ANNUAL - 2001 2006   2005   2004   2003   2002   2001   2000                 Dear Shareholder: In 2001, the Company continued with a systematic evaluation of its large land position in the Shebandowan greenstone belt, located 100 kilometres west of Thunder Bay. The Moss Lake deposit itself has an indicated resource of 60 million tonnes grading 1.1 grams of gold per tonne, or 2.1 million in-situ ounces of gold above a depth of 250 metres. Underground development completed in the 1980’s helped define a higher grade core of measured and indicated resources of 475,000 tonnes grading 6.2 grams of gold per tonne. These resources are subeconomic at current gold prices. The Company has recently concentrated on exploring for new deposits which would be economic under current market conditions. In 2001, the Company completed geophysical surveys and a mapping program which identified several showings associated with disseminated pyrite in the southwest portion of the property. Grab samples were anomalous in gold returning assays of up to 13.76 grams of gold per tonne. Follow-up induced polarization surveying in this area defined a series of strong chargeability anomalies along topographic depressions. We are excited by this target and plan to test it with drilling in July. Although the last few years have been difficult for the gold industry, we are very encouraged by recent signs of optimism in the gold market. Our Company owns a substantial gold resource and a large, highly prospective property. The significance of these assets will be recognized in the market as the gold price strengthens. Finally, I would like to thank Al Storey whose 20-year association with the Moss Lake property was a valuable resource. Al is stepping down to concentrate 100% on retirement. On behalf of the Board of Directors, George N. Mannard President May 1, 2002