The RoF is a money pit and the potential for our land is long term. If CLF wants UC's 43-101'd deposits and all of the E & W block real estate with no $$ value for potential or blue sky, my guestimate is a $20 to $25 million present value.

That is $0.13 to $0.16 a share bud.

The value will increase between now and 2015 when CLF's wants to go into production. Rising tides float all ships and we have some real fancy VTEM colours and contours on our land. We will soon be the majority stakeholder and operator from this point forward. CLF's has the geo and development skills, but the roles are reversed. Whatever CLF thinks is there ... we are privy to.

I say care and maintenance to contractual obligation and that we go forward thinking of the RoF as the gold coins in our sock drawers. If CLF's wants it in the future, it will be worth a lot more and I am sure they have figured this out.

Remember that Jim is committed to the following objectives two objectives. 1) minimal dilution c/o cash flow ex La Yesca. 2) 300 - 500 million market cap in 2 – 3 years (Think $2.00/share)

Hope I didn’t spoil your share accumulation strategy.

Aafab