major overhaul from top to bottom last year. Considering our first website was established around 7 years ago, it was more than time for a facelift. Gone are the cartoony graphics and flashy animation that, at the time, looked good, but now in comparison just made the old website look amateurish. In contrast, we now have a professional looking, elegant corporate web presence that we can be proud of, and reflects Thyssen Mining as the great mining company that each employee knows it to be. As with everything in computers nowadays, you can't sit still and become complacent in how you incorporate technology into your business operations. In an effort to better facilitate data exchange (emails, files, faxes, databases, etc.) between our Head Office location and remote minesites, the decision was made to bid farewell to the aging satellite internet systems at McArthur River and Cigar Lake and install dedicated hi-speed T-1 Internet lines in their place. This has greatly improved our day-today communications with these sites. No longer do employees have to wait for 5 minutes to download an email, and they can actually use the Internet now to increase their productivity, instead of hindering it. As an added bonus, I am seeing much less hate mail cross my desk from the sites. Speaking of communications, we have also made the jump to wireless handheld email with some members of our management team. They have traded in their traditional cell phones for Smart Phones, which mix the best of both worlds (cell phone and PDA), and enable them to pick up their email and work on documents no matter where they travel. So much for putting a disclaimer on your email saying "I'm currently out of the office, I'll respond to your message when I return". Although the technological advances of recent years has improved communications with our clients, sites, and employees, with the good always comes the bad. Viruses are not seen quite as much nowadays ­ GOOD, but SPAM & Phishing emails, and Spyware have increased at an alarming rate ­ BAD. The bad guys seem to be 5 steps ahead of the good guys, which makes it difficult, but not impossible, to protect our computer systems, and electronic information from attacks and compromise. It's an ever-changing game of cat and mouse, but it keeps my job interesting, and I always love a challenge. And last but not least, we had, what you might consider, a major event occur just a couple months ago at Head Office. Our aging JD Edwards financial software package, which is running on an equally old AS/400 mainframe system decided to keel over and die. Four hard drives needed to be replaced and the entire system, including operating system, programs, and application data, had to be literally rebuilt from scratch. And to top things off, several of our backup tapes which we believed to have the current data on, turned out to be corrupted, which forced us to revert to restoring a backup from a month prior. Ouch! This, thankfully, worked, and we were up and running again, but it also meant a lot of people needed to enter an entire month's worth of financial data into the system again. We're back up and running again, but that is not an exercise I would soon like to repeat. Events like this are not uncommon with computer systems. Sometimes even with the best planning and practices, things are overlooked and disaster strikes, but it certainly keeps things interesting and can add a little excitement into your life. With our little scare here, it got me thinking, and forced me to re-evaluate my current backup and disaster recover procedures, and I urge you to do the same. If you all of a sudden lost everything on your home computer, whether it was from simply pressing the Delete key inadvertently, a defective hard drive, virus/spyware infestation, a thief in the night stealing your PC, or if it was destroyed by fire or other natural disaster, how much information would you stand to lose? Hardware can always be replaced, but what about the information you've lost? Financial data, documents, family pictures, videos, memories, etc. are quite often priceless to an individual. Do yourself a favor and spend a little time and money to ensure you have a secondary backup of your information. It can be as simple as buying an external hard and copying over files once a month, or perhaps burning them to a CD/DVD and storing them in a fire-proof safe, but trust me, if you ever need them, you'll be thanking your lucky stars you took the time to make those all-important backups.

