Otish Uranium, QC

Eros Resources Corp. holds 100% interest in several large blocks of uranium claims in the Proterozoic Otish Basin of central Quebec. The properties have numerous high-grade uranium prospects similar to the nearby Matoush deposit of Strateco Resources Inc., the Seru L zone (or Lavoie) deposit of SOQUEM/AREVA, and Cameco’s South Otish (Camie River) property.

Unfortunately, in March, 2013, the Government of Quebec announced it would conduct an impact study on the exploration and development of uranium in the province. The Bureau d’Audiences Publiques sur l’Environnement (“BAPE”) was given a mandate to complete this study and submit a report no later than May 20, 2015 to the Minister of Sustainable Development, Environment and the Fight Against Climate Change, who will then have 60 days to make the report public. In the meantime, the Government has said that no certificate of authorization will be issued for the exploration or development of uranium in Quebec until the study is completed.

Eros is confident that the BAPE study will show that uranium exploration and mining can be done safely and in a way that protects the environment, as has been demonstrated by decades of uranium mining experience in Saskatchewan, and similar recent studies around the world.

The Otish uranium properties are held by Anthem’s wholly owned subsidiary Otish Minerals Ltd., and include the Peribonca, Beaver Lake, Lorenz, Marc-Andre, Trident, and Cigare claim blocks. Work since 2007 has brought several targets to the drilling stage, including:

Lac du Castor: located on the Peribonka property, 5 km northeast of and on the same structure as the Seru L zone. Hole 2011-04 drilled by Virginia in 2011, intersected 9.0 m grading 0.10% U3O8 beginning at a depth of 75.8 metres, including higher grade intervals of 6.5 m grading 0.13% U3O8 or 3.0 m grading 0.188% U3O8. The mineralized zone occurs in a flat-lying sandstone unit beneath a gabbro sill, a similar setting to the L zone.

L-Zone Extensions: Little drilling has been done along strike to the east and west of the main Seru L zone, which is on a small claim block controlled by SOQUEM and AREVA, and which is completely surrounded by Virginia’s Peribonka property. At the Blair boulder train 3.5 km west of the L zone, six angular sandstone boulders discovered in 2011 averaged 0.377% U3O8 and 1.71 g/t Au. The richest boulder assayed 1.31% U3O8 and 5.71 g/t Au. There has been no drilling in the area.

Lorenz Gully: This zone is located about 300 to 500 m from the Otish Basin unconformity on the northern margin. Drilling by Uranerz in 1978-78 cut narrow basement-hosted intersections such as 0.5 m grading 1.87% U3O8 and 3.0 m grading 1171 ppm U3O8. Stripping and prospecting in 2009 extended the mineralized trend to an area of more than 900 m by 120 m. Grab samples on this trend range from about 0.1 to 1% U3O8. The mineralization occurs on a low ridge with minimal soil and moss cover. Additional stripping and channel sampling is recommended prior to drilling. There is potential here for both bulk-tonnage and high-grade mineralization.

Lac Tion: Two boulder trains contain small gabbro boulders grading up to 5.47% U3O8. A historic Winkie hole by Seru cut 1.5 m grading 0.555% U3O8 in gabbro, beginning at 4.75 m depth. 2009 work has defined new magnetic structures and soil anomalies for drill testing. The target is a high-grade Matoush-type structure.

Red-Green: A total of about 20 strongly altered, radioactive boulders up to 2 m in diameter are present on Virginia’s Trident property. The boulders grade up to 0.83% U3O8 and 3.3 g/t Au and are thought to be close to their bedrock source. Three holes were drilled in 2011 but were not successful in locating mineralization in place. Additional field studies are required to define new targets.

Marc-Andre: A Matoush-type gabbro dike has been traced for nearly four kilometres. At the Marc-AndrĂ© prospect, overburden stripping has exposed a 10 x 25 metre mineralized area along the faulted contact between gabbro and sandstone. The best 2008 channel sample cut 1.5 metres grading 0.146 % U3O8 and some samples were also anomalous in Au. Limited past drilling has cut weakly mineralized alteration beneath the trench and more drilling is warranted.

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