Dear Whaler and AG ISM members:

There is very little reference to Metal Mines in the MD&A of May 17th as outlined in my last post. Whaler has some excellent questions regardnig the potential spin-out of Metal Mines. The following is my review of Whaler's Metal Mines Questions:

Metal Mines Spin out questions:

10) Last question off the top of my head, after a dissappointing Micon report, the "spin out" is widely being viewed by the investing community as an attempt by ISM to shed a "worthless" property and divest itself of it's future exploration committments at Langmuir, which was/is the company's biggest asset. Can somone ask what Mr. Miller thinks of that possible market sentiment and can he comment further on the spin out's intent as it relates to unlocking shareholder value.

> Answer : The market found the MICON report disappointing but Mr. Miller did not when I talked to him on February 3rd. The last MD&A clearly indicated that ISM was focused on on the L1 & L North indicated resources. ISM and MICON did not expend any resources exploring the rest of the Langmuir property even though very promising results were reported (ie 2m of NI on Hole 32 at 15.5% NI, 39 samples had NI concentrations > 3.8% NI -- Oct 2009 MICON Report). They are following the MICON recommendations in trying to establish near-by mineral deposits to increase both the size and NI concentration of those two established indicated resources. Holes 52 & 51 are considered near-by (250m NE of L1 indicated resource) and that is why there was a press release. The concentration, thickness and close proximity to the established resource could significant increase the size and concentration of the L1 indicated resource. If successful, this would increase the probability that these indicated resources are economically viable. Perhaps a better way to ask this questions is as follows:

1st Alternate Question : Mr. Miller, given that ISM shares are sitting at a six year low and are now trading significantly less than liquid, or near liquid ISM assets, what do you believe is the cause of ISM shares being valued by the market at 28 cents?

2nd Alternate Question: What, specifically, is being done to restore shareholder confidence?

6) If the Metal Mines spin out is successful, what does that do to ISM's previously stated committment to follow through on Micon drilling recommendations?

Answer: From Pages 12 & 16 of the May 17th MD&A, ISM suggests that MICON, and ISM, have only concentrated on the L1 & L North mineralization zones. They suggest that there is a lot more potential in the ISM Langmuir holding. In my conversation with Randy Miller on February 3rd, he indicated that there was 100M tonnes of ore at Langmuir, but he also clarified that it is not all in one spot. This suggests that they intend to continue exploration activities at Langmuir.

7) If the MM spin off is successful, how much cash will be given to MM for working capital?

Answer: Good Question.

8) Will we see some outside blood head the new spin out or will we see any of the present ISM management as leadership there as well?

Answer: Good Question.