Mike Selinger

IT Coordinator

The Thyssen Drift - Spring 2007

Safety

Greetings from the Safety Department. Are you ready to review an interesting article about safety? Are you ready to be enthralled by tales of shoulda, coulda, woulda in the safety world? Well, I am afraid that you have picked up the wrong article; this one is going to be chalk full of information about you! So, have you met the safety guys on your site? Whether you are new or a seasoned veteran, I would like to introduce you to the people who are responsible for your safety. Now get up off that chair, go over to the mirror and introduce yourself to the Safety Guy. Yep, that's right, whether you knew it or not, you are responsible for safety, not only your safety but also the safety of your coworkers and most importantly your family. Was that a revelation? Probably not, however, the more you think about it, the more you realize that you are responsible for a lot of people, they count on you to do the right thing every time you take a step. But are you doing the right thing for the right reason? Safety is something that needs to be a way of life, not just a work thing; it is the way you do everything, from mowing the grass to installing ground support underground. So how do we as safety people get those guys that don't get safety to get it? What motivates someone to behave in an unsafe manner? Why risk an injury or worse, when, if you take a moment to think about it, you really don't need to take the risk if you take the right precautions. For example, wearing a seatbelt in the front-end loader is around the same principle as in your car. The seatbelt is intended to keep you in your seat rather than banging your head on the windshield. But time and again, people do not wear their seatbelt while operating heavy equipment, yet I'll bet they wear their seatbelts in the cars. So what is the motivator? Is it because you want to set a good example for your family and friends? What about your co-workers? They would certainly like for you to say something if they were # of Employees 409 470 391 452 388 First Aid 89 137 103 60 38 Medical Aid 45 29 30 29 33 putting themselves at risk. How would you feel if someone got hurt because you felt it was not your responsibility to say something? I'll let you in on a little secret... SAFETY IS YOUR RESPONSIBILITY & EVERYONE ELSES!! Let's take it one more step... You are married, have a wonderful family, your kids are young. Would you let them roam around the family mini van without being restrained ­ most probably not. So I'll bet your little man or little lady that you strap in for their safety would tell you to do the same thing if they saw you not taking the proper precautions at work. Take some time to think about what motivates you to behave safely, is it because it will hurt, or will you be in trouble, or that someone else could be hurt... Find that motivator and every time you are about to do something that you know requires a bit more safety, ask yourself if it is really worth the risk. Do this at home and at work and you will save yourself some unnecessary anguish. Thyssen Mining has had a couple of incidents that have been very serious and I would like to take this time to give my personal thanks to all the people who have assisted in responding so quickly and efficiently and who have offered their assistance, whether at the time of the incident or helping your co-worker buddies to cope by visiting and offering words of encouragement. The extra hours of training for responding to these more serious incidents has certainly paid off. My hat is off to all of you for being there and helping out when it was needed most. Mining is running along nicely in Canada and the US and we have increased our workforce dramatically. Here are the numbers to show the changes over the past few years...

Year 2006 2005 2004 2003 2002

Manhours 1100741 973663 790455 653660 530834

Lost Time Incidents 6 5 4 3 7

Frequency 1.09 1.03 1.01 0.92 2.64

Severity 63.96 50.74 11.64 37.02 289.36

Significant Incident Frequency 9.27 6.98 8.60 9.79 15.07

The Thyssen Drift - Spring 2007

You can see that we have increased our man-hours in 2006, which in turn has increased our exposure to incidents in the workplace. However we maintained a relatively low frequency and severity rate. We continue to struggle with finding experienced people, which has given opportunities to younger, less experienced people to break into the contractor mining business, which also increases our exposure to potential incidents. However, everyone's positive attitude has certainly developed a safe work environment by sharing his or her safety knowledge with the less experienced. We are confident that we have the right people in the right places to make sure that everyone stays safe. With all of you working as safety people for yourselves and others,

we will create a workforce that not only continues to do the excellent work that our clients expect, but it will be done safely. Thanks for taking the time to review this article, I hope you take it seriously and understand the role that you must take on each day for yourself, your family and coworkers. "Stay Safe"

Dave Speerbrecker

Manager of Safety

Regina Shop

As spring approaches and we try to figure out how we survived another long and cold winter in Saskatchewan, one wonders what the rest of 2007 will bring. If the first few months of the year are any indication, you can rest assured it will be busy. This past year has been extremely busy for the company and for the Regina Shop. There have been numerous rebuilds in the last 12 months which include a 413 Haul Truck, 416 Haul Truck, 426 Haul Truck, ST8B Scooptram as well as repairs to rentals and equipment for short term jobs. Finding new equipment or equipment to rebuild has been a challenge and when we do find a unit to rebuild it is difficult to schedule it into the long list already being worked on. As for new mining equipment from the factory, the delivery can be as long as 52 weeks. Needless to say, purchasing equipment for future projects is not an easy task. The shop is also working side by side with the Raise Boring department to help repair the Raise Boring machines. Currently we have two units that will be repaired for future work. Along with the every day routine there is always a new job site that starts and new challenges that are being met. Whether the job is close by in the Potash or on an island in Alaska, every job is different and takes time and effort by all to make it succeed. I am very pleased that all of Thyssen Mining and its Joint Venture sites are doing extremely well on safety, production, and equipment maintenance. This is a task that is not easy to accomplish without the cooperation of all. The Regina Shop will continue to do its best to provide you service and continue helping the sites with equipment, parts, trucking and whatever else is required. I appreciate all the help the Regina Shop receives and we are looking forward to the future challenges that await us. From all of us in the Regina Shop (Tim Archibald, Scott Reavie, Kris Lang, Phil Perry, Tom Roesner, Devin Boha, Judy Schwartz and Andrea Moffat): "I wish you a Safe and Happy Year."

