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Message: Paul Gray's 43-101 Report

In looking through Mr. Grays report on Tesero once again I came across a point which is important, and I'm not sure if it's been discussed here before. I'm sure it's crossed some, if not all of your minds the question of just how reliable are all the chip samples,channel samples and bulk samples results reported by SLI. In other words did they somehow inflate their numbers to make the results better than they actually were.

When Paul Gray went to Tesoro to verify the sampling and bulk sampling , he found in most cases the assays he had performed came back with higher grades than the numbers SLI had reported.

On the chip samples and channel samples he makes the following comment, "the fact that the assays are predominately biased higher from the independent sampling and assaying is indicative of St. Elisa's professional reporting of the assays from the Tesoro Project.

On the buck sample results he states ""the fact that the assays are biased slightly higher from the independent assaying is indicative of St. Elisa's/Dynacor's professional reporting of the bulk samples from the Tessoro Project"

So folks, the numbers reported by SLI historically are accurate and most importantly independently verified.

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