Mr Irwin, I finally took the time tio review the current financials.

You said;

1)I am not an accountant so forgive me if I misunderstand something. I do not know if SLI has creditors but they do have accounts payable to the tune of $350K. In my opinion an account payable is a debt. If it is not paid there is recource through collections, hence creditors.

1) Yes there is accounts payable, which is very little if you consider this being comprised of "committment #10" of which it says approx $260,693 of that ~$350 k accounts payable , is for 3 forward years of lease of office space. Also it appears that another $33,253 is due to certain management personelle. At least thats how the accounts payable look to me. And, you don,t worry about immediate payment of debt, there is always negotiating available with Credit Card service providers.

Also in your accounts payable , over and above the ~$350k, there appears a conspicuous amount of $100,000 owed to someone in lieu of shares? This is very odd and not defined in the financials that I can see. At present, that figure would amount to ~ 800,000 shares. In companies, services are sometimes paid in shares, but why this has not been paid and to whom it may be, raises a little curiosity, especially when there were recent options issued to management, and this may have been settled since Nov/2012.

You said;

2)There are only $200K in tradable securities held by SLI. Not a million!

2) Yes you are very correct. I did not go back and do a total tally, but from face value, it appears to me that IGD may not be paying us all the shares required in their option agreements. For instance, only 1.1 million shares of IGD are shown held by us, whereas I thought obligations from several option agreements with IGD should have had that figure at ~ 3 million shares. If these shares were held by us and sold, there should have been a revenue column set up in the financials, of which I don,t see, but may be covered under the guise of something else, without further looking. Also, there should be shares coming from Capitol 88 that I do not see recorded yet for our Chance F.

I also see that our cashable GIC is only worth $115,000 now, whereas it was worth $2.45 million 6 months before? A huge drop wouldn,t you say? Where did all this money go?

Nevertheless, tradable securities is much lower than I expected even taken into account the decline of sp,s in these stocks.

You said;

3) There was only about $350K spent on travel, not $600K. I say only but in reality $350K is too much in my opinion. I think you will agree to that?

3) Again, you are correct, but some of this column may have been added to "shareholders communication and promotion" which rests at $314,947. I say this because without clarity, that full column may consist of travel putting the total travel figure back up to ~ $600,000.

Even if its $350 for travel, this is again totally ridiculous! At this point in time with the markets, or at anytime for that matter, there is no need for this type of travel. Just think about this for a second, if everyone was doing their job in the office daily, how can there be such an expense as this? Apparently there was no stock promotion going on, as the sp continued to steadily decrease as the CEO and Tyna sold shares. That travel figure should have been more like $10,000 at tops and probably could have been kept below $5000 at this time in the markets. There was no need to travel. The rumours of limosines setting outside of resturants for hours may play a big part in this expense as well as lavish dining, I don,t know, only guessing, but if correct, then its all on our dime while our treasury consistently declines and is not in the best interests of this company and its shareholders. This high travel costs could also fall into the reckless spending category which could hold the whole BOD accountable for allowing such absurd expenditures to be forwarded to the company. Maybe one of the reasons Lori is fighting so hard, because if she loses, in which she undoubtedly will, her and the BOD can easily be held accountable. I believe this total figure may amount to several million dollars over the last few years.

To further this, any liability insurance the directors may have, would most likely be challenged in court by the insurance company themselves in light of the circumstance and how much proof the insurance companies lawyers uncovered. Most likely leaving any BOD that said aye at the meetings, soley responsible and accountable individually. So, in other words, even though Lori may have racked up the biggest percentage,if not all the travel expenses incurred, the other directors in a court case could be held responsible for their share of the expenditures they allowed, leaving Lori to walk away only having to pay a fraction of what she may have racked up, with the rest of the expenditure approving directors responsible for the applicable fraction. Lori appears to be continuously boxing herself in and hauling more into her downward spiral, maybe to alleviate her own accountability? I don,t know, but I know that anyone convicted of any crime, always enjoys the least sentence.

You said;

4)I think I already said this but current managment is not up to the task from what I see. Thier only reduction in spending was to stop exploration. Unacceptable.

4) Agreed, totally unacceptable on most if not all fronts. Incompetence is so very obvious and is magnifyed with Lori telling Bush Boy that it is the dissidents fault for the current stat of the company of not going forward. She is the one restricting the companies forward motion by ignoring 91% of her shareholders.

You said;

5)So, it is not that I do not agree with you but rather that I think like bushbuy and want the company to get back to work before they go bankrupt and I lose 100% of my investment.

5) The chances of this company going bankrupt are very slim at this time, there are options still available that have been untapped for revenue. Lori,s proven track record of this company should tell any present investor or prospective investor, that it is most likely a very unwise choice to let her continue to run this company. For Lori to spend around 4 million dollars on a drill program that didn,t prove a thing, and spend roughly around the same in travel in those few years, should be very easy to see, even of the very least savvy investor. There were many positive news releases she could have put out in the last few years, but it seems she always chose the most negative releases for some reason. Any news that could have added value to the sp seemed to be put in the finacials/ MDA instead of publicly being released where more investors would have seen it and may have bought shares supporting the sp. The Timely Disclosure Policy apparently doesn,t apply to Lori or this company, for whatever reason.

A couple things I would like to mention that I see in the Financials that I don,t believe were mentioned here yet.

1) GST Recoverable;

This amount is rather large and would imply taxes paid on services of around $2.5 million dollars. Maybe its from drilling and travel mostly, and looks as though its carried forward from an earlier reporting date, nevertheless, this amount of ~$300 k has to be added onto cash which will put the cash position over a million as of Nov/2012.

2) I see Prepaid Expenses and Exploration Advances showing up to total around $860,000. This is significant, and this alone may be able to be reallocated to a different column and become cash if needed whereas there appears there is little to no work going on on the properties, or can be utilized by the dissidents upon getting handed the keys. The ~$400,000 of prepaid exploration advances could put a possible 6 holes in the Tesoro down the road.

3) I am still not sure if we have received all obligated cash payments from IGD or other optionees, so there may be more cash to come yet that could be added to current cash position. Maybe a few hundred thousand dollars?

4) I see where it appears that property upkeep and maintenance for the whole 3 Peruvian properties only seems to amount to ~ $2500 per annum. This would/should mean, that if the company is doing very little work in a year on these properties, that upkeep, as you see is very little, so definitely not a concern.

5) I see where there is no upkeep fees for our B.C. properties, I would assume that Havillah is taking care of the couple main ones we have, whereas the other optionees would be responsible for these fees. Nevertheless, there is considerable vagueness in how Havillah is set up and its flow of monies, which is very important to us. Not to mention the $100,000,s spent on legal to get this company ready for trading then don,t do it.

6) There should have been a column for revenue stream because of our subsidiaries even though it says no revenues since 2010. Then it doesn,t even name the mills that the bulk material was processed at, when in NR,s around that time, it specified Dynacor. Also, its possible that Minera Santa Elisa, a subsidiary , could be setting on cash that hasn,t been delivered to SLI yet.

Totally All in My Opinion,

Speculation involved here as well, but who is to say that speculation is not correct.

This post could be 100% wrong.

thank you