I would invite everyone to have a look at the "McFaulds Area Property Map" and see where the NOT property is and the properties that they share with their joint venture partners. You can readily see the strategic land to be explored. Over the next year, the JV's will be spending $7.9 million plus what NOT is spending on exploration on our properties. The JV's will spend $28.9 million over three years. This is a substantial amount of commitment over a large geographic area. A summary of the activity to take place is as follows:

JV 12 mo Next 24 mo. Total JV Date

WSR $1.5 mil $3.5 mil $5.0 mil Nov1

Southampton $1.0 mil $2.5 mil $3.5 mil Jan 4

Seafield $0.6 mil $1.5 mil $2.1 mil Jan 15

Lund $1.0 mil $2.5 mil $3.5 mil Feb 4

Intrinsic $0.9 mil $2.25 mil $3.15 mil Feb 5

Intrinsic $1.3 mil $3.25 mil $4.55 mil Feb 11

Bold $0.6 mil $1.5 mil $2.1 mil Apr 8

WSR $1.0 mil $4.0 mil $5.0 mil Jun 9

Total $7.9 mil $21.0 mil $28.9 mil