Tantallon,

Most posters on the LBE AG and SH sites have given you their opinions and thoughts where they think LBE will head as an investment over the coming years. Many of those opinions and beliefs come from doing due diligence on the company from speaking with management as well as their understanding of the financials and other publically released data. They have worked out what the production numbers will mean for their investment once LBE consistently gets up to full production.Over the coming few quarters and into the New Year, we will see LBE reach its goal of consistently hitting full production.From those numbers, along with where Ni price is at, LBE shareholders will continue to monitor their investment of whether or not they believe LBE meets their risk/reward criteria. They will either sell their shares, or they may purchase more based on their comfort level from the numbers they see.

I have said it before and I will say it again to you; I really don’t expect to see anything with LBE regarding third quarter debt repayments. I say this for several reasons. One, I still believe LBE will take more time to consistently hit their 1500 ton a day target they have for full production.I was up at Red Dog Mine for several years during their startup, and saw first hand the issues Mining and Milling can give a company for the first several quarters of an operation getting to full production.In my opinion, LBE will no different. Secondly LBE didn’t announce they were reaching 1500 ton days till mid July and I fully expect they will have other down days that will limit LBE reaching their stated full production average for a little while to come.Thirdly, and as far as I know, LBE has been running mostly pit material throughout this quarter. With the low grade we know it is, we really aren’t going to see much ni from it, and that no doubt will affect the overall numbers. I am not quite sure, but I do believe LBE should be getting into the much higher grades as the fourth quarter begins.

What the third quarter will likely show, and might be of interest for you and other ISM shareholders, is that one really needs much higher average grades to make a go of things than what the Micon Resource Report showed for the Langmuir Properties.Maybe that is something ISM already knows, and that is why they are not going forward with the full Micon Recommendations?? Sure would be nice if they would respond to questions??

As long as LBE can show production levels are steadily increasing with each quarter going forward, that is all that really matters to me. Personally, I would be happy if they could show they have averaged 1100-1200 ton a day for the third quarter. If it takes a quarter or two longer to average 1500 ton per day, so be it. I am quite comfortable with my investment in LBE and am confident over the coming year or two LBE will have JJ paid off.

Best

Nickel