Word reaches me that Callinan will be drilling at Fox River this week as early as Monday if not already. 7 targets defined by top notch geochem work done last summer will be the initial drill targets on the big central anomaly. The one with the very similar VTEM arial survey pattern to Viosey Bay except this anomaly is twice as large. (See Fox maps on CAA website)

Callinan CEO, Mike Muzylowski was recently seen on a short BNN commercial reasserting his confidence that a big strike will be made as a result of this years drilling. I am told also that after an initial strike is made a concentrated all out effort drilling through the summer from pontoon platforms will ensue, presumably with more than one rig. Callinan is well financed with an expected $12million income this year to do this and still be able to afford work on other properties if so indicated.

This could be the biggest strike and most memorable year for CAA and as a result as well for all Canadian exploration since Viosey Bay and for some years to come.

Regarding the law suit against HBM, the judge could hand down a decision and directives to the respective legal representatives any day now. It is fully expected the ruling will be in full favour of CAA. The necessary HBM books will be accessed, values examined and calculated and settlement numbers to result.

CAA is looking better and better. The shareprice is still very undervalued and enough good things are on line for this year that could really make it explode. I sure hope it does. I never made $1million in one year before.

GLTA,

/Isaya