The PG 101 Property is adjacent to the eastern boundary of St. Andrew Goldfield's producing Holt Mine Property and only a few kilometres east of their Holloway Mine property. Historic production (1988-2004) from the Holt (McDermott) Mine totals 8.18 million tons at a grade of 0.162 opt Au¹ (7.42 million tonnes @ 5.6 gpt Au). Measured and indicated resources reported in 2006 for the Holt Mine are 2.99 million tonnes at a grade of  7.3 gpt Au². Production at the Holloway Mine to 2004 is reported as 4.73 million tons at a grade of 0.166 opt Au¹ (4.29 million tonnes @ 5.7 gpt Au). Measured and indicated resources reported in 2006 for the Holloway Mine are 1.04 million tonnes at a grade of 7.8 gpt Au². Several other smaller deposits in the Harker-Holloway gold camp and in the vicinity of the PG 101 Property include the Buffonta, Mattawasaga and East zone deposits.

The PG 101 Property is underlain by the same succession of mafic volcanic flows, breccias, and tuffs that host the known gold deposits of the area. These volcanic rocks are cut by ENE trending faults that splay from the Destor-Porcupine fault ("DPF"). The DPF is a major deformation zone that crosses along the north boundary of the PG 101 claims in MarriottTownship. Proximity to the DPF, Kirkland-Larder and other similar regional faults are characteristic of significant gold deposits of the Eastern Abitibi greenstone belt.

An historic work report indicates that an Induced Polarization (IP) geophysical survey completed in 1988 on the PG 101 Property detected 11 anomalies. One of the anomalies was large and occurred at the western boundary extending and expanding eastward onto the claims. Historic reports also suggest the possibility that this anomaly was a possible extension of the Holt McDermott orebody onto the PG 101 property.

NFX plans to complete due diligence, compilation of historic work, geological modeling, identification of high priority targets and commence drilling on the PG 101 Property in 2007.

"The option of the PG 101 Property and Right of First Refusal to option other Perron Holdings properties is a major accomplishment. NFX has a strong cash position and is well positioned as a Tier 1 TSX Venture Exchange company to finance the acquisition, exploration and development of projects that offer the highest opportunity for success", states NFX president and CEO, Mr. Thomas Larsen.

Since 2006, NFX has acquired or optioned several key properties in the LarderLake and Harker-Holloway gold camps and is in a position to acquire several other key properties within the next 6 months. The Company's principal assets prior to these acquistions were the Larder-Lake Properties (see About NFX below).

¹ Historic production figures were obtained from the Ontario MNDM website (www.mndm.gov.on.ca).  The original imperial tons and ounce per ton (opt) grades are quoted and the equivalent metric tonnes and grams per tonne (gpt) grades indicated in parentheses.

² Resources for St. Andrew Goldfield's Holt and Holloway Mines are quoted from St. Andrew Goldfield's website (www.standrewgoldfields.com) and the company's NI 43-101 Compliant Technical Report dated October 2, 2006. Only Measured and Indicated Resources are quoted. Inferred Resources have not been quoted.