Ann: Corporate Update and Progress Report, page-27

I agree Flyboy. An independent Chairman is essential. Might have trouble finding anyone who would want to. Rogers should take a $100,000 pay cut as a show of some sincerity towards the company. For the size of company his package is way out of line. We did spend $8 mil in a bumper quarter and that was reckless. The CR...who would be an underwriter, the company..paying say a million to do it, would be 10% of the company. We won't relist till forced to because the share price will crash, and go below the CR price making it ridiculous to participate. Even if you do, we'll have 2.5 billion shares at 0.4 of a cent each so the whole show is still worth only $10 mil...it's a disaster...only way out is to trade out...you know we are supposed to believe the announcements..so here goes...can do 40,000 tonnes a quarter at 5g/t = 200,000 grams or 6,400 oz at $1750 = $11 million for the quarter. Even at an average of 4g/t (factoring in the lower grade Union Hill stuff) it's still $8.8 million.....the only way out of this is to trade out, and show some responsibility by being prudent with company funds. If it makes us squirm for a while, who cares, it's better than the current torture. The CR is doomed to wreck things, and if the mining doesn't succeed,more cash will go down the drain. We had the money to pay back the Con. Note for about 6 months...next thing we hear is after it matured and we didn't have the money..what else don't we know? How quickly will we go through the CR funds even if $5 mil is raised, and I doubt we'll get that much. By the way,,going through some old announcements..at Victory North of 70 holes drilled 52 were pre 1990. Not exactly confidence inspiring...So it could all be hit and miss again.