MOST RECENT In 2009, work resumed on remodelling of the mineralized zones at Moss Lake to update the resource estimate. The results of this updated estimate are expected shortly. Preliminary studies by consultants Watts, Griffis and McOuat further recommend more metallurgical testwork, design of a conceptual site plan and hydrological studies be undertaken in order to provide information for reliable capital and operating cost assumptions. Management is of the view that the Moss Lake deposit displays geometries favourable for the application of large scale open pit mining techniques. Furthermore, we believe that at $1,000 per ounce gold, we are on the cusp of seeing significant economic potential as the gold price rises. How best to capitalize on this potential without needlessly diluting your interest in this asset? We aim to resolve this challenge in the best interest of all shareholders. On behalf of the Board of Directors, George N. Mannard President April 29, 2010