Vimy Trading, page-5

Hi gcs,

I really don't think management is the problem, the way I see it there's very capable personnel at Vimy, Mike's got a mine up and running in the past, I know uranium mining's a different thing altogether but he understands the process. Scott Hyman in the States ideally placed, Julian Tapp very proficient when it comes to navigating regulatory requirements, Marcel Hilmer, Cheryl Edwards... the list goes on. They have quality projects so I'm not worried about that side of things. It's more the timing and their balance sheet.

I remember Mike stating their leases are quite expensive to maintain too, together with consideration due to Cameco in January they do have some large overheads and liabilities. I like the idea of getting a strategic partner and the balance sheet may be a reason why they've taken that course of action.

As you know, I'm definitely bullish when it comes to the future of uranium but I'm just getting a tad nervous at the timing in the context of Vimy's position. I can appreciate the frustration from a lot of long standing shareholders, it' been a long wait.