THE PROPERTY

The Launay property is located in the northern part of Launay Township, approximately 6 km from the Town of Launay, Quebec. A logging road connects the property to the Launay-Guyenne road. Galleon Gold owns 5 mineral claims covering approximately 212.81 hectares of land.

HISTORY AND GEOLOGICAL BACKGROUND

The most obvious topographical feature in the area is Lake Doyon, approximately 1.3 km to the west of the property, and gently rolling hills consisting of outcrops and eskers. The property was first discovered by a prospector by the name of Thomas Gauthier in 1938 with grab samples assaying from 1 to 13 grams of gold per tonne. The mineralization was hosted within a quartz-tourmaline-carbonate vein within a seritized shear zone, and faults cutting quartz feldspar porphyries and intermediate to mafic volcanics. Since 1966, a limited amount of work has been done on and around the property. Minimal line cutting, magnetic surveys, electromagnetic surveys, I.P. surface mapping and prospecting has been completed by several companies in the past.