Dwayne Metz

Shop & Equipment Manager

The Thyssen Drift - Spring 2007

Cigar Lake Project

Since the October 2006 flood, MTM's role at Cigar Lake has changed quite a bit. Obviously, we are not mining, but we are still providing surface support, such as batching concrete for the construction of the mine site and for underground plugs. Our mechanics are busy with ongoing work, we have completed upgrades to the batch plant, and our welders worked on construction projects. We have also been helping Cameco to develop remediation plans to get the mine up and running. It has been a very detailed and thorough process, but in the end we will have a solid plan. The overall mine remediation plan is to drill holes from the surface, pour concrete plugs, grout the plugs solidly in place, and then pump out the mine. So far, a ground reinforcement plug in the ramp, adjacent to the inflow area is nearly complete. Placing the plug in the water inflow area is to follow. We welcome Rick Wist, who recently joined us from McArthur River. Rick's years of experience will be a valuable asset to the mine remediation plans. We would also like to acknowledge Ray Hagel, with 40+ years in the mining industry, who is overseeing the #2 shaft sink. He was recently spotted at the CO-OP taking advantage of the sales on senior's day. And thanks to Val, Ralph, and the rest of the crew for helping us to reach one year without a lost-time incident. Our management team consists of: Dave McIntyre ­ Project Manager Rick Wist ­ Shaft #1 Superintendent Ray Hagel ­ Shaft #2 Superintendent Jim MacDonald ­ Contract Administrator Ralph Tschuncky ­ Shaft #1 Mine Captain Val Schwindt ­ Safety Captain Steve Farrell ­ Senior Project Engineer Cameco's permanent camp opened since the last Thyssen Drift. It has a weight room, gymnasium, steam rooms, TV rooms, and games rooms. Once in a while, Dave actually wins at Texas Hold'em, but he keeps it very quiet. Jim MacDonald "The Champ" wishes that there was a racquetball court like at McArthur River. In this sport he considers himself unstoppable but falters at other racquet sports like ping-pong. The hockey playoffs just started but they are hardly worthwhile to watch with the Habs not making the playoffs. I guess that we'll have to wait for the excellent fishing, which really is a great experience, even if you're not a big fisherman. Until the next Thyssen Drift, we'll be hard at work, staying dry at Cigar.

Steve Farrell

Project Engineer

McArthur River Project

Greetings from MTM McArthur River! We have weathered through some more changes this last year... We've said good-bye to "Sugar Plum" AKA Rick Wist and wish him all the best at Cigar Lake. We welcomed Jack Korppi as the new Project Manager and Kevin Kaspick as Superintendent. MTM McArthur currently has 70 people on site, 65 hourly and 5 salary of which 40% are RSN. There are plans on increasing manpower for development needs and the Cubex Freeze Drilling program. On Mar. 28, 2007 we reached 2 ½ years with no Lost Time Accidents. We are still going strong, so keep up the great, safe work! Presently, our duties include development mining, shotcreting, construction work, and the new Cubex Freeze Drill program. Supervisors are Roger "Chico" Genest, Rene "Bingo" McKay, Wes Abrahamson, and Larry Elian and we thank them for their commitment to this project. Increased demands for development and cost plus work will be coming online soon after Brian Kowalchuk and crew finish work on the Pollock shaft, installing the guides and brattice. With these demands, the site is waiting for the arrival of a new 6 Yard Scoop, mechanized bolter, and a Jacon shotcrete machine to meet these needs. After 2 ½ years of hiking over to the Hoist Room to use their washroom, the company is finally

