Whaler,

June 28th is LBE’s AGM. The new man at LBE’s helm will have been at his post long enough to have fully evaluated all the issues, as to be able to update shareholders of its future plans and operations. If any serious talk on ‘joint venturing’ with ISM had taken place, I am sure LBE shareholders will be well advised of that possibility at this meeting. If nothing is noted at the AGM regarding this subject, I highly doubt LBE will have any future interest in pursuing a joint venture with ISM.

In my opinion, LBE’s first priority will be mining and milling their own resources, long before they would ever consider any joint venture of such low grade. With much higher average grades coming out of the ex Golden Chalice camp; as well as having the ex Golden Chalice lead Geologist heading up LBE’s exploration programs, I would have to think that is where LBE’s joint venturing might come from. With 5-6 six years of full production ahead for its mill from its own mines, it will be very unlikely to see LBE doing any business with ISM.

Over the last six years, ISM has punched enough holes in the L-1 and L-2 to make the properties look like Swiss cheese. Through all this time and exploration, ISM hasn’t been able to prove up one single pound of economically extractable Ni. Obviously, ISM management is not taking the Langmuir Properties serious any longer; for if they were, all the Micon recommendations from the last Ni 43-101 would have been completed long ago.

In my opinion, the move on UMJ by Randy and gang is nothing short of an attempt to distract and draw attention away from the complete failure of ISM management’s exploration program on the Langmuir Properties. If there ever was an indication that ISM may be able to define a reasonably sized economically extractable resource, the market certainly isn’t buying the story. The dismal share price and volume of shares traded is telling a very different story to what ISM management convey. The average low grades of ISM drilling results are not financially extractable in my opinion, and that is the most likely reason ISM withheld releasing any details of the recoverability of this grade. The market figured that out long ago, and that is why it is valuating ISM at its current share price.

On June 28th Liberty shareholders are fully expecting LBE management to lay out its future plans of direction. If you don’t see a note to the ISM comments on possible joint venturing, chances are it will be very remote to happen, if ever.

Maybe it’s about time to consider forming your own dissident group and dump present management. Personally, I think you all would have been much better off if it had been done years ago.

Best

Nickel