Veeblue,

Many would agree with you but it is unlikely to happen for the following reasons.

This thought was posed to Lori at the AGM and she made her case against it. I'll try to convey as accurately as I can but please allow some licence.

Narrow vein mining and resulting bulk sampling was being done on Tesoro from time of purchase on '04 until late '09. Underground workings went from roughly 200m to over 1300 meters. 1100+ tons yielding .93oz/ton was mined / bulk sampled. In that time period our SP bounced around between 10 and 20 cents with a couple of spikes to the 70s. We were seen as narrow vein miners with minimal income and priced accordingly.

Now underground workings tell us a tremendous amount about the geology, more than equivalent drilling but it is far more expensive even when the small amount of revenue is applied. But those 1300m of underground works told the St. Elias team that the Tesoro held far larger potential. Potential for a big mine.

So in late '09 a corporate decision was made that the company's efforts would be focused on proving up Tesoro for sale. Since then all the company's actions have been in support of that goal. And along with that our SP has gone 10 fold since Oct. 1. '09.

That the Lori and the company has remained true to this course for over two years tells me that every indication they have thus had, and rest assured their people especially the rock scientists see far more than we do, supports their belief that Tesoro will be a major gold mine.

So there you have it in a nut shell. The company's resources are, for the foreseeable future, going to further the exploration of Tesoro in the present fashion. Another logical explanation may be that mining would be a distraction from the big picture plan.