The Thyssen Drift - Spring 2007

installing a women's washroom in our offices here. There are three very happy women here now! This year we said good-bye to our welder and friend, Wayne Leposa and wish him much success as Mine Shaft Foreman with Cameco here at McArthur River. It's funny...I see him more now than when he worked for us! Frank Saworski has graced us with his presence frequently over the last year and the `Silver Fox' is still full of surprises ­ Who knew he was a Trekkie?? Sadly, we no longer acknowledge birthdays around here after the Clerk's room was completely covered with an industrial roll of tin foil on her birthday! To close, we would like to thank all the good people here with Cameco ­ Gary Haywood (Mine Manager), Joel Rheult (Mine Superintendent), Rick Morrison and Randy Seright (Mine General Foremen) and all of their efficient staff. Also, we express our gratitude to the great

team at TMCC Head Office in Regina for all their help and support again this year! It's great to work with each of you! Dee Cochrane - Site Clerk Jack Korppi - Project Manager Kevin Kaspick - Superintendent Alan Snider - Master Mechanic "Uncle" Albert Chudy - Mechanical Foreman P.S. ­ One last highlight from the last year to note is that Uncle Albert has finally managed to get his blood pressure and heart burn under control. Now if he could only remember which bottle of Gavsicon was tablet or liquid! It can get quite messy when he forgets.

Dee Cochrane

Site Clerk

McArthur River, Shaft #1 Brattice/Guide Installation

A quiet hello from the small shaft crew at the world's #1 Uranium Mine, McArthur River. This crew of five was handed the daunting task of taking on some rehab work at the Pollock shaft at McArthur. The contract consisted of replacing the aged timber guides the skip rides along, and installing brattice panels to close off the skip compartment allowing man travel and skipping muck to safely coincide while increasing production. This was no small feat given the fact that this work had to be done while minimizing the down time of the shaft to allow Cameco to continue to produce a large portion of the world's Uranium supply for power generation.

Keith Laprise with generator on top of skip canopy Beginning in late August 2006, these dedicated MTM employees came here and started with the cleaning of the steel sets in the shaft to ensure a safe work environment as both MTM and Cameco regard safety of their employees to be forefront to quality and quantity of production. While the hazards were being removed from the steel sets, the crew minimized the water inflow that had been coming through the shaft liner and freefalling down the shaft. This, along with the much-needed higher ventilation velocity, which is critical in uranium mines, made for an uncomfortably cool environment to work in. This type of an environment mimics that of a monsoon, except not so tropical! With the hazards removed and

Frank Gunn ready to get on skip Owen Bear setting up on winch perch

The Thyssen Drift - Spring 2007

water inflow minimized, work on the scope of the contract commenced.

by the shaft crew's welder/fabricator while guide replacement is continuing its progress. In closing, I would like to take this opportunity to give full kudos to the crew members of Keith Laprise, Frank Gunn, Owen Bear, Mike Belleperche, and Gord McCullum (whom Mike replaced in January as Gord went on to other ventures). It is a pleasure working with employees that implement a safe work environment, are ingenuous, and take pride in doing a quality job.

Mike Belleperche assuming position on skip canopy The new guides to be installed are made of a very dense wood with a 5m (16.4ft) length weighing in at a whopping 182kg (400lbs) making it difficult to handle, unlike the fir guides they are replacing. The timber comes from Peru that was milled in Holland, making it a logistical hardship in getting them on site quickly. At the start of the contract these new heavier guides had not all arrived on site yet, so the decision was made to save critical time and install only two thirds of the brattice panels keeping the center of the skip compartment accessible allowing for guide replacement later. By late December, all of the new guides had arrived on site and the installation of two thirds of the brattice panels had been completed. Now the attention was turned to replacing the guides. With some ingenuity by the crew, a few trial and errors, and a bit of bravery, a routine was developed to minimize the time needed for replacement of the guides and it went into full swing. To date, there has been 242 / 363 brattice panels installed, and 214 / 264 guides replaced. With each shift that passes, another 12 guides will be installed until completion. Once the last guides are installed, each passing shift will install 16 brattice panels until the skip compartment is completely closed off. The last finishing touches will be the added work given to us by installing brattice doors above the station level doors, which are being fabricated

The crew: Frank Gunn, Owen Bear, Roy Fiddler (rental from Robwell), Keith Laprise, Mike Belleperche, and Brian Kowalchuk They've weathered many obstacles so far, some of which include: various uncontrollable delays, extra work at shaft #3, removing the shaft bottom landing and re-installing it 20m lower, gearing in and out so as not to interfere with the daily production operation, always having to work on nightshift, and only having 14 shifts a month to get the work done. Any supervisor would be proud to have a crew the caliber of these men and I would like to personally thank them for their dedication and fine work ethic. Join me in wishing them continued success to finish off the last few weeks like it has gone so far as this contract draws to a completion.

