quarterly report, page-7

Hi Moly

My frustration comes from the fact that there appears to be an inefficient use of resources by the management of this company. You will note that current cash holdings are $8.5 mill +. On top of this $ 4mill + can be realised from the sale of the Thore holding. You will also note that projected spend for exploration for the next quarter $ 100k but $ 300k + for admin purposes. The point I am making is that this company has sat on the $ 8 mill + for some 12 months which is a complete and utter waste of this cash resource when in the "exploratory phase". BTV is supposedly a mineral explorer not a superannuation fund. If you read the opening two paragraphs of the September quarterly report the tone is obvious "we don't give a sh*t". Sell the Thor investment, increase cash holdings to $ 12mill + and start doing some bloody work.