valuation of pts shareholdings, page-7

CD,

The EFE options have an exercise price of 35 cents (not 25 cents). I have not included PTS cash. That accounts for the $1 million difference.

PTS directors are pretty keen on the Kempsey project. Still not JV'd. Prospective for Cu-Au, moly, tin, tungsten.

Mundi Plains - I originally upped my stake in PTS on the Thunderdome drilling, so am keen to see what Teck Cominco come up with. Teck's latest lithogeochemical results have confirmed the prospectivity.

I don't know anything more than the latest quarterly, but one of the directors said they were very encouraged by the silver and tungsten hit in the first hole to basement at Thomson Fold Belt.