Net of cash we are trading at roughly $0.75 per share. Let's see, what do we get for this $0.75.

- approx. $12MM spent on ramp at Windfall furthering this property closer to production.

- 50,000 tonne bulk sample from Windfall in the near term

- Very good likelihood of Windfall generating cash for continued exploration at JBL without need for further share dillution.

- $2.2 Bn CAD initial 43-101 for Eagle 1

- Likelihood of E1 and other targets (ie AT12) increasing our Ni/Cu/PGE resources.

- Many other very promising targets in the JBL in what is likely to be Canada's next major mining camp.

- numerous J.V's that are/will be spending their dollars to prove up our joint holdings

- Potential of a world class chromite deposit with grades to allow for direct shipping of ore.

- a world class management team, second to none in the business.

It is unfortunate that our timing of these discoveries coincide with what is transpiring in the global market. It certainly would have been interesting to know where we would be if all this $hit hadn't transpired. Such is life.

As painful as the last few months have been, when things do ultimately stabilize and turn around, the ride back up will be even sweeter because of it.

Cheers,

Milsy1