I'll bet there will be a little let down now that this NR is out. The market expected more. A pretty picture would have been nice, no? But before anyone gets bummed out by this, reread it carefully and see where it fits into the bigger picture. And while you're at it, understand that there is still a considerable time frame.

Allow me to explain how I see it.

The last line of the NR is the most telling:

This work includes but is not limited to

"stitching or splicing" the 3D images into a single image that covers the entire Tesoro Project, and

constraining (correlating) the 3D geophysical data to known geological structure, gold mineralization,

geology and alteration.

Results will follow shortly.

Or they could just come to the experts residing around here. No offense to those of you who have spent a lot of time pouring over the 2Ds and the maps. But I'll wait for the map from the guys that do this as their day job.

Now return to the 43-101 and the time and work to do line.

The author’s exploration recommendations are summarized below.

1.Phase IA: Audio Magnetotelluric Three Dimensional Inversion of the Quantec

Geophysical Data: The Quantec data has been collected and processed, however this data has

not been inverted and re-processed with MT 3D. This should be conducted as soon as

appropriate as it will help guide all surface and sub-surface exploration on the Property. A

program budget of $17,000 and duration of three (3) weeks would required for this phase, which

could be done at any time.

2. Phase IB: Systematic and Detailed Tesoro Camp Wide Mapping and Sampling Program:

A Property wide mapping campaign designed to locate new mineralized veins should be

mounted with particular attention paid to the North vein corridor, the near surface anomalies

identified from the Quantec Survey and the areas covered by the newly added mineral claims.

This data should be assembled into a single coherent GIS package which could be utilized to

guide all future work on the Project. In particular a detailed geological basemap highlighting all

known (ground-truthed) mineralized showings and areas of anomalous geochemical/geophysical

signatures should be produced from this exercise. The geologist employed in this program

should have a clear understanding of the identified mineralization within the Tesoro Camp and

apply that knowledge to exploration planning on the Tesoro Property as a hole. A program

budget of $95,000 and duration of forty (40) days would be required for this phase, which could

be done any time.

3.Phase IC: Systematic Mechanical Trenching Program: A detailed trenching program

focused on those areas identified as anomalous from Phase 1A and involving a D-6 or larger

excavator should be implemented on the Tesoro Property as soon as practicable. This program

should be concentrated on those areas on strike and in between known mineralized vein and in

particular be located in the North Corridor and on the high priority near surface targets identified

by Quantec. A program budget of $180,000 and duration of five (5) weeks would required for

this phase, which could be done any time, weather permitting.

4. Phase ID: Geological and Geophysical Compilation Program: After completion of Phases

1A-1C, a geologist should be employed to compile the geological and geophysical data into a

single coherent GIS package with clear diamond drilling targets selected. This step is required

to determine the most geologically and geophysically suited targets to test by diamond drilling.

Targets should be generated and prioritized into a logical progression of drilling order, whereby

early drillholes focus on both near surface and deeper seated geophysical targets with interpreted

geological controls. This important aspect of the program will require two (2) weeks and a

budget of $10,800.00 and can be completed anytime after Phase 1C is completed and assays

received.

5.Phase ID: Diamond Drill Program:

So we have Phase 1A in hand. I think Phases 1B & C has been ongoing over the last few months. If and when all aspects of the first three phases are in we can move onto Phase 1D.

So if you're expecting a pretty picture have a little patience. The good people at St Elias are methodically doing everything that they should be doing. This NR is a progress check-off. 1A complete. We're being appropriately kept in the loop. For those dwelling on the drill permit, again there is still work to do before we are ready to drill. Everything will come together in time and patience will be rewarded.

A final word of caution. There will soon be restlessness in the market and on the boards. The SP will move up and down. Look past the short term and nay sayers and keep an eye on the bigger picture.