John, you still are a pissed off shareholder. We all have suffered losses.

I don't really know but since they own the company - well, the overwhelming majority of it, they can pay whatever they want for the nickel.

The price the Chinese pay for Ni is a contracted price that is competitive with Xstrata - in fact we will be getting paid for some of our byproduct credits which we did not get paid for before.

They can also work the books so that Liberty Mines will never make a profit by all sorts of accounting machinations.

What accountant do you know that will keep a set of books any different then for any other mining company. They still have to comply with audit requirements and Lbe had no problem complying with those requirements.

Depreciation of the mine is fairly standard and maybe already set but depreciatioin of equipment, buying additional equipment and so. Will they, given they're a 'guest' in Canada? I don't know but I do know that they can pay what they like since they are the owner.

That does not bode well for shareholders even though we're probably only about 20% or less now when factoring in the convertible preferred. And any time they want to take the company private they can - and offer whatever they want to. If that's not correct someone advise but that is and has been my belief and my concern. In short we're probably screwed. Why would the Chinese pay us a fair price when they can squeeze us? Hope I'm wrong but todays trading does not look good.

How does the convertible preferred get paid? With no cashflow and no income it just becomes an additional debt the company owes - no different that if we owed Salman Partners/Casimir - no one gets paid [shareholders, increase in share price et al] so long as that debt is out there. Until they exercise their convertibible preferred we pay them at 8%. After they do they'll most likely take it private. In the mean time we're frozen. Any "new" debt will also become a debt against the value of the company whether borrowed from Jilin Jien [the parent company] or another lender. My guess is they'll make the loan to Liberty Mines - their wholly owned subsidiary - and there will be little or no profit for the remaining life of the several mines. In short, they got the mines and we got the shaft.

******************************************************************-Maybe I am a simpleton. I guess I am. Our company was basically bankrupt - we are rebuilding. I know the resource is real(my opinion only) and I am willing to wait. The Chinese, we have dealt with before, and they have been good business partners.

An interesting study is going on by Houle and Lesher. Geochemistry of Iron-Nickel-Copper- (Platinum Group Element) Sulphide ores Associated with Komatilites in the Abitibi Greenstone Belt, Ontario. In the Field Investigation, (part of an ongoing MSc thesis project) Representative samples were taken of all ore types (fine disseminated, blebby disseminated, net-textured, semi-massive, veins, tectonically modified) at eaach locality. Sothman, Galata, Alexo, Hart, Texmont, Redstone and Montcalm were all involved. The sampling phace is expected to be completed during 2008 and 2009. Other deposits or occurrences such as the new discovery of Golden Chalice, McWatters, Langmuir #1 and #2, and the Kanichee deposits will be evaluated for potential sampling in 2009.

Sounds like others are interested in our summer drill program too!