Thanks to Sculpin and Kemo for their explanations.

I know that many have been pouring over the 43-101 and crunching numbers. (BOW2U, where are my daily estimates?) The numbers are fantastic. I've read the Report a number of times and for me the text of the first 50 pages is pretty clear. The Quantec technical stuff is way above any comprehension I have. I see some of you making correlations between the beautiful colours, our vein samples and other stuff. To me it's all PFM. Thanks to all that have shared what they have gleaned from the Report and now I'll share my thoughts.

Legal Disclaimer: The following is just a WAG.

I believe there is a very good reason that St. Elias had a 43-101 Report produced at this stage of the game. That the commissioning and issue of the Report slowed the dissemination of news from Tesoro was quite intentional. To me, the text of the Report simply states that what has been released for public consumption has been validated. The cliché that says, "If it sounds too good to be true it probably is." can apply here. I think beyond the announcement of the permits, news is coming that will be astounding.

St. Elias probably wanted an independent confirmation that their science thus far has been sound. In a nut shell, that's what I think the first 50 pages say and the rest says, "Brace yourselves, there is more to come."

The permit will come in due course. Those that are chomping at the bit please keep in mind that the original Tesoro is huge, 4250 acres or >6.5 square miles. Now the adjoining claims have increased that area by 250%. Until their release we won't know whether the permits are just for the original claim or the full 17,500 acres. Would I bet against it? No. I have no doubt the permits are in the works and will come from the Peruvian gov't in due course.

With the permits, I believe will come a torrent of pent up information, both from on site and in corporate matters. Consider this.

We all agree that Lori is a pretty smart cookie and quite proactive. With its current market cap, SLI ranks as #71 of 2071 Canadian companies on the Venture Exchange. SLI's market cap would rank it as #545 of 981 on the big board.

So do the math:

43-101 that says this play is legit.

+Drill Permits

+Defined targets and plan

+ Contracted, reputable driller

+ SLI Market Cap

________________________________

= Big Board Listing

And with that the company will be seen as a true play more so than one of those Vancouver juniors that are a crap-shoot. The shareholder value has far more room to appreciate on the big board and I thinks this is where we are heading. The slow trickle build up plays into this.

For 2011, I predict seat belts won't do. Get yourself a 5 point harness because SLI is about to launch.

Good luck to all,

Cheers.