silver, San did give themselves the right to float 35 million shares at their option which was mention prior the TSE listing. Other points of interest from the 3 rd qtr financials,

During the quarter, the Company purchased goods and services for the sum of $3,499,081 (September 30

th

, 2009 -

$2,304,279) and for the nine month period ended September 30

th

, 2010, the Company purchased goods and services

for the sum of $7,926,714 (September 30

th

, 2009 - $5,909,738) from Wynne Mining Ltd., Wynne’s Place Ltd., Hotel

San Antonio, and Wynne Drilling Ltd.,...........Royalties...

Annual royalties on the 2007 royalty sale will be payable at rates ranging from $72.05 to $169.89 per ounce of gold

produced during the period of the agreement to the later of December 31

st, 2017 and five years after the end of

commercial production from the mine. Annual royalties on the 2006 royalty sale will be payable at rates ranging from

$29.26 to $268.71 per ounce of gold produced during the period of the agreement to the later of December 31

st, 2016

and five years after the end of commercial production from the mine. Annual royalties on the 2005 royalty sale will be

payable at rates ranging from $5.00 to $49.51 per ounce of gold produced during the period of the agreement to the

later of December 31

st, 2015 and five years after the end of commercial production from the mine. During the term of

the agreements, the Company is entitled to have amounts held under the restricted promissory notes used to make

payments under the royalty obligations..................

Restricted promissory notes and royalty obligation (continued)

Under certain circumstances, 100% subsidiaries of Rice Lake Gold Corporation will have the right to purchase (“Call”)

the equity of the holder of the royalties or right to receive the royalties at an amount no greater than the fair market

value thereof at the time of the Call. The Call price will be paid from the balance owing to Rice Lake Gold

Corporation under the promissory note. Under certain circumstances, the purchaser of the royalties will have the

right to sell (“Put”) their interest in the royalty to the Company at an amount no greater than the fair market value

thereof at the time of the Put. However, such right is subject to the subsidiaries of Rice Lake Gold Corporation’s preemptive

right to exercise the Call in advance of any Put being exercised and completed.

In addition to the royalty, Rice Lake Gold Corporation has granted a net profit interest (“NPI”) for the years 2011 to

2017 inclusive. Under the commitment, minimum gold price thresholds of $875, $1,075, and $1,275 per ounce

trigger NPI levels of 6%, 6.75% and 7% respectively. Under the 2005 and 2006 commitments, minimum gold prices

or $875, $1,075, and $1,275 per ounce trigger NPI levels of 1%, 2%, and 3% respectively. No NPI is payable until

Rice Lake Gold Corporation recovers its capital invested including reserve and interest charges.