Annual Meeting

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• Annual Meeting
• May 20, 2008

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(No Transcript)
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BWR earns its revenues by selling zinc, copper,
lead and gold concentrates to smelters and
traders globally
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Location of Operations
Coulon
Myra Falls
Langlois
El Mochito
El Toqui
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Zinc Prices and Inventories January 1, 2007 to
Now
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• Corporate Strategy
• Long-term
• Increase production organically
• Extend mine life and increase profitability by
  investing in capital and exploration as warranted
• Build a diversified mining company both
  geographically and by metal

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Financial Position

• 2007 2006
• Cash 62.9M 81.4M
• Debt (long-term and short-term) 2.0M 2.7M
• Working Capital 82.6M 109.8M
• 2007 2006
• Net Revenue 304.0M 324.4M
• Net Income 23.4M 156.3M
• EPS (fully diluted)(/share) 0.05 0.37
• Net Cash Provided
• by Operating Activities 79.1M 158.5M

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Total Resources (000s tonnes)
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Production Profile (000s tonnes)
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Mochito
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Mochito 2007

• Net revenue - 106.8 million
• Operating costs - US52 per tonne milled
  (production basis)
• Exploration - 2.9 million
• Contribution from mining activities - 68.7
  million
• Net earnings - 46.7 million
• Capital expenditure - 23.1 million

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• Mochito Initiatives
• Complete ground rehabilitation program
• Upgrade ventilation and electrical infrastructure
  in mine
• Recommission Soledad late 2009
• Invest in plant for thickened tailings deposition
  to ensure challenge experienced at Soledad TIA
  does not reoccur
• Refine exploration model for Big Fuzzy
• Improve geological and exploration database to
  generate new targets

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Mochito Operating Since 1948
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El Mochito In-mine Exploration
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Big Fuzzy Target General Location
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Big Fuzzy Target A-A Cross-section Hole BF-06
Skarn alteration mineralization (aprox. 21 m
altered mineralized skarn) Intercept included
7.9 m _at_ 5.1 Zn First intercept of economic
grades and thickness within Mochito district
outside the area of the mine
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Toqui
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Toqui 2007

• Net revenue - 74.5 million
• Operating costs - US46 per tonne milled
  (production basis)
• Exploration - 2.7 million
• Contribution from mining activities - 41.7
  million
• Net earnings - 33.0 million
• Capital expenditure - 26.7 million

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Toqui Initiatives

• Maximize cash flow by
• Adding lead to products produced
• Advancing gold milling schedule
• Complete pre-feasibility study for 1.0 million
  tonne per annum mill
• Complete studies for construction of thickened
  tailings plant and new tailings impoundment area
• Study increase to hydro electric generation
  capacity to burn less diesel which reduces costs
  and is more environmentally friendly
• Develop and mine Porvenir

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Toqui Operating Since 1983
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Cerro Elefantes Stockwork Mineralization
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Langlois
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Langlois 2007

• Restart announced Nov. 2005 - First production
  Nov. 2006
• Commercial production July 1, 2007
• Net revenue - 19.4 million
• Operating costs - 106 per tonne milled
  (production basis)
• Exploration expense - 4.3 million
• Loss from mining activities - (2.8) million
• Net earnings - 8.3 million
• Capital expenditure - 35.1 million

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• Langlois Initiatives
• Increase production
• Maximize cash flow by resequencing mining
  activities to focus on higher grade zones
• Redirect contract labour to high margin
  production
• Defer development and capital spending that does
  not affect production in the short to medium term
  where that development is being undertaken by
  contractors (Grevet B)

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• Langlois Initiatives (contd)
• Redirect exploration to activities expected to
  result in short to medium term benefit (infill
  drilling)
• Once the resource calculation is received develop
  an exploration program for the Orphée deposit

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Langlois 2008 Cost and Production Forecasts
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Langlois
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Matagami Land Package
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Myra Falls
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Myra Falls 2007

• Net revenue - 103.3 million
• Operating costs - 126 per tonne milled
  (production basis)
• Exploration - 3.3 million
• Contribution from mining activities - 6.0
  million
• Write-down of asset and related tax asset - 35.0
  million
• Net loss - 32.2 million
• Capital expenditure - 21.4 million

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• Myra Falls Initiatives
• Continue the surface ramp if exploration results
  on the Marshall justify continuation to provide
  more tonnes to the mill
• Follow-up on hole MR15-14 which intersected 6.6 m
  true width _at_ 12.8 Zn, 0.8 Cu, 109 g/t Ag and
  2.7 g/t Au

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Myra Falls
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Marshall Zone Upper Zone
Hole MR15-0014 intersected 6.6 m true width _at_
12.8 zinc, 0.8 copper, 109 g/t silver, 2.7 g/t
gold and 1.1 lead.
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Virginia Mines Coulon Project

• 50 interest
• Located in northern Quebec within an unexplored
  Archean volcanic belt
• Three polymetallic massive sulphide lenses
  discovered in 2004
• 2006 program led to the discovery of two new
  important polymetallic lenses (lenses 43 and 44)
  and confirmed the vertical continuity of lens
  9-25 to a depth of 365 m
• 2008 led to emergence of new lens at depth

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Virginia Mines Coulon Project
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Virginia Mines Coulon Project
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Summary

• Attractive production growth profile
• Proven exploration success
• Excellent exploration potential