Disclaimer

NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained herein and subsequent oral statements made by and on the behalf of the Company may contain “forward-looking statements”. Such forward-looking statements may be identified by words such as “intends,” “anticipates,” believes,” “expects,” and “hopes” and includes, without limitation, statements regarding the Company’s results of exploration, plan of business operations, potential contractual arrangements, receipt of working and construction capital, anticipated revenues and related expenses. Factors that could cause actual results to differ materially include, among others, those set forth in the Company’s Annual Report on Form 10-k for the fiscal year ending May 31, 2004 and other filings with the Securities Exchange Commission (SEC), under the caption of “Risk Factors.” Many of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements, except as otherwise required by applicable securities statutes or regulations. All references to dollars ($) are in US dollars unless noted. The Company may use terms such as total cash cost per ounce of gold in its oral or verbal statements. This is a non GAAP term used to compare our operations to other gold mining operations.

CAUTIONARY STATEMENTS FOR U.S. INVESTORS
The resources estimates published press releases on this website have been prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43 101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, Calais Resources reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of the measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainly as to their existence and economic viability than the estimation of other categories of resources.

Canadian regulations permit the disclosure of resources in terms of “contained ounces”; however, the SEC only permits issuers to report “mineralized material” in tonnage and grade without reference to contained ounces. Under U.S. regulations, the tonnage and grade described herein under the “measured” and “indicated" categories would be characterized as mineralized material. The disclosure herein is being made by Calais Resources to provide a means of comparing its project to those of other companies in the mining industry, many of which are Canadian and report pursuant to NI 43–101, and to comply with applicable disclosure requirements.

U.S. investors should be aware that Calais Resources has no “reserves” as defined by Industry Guide 7 and are cautioned not to assume that any part or all of the potential target mineralization will ever be confirmed or converted into “reserves” that are compliant with Industry Guide 7.