Alexis River 
Location:
The Alexis River property is located in south eastern Labrador, Canada, approximately 230 kilometres east-south-east of Goose Bay.
Size:
2,500 hectares approximately.
Ownership:
Monroe may earn a minimum 60% interest in the Alexis River property over four years by spending $1,250,000 on exploration, including a minimum first year commitment of $175,000; and making share payments to Altius Resources Inc. of 2,500,000 Monroe shares, including 500,000 shares on signing and 2,000,000 shares divided equally over four years to be paid on each anniversary of the agreement.
Upon Monroe fulfilling its earn-in obligations, Altius may elect to either (a) form a 60:40 joint venture, with each partner contributing its pro-rata share of future expenditures (Altius retaining the right to dilute to a 10% net profits interest); (b) convert its interest to a sliding scale royalty tied to the uranium price and ranging from 2-3% gross sales royalty on uranium (and 2% net smelter royalty on base and precious metals); or (c) elect to convert to a 30% interest, which will be carried through to completion of a pre-feasibility study. Upon completion of the pre-feasibility study Altius may elect to contribute its pro-rata share of future expenditures or to convert its interest to a 2% gross sales royalty on uranium (and 2% net smelter royalty on base and precious metals).
Expenditures:
| To date: | $158,000 |
| 2008 budget: | C$400,000 |
Overview:
 The Alexis River property is approximately 2,500 hectares in size and the area is underlain by rocks assigned to the Pinware Terrane of the Eastern Grenville Province, which are hosts for uranium mineralization. The Property was staked on the basis of having the highest uranium concentration in a lake bottom sediment sample for all samples taken in Labrador in a program conducted by the Geological Survey of Canada ("GSC").
The Geological Survey of Newfoundland and GSC have undertaken substantial mapping and geological interpretation in the Eastern Grenville Province. Notably, the Pinware Terrane (which includes the Alexis River property) has been recognized by geologists to contain potential for uranium and Rare Earth Element mineralization associated with nepheline- and/or aegerine-bearing syenite resulting from the extensive alkali-magmatism prevalent only in this part of the Eastern Grenville Province (Gower & Van Nostrand, 1994). The GSC program comprised an airborne magnetic survey (1974), lake sediment surveys (1984), and airborne radiometric surveys (1988), and covered the Alexis River area well.
The GSC sample from the Alexis River property contained 926 ppm uranium. (fluorimetric analysis) or 1030 ppm uranium (INAA analysis) in lake sediment. In short, over 0.1% U3O8 in lake bottom sediment. In comparison, the average uranium content in the other 915 lake sediment anomalies sampled by GSC averaged 5.1 ppm uranium.
The 2007 exploration program consisted of a combined airborne magnetometer-radiometric survey, rock/core sampling and field geology. The July helicopter borne radiometric and magnetometer survey provided encouraging results. The airborne geophysical survey results revealed several radiometric anomalies within the Alexis River property. These included a strongly positive, broad (~ 0.8 by 1.0 km) radiometric anomaly that exists immediately to the east of Anomaly Lake, plus several other smaller unexplained radiometric anomalies. In addition, magnetics data indicated the Alexis River property is underlain by a diverse assemblage of lithologies. As well, there exist numerous faults with various orientations, including a possible north-north-westerly trending fault beneath Anomaly Lake.
Follow-up prospecting, reconnaissance geological mapping and preliminary systematic lake sediment sampling of Anomaly Lake was completed in September 2007 and February 2008 and the result of analysis is expected during the second quarter 2008.
Photographs taken at the Alexis River property
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