The drill program is establishing continuity in the 007 Zone and is indicating considerable depth potential. We deem the most recent results to be important in demonstrating that the near surface mineralization at Rice Lake (Hinge, Cohiba, L13, and 007 zones) may extend to depth and join the 98, RL and RL East zones located over 1100m below surface.

We have long argued that there are considerably more ounces at Rice Lake than the three million that the company has quantified to date, and the recent results would seem to substantiate that position. We expect the company's share price to continue to appreciate on positive drill results, and we are maintaining our BUY rating and 12-month price target of C$5.20/share