Hi Chad,

In regards to slide #24 and #25 from you June 2009 Presentation, you have indicated that VIT is presently being valued a $15 per gold ounce in the ground vs. $40 per gold ounce in the ground for the Cancord Adams Junior Mining Index. In your opinion, why do you feel that VIT is being priced in the open market well below its junior gold exploration companies?

You have also mentioned that your objective is to get VIT to a point where it is priced in the market at a level that is comparable to the top junior exploration company in its peer group (presently $100 per gold ounce in the ground). What company is presently the top junior exploration company that you hope VIT will eventually replace? Can you fill me in on any details comparing VIT to that top valued company? What is unique about the top valued company relative to other companies in its peer group?

Thank for your opinions,

Tom Smith.

Chad’s response to my questions:

By the way, that is "less than $15/oz" based only on 43-101 ounces i.e. excludes Cove, Mill, Santa Fe, etc!

In my opinion, we are at a discount because arbs have been killing us in the mkt while SGV deal was live (SGV was de-listed today), we are a new story, and we need to publish economic studies on our two main assets (Cove and Eagle) to get more credibility that these can become attractive mines. Take a look at what happened to Romarco's share price once they published their pre-feas on Haile earlier this year....

Romarco’s share price increased from approximately .15C in Dec 2008 to .82 C recently.

"Over $100/oz" comes from the average valuation of the small producers; although some exploration companies trade at that high of a price also (rarely)