Action Minerals Inc.

Helicopter Airborne Magnetic and EM Surveys / IOCG Confirmation

In April 2006 McPhar Geosurveys Ltd. was engaged to perform ~2600 line kilometers (~1600miles) of helicopter supported magnetic surveys, to be flown at a line spacing of 100m over a large portion of the property. The goal of the surveys was to locate mafic dykes spatially associated with the mineralized quartz veins, such as the Magnum and Eagle veins and to identify prospective mineralized bodies, such as Olympic Dam-type IOCG (Iron-oxide/Copper/Gold/Silver/Cobalt) mafic intrusive bodies. In addition, some 820 line kilometers (~500 miles) of frequency electromagnetic surveys were to be flown over areas known to contain large veins with conductive massive sulphides to determine their geophysical signatures.

For increased accuracy, surveys were conducted at low levels (~30m above ground). By fall, inclement weather and the rugged topography forced the replacement of McPhar with Aeroquest Ltd. which completed the expanded surveys. In total, ~1800 line kilometers of Mag/EM and ~2600 line kilometers of Mag were flown in 2006. Final leveled and interpreted data was delivered to the Companies at the end of January 2007. The total cost of all surveys and interpretation was ~$1,200,000. The airborne magnetic surveys were successful in mapping the diabase dykes swarms as well as several large buried magnetic intrusive bodies.

Magnum: (100% Aries) The airborne electromagnetic survey detected a mineralized vein swarm relative to the Magnum deposit and several large sheeted buried conductors. One of these conductors appears to be a feeder body to the Magnum vein system. This body is two kilometers long by one kilometer wide. Aries intends to drill this structure in the late spring 2007.

Keys: (100% Aries) The EM also revealed a very large, flat-lying sheeted body which has been traced six kilometers in an east-west direction. This body is located at the northern edge of the EM survey. The anomaly appears to lie between the 1900m and 1700m elevations. The Eagle vein possibly lies as a leakage vein above this body. Through the Racing River Property acquisition, the Companies acquired a large amount of geophysical and surface exploration data. Twenty-Seven Capital Corp. completed a large fixed wing airborne magnetic survey which generally agreed with the detailed helicopter survey completed by the Companies. The fixed wing survey extends this northern magnetic anomaly 5 km to the north. Aries intends to map and prospect this area in the summer of 2007.

Missy: (50/50 Joint Venture Property) The airborne surveys also showed a large magnetic anomaly under the Missy Property, which begins ~10km west of the Churchill Camp. Strong linear magnetic anomalies trace the location of dykes related to the Missy mineralization. No EM data has been flown at this time. Drilling is set to commence on the Missy Property.

Neil: (50/50 Joint Venture Property)

Sox: (50/50 Joint Venture Property)

Goat/Matnick: (50/50 Ownership between Aries & Action) The Goat/Matnick property was also found to be underlain with electromagnetic and magnetic anomalies. The Goat/Matnick is located just 2km north of the Churchill Camp. In an assessment report filed in 2006 on the Muskwa Property, Archer Cathro & Associates located float boulders of massive chalcocite and hematite mineralization and a 1.72m chip sample across the strongest mineralized section of the Matnick vein assayed at 41.3% copper. In a 2005 short-hole drilling program, Twenty-Seven Capital Corp. intersected the Matnick vein on two of ten holes drilled. Assays performed by ALS Chemex of North Vancouver BC, (an accredited analytical laboratory), returned values of 0.49% copper over 1.4m and 0.28% copper over 2.64m, using 34 element Aqua Regia ICP-AES procedures.

The Company assayed one of the aforementioned float samples at Acme Analytical Laboratories Ltd. of Vancouver, BC (an accredited analytical laboratory), by multi-element ICP analysis techniques. The float sample graded 23.9% copper and 18.35% hematite. These regional IOCG styles of mineralization require much more investigation before being tested by drilling. In addition to mapping and prospecting this area, the Companies intend to conduct Mag and EM survey over this area in the summer of 2007.

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