SmartCentres Real Estate Investment Trust T.SRU.UN

Presentation notes

[Deeg88]

Starfield Presentation NOTES Toronto, March 10 The following information is based on my notes from Bruce Ballantyne's presentation. ---------------------- 15 km of mineralization identified since start of project. Cu & Ni compares very well to other recent exploration activities. Modern geophysics to be used this year to continue evaluation at Zone 119. 200m stepouts were done in this area last year. PGEs getting better, in the 2-3% range. Massive sulphide horizons continue from hole to hole (continuity). Low sulphide (LS) horizons – more Pt in this style of mineralization than any other North American PGE project. West Zone gossan – oxidized massive PGE-bearing sulphide; showed slide of it extending very far. Most drill holes stopped about 30-40 m below[?] massive sulphide. LS section could be feeders to massive sulphide. LS section was discovered just this last year, so they had mineralogy done. Samples of Hole 135 were taken and tested; the 3.13g head grade section was put through dense media separation process and “went” from 3.1g to 20.4g. Also, 88 % of waste rock was “rejected” [gotten rid of] through the method used. The Pt and Pd were recovered via flotation. Dense Media process means a lot wrt economics of processing. There are 2 types of Pt/Pd mineralization in the same rock type. Rock metallurgy points to above average metal recoveries. Starting in April, they plan to: 1) drill open pit area to track LS horizon; and 2) do more UTEM in the 119 Zone this spring. The massive sulphide dip has changed from what they first thought; now believed to be flattening out, so more UTEM testing is needed. 119 Zone – looking for pooling of nickel; looking for more stratification and more texture. Question Period (Answers only): SRU has better Pt:Pd mix in LS than any other explorer in North America in some areas of its project (1:2, 1:3, and 1:1 ratios in some areas). Gabbro – thick, up to 300m thickness; wedge-shaped going up to surface; 30-40m width in area [?]; they’re not sure about morphology but will find out in this round through drilling to base. The Vail testing is preliminary; more testing will be needed at some point to confirm. Regarding tellurides, the most common style of mineralization occurs with some combination involving Te. Telluride Pt/Pd separation is not a problem. The dense media separation shows this. There was NO chromite mineralization or arsenic in low sulphides and massive sulphides. ------------------------ Hope this helps. Cheers. FJD