Ann: Strategic Review of Hog Ranch Gold Property, page-13

I can give you my opinion on quite a few the one I don't want to answer is what it's worth so here goes.
Q Do you think more drilling would be done at Hog's Ranch to increase indicated gold before selling or listing as a spin off company?

A. No they need to raise funds to do lots more drilling on that project itself so JV or listing first. i.e. they've done enough to partner with others for progress and their decision is one I'm very comfortable with. With small explorers it's very important to catch the "listing window" i.e. when there is enough interest (viz. gold price is high because of turmoil). RXM absolutely nailed it (and me on small vol.) with the raising at 30c the previous year.

Q If it's listed as a spin-off company, where do you think it would it list.
A. In Aust. on maybe Toronto. It's very small for the US market. Gold stocks are better appreciated/understood in Aust. & Toronto. There is also a base of people who know RXM in Aust. Eventual dual listign is poss. Treadstone are supposed to provide an idea/test the water sound out buyers.

Q Any idea of the value per share to shareholders if it were sold tomorrow?
A Stum. I can only lose friends by answering.*

Q Do you think the funds would be returned to shareholders or, (ideally) used to develop Hillside?
A No. No money to S/H. S/H can get their shares the money will go into moving the project forwards and thes a hell of a lot of work to do. The way I would envisage it is The current RXM Sh get shares worth 40 % and they raise 60% cash in the market if their sufficient appetite if not they raise less. They can always raise more when they've drilled up more resources and put up a stronger/Pre- DFS.

Q Do you think a less complex company, with only Hillside on its books would look more attractive to investors of Rex, and potential future acquirers?
A Yes. The valuation of Hillisde is much better quantified than Hog. At present, I suspect people are prepared to value it near nothing in our SP. Clear-cut is good and I've never liked giving away something for nothing except to family. In fact, we already have that answer by Hillside jV to be created rather than an interest in RXM. To the best of my knowledge.

Answers off the top of my head from experience. I am sure it will draw comments. I've tried to duck the most contentious one. I also take the opportunity to point out my opinion is worth exactly what I was paid for it viz. Nothing.

ALL IMVHO

* this may be the one demonstration of my knowing when to shut up!