Leb:

Firstly, let me say that I appreciate your technical and overall contributions to those (which includes myself) who do not quite have those strengths.

I do however have some experience in the inner workings of a public company and specifically in the matters that you have made comment which you and others may find a little contrary to either your perception or statements as follows:

1. Typically, when we observe shares being issued as we have recently (and in the absence of a financing), they undoubted come from the exercise of options and or warrants etc
2. These types of transactions are not considered material in the normal course of business and do not necessarily give rise to immediate disclosure however, when there is a settlement of a liability for shares versus cash this is not necessarily normal course business and may (??) give rise to disclosure at the discretion of the Company (can't remember if it is required or not);
3. The financial statements which are issued quarterly and annually provide disclosure of the information you seek (typically you will see this in the note disclosure for Share Capital, Options, Warrants etc.)
4. The compensation packages for employees usually are not disclosed for obvious reasons however, in the case of senior management (which includes the BOD etc) the Annual Information Circular usually provides this information. The timing may not necessariy appease the most curious shareholder but the disclosure on this basis conforms to what is required.

We have been told by Suresh that Options form an integral part of the Company's compensation packages to attract talent, We may not necessarily know the details of each and every one but sufficed to say, if they are senior management (ie an insider) then we will know eventually in the AIC and also, if they are considered an insider (in all likelihood they are) then they will be required to open a SEDI account and record the details. This is public disclosure and available to any shareholder who wishes to dive into the SEDI website.

I think that covers it, respectfully

Hogan