Brian Kowalchuk

Superintendent

The Thyssen Drift - Spring 2007

Potash Operations

Once again, it is time for an update on all of Thyssen Mining's projects and activities. Hope you are enjoying the constantly changing weather conditions we are experiencing here in Saskatchewan. Again this summer, with the increase in sales and price of potash, it seems that all of the potash mines are involved heavily in trying to meet demand by stepping up production with bigger skips and increased hoisting capacity. During the shutdown periods, Thyssen Mining has been awarded projects at Agrium, Cory, Colonsay and Lanigan to assist in meeting this demand. There are essentially 3 new projects at Lanigan, Colonsay and Cory and 1 ongoing project at Agrium utilizing the existing crew to perform shutdown work.

J.D. Smith

Area Manager

Agrium Potash Project

This summer our existing crew consisting of 5 workers will be changing out tubbing bolts in both No. 1 shaft and No. 2 shaft. There is going to be a 2-3 week shutdown period for performing this task before the crew will go back to normal rehab work at both shafts. We have been given word about being awarded a 1 ½ yr roadheader project rehabbing the water access drift but haven't been given an official start date yet.

J.D. Smith

Area Manager

PCS Cory Project

The underground steel tower at Cory has shifted and needs to be realigned and some structural steel replaced. First, the steel tower will have to be jacked off of the potash level which is preventing it from moving and adjust the existing bracing to align the tower. This is all preliminary work that is required prior to replacing the bin steel, currently slated for next summer. At the present time we have been awarded work in No. 2 shaft to remove old pipe and install new pipe, plus a new 350 MCM electric cable. The shutdown this summer is scheduled for a July 30th start up with a week of set-up time (next week). We will work 12-hour shifts through the shutdown to complete the work and the end of the shutdown period is August 21, 2006.

J.D. Smith

Area Manager

The Thyssen Drift - Spring 2007

Mosaic Colonsay Project

The project that we will be working on for this summer shutdown will be to change the structural steel and loading pocket as a continuation from last summer's shutdown project. All remaining shaft steel, bin steel, and loading pocket steel will be removed and replaced in the 4-week shutdown period. This project is to start on July 1st and will end on July 28th.

J.D. Smith

Area Manager

PCS Lanigan Project

The last of the shutdown work for the summer is the second skip change at Lanigan. The work involved at this site will be the same as last summer where two of the four skips will be changed out with new ones. Last summer was successful when we changed out the first two. We have some steel removal to facilitate the skip change, and a lot of set up work is involved. Plus Lanigan is going from a two-balance rope system to a three-balance rope arrangement and this requires some shaft bottom work to be done to accommodate such. We will have some scheduled delays in between the skip removal and replacement for the hoist electrical work to be done so things will have to be organized fairly well to complete everything in the time given.

J.D. Smith

Area Manager

Shore Gold Project

With the completion of the additional 10,000-ton bulk sample we were given in the summer of 2005, we were given yet further development underground to define two other formations discovered by Shore Gold. The Pense and Cantuar are diamond bearing Kimberlite formations that were identified through diamond drilling operations underground and Shore Gold is very interested in obtaining information about them. Thyssen Mining was given the go-ahead to increase manpower to drift towards the Northeast to obtain further bulk samples from these formations. At present, we have completed this phase and now are busy with decommissioning of the mine. We have removed all pipe, ventilation, steel and equipment from underground to surface. By April 30th, Thyssen crews are expected to be finished with the mine decommissioning and will move to the new shaft site for Kensington Resources Ltd. located 4 km from the present site. This work will be for the Joint Venture partners or FALC-JV. Things have sure changed since 2003 when we first started construction at this site and it looks as if our presence is only going to get stronger with the need to define what lies beneath the Fort a la Corne Forest.

J.D. Smith

Area Manager

Aerial view of the Shore Gold site.

The Thyssen Drift - Spring 2007

Shore Gold ­ Star Kimberlite Project

Thyssen Mining started Shore Gold's Star Kimberlite Project in May 2003. The project was to be a shaft to 175m level and possibly some exploratory drifting from that level, but the ground conditions on that level prevented any mining being done. The Shaft was then sunk to the 235m level and a 25,000 tonne bulk sample was taken. Just after the original bulk sample was completed, a major inrush of water occurred and flooded the mine. After 2 months of pumping water, the water subsided enough for the pumps to catch up and a major bulkhead was built to completely stop the water. Shore Gold wanted a larger bulk sample, so, another 50,000 tonnes were taken. Then an additional 25,000 tonnes in phase 3. Using conventional methods (jackleg & stoper), more than 10,000 feet of drifting was completed. Mining was completed on March 24, 2007 and decommissioning has commenced. TMCC has been awarded another shaft with Shore Gold on their Joint Venture property 4 km north of the Star Kimberlite on the Orion South property. Construction will start in May 2007 and will also include a bulk sample of an estimated 60,000-80,000 tonnes to prove up reserves for a potential open pit.

