Canadian Imperial Venture V.CQV.H

From the DPH MD&A

[JayBe]

On September 7, 2005 the Company announced the discovery of polymetallic gold-silver-copper-lead- zinc mineralization on the property. Five holes had been drilled to test the eastern edge of an induced polarization (IP) anomaly. A detailed geological description of the discovery is contained in the Company's press release of September 7, 2005. It may be viewed on the Company's website at www.duncanpark.com or in the Company's information filings at www.sedar.com. Based upon this discovery, on September 26, the joint venturers announced that they were initiating a 5,000ft drilling program, which is intended to verify the width and strike length (north to south) of the mineralization discovery. A geophysical survey conducted by Zonge Geophysics in 2004 indicated that the target area might be up to1,200ft wide by 5,000ft long. Drilling in this phase of the project was completed on March 16, 2006. Gradient Geophysics Ltd., which conducted geophysical testing in January, 2006, has been re-engaged to do some follow-up work. The Company?s geological team is preparing a comprehensive report on this phase of the project in accordance with the Canadian Securities Administrators? requirements. The Management Committee of the joint venture approved the next phase of the drilling program which is to include three holes at a cost of up to US$300,000. The exact placement of the next hole is being deferred until the analysis of the previous drilling is complete. The management of Randsburg has indicated that, although things might change, at this time it has not allocated any further money for the funding of exploration on the Elephant property in 2006. Accordingly, the Company must be prepared to fund 100% of any drilling activity which is undertaken in 2006. The extent to which the Randsburg interest in the project will be diluted for failure to meet funding requirements will be determined by the joint venture agreement.