Ann: Resource Update for Big Vein South, page-2

"The new resources estimates represent a 65% increase in tonnes with a 5% drop in grade and a 57% increase in the number of ounces."

"Based on the Exploration Potential, additional infill drill programs are required to upgrade the resource estimates. However H&SC anticipates that only a modest amount of drilling is needed for a substantial expansion of the mineral resource albeit in the Inferred Category and generally at greater depths."

BVS resource now = 10.24Mt at 2.03 g/t, containing 667,000 oz. gold at a 0.75g/t cut-off

Might get over 1Moz at BVS on next upgrade plus have about 795,000oz @1.09g/t (JORC 2004) at other deposits within Woolgar.

Is a $22 million market cap fair? I suppose so until we know if the projects will be developed or not. They don't appear to be in a great rush.

Eshmun