dunlevy project update, page-3

Evening all

My take on todays announcement is as follows

1. The delays with the permitting for Dunlevy appear to have been due, in part, to the Ministry of Mines working through and designating the Land Reserve. Hopefully further delays will now be avoided and the permits can be issued asap.

2. Although we've 'lost' a small portion of the targeted area, we have retained about 80% of it and a large exploration target of 100-150 million tonnes still remains.

3. The company is in talks with the Ministry of Mines to amend the Reserve boundaries (page 3, paragraph 5). My take on this is that they may seek to offer less prospective ground for Caribou Reserve, and retain the more prospective ground for drilling. This may take time to resolve but the potential exists to re-gain some prospective land subject to the discussions with the M.O.M. In any event, we have 80% of our prospective ground to work with.

4. The Peace Reach and Carbon East projects aren't affected by the Reserve.

In my opinion this is a small set-back/negative, but also paves the way for the granting of the permits and commencement of the exploration program. This project is the company maker for Jameson, so the sooner it gets underway the better, especially for share holders. If you're looking for share price gains it is successful results from the Dunlevy project.

I am keeping the faith!!

Regards

Doyle