Just some notes from the latest MD&A

- ISM does not own Cleaver and Douglas properties but is in the process of aquiring them

- Cleaver no shares issued in purchasing agreement - still outstanding is $450,000 cash and $900,000 in exploration to gain 100% interest in property - 3% NSR not included

- Douglas - no shares issued in purchasing agreement - still outstanding is $125,000 cash and $150,000 in exploration to gain 100% interest in property - 3% NSR not included

- Jasper is now considered a possible spin-off - not official

- tax expense of $737,039 was for 2005\2006 investment program - $454,885 tax expense was also paid last quarter for same investment program

- long term debt based on future income taxes which will be owed - thus the creation of the $5,220,000 future liability reserve - no drilling anticipated?

- rent and telephone expenditures increased 70% in 2 years - change in office location?

- NI43-101 by Micon - no time frame given

- commenced the process of applying for Advanced Exploration at Langmuir 1 mine - verbatim statement from last quarter - no progress?

- VTEM was to be delivered end of 2008 has now been put out to second quarter 2009

- majority of exploration expenditures will be on Cleaver and Douglas - what happened to the 50+ anomolies at Langmuir?

Just a few of the things I picked out from the latest.

Notice there is no "cut and paste" used either.

v.