Not-Bao's

我很荣幸能在这个良好的投资份额

(Translation)

"We are most honored to share this fine investment." -Baosteel exec,

It is now crystal clear why Wes did not attend the Ferro-Alloys conference recently in Hong Kong.

We must accept that the added funds are now in place to get this mine to the starting line. Albeit, a bit low priced, but the truth of the matter is NOT is forecasting to spend $10M this fiscal year. Cash on hand was last reported to be about $17M. So financing was inevitable with the expenses that are mounting as we get more detailed studies completed and paperwork ready to submit to Ontario's "One Window" application process.

What this does is infuse the company with money for exploratory drilling, which in my opinion is needed to define AT12 and AT4. Also a resource estimate for the JJJ zone and possibly enough for a resource estimate on Eagle 2. I was a bit disappointed to see that we were spending such a small amount (comparitive) on the drilling budget so I am happy to see the Yuan flowing in.

Most exciting bit of news would be the nomination of a board director. Now do you think that a director will be vacating?.....or just filling in P.F.N.'s old chair.

Things are looking up. I figure we climb back to the $2.50 range before summer's end.

My last post suggested a PP was on the way. Sorry it was at such a lower cost, but this is the Chinese way.

An hour after reading about the PP, I found myself hungry for more news...........

"Patience Grasshopper"

mynot