Ann: Mt Thirsty Joint Venture Exploration Update, page-214

Hi Freddie,

One theory I have is that GSR and CNJ just wanted to test to make sure that the Callisto strike extended into the MTJV, which they now know it clearly does.

In this regard, the grades were fairly unimportant in the grand scheme of things.

If I am correct, the assay lab just assayed what GSR and CNJ wanted them to, which seems to have been only a small section of the overall hundreds of metres of drill cores and intervals that they could have actually had assayed.

On the basis of this first batch assay results, GSR and CNJ reprioritised the remainder of their current Phase 1 drilling program, knowing full well that these subsequent holes would be highly likely to encounter far better grades and intervals.

If my theory is correct, within the next 7-14 days GSR and CNJ will report far better grades and intervals.

Best regards.