Larry Fisher

Safety / Trainer

Kensington Resources, Ltd.

Beginning November 15, 2006, Thyssen Mining began negotiations with Shore Gold for sinking a new shaft in the Orion Cluster. Several meetings have taken place since that time and now Thyssen Mining is in full swing with pre-mobilization works which includes; site prep, freeze hole drilling, planning, and procurement of sinking materials and equipment. There are two sites within the Orion cluster ­ both requiring bulk samples ­ called Orion South and Orion North. We will be sinking the first shaft into Orion South. The shaft details are identical to the first shaft as far as lining, size, etc. The only difference is that the level will be at 170m and the shaft depth will be at 240m. The client for the new shaft will be Kensington Resources Ltd. because the location is solely on Joint Venture Property. Shaft sinking activities in the Fort a la Corne Forest will be an ongoing works as there are many bulk samples required before the site(s) can be developed for mining activities.

J.D. Smith

Area Manager

Greenbrier Smokeless Coal, LLC

Thyssen Mining began discussions with Greenbrier Smokeless Coal, LLC in October of 2006. After presenting our budget price, we were invited to the site to further discuss the project and give them details of the services Thyssen can provide. We were given a letter of intent to sink the shaft and are currently involved with contract negotiations to begin the project. We expect to be mobilizing to site in early May. Mobilization for the project has been carried out to the extent that the letter of intent would allow. A date for onsite mobilization has not been determined, as we await the signing of the negotiated contract. Until now, Thyssen employees hired for this project have been concentrating on off-site mobilization activities including checking out electrical components such as hoists, compressors, electrical containers, etc. winches, When the project officially starts, we will mobilize all equipment, gear and men to site and perform site set-up activities. The project is to sink a 20 ft. diameter, concrete lined ventilation shaft to a depth of 550 feet. An 8-inch divider wall will be installed utilizing slip-forming techniques from the bottom back to the collar. The proposed duration for the shaft sink is 10 months from start to finish.

Glenn Jacobson

Site Manager

The Thyssen Drift - Spring 2007

Greens Creek Project

Here in wet southern Alaska everything is going great. The Greens Creek Mine is located in the Tongas National Forest, situated on the Admiralty Island National Monument. Compliance with environmental protection requirements is paramount within the entire operation. Our crews are proud to be part of a mining operation, which has proven over the years that mining and nature can coexist. something right to have achieved this with one set of gear and a relatively small crew. Greens Creek Mine even had us start driving some of the production stopes when a boost in ore production was required. The client, Kennecott Minerals is very pleased with the quality, performance and safety record of the Thyssen Mining crews. The Raise Bore crew started in June and completed in October with great success. All the gear on site has held up well except for two rental trucks. It has been very frustrating for Eric Simmonds, Bill Cameron and the mechanics, but the good news is that we were able to replace the rentals with our own rebuilt trucks in June of 2006.

Crew Change ­ Waiting for the Boat We started the contract with three weeks of rehabilitation work in November of 2005. Lateral development work began in mid-December with a slow start but with a great finish by the end of May, to complete the first contract ahead of schedule with 3,540 feet of drift excavated.

Crew 2 We would like to take this opportunity to thank Dwayne Metz and his staff at the Regina shop. They were able to rebuild 3 haul trucks for this site, in record time. We would also like to thank the Regina shop for sending good quality equipment to this site. This helps the job go a lot smoother when equipment is built to get the job done. I would also like to thank the three shifters Archie Minerich, Dave Castle, and Brett Crall for a job well done. These walkers have built a comfortable relationship with the client. They also help bring some great quality miners to this project to make it a great success. Of course I can't forget about the great miners we have working here. As we all know, with good miners success is guaranteed. They have helped this job go very smoothly. Angel Villar started in January of 2006 as the Mine Captain. He is one of the best Jumbo operators around. He has spent a lot of time teaching and coaching miners on

Crew 1 Hard work, a good safety record and outstanding quality landed us a contract extension for an additional 4,500 feet of development work, which kept us busy into January 2007. For 2007, we are proud to have received an additional 3,800 feet of drift to drive and 3,000 feet of paste line to install. As of the end of March 2007 we drove a total of 9,344 feet. Wow, we must be doing

The Thyssen Drift - Spring 2007

how to operate and take care of the new Jumbo on site. I know Eric and Dwayne can't tell us enough on how it will look like new when the project is over.

