When you compare the price of an exploration company to a near term producer it is like comparing apples to oranges.

Exploration companies being compared to exploration companies would be like ISM compared to GCR. Exploration companies base their value on the potential of the property. Money raised is solely put on company overhead and exploration. With lots of money in the bank, no requirement to go get more funding ISM has been able to ride through the economic down turn. No dilution of shares. With great marketing they are able to capitalize on all the drilling they have done this year and their feasibility study.

Liberty this year has put all energy getting McWatters up and running. It costs alot to build a mine and with the delays we experienced we went through more money then originally planned. It would have been simple to build an open pitt mine and it would have cost alot less money. There was too much overburden so a ramp had to be built, plans had to be changed, permits were delayed, winter hit us hard but we are now at the cusp. Within weeks we should see McWatters begin preproduction. It has been a hard year. This summer Ni prices were below the 10 year norm. Prices are starting to come up and this is where we are at. McWatters is our stepping stone.