Whaler and Tantallon,

The only way ISM will ever get a guy like LBE’s new CEO will be the day ISM gets rid of Randy. And what chance will there really be for that to ever happen? The cost alone to buy out Randy’s Golden Parachute package is almost cost prohibitive; but maybe after the release of the upcoming Micon Ni 43-101, shareholders will finally have had enough and realize their investment in ISM under Randy won’t be going anywhere until ISM starts proving up they have Resources that are actually economical to extract. The stalling of getting this job done is getting a little tedious, as everyone continues to watch the kitty slowly dry up. Maybe taking the financial hit now and getting rid of Randy would allow the company to use what ever money is left over to actually prove up a Resource that would benefit shareholders, as it should have done so long ago.

ISM has had more than enough time over the past 6 years to prove up an Economically Extractable Resource. Instead, the only thing shareholders and the market have witnessed is just a bunch of continuous Promotion that has taken the share price nowhere, but down.

Rogue Resources (Golden Chalice) has identified a McWatters size and grade Resource on their property. In my opinion, chances are that is where LBE would look long before they would ever consider anything of ISM’s. With the former Golden Chalice Geologist leading the LBE Exploration team, communication between LBE and Rogue regarding their properties are most likely on going in some capacity that might benefit both Companies down the way. I highly doubt that is happening with ISM.

As well, with the current LBE exploration program in progress on Hart, I would think we could soon see the possibility of expanding the 5 years of production LBE already has for its own Mill. As LBE exploration continues and more and more financially extractable Resources are found, this will only lesson any chance of LBE doing any deal with ISM.

ISM has already lost any negotiating power they ever thought they had. In my opinion, if ISM had proved up an extractable Resource a year or two earlier rather that concentrating all their efforts on promotional games, things would have been different for them. Instead, the time delays to prove ISM has anything of value only get longer and are now coming back to haunt ISM, as they still haven’t proven up a single pound of economically extractable Ni in over six years.

Although it was a huge financial risk for LBE to build a Mill at the time, it is now proving that this commitment by previous LBE management was the smartest decision LBE ever made. In my opinion, LBE are now in complete control of the Shaw Dome Area Mining Companies if these companies ever want to sell their Resources.

LBE will most definitely mill their own resources first, long before they consider other Companies Ni mineralization. As LBE gets its financial house in order over the next year or two, along with adding years of production from its own Exploration programs, it will only get tougher for ISM to do anything with their Shaw Dome Properties. At the pace we have all witnessed ISM work to get anything accomplished, in my opinion, it is just looking more and more like ISM’s kitty is a safe retirement package for a few individuals until it has dried up.

Best

Nickel77