Dear Interested Party

MacMillan Minerals Inc. was formed on September 5, 2008.

It was formed specifically to spin-out the Mexico properties of MacMillan Gold Corp. prior to their amalgamation with Duran Ventures Inc. (TSX-V:DRV).

The spin out transactions occurred on October 31, 2008.

The transfer of assets at October 31, 2008 were as follows:
Cash - $1,111,922
Marketable Securities - $886,253
Amounts Receivable - $89,269
Prepaids and Advances - $15,614
Total Current Assets: $2,103,058
Interest in Minerals Properties $1,140,278
Investment in Warrants - $20,000
Other Investments - $2.
Total Assets $3,263,338
Accounts Payable and accrued liabilities - $233,032

Share Capital $3,030,306.

Working Capital at Oct 31 2008 was therefore $1,870,026.

MacMillan Gold Corp.'s working capital at June 30, 2008 was $4,931,952

Cash of $1,000,000 was transferred to Duran Ventures Inc. from this amount prior to the spinout into MacMillan Minerals Inc.

The value of the marketable securities went down by $1,930,047 from $2,816,300 to $886,253 from June 30 to October 31, 2008.

This was primarily due to the value of the shares of Duran Ventures Inc. going down by $1,862,747 from $2,714,000 to $851,253

These two items reduced the available working capital between June 30 and October 31 2008 by $2,930,047 from $4,931,952 to $2,001,905

Therefore the remaining drop of $131,879 in working capital between June 30, 2008 and October 31, 2008 can be attributed to the continued operations ofMacMillan Gold Corp. for the 4 months from June 30 to October 31, 2008 including ongoing Mexico exploration.

The filing of our Non-offerring Prospectus has taken much longer than anticipated.

The meltdown that occured in the world's financial markets as a result of the sub-prime lending fiasco resulted in market conditions that were not favourable for MacMillan Minerals Inc. to enter the market as a newly listed company until the end of the summer markets in September 2009.

The value of our single largest financial asset in our working capital, our shares of DRV, went down in value to as low as $109,135 in August 2009.

It became obvious to the Company that we may not pass the test for minimum working capital for listing unless we waited and received the 100,000 shares of West Timmins Mining due on or by September 30, 2009. These were received at a value of $203,000 which directly increased our working capital. The value of these at November 4 was $264,000.

With the receipt of the West Timmins shares with a value of $264,000 at November 4, 2009 close and the return of DRV to a value of $338,318 at November 4 close, the Company is now able to file its prospectus and meet the working capital requirements.

The following have been completed for the propspectus:

Audited financials to September 30, 2008 for MacMillan Minerals Inc. have been completed
Audited financials to September 30, 2008 for Duran Resources ULC (formerly MacMillan Gold Corp.) have been completed
Auditor verified statements for 9 months to June 30, 2009 have been prepared in draft form
Auditor verified proforma statements to September 30, 2008 and June 30, 2009 have been prepared in draft form
A listing property of merit report on the La Cucharas property in Mexico has been completed
Exploration work in Mexico has continued throughout the period since spin-out.
Grass roots properties were evaluated and several properties were dropped.
Extensive work has been completed at La Cucharas to bring it to drill ready with a current drilling plan.
Environmental permitting to drill at La Cucharas has been secured.
The Company intends to file its prospectus within days and to prepare the La Cucharas to be ready to commence drilling in November.

The Company hopes to be listed and trading in 2009.

Regards
George A. Brown
President & CEO
MacMillan Minerals Inc.