more smoke, page-6

Hawkduka

Good points and valid given the facts.

From my review, since March 2010 (project acquisition), LSR have undertaken a large number of programs of VTEM surveys, gravity surveys, soil sampling and geochem, rock chip sampling, field surveys and reviews of historic exploration data. To date they have only drilled 11 RC holes, concentrating instead on cheap and lower confidence RAB-aircore drilling (18k metres or so). Focus here is on working up targets and first pass exploration, rather than the real value add and discovery focussed RC and diamond drilling that the market would actually take notice of.

My feeling is the team is conservative by nature and risk adverse, despite living in the highest risk sector of the mining industry. Surely they must have an extensive geological database and significant number of identified anomalies to warrant a major RC program supplemented with selected diamond core drilling. The share price will continue to tread water, or worse, until such time as they take a few risks and back themselves and their results to date into a drilling program of substance that the market will follow.

I have continued to follow because I like the ground but am frustrated with lack of real progress. I am fortunate to have sold my shares into a spike some time back, so not as frustrated as the likes of some shareholders like yourself. I continue to watch and wait for a re-entry point on the announcement of them having a decent crack, but who knows when this will be. Has to be a balance between building the geological model and trying to reduce exploration risk, and the corporate imperative.

Anyone, thats enough of my venting, back to my beer, best of luck to holders.