Hi Chad,

I recently read an update opinion on our stock from Raymond James. There are a couple issues that concerns me:

Newmont's cut off date for giving our firm an answer on whether or not they plan on backing into our Cove project has expired. I was hopeful that they were going to exercise their back in rights - and having done that - VIT would get approximately $30 million reimbursement for all their costs in developing the Cove project - thus reducing the need for more stock holder dilution. What I am afraid of is that our company will negotiate a deal with Nemount that is not as favorable as the back in agreement - and if that is the case, IMO, stock holders would be disappointed and more than likely our stock price would suffer. Can you give me some color on this subject, and address my concerns?

Regarding Santa Fe:

"Caution on Santa Fe. Santa Fe, VIT’s third focus after Cove and Eagle, is still very early stage with only six holes drilled thus far. Our caution has not subsided post-visit given refractory sulphide mineralization, highly complex geology and elusive higher‐grade target zones."

Can you comment on Raymond James concern that is stated above?

Thanks,

Tom

Thanks Tom. Note that the analyst from Raymond James that authored the report did NOT participate on the trip (his junior associate did)

1) Why on earth would we negotiate something "less favorable" than what we had prior to the calculation of the +500,000 oz resource at Cove? Think about it: that doesn't make any logical sense (BTW this concept was explained to the analyst). We continue to control the advancement of the project for example -- and it's progressing well in terms of permitting.

2) We have always maintained that the structural geology at Santa Fe is more complicated than average in Nevada. That's one of the reasons that others haven't found/mined the gold mineralization that we are targeting! Hence we look at the complexity as an opportunity. In fact, all the gold deposits in the Walker Trend have been subjected to post mineral faulting (BTW there are several other deposits in the area that have contained multi-millions of gold ozs so the faulting doesn't affect the size of the gold deposit ie the faulting is post-mineral)

Feel free to contact me anytime