Renamed from American Bullion Development Corp.

North American Royalties and Assets in Nevada and the Yukon

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Message: Heap Leach update

We should all be watching for the metallurgical results of the sonic drill program. Aside from the resource estimates, this is probably the single most important piece of news over the next couple months. Positive results mean we can resume production at the heap leach pad for the 150K oz remaining (and have been oxidizing for a decade). Cash flow positive for 2012 would demand a re-rating. Were currently being valued as an explorer, we'll be valued as a junior producer before long.

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