ANNUAL - 2002 2006   2005   2004   2003   2002   2001   2000                 Dear Shareholder: In 2002, the Company undertook a 6,400-foot drill program to test targets generated from the previous summer’s fieldwork on its large land position in the Shebandowan greenstone belt, located 100 kilometres west of Thunder Bay. 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 anom-alies along topographic depressions. A total of 6,396 feet of drilling was completed in seven holes in 2002. Drilling tested a series of subparallel induced polarization anomalies in the southwest portion of the property and encountered gold values of up to 8.4 grams of gold per tonne over 1.6 feet. The anomaly associated with this occurrence may be traced for 1,600 feet and offers considerable potential. Drilling also tested the Boundary Zone at depth where an intersection of 18.7 grams of gold per tonne over a corelength of 2.8 feet at a depth of 600 feet indicates this zone remains open. Our prime asset is a large low-grade deposit that requires higher sustained gold prices to become economically viable. We will continue to explore our large property for higher grade deposits which display economic potential. We are encouraged by recent optimism in the gold market and believe that over time the true value of Moss Lake’s gold deposit will be realized in the marketplace. On behalf of the Board of Directors, George N. Mannard President April 3, 2003