Metal Mountain Resources Inc.

The Big Onion Project is located 16 kilometres east of the town of Smithers, British Columbia, Canada and is accessed by the Babine and Old Babine Lake Roads. The property consists of 9 contiguous mineral claims comprising a total area of 3,206 hectares.

The Town of Smithers, with a regional population of approximately 15,000, is a major centre for resource industries operating in northwest British Columbia. It is located approximately 400 kilometres from deep water ocean ports in Prince Rupert, Kitimat and Stewart, has an airport with daily service to Vancouver, and has access to the CN rail-line. Several exploration companies and diamond drill contractors have offices in Smithers. Smithers has readily available, skilled mine and construction labour as well as connections to electric power and natural gas. In 2009, Metal Mountain acquired the Big Onion Project with the intent to continue the exploration initiated by Eagle Peak Resources Inc. and advance the property into the development stage.

Big Onion 43-101 Technical Report

Gary Giroux, P.Eng., of Giroux Consultants Ltd., was retained by the Company to prepare a National Instrument 43-101 independent technical report on the Big Onion Project. Certain information contained in this document of a scientific or technical nature with respect to the Big Onion Project is based upon information in the technical report entitled “Technical Report on the Big Onion Copper Molybdenum Project, Omineca Mining Division, British Columbia, Canada” dated May 31, 2009, as amended April 7, 2010 (the “Big Onion 43-101 Report”). Mr. Giroux is a “Qualified Person” (as such term is defined in National Instrument 43- 101). Mr. Giroux is independent of the Company. Historical Exploration

Copper occurrences were originally discovered on the property in the early 1900s. Between 1964 and 1998 various operators conducted diamond and percussion drilling, totaling over 134 holes (19,487 metres), on the property.

Exploration (2006-2009)

After acquiring the property, Eagle Peak Resources Inc. drilled a total of 84 holes (21,523 metres) to explore the depth and extent of the mineralized zones, conducted preliminary metallurgical test work, completed magnetic and induced polarization geophysical surveys, and calculated two resource estimates.
  • Eagle Peak Resources conducted an 11-hole diamond drill program in 2006 with the main purpose of comparing copper and molybdenum grades from the original percussion holes with the grades from large diameter core samples.

  • During the period from August 9, 2007 to February 22, 2008, Eagle Peak Resources conducted two diamond drilling campaigns totaling 73 holes and 18,866 metres to further establish the limits and tenor of the known mineralized zone, to enhance the supergene model within the confines of the known deposit, to test for possible extensions southwest of the South Zone and northwest of the Northwest Zone, and to obtain sufficient sample for metallurgical testing.

  • During the summer of 2008, Peter E. Walcott & Associates Limited was contracted to implement a geophysical program of magnetic and induced polarization (I.P.) surveying.

  • The I.P. chargeability and resistivity and magnetic intensity data are presented as plan maps.

  • The known mineralized zones are characterized by high chargeability, low resistivity and low magnetic intensity when compared with the surrounding areas. These anomalies are open to the northeast.

  • South of the known extent of the South Zone there is a 400 metre long area of highly anomalous chargeability with coincident low resistivity and partially coincident moderate to low magnetic intensity (Big Onion South Extension Anomaly).

  • In the southeast corner of the surveyed grid (Little Onion Mountain Anomaly) there is a northeast trending zone of high chargeability, very low resistivity and low magnetic intensity. The zone is undefined to the south and open to the northeast.

  • Approximately midway between the mineralized zones and the Little Onion Mountain Anomaly, in the approximate centre of the grid, there is a northeast trending zone characterized by anomalously low resistivity and high chargeability (Anomaly “C”). There is no magnetic intensity anomaly associated with the I.P. response. The anomaly is open to the northeast.

NI 43-101 Resource Calculation

Gary Giroux, P.Eng., completed a technical review of all drill hole data and produced a resource estimate for the Big Onion deposit dated May 31, 2009 and amended in April 2010. Gary Giroux is a consulting geological engineer with extensive experience calculating mineral resources and qualifies as an Independent Qualified Person as defined in National Instrument 43-101. The following tables were taken from the Big Onion 43-101 Report.

NI 43-101 Recommendations and Budget

The following Phase 1 and Phase 2 work program and budget recommendations are taken from the Big Onion 43-101 Report.

Phase 1

  • Approximately 20 HQ diamond drill holes (6,200 metres) are required to define the Northeast Zone and to explore the Big Onion South Extension Anomaly. Geologic mapping and trenching are recommended as exploration work to follow-up the Little Onion and “C” anomalies.

  • The geophysics grid should be expanded 800 metres northeast and 500 metres southeast to close off the Little Onion Mountain and “C” anomalies and to complete the coverage of the Northeast Zone. The southeast extension of the grid onto recently acquired (May 13, 2009) tenure 604468 will also complete the coverage of the Mert showing and related soil anomalies.

  • Geologic mapping and magnetic and induced polarization surveys should be conducted on the grid extensions.

  • Based on the 2007 metallurgical study, more work is required to determine the best method for optimizing copper recovery from the supergene mineralization. Higher ferric dosages and the use of bacteria might improve the copper extraction levels and longerterm leaching would be required to further assess the impact of crush size and aeration levels on leach kinetics and acid consumption (Doug Watt, per. comm.). Since secondary copper minerals (chalcocite and covellite) can encapsulate chalcopyrite in the supergene zone, copper speciation analyses are required to define supergene samples for leach testing.

  • After the metallurgical test work is complete, the block model estimate should be revised by modelling the leached cap. The model should then be used to determine if there is a higher-grade core in the Main Zone and to produce a preliminary assessment.

Phase 2

  • Conditional upon the results of the Phase I preliminary assessment, an infill drill program should be implemented within the starter pit areas to increase the confidence in the resource to measured and indicated. In order to define the full extent of the North and South Zones, 75 holes (23,250 metres) should be drilled on defined section lines. The holes should be drilled at 60 metre intervals along section and should be drilled at a 135° azimuth and a dip of -60° where possible. Adjustments to the location and orientation may have to be made due to local topography.

  • Additional diamond drilling of 20 holes (5,000 metres) should be allotted to follow-up positive Phase I exploration results.

  • Baseline environmental studies including an acid rock drainage assessment should also be initiated if the results of the PA are favourable.

Isometric view of The Big Onion Mineralized Zones looking north