Investor Relations Activities
During the period, the Company issued press releases, responded to investor inquiries and conducted shareholder mailouts. All shareholder inquiries are handled by the Company with an employee specifically assigned to be the spokesperson responding to any shareholder or investor calls. The Company has no formal investor relations agreement in place.

Financings, Principal Purposes & Milestones
On November 8, 2002, the Company announced that it had entered into private placement agreements whereby it would issue 3,000,000 units for $0.10 per unit. Proceeds from this financing of $300,000 would be used for the company's working capital and its property commitments. Each private placement unit consists of one common share and one two-year common share purchase warrant. The warrant entitles the holder to acquire one additional common share for $0.10 per share during the two-year period.

On November 21, 2002, the Company completed the private placement and issued 3,000,000 common shares as per the agreement.
On January 24, 2003, the Company announced that it had reached an agreement to acquire 71,252 acres in the Ungava region of Northern Quebec. The property was acquired from Peter Bambic, a Quebec-based geologist, who has obtained title for the property from the Ministere du Ressources Naturelles du Quebec. The terms of the property acquisition provide for the Company to purchase an undivided 100% interest in one contiguous block in the Ungava property, through the delivery of 450,000 shares and by paying $100,000 upon receipt of exchange approval. The property is subject to 1% net smelter return royalty on any mineral production. The Company has the option to purchase one-half of this royalty for $1 million.
On February 7, 2003, the TSX Venture Exchange confirmed acceptance of the agreement. The Company issued 450,000 common shares at a deemed price of $0.09 and paid the acquisition cost of $100,000.

Liquidity and Capital Reserves
In management's view, given the nature of the Company's operations, which currently consist of agreements covering resource properties, the most relevant financial information relates primarily to current liquidity, solvency and planned expenditures. The Company's financial success will be dependent upon the extent to which it can meet the terms of its mineral property agreements and the economic viability of developing its mineral properties. Such development may take years to complete and the results of its work programs may not lead to commercially viable properties. The Company does not expect to receive significant income in the foreseeable future.

The Company's historical capital needs have been met by equity subscriptions (six-months ended March 31, 2003 - $300,000; 2002 - $300,000). The Company will require additional financing to fund its property commitments; the next stage of the targeted resource properties; and any extensive investigations and/or evaluations of new acquisitions. With working capital as at March 31, 2003 of $30,099, the Company anticipates to meet its anticipated administrative and overhead expenses until the next quarter. The Company proposes to meet any additional financing requirements through the exercise of outstanding options and warrants or arranging other forms of equity financing. In light of the continually changing financial markets, there is no assurance that funding by equity subscriptions will be possible at the times required or desired by the Company.
Additional detail can be found in Schedule A, as filed with SEDAR.

Other matters
On December 9, 2002, the Company announced that incentive stock options in the amount of 1,670,000 shares have been granted to directors and key employees at an exercise price of $0.10. The compensation charge associated with non-directors' options in the amount of $54,131 has been recorded as an expense in the financial statements. The compensation charge associated with directors' options in the amount of $12,239 has not been recorded in the financial statements. The compensation charges have been determined under the fair value method, using the Black-Scholes option pricing model. For further details, please refer to Note 5 of the financial statements, as filed with SEDAR.

Subsequent events
There are no events to report subsequent to the period.


ON BEHALF OF THE BOARD

"Mike Magrum", President

For further information, please call:
(604) 669-0115 / 685-8592 or visit our website at www.mpg-v.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.