Beau Wakley, our Safety Coordinator has done an outstanding job on keeping us online with safety on this project. With all the Procedures and Risk Assessments on this job, it keeps him very busy. Through training and safety meetings he keeps reminding everyone the importance of working safe. A big thanks to all the Thyssen employees at Greens Creek for making this a successful project and being safe with quality work.

Steve White

Project Superintendent

Crew 3

CMAC-Thyssen

As you all know by now, since January 1st, 2007 Thyssen is the proud owner of 50% of the CMAC-Thyssen Mining Group. CMAC's offices and shops are situated in ValD'or, Quebec. Like elsewhere in Canada, the mining industry is booming in this part of the country and the timing was ripe for the emergence of a new major integrated contractor in Eastern Canada with leading experience in mine development, production drilling and equipment manufacturing. Recently, the announcement of the relationship between the two companies had been made public through advertisements in the appropriate newspapers. Since that time inquiries from the mining companies have been increasing steadily and their comments indicate that CMAC-Thyssen is being considered as a real major player in the mining industry. CMAC-Thyssen employs over 160 people with long hole drilling contracts at more than 6 mining sites, mining contracts at 2 sites and raise boring at 1 site with another one coming on the stream very shortly. The manufacturing is also working at full capacity, only limited by the availability to obtain required drilling components. Lots of requests are coming in for each aspect of our operations. In long hole drilling, although we are operating at full blast, we are limited by the availability to acquire new equipment and the ability to train new drillers. We will make sure that our equipment manufacturing division will be able to fulfill our own and our external needs, when accepting new orders. In the contract mining division, we are proud to announce that the credibility gained by the CMAC-Thyssen fusion has resulted in a contract with the Nuinsco and Campbell Resources Groups. The proposed contract format, based on sharing "gain and pain" was an important factor in our selection. The quality of our mining equipment on hand was also a key element in securing that contract. We expect that this approach will lead to further contracts in the near future. The recent raise boring contract obtained at Agnico-Eagle mines arose interest among other companies and 2 raise bore proposals are to be submitted very shortly. In summary, the new CMAC-Thyssen company is in an ascending mode and to meet the demand, the offices and shops are being upgraded. Although we are booming, we will continue to make sure that our standards of operation and safety are met.

Rene Gelinas

Project Manager

The Thyssen Drift - Spring 2007

Henderson Project

Henderson Project has been running strong since March 2003. The Thyssen crew at Henderson has managed to drive over 56,000 feet of drift during this period. On Feb. 7, 2007 our men were recognized for completing 10 miles of contracted drift. During the last 5 months the project has averaged 1537 feet per month. A record was set in March of 2007 for monthly footage project to date with 1,634 linear feet. Since 2003, excavation of 300,000 cubic feet or more per month has been achieved on 6 occasions. The crew at Henderson has excavated in excess of 300,000 cubic feet 5 out of the last 7 months. the walker as needed. The old man, Raymond Janssen, has over 30 years of experience. Along with the Lead Miners, Ray has proven to be an excellent Jumbo Operator. Our Bolter Operators have been known to install over 500 bolts in a 24-hour period. Bolter Operators include: Keith Maynard, Big Ray Stulce, Clifford Williams, Josh Paxton, Rick Deel, Jeremy Tovar and Ed Brickey. These men play a key role in the production at Henderson. Mucking has been quite a challenge here at Henderson. Crusher shutdowns are scheduled bi-weekly. Nonscheduled shutdown can potentially exceed 2 weeks. Average tramming distance per bucket is 2800 feet. Our Mucker Operators include: Dennis McClure, Arizona State Champion and Collegiate All American Wrestler Johnny (Yuma) Hurtado, Clinton Wier, David Stevens, Danno Burgoin, Keith (Ham bone) Cunningham, Mike Scheihing and Lonnie Cunningham. With over 30 rounds of muck stacked at times these men have their hands full!! Tom (TFR) Rohloff handles the majority of our utility work and has become a very valuable member of our team. Damon Schnieder, James Ashlock and Joe Anthony handle supply and demand. These 3 young men never stop and have the potential to become good miners in the future. Victor Quintero, Roberto Salinas and Nick Mieloszyk Sr. are in the position of Lead Mechanic. Jim Sliworsky and Paul Denis were acquired from Cigar Lake and have considerably strengthened our mechanical team. Joe Salinas, Eduardo Canales and Nick Mieloszyk Jr. have done a fine job of keeping our equipment up and running in the drift. Our fleet consists of 32 pieces of equipment. The mechanics face quite a challenge and have done very well. Our electricians consist of Derrick Blake and Rick Simpson. Derrick and Rick handle all of our electrical needs as well as tasks for Henderson. We are fortunate to have 2 electricians of their caliber on the property. Although Rick Simpson is temporarily helping Glenn out with shaft set up we expect to get our team back together sometime last week!! Henderson project would like to thank all those at head office for their support. Good luck to everyone on a safe and productive year.

