Ann: NORTH STANMORE INITIAL MINERAL RESOURCE ESTIMATE, page-74

I would like to know how further infill drilling will effect the current MRE grade.

I am not saying the current grade is not economic, however I believe the less educated market will make that assumption thus stopping VTM SP from rising.

VTM will either need to improve the MRE grade OR provide further costing details which prove the project is a winner. Numbers attached to acid usage/costs and capex/opex will be required for VTM to push further ahead with the current low grade provided.

Looking back at your comments in regards to IXR's grade and profitability casts some doubt at VTM with the grade provided. Benification may be the key for VTM if the grade does not increase accordingly.

I am still at a watch and observe status currently until either the grade increases which would have a great general market effect or some further details provided which proves the projects economics.

I expected a MRE of minimum 750 ppm so VTM is currently processing a head grade 25% lower than expected which obviously changes the economics.