IR Paul Oct 4/07 update

we expect to continue to send assays with regular priority. At this point, the focus is trying to do as much ground work as possible while the weather holds out. Our helicopters are usually fully deployed moving equipment and ground personnel

Holes have been drilled on West Voisey’s and Garland. No assays expected to be announced. Budgells Harbour and Great Burnt yet to be drilled.

1. Quebec – update coming in the short term regarding completed geophysical and drill program; please note that we are capable of drilling this accessible property during the winter when we will not be working with the three rigs in Labrador (King River); we expect to move one of the drills from King to Quebec
2. Budgells is drill ready but we have waited to focus our attention on King at the present time; we will drill during the next quarter; update to come
3. Great Burnt – discussions in progress; not looking to give up anything that could be significant; we have additional monies now to apply to the project – that is, we can readily fund it ourselves and it gives us another opportunity to work during the winter
4. Victoria Mine discussions have not led to a program at this time; again, it is opportunity that we do not necessarily have to give up
5. RAB has been quiet; we are well within the parameters of having spent enough money on the project to satisfy requirements to keep the project current; as an investment asset we recognize that its valuation is modest at best at the current time; this does not mean it will not be reflected more positively at a later time