Bre-X

1. There are five outstanding actions arising out of the collapse of Bre-X Minerals Ltd. (“Bre-X”). They are:

(a) This class action;
(b) Ontario action with Ingrid Felderhof and Spartacus Corp. as defendants;
(c) Derivative action brought in Ontario in the name of Bre-X being prosecuted by Deloitte & Touche Inc.;
(d) Action by Deloitte as Bre-X’s trustee in the Cayman Islands with John and Ingrid Felderhof and their company Spartacus Corp. , as defendants; and
(e) Action by Deloitte in the Bahamas with the estate of David Walsh as defendant.

2. As a result of various orders the remaining active defendants in this class action are John B. Felderhof, Jeannette Walsh, in her capacity as Estate Trustee of the Estate of David G. Walsh, deceased, Jeannette Walsh personally and T. Stephen McAnulty.

3. The opt-out period in this class action expired on December 17, 2001.

4. The examinations for discovery of Jeannette Walsh, as representative of the Walsh estate, were held on October 28 and 29, 2009. Jeannette Walsh, by her lawyers, agreed to answer written interrogatories and undertakings by August 30, 2010. She has not done so.

5. The examinations for discovery of T. Stephen McAnulty were held and completed on November 10 and 11, 2009. His answers to his undertakings are outstanding.

6. By order dated August 25, 2009, Justice Perell ordered John Felderhof to attend in Toronto from November 2 to November 6, 2009 to be examined for discovery. Mr. Felderhof was examined during this week, but not completed.

7. Mr. Felderhof agreed to re-attend and did re-attend for his continued examination for discovery on July 5, 6 and part of the day on July 7, 2010.

8. Transcripts of the examinations for discovery were delivered and, subject to the outstanding McAnulty undertakings and undertakings by the Walsh estate and to certain orders, this class action is ready to be listed for trial.

9. Subject to the defendants satisfying their outstanding undertakings and Jeannette Walsh answering the written interrogatories, the Ontario Derivative action is also ready for trial.

10. A motion was heard in Toronto on November 9, 2010 before Justice Perell. The part of the motion that proceeded was dismissed. The plaintiffs have delivered a notice of appeal. The date for argument of the appeal is May 17, 2011.

11. If you would like to speak to someone at Sutts, Strosberg LLP about this class action, please use our toll free line 800.229.5323, extension 8296.

12. If you would like to know more about how a class action works, please click here.