"three months ended June 30 2009

1. management fees $90,000 - almost doubled in 2 years......hmmmm

2. office and misc. $9,643 - you would think spending this kind of dough that they could have bought a 39 cent pen to fill out the dewatering permit. I see now that dewatering and bulk sampling at L1 is a possibility and not a "for sure" thing. Imagine how long an Advanced Exploration Permit would take to fill out.

3. shareholders information - $230 - enough said on that one

4. travel and related - $44,342 - wow, nearly triple over the same period last year! I thought we were in bad economic times..... guess not

By the looks of things maybe someone here should have gone to the AGM.

v."

LOL Van these are items that catch your eye? I guess all the good stuff from the Perfromance summary is not worth talking about. But hey you were the guy who was not in the dark these last 6 months right?

To me the first thing that comes to mind is that, wow, these guys are lucky to have the money to carry on with their exploration business and sure as heck are bound by the constraints of being under care and maintenance like so many others. The fact that we caould drill and stake and move forword on so mnay fronts within the ISM empire has much to be said, but if yiou can't see past your times of interest then so be it.

Cash is king and we have continued to meet targets and business objectives as a result. Three of the four cost items you quoted, have increased substantially over the previous period, think about it for a while, and then get back to us with your astute conclusions :)