Ann: Quarterly Activities and Cashflow Report - D, page-2

re: Ann: Quarterly Activities and Cashflow Re... Great quarterly...the exploration during development focus is the key.

They have $13M cash to throw at exploration...the idea to raise more than the 'Andash option cost' (despite my initial reservations) while the instos were biting was a masterstroke - this will be a great year if they can continue with positive results from exploration.

Kurgan prospect is looking VERY promising (in the quarterly, they're already talking about calculating a resource!)

As for Savoyardy, as we know they have only scratched the surface...around 10 gold occurences YET to be drilled (the Russians historically estimated there was OVER 1M oz at this project!).

Cdchi1