Aumega Discoveries Ltd.

Aumega Discoveries Ltd. is a Canadian-based junior resource company focused on the acquisition, exploration and development of advanced and early stage mineral deposits both domestically and internationally. Originally established in 1980 as Nalos Mining Corporation, the company has undergone several name changes. Aumega most recently operated as First Echelon Ventures Ltd. until 2003 when it adopted its current name and completed a consolidation of its capital on a four to one basis, emerging as a newly structured mining company. Exploration efforts are currently concentrated in British Columbia with a focus on three properties; namely, the Poplar deposit, the Kelly Creek project and the recently acquired Hudson Bay Mountain property

The Poplar deposit is a copper/molybdenum/gold project consisting of 26 mineral claims totaling approximately 4,198 hectares and is located in west-central B.C., 40 kilometres north of the producing Huckleberry mine. Originally staked in 1971 by the late Frank Onucki and partners for El Paso Mining and Milling Company, the Poplar deposit was optioned to Hathor Exploration Ltd. in 2004. Subsequently, Aumega arranged a joint venture effort with Hathor entitling the company to acquire a 50% interest in the project in exchange for a series of cash payments totaling approximately $150,000, the issuance of 200,000 common shares and the incurring of exploration expenditures totaling $275,000 over a period of approximately three years. During the three months ended March 31, 2005, the company reached a further option agreement with Hathor to acquire the remaining 50% interest in the Poplar mineral property for consideration of 1.2 million common shares, 50,000 of which were issued in January 2005, and annual cash payments of $75,000 over the next three years. To further increase its holding, Aumega recently staked an additional five mineral claims in the surrounding area.

The Poplar property hosts an estimated 116 million tonnes grading 0.32% copper, 0.1 grams per tonne (gpt) gold and 0.009% molybdenum (at 20% copper cut-off grade). Within this resource, there is an estimated additional higher-grade, near-surface mineral resource of about 40 million tonnes of 0.40% copper. It has been suggested by geological consultants and engineers that the mineral potential of this property could be in excess of several hundred million tonnes. A June 2004 technical report recommended a two phase work program including data compilation, reconnaissance surveys and diamond drilling. Data from phase one of the exploration program which was completed in late 2004 was used to identify drill targets for an upcoming diamond drill program. The company recently received permitting for the drilling which is scheduled to commence in the last week of June 2005. Aumega plans to explore for higher-grade mineralization, specifically in an area of the deposit known as the China Creek zone, which management believes, together with the previously identified mineralization, could make a large bulk tonnage operation viable.

In August 2004, the company entered into an option agreement with J. Billingsley and Watershed Resources Ltd. to obtain a 100% interest in the Kelly Creek project located southeast of Terrace, B.C. The option can be exercised by making cash payments totaling $20,000 and issuing 400,000 shares over a period of four years. This project comprises 84 mineral claim units within one contiguous block, covering an area of approximately 2,000 hectares. Over $1 million was spent on the property during the years 1964 to 1971 and 1980 to 1981. Drilling in 1980 resulted in the reporting of reserves of about 2.3 million tonnes grading 1.03% copper and 18.5 gpt silver. Within this reserve was an estimated 362,875 tonnes grading 3.18% copper and 72 gpt silver; however, this estimate was performed prior to the introduction of current resource reporting standards. Following a site visit and a review of publicly available data a technical report was completed on the Kelly Creek project in September 2004. A three phase exploration program was recommended at a total estimated cost of approximately $1.35 million.

In March 2005, Aumega entered into an option agreement with Rand Joint Venture to acquire a 100% interest in certain mineral claims known as the Hudson Bay Mountain property located 13 kilometres northwest of Smithers, B.C. Consideration will include annual cash payments of $25,000 and 2.3 million common shares, which were issued in May 2005. The Hudson Bay Mountain property consists of 46 mineral claims covering an area of over 12,000 hectares and is located adjacent to Blue Pearl Mining Ltd.’s (BLE:TSX-V) Davidson Molybdenum deposit which was recently disclosed as having a measured plus indicated resource of approximately 293.5 million pounds of molybdenite. The current quoted price for molybdenum is approximately US$35. A qualifying report, done in accordance with National Instrument 43-101, was prepared in April 2005 with respect to the Hudson Bay Mountain acquisition and concluded that there is sufficient justification to conduct an exploration program focused on finding additional molybdenum resources on the property. A two phase approach was recommended with phase one involving the identification of drilling targets and phase two involving 2,000 metres of diamond drilling. Total costs for this continued exploration are estimated at approximately $458,250.

As a mineral exploration company with no current mining operations, Aumega is considered a development stage entity and is dependent upon its ability to secure additional equity capital. In fiscal 2004, the company completed two private placements. The first consisted of one million units at a price of $0.35 per unit for gross proceeds of $350,000. The second was an offering of 438,000 flow-through units at a price of $0.35 per unit for gross proceeds of $153,000. As part of the latter transaction, approximately 2.7 million warrants were issued and are currently trading under the symbol AUM.WT on the TSX Venture Exchange.