Hi Skier,

I can't say why the sp is declining of late but your comments that setting up a mine is scaring off some investors warrants some discussion here.

All the way back to the cocktail luncheon at PDAC James Tilsley has insisted that you never really know the true grades until all of the the ore has been mined and processed. Our problem (see Jay Taylor's report) continues to be working around the nuggety gold effect. In fact, when I read the MD and A, I also noticed that we don't just have nuggets but rather "clusters of nuggets" that will almost certainly contribute to the drills underepresenting true grades.

We all know the time it actually takes to solve this nuggety gold issue will likely affect the timing of 43-101 compliant resource estimates, large institutional financing deals etc. Jim indicated that one possible solution would be to run a ramp down to 1000 m and use bulk sampling to calculate the grades of Timmins1 to depth- but noted that even this would still likely underestimate the grade. So how much more difficult would it be to partner with another small scale producer (do we know and producers that are currently under capacity and have their own lab on the minesite ... hmmmm?) and have our ore processed and grades accurately determined? I am not suggesting that I think its a good idea for us to become a producer - but rather that it may be necessary for us to use production style methods as an exploration tool to better understand the grades of gold that come from each of the three "types" of deposits. All of this is moot, of course, if the market responds very positively to our assays, conceptual models, and the extent of surface outcroppings along the putative 20 km belt. However, if traditional drilling cannot get us home- then thinking outside of the traditional exploreco box may be necessary.

Bratty said it best in one of his site visit posts "Hell, the 'nugget problem' is the exact reason why this thing hasn't been mined already, so in that respect it should be something to be extremely proud of and feel very fortunate for!" I agree 100% - virtually all the low hanging fruit has been picked clean worldwide. Many others have missed the payoff with this property because they could not think outside the box. Our exploration and management team has has an incredible amount of imagination and I look forward enjoying watching them use it crack this nuggety gold issue.

Best,

Scott