Hi iced, I will try to do what I can.

1) I am not exactly sure when SLI was incorporated, but while searching news releases I have gone back as far as Mar 1999, if I remember correctly. But, it seems to me that they may have been incorporated a few years befor that. As far as I know, Lori has been there since the begining. Someone correct me on this, if they have better info.

2) It was percieved by us that Lori formed Havillah because of the reason that our Peru properties may come in play. This type of action in an offer situation is known as a defensive strategy, whereas, if a hostile offer succeeded, they would not get all the properties. So, a protective measure if you will. Also, its much easier to raise money at a low sp, if the spinout company has potentially prospective properties in their portfolio, like our Havilah will. This lets us focus our treasury on the Peruvian properties with our initial investors and maybe some new ones will come into Havilah, and help move that ex portion of SLI forward at a quicker pace. Also, I believe, and don,t quote me on this, that in order to do a flow through that is 100 tax deductable for Canadian citizens, all the properties had to be domestic. The attractive feature of the flow through, helps make it easier to raise money, whereas FT,S are a coveted instrument of the market. Also, it cuts down on the dilution of SLI shareholders, we are reaching quite high now in our fully diluted shares of SLI, and to retain the BC properties would have required further dilution for SLI shareholders, thus making the SLI entity less attractive to the market, and hindering the sp going forward.

So, IMO, I am pleased with the spinout and consider it a value addition to the SLI holders. One thing I will have to say though, is that the IPO price be higher than .10, or if we would have got 1 share for every 10 SLI instead of the 1 share for every 20. This most likely would have helped with our SLI sp today, and we may have been enjoying a higher sp. IMO.

As for IGD, entering the Peru picture of SLI properties, was not a good move at that time,IMO. At least at this time, there appears to be little done by IGD to advance the CB (Cueva Blanca )or Chance E. It was a great move when initially announced last May/11 that IGD would be spending money on the CB, IGD did a fantastic job there verifying historical gold numbers by a tremendous amount of channel sampling in as little as 2 months. That helped SLI shareholders by bringing the CB closer to a state where there may be enough proof for a major to be interested in the gold there. BUT, what I would like to see, is a small drill program done by IGD as soon as possible to depth, or look further up the mountain if they are not already near the peak. I say this because Candente has the property bordering our north, and they have a considerable copper resource which looks like it is on strike with CB. I would like to see a program testing any possible copper deposition on the CB right away, whereas the copper M&A may soon start heating up as well, and it would be good to have some numbers to flaunt,if copper is present. Also, some deeper drilling under the epithermal gold may reveal a copper porphry, some old geophysics seem to support this, IMO. And the deepest that I see was drilled there for gold was 163m, an epithermal system will generally lie ~300m to the surface, there are exceptions, but in this area, if a porphry was there, I believe it could be hit shallower than 300m. IMO,IMO,IMO.

As for the Chance E property, there was an NR put out last Aug that stated IGD would be commencing work on our Chance E. Then we get another last night, that is a little unclear to me, that we are commencing shortly? I have been under the impression that ongoing exploration work was happening on the Chance E since last summer, helping to advance this property as well, while SLI advanced the Tesoro. So, I would suspect something has been done by IGD since last Aug and was just not mentioned in the NR.

So, what we have, is IGD holding an option to control 60% of these 2 properties, if IGD fulfills the particulars of the agreements. That means that if a buyout were to occur for any of these 2 properties, that SLI shareholders would get 40% of the proceeds from a sale, while IGD would get 60%, if the terms of the agreement were satisfied and up to date. BUT, keep in mind where these 2 companies, SLI and IGD are at more or less arms length, that a more favorable agreement could be made in the event of a sale. You are esentially dealing with yourself, so you are easy to get along with. I am sure Lori would make a fair deal for both parties involved and assure that shareholders are treated fairly in both companies.

We have to remember that SLI (us shareholders) also own shares of IGD, so also, in the event of a sale/s, SLI holders would benefit from this by having a treasury cashed up if SLI sold the shares it held of IGD.

I have said before, that when IGD entered the picture in Peru that it may have thrown a wrench in things. Although it could be perceived as a protective measure to complicate things for a hostile bidder, because IGD could probably thwart a full takeover offer and continue to hold 60% if someone bought SLI,s interest in any of the properties. And, I still believe that SLI can thwart any hostile bid at this time. However, in the event of a full company buyout of SLI, SLI shareholders may only get 40% of the proceeds from CB and 40% of the proceeds from Chance E. BUT, if we didn,t option them out and let some one else advance them, it could take longer for SLI to prove them up ready for sale. SO, there is 6 in one, and a half dozen in the other, end result, does it really matter?.Its easier for Lori to raise money in IGD than it is in SLI, plus we don,t want the dilution, so maybe this is the best way to go, regardless of the issues we may be raising. The quickest way to the end of the rainbow is the best for everyone, it cuts down on the chances of unknowns entering the picture.

If Lori would have only had results good enough last year to put our sp of SLI to the $5 mark, she may have been able to do a PP then for 1 million shares and wouldn,t have needed IGD. Nobody would have had a problem with diluting a puny million shares to get enough cash to advance the other properties. Then IGD could have been absorbed by SLI and the BC properties spun out into IGD, giving SLI shareholders full interest in 2 companies, by making 3, it kinda messed things up. I guess the long delay in the drill permit caused this problem, thats why Lori tried to rush things to get to the finish line by having a couple companies work the properties, instead of one. Oh well, things keep changing, we just have to keep up with them.

IMO