Iron Exploration
in Canada

Significant unexplored potential remains on Rogue's property, as exemplified in the Nat River Formation as well as untested targets on strike to the west and down-plunge to the northwest of the Radio Hill deposit. Various historic reports discuss the exploration potential of the Radio Hill group. Using new geophysical and geological data the company will continue to build on its known targets as it advances the project.

Rogue completed (10,500 m) diamond drilling in May 2012 and received all its assays back in July. Prior to the completion of the drilling the Company initiated a grindability study as part of the first phase of the metallurgical work required to enable the company to market the product from Radio Hill. The second phase of metallurgical work is now underway. The feasibility study from 1965 indicated fine grinding and reverse flotation for silica was required in order to produce a 68%+ Fe concentrate with 4.1% silica, a good product for creating iron ore pellets. Once the metallurgical work is complete the company will likely produce a NI 43-101 compliant resource estimate (inferred).

In August Rogue completed ground magnetics survey over the most prospective portion of the Nat River Iron Formation and established drill targets. Also in August the Company conducted some mapping and sampling in the area of the magnetic anomaly believed to be the Nat River Iron Formation. Several of the banded iron formation samples returned total iron close to 40%.

Near term exploration plans:

• Completion of metallurgical tests on Radio Hill material,
• Completion of a NI 43-10 compliant resource on the main portion of the Radio Hill deposit,
• Exploration drilling along the 12km Nat River Iron Formation,

As the work program advances management will continue to review strategic options for the asset.

*The geological model shown in Figure 2 has been prepared by SGS Geostat using data from historic and recent drilling. The model is a geological envelope containing all material within the iron formation and has not had economic constraints applied to it and therefore includes material which will be later classified as waste due to uneconomic grades and/or pit shell limitations.