Goldnev’s Pasquia Hills oil shale permits comprise of a total of 155,443 acres (234 sections or 6 ½ townships) of oil shale exploration and development rights in the emerging Pasquia Hills oil shale region in east central Saskatchewan where several other petroleum companies are actively developing new oil shale projects in the area. Goldnev has the right to earn up to a 50% working interest in the oil shale permits over the next five years by investing a total of $5 million. Based upon the results of the oil shale core hole drilling program conducted in October of 2007, water well log data, plus the results of thirteen Sun Oil (now “Suncor Energy”) core holes located within the mapped area and published Saskatchewan Government information, the Corporations lands are known to be underlain by the oil shale (kerogen) deposits and can be observed on the banks of the Carrot River which crosses the Corporation’s permitted lands. Goldnev’s oil shale project is strategically located at or near surface on the Manitoba Escarpment outcrop edge providing for one of the more advantageous oil shale surface mining opportunities in the Pasquia Hills area.

With the successful results of the 2007 core hole drilling program and the recent release of an NI 51-01 compliant Contingent Resource Report by Chapman Petroleum Engineering Ltd., estimating contingent and/or prospective oil shale resources of over 2 billion barrels of oil, the Corporation’s objective for the remainder of the year is to continue to define the oil shale deposit through am aggressive exploration and development program in order to identify an optimum initial oil shale mine site for the establishment of a pilot processing and production plant targeted for 2009/10..

Pasquia Hills oil shale development project which is strategically located at or near surface of the Manitoba escarpment outcrop edge allowing the oil shale to be extracted by surface mining methods and using the proven oil shale processing retort technologies currently in use in other parts of the world has the potential to be amongst the first producing oil shale projects in North America.