ANNUAL - 2004 2006   2005   2004   2003   2002   2001   2000                 Dear Shareholder: In 2004, the Company performed follow up drilling in the Fountain Lake area where drilling in 2003 identified gold-enriched pyritic tuffs in a felsic volcanic sequence. The drill program confirmed the continuity of two horizons over a strikelength of 200 metres which returned values of 2.90 grams of gold per tonne over 3.20 metres, 3.09 grams of gold per tonne over 3.00 metres, 1.13 grams of gold per tonne over 8.25 metres and 1.46 grams of gold per tonne over 11.60 metres. This pyritic sequence correlates with a strong induced polarization (IP) anomaly extending for 1.5 kilometres west of this drilling and to the east descends under Fountain Lake. