Ann: RIU Explorers Conference Presentation, page-20

I understand all that and having agreed with what your arguments have been against the naysayers previously, if feel it is getting to crunch time.

I believe its time to focus on one project and be frugal with the cash in hand. Why are we drilling in numerous location? As sure as night follows day, another capital raising is on the cards in the not too distant future. It couldn't come at the worst possible time with the share price where it is.

From memory, one of the reasons given for the 20:1 consolidation was with a view to a listing on the Toronto Stock Exchange, at some time in the future, with less shares on issue. Well at the current share price the shares on issue will be heading back towards those ludicrous share numbers. So what will happen then?

We have had that many flagship projects, I think the company should consider a name change to Armada Minerals, it is certainly more appropriate.

I am usually very positive about the companies I have a vested interest in, but, patience is certainly waning with this one.

By the way, on a side note, keep up the good work fighting the shorters and naysayers in another stock we both share an ownership in. I for one stand with you on that one and my patience will never wane having been a long term holder. Our day in the sunshine is not too far way!