Correspondence with Chad:

Tom: What we need is some more good news so we can add to our stock holdings AT
A LOWER PRICE.

Chad: I'm very surprised by today's reaction

Tom: The only difference in VIT's reaction to the Eagle news from the Cove news,
was the fact that it at least took a few days for our stock to decline in
the case of COVE. Today the selling emerged right away. It is obvious a lot
of sellers were waiting to sell into the news. On the positive side, volume
on the sell side was very low relative to its 10% decline. IMO, the news was
sufficient to unleash profit taking from small short term speculators. I
simply don't see enough volume on the downside to warrant any concern
whatsoever. IMO, core investors will pay little attention to today's
decline - other that view the weakness as an opportunity to add to their
holdings.

Chad: We were disappointed by the market¹s reaction yesterday to our
pre-feasibility numbers. Management and the Board of Victoria are very
happy with the numbers.

The fact that we added just about 500,000 ozs at about reserve grade through
our 2009 exploration campaign (@ finding cost of $3/oz) is hard to see in
the numbers. We were not allowed by SWRPA to show all the parts of the
resource progression in the press release due to the new resource reporting
standards being instituted by the consultants (are you aware of those?)

To drive a higher IRR, SWRPA (with our support) gradually evolved the model
into a much larger, but somewhat lower grade, higher capex mine relative to
initial assumptions. In the end, grade didn't drop that much, capex rose a
bit (still reasonable for a company like VIT), but IRR rose significantly.
A natural outcome was that Eagle's leverage to gold has grown materially.

Also, there may be a belief that we will have to dilute considerably to
build this mine. We won¹t need to raise any money for mine building until
we get the mine permit which is expected 18-24 months from now. In
addition, Eagle may be amenable to a large project loan. Finally, Cove is
likely to be in production generating cash-flow well before we start
construction at Eagle.