Tribute is encouraged by the latest results for the following reasons:

1. They are continuing to find sulphides in most of the holes. Hole 15 was the deepest hole and they were into a wide (70-80 ft) fault. No sulphides were found in hole 15.

2. The sulphide intercepts are getting wider at depth and to the west. For example hole #8 which was 500 meters west intersected 30 M of sulphides between 89 and 119 M. Hole 12 intersected 20M of sulphides between 356M and 376M. They want to deepen hole #8 to see how far the sulphides extend beyond 119M.

They were hampered with this drill program because they did not have crone downhole availability and they did not have a deeper drill.

The plan going forward is as follows:

1. Conduct a crone downhole survey in the existing holes. Just as Noront was looking for a barren hole to conduct a downhole program when they found hole 49, Tribute wants to use hole 15 because you get better results using barren holes.

2. If the downhole program identifies good targets, they will immediately bring in a deeper drill that apparently is available.

3. Tribute has staked over 90,000 acres in this region they call South Bend and most of it has never had geophysical work. They intend to use the latest vtem technology (mega-vtem) to survey the entire property. The property here is 24 km long. This will be done this spring.

John Harvey and Trevor Boyd anticipate that the source of the sulphides is beneath holes 1,2,9, 12 and 15 and/or to the west. There is a ztem target directly beneath these holes at 600 M.

They are anxious to see what the vtem survey tells them. They believe this is a separate intrusive system, not the same event as the Eagle Deposit and the "Red Line".

The sp is holding steady at about 13 today. This suggests that the market has interpreted these results as positive but not the bananza results some were hoping for.

I have found that trying to predict the markets' reaction to events sometimes leaves one shaking their head.

SN