I was on hold for close to 30 min before getting to him, no big deal as I was just watching the action in the market...wow, am I glad I am in Noront considering the blood bath out there.

In any case, I discussed the PW post with him regarding about 170M of vertical mineralization, he agreed but of course pointed out that these were not true widths. I pointed out that this deposit was getting richer at depth and he stated that he could not confirm this. When I reread the info from the NR to him, he recalled that hole 8 was richer than he was expecting considering the previous holes. I believe he is just very guarded and did not want to say something that he was not supposed to say. But the bottom line is DE2 has 170M of mineralization that it gets richer at depth and we have not hit the bottom yet (at least at the time of the NR).

I then asked him about the conduits and what he expects when they drill them. He stated (after some probing - did not seem to want to discuss this) that they expect to find mineralization throughout of minerals of similar variety as DE1 but that grades would only be determined by assays and he would not want to speculate on grades.

I asked about the date that hole 2 was drilled (first hole at DE2) and he said he could not recall. He said he was there when they drilled hole 6 and 8. Prof Mungar was also there for those holes. Prof Mungar was there to prepare a report for the whole area. He was not there specifically for DE2, just lucky in his timing.

Then I asked about the missing 4 holes. He stated that they were drilled on another anomaly but that they do not have a handle yet on this anomaly and until then, he would not say anything about them. I do not think this is good or bad at this point personally. He also did not want to say on which anomoly they were drilled on.

Asked about current drilling. He stated that they continue to drill anomalies and conduits. I asked him about drilling conduits and he said that they are part and parcel of the anomalies and as such are getting drilled.

He then cut me off, that he was supposed to be at a meeting 5 minutes ago. Tone of conversation was business like, but garded. He seemed nervous about saying something he was not supposed to. I think JPM is trying to really keep a very tight lid on everything if you ask me.

Warmest regards (on this cold day in the market)

Glorieux