Idaho Springs Mining Competition As of the end of March, the men have worked 254 days without a lost time accident or a reportable injury. Currently 10,764 feet remains on the existing contract with high potential for additional footage upon completion. A strong core of supervisors leads our team. Mine Captain Tim Trevino has extensive experience in drift development as well as shaft sinking. Mechanical Superintendent Bill Armstrong is arguably the best in the business. Master Mechanic Zar Miranda leads our mechanical group underground and fills in for Billy in his absence. Our Shift Supervisors are Fernie Rosales with over 30 years experience. Jamie Cameron and Adrian Gutierrez were promoted to Supervisor in March of 2006. They have made the transition very well and have contributed greatly to our success. Bruce Hurley was recently sent to Henderson from the Stillwater Project. Bruce fills in as Mine Captain or Walker as needed. Ron Hansen is our Senior Safety Officer. Ron handles matters with MSHA, employee relations, safety, training and helps out with supply and demand. Brent Maynard, Billy Gallegos and Nick Fitchner are our Lead Miners. These men carry the load and fill in for

Jarred Knavel

Project Manager

The Thyssen Drift - Spring 2007

Northern Operations / Raiseboring

In my first year as Area Manager for Northern Operations and Manager of the Raisebore Division, I had what I refer to as a very active year with a very steep learning curve. Many things happened in the last 12 months - some good and some tragic. I'm not sure if anyone caught on yet but I could be construed as a jinx. For instance, exactly around the time Thyssen Mining was considering hiring me, Shaft # 2 at Cigar Lake flooded. Six months after they hired me the rest of the mine flooded. That last statement is a gamble; if anybody takes it seriously I could be starting another mining supply company soon. In spite of the tragic events at Cigar Lake the northern uranium mines did well in other areas. For instance all three operations reached safety milestones in 2006 / 2007 and both Eagle Point and McArthur River expanded their respective workforces and are still maintaining good safety records. This reflects good site management and our safety trainers at Eagle Point, Cigar Lake and McArthur River are to be commended for a job well done. The future bodes well for the north as the price of uranium keeps climbing, and a number of projects and expansions that are in the planning stages will become development opportunities for MTM. The Raisebore division has been a bit more of a challenge then I thought. We have three projects on the go of which two are out of the country. One at Eagle Point in Saskatchewan, one at the Henderson Mine in Colorado, USA and one in Quebec. Al Turtle, the division's superintendent, is quite disillusioned these days, as he's had to train two Raisebore managers in 2006. He told senior management recently that he has lost all his hair and half his marbles trying to keep up. Tsk Tsk. We have four drills operating at the moment and by July of this year it is very likely that we will have all 6 drills in operation, which would be a first for this division. I guess we'll have to clone Al. In conclusion I have to say that it has been a wonderful and action packed year for me. I'm looking forward to the same in the coming years. From all of us to all of you; play safe out there.

Ron Collette

Manager, Northern Operations

Estimating

Hello Everyone, I'm very happy to have joined The Thyssen Mining Group here at head office as the new Chief Estimator. My family and I are living in Timmins, Ontario and plan to be converted to "Saskatchewanian Reginaites" after our daughter's school year. We're looking forward to meeting more of this impressive group in the near future whether it is at the office, worksite or golf course, it's all good! This years objectives are to establish a contract services department comprising of Estimating, Invoicing, & Engineering to assist in all of our future projects by creating efficiencies in equipment and labor cost assessments, standardize bidding and performance & engineering benchmarks. Have A Great Day!

Steven Herault

Chief Estimator

To find out more about Thyssen Mining, please visit our corporate website at www.thyssenmining.com

The Thyssen Drift - Spring 2007

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