Dear shareholder,

Thank you for your inquiry. The drill program for the Kell commenced in November. There were three drills operating on various properties and one geologist handling all three. It took our project geologist well into late spring to complete logging of all drill holes. That, coupled with the data input, slow assay turnaround, and rechecks on the assays resulted in the late release of results. As for Ajax, our geologist on this project is still compiling all assay data received and working on an interpretation as well as waiting on assays still pending.

Regards,

AGORACOM Investor Relations