This really has been a frustrating year for us as shareholders.

It is very hard to look at the SP at these levels. Never would we have thought that Ni would be down to $5.17US and at times touched below that in the last couple of weeks. Our expected costs are between $6.00 and $7.25US a pound for the remainder of the year. The gap is closing for us. One month ago the Ni spot price as $8.50US.

At a time when finally we hit preproduction the United States was going through one of the worse stockmarket/credit crisis that many of us had ever faced.

Of course, when it was time for us to go for our financing the market was getting even worse. Then Liberty had to do a disclosure PR required by the BC Securities commission. One of the biggest effects was the disallowing of our NI43-101 technical report for McWatters. Our resource stands but the feasibility report does not. The work that has been ongoing still stands too.

Our SP sits at a price that none of us ever imagined it would be. If you look at the land package and the infrastructure that has been developed it certainly represents a great bargain. The real question is whether we can get the financing. I am hoping we can.

As to the new ammended annual Information Form. It is very interesting reading. On page 3 the reference to commercial production was removed. On page 7 The Groves project has been revised. On page 8 a paragraph was removed related to the development of the sills. On page 15 I found the historical work at Redstone very interesting. Especially the work in 1947 and 1961. On page 54 nd 55 The Audit Committee Information is new.

As to our share price. Other Nickel properties are suffering just as much.

t.fni $0.04

t.umj $0.06

t.fnx $4.05

ISM is not suffering the same fate because they have issued a notice of intent to buy back some of their shares.

t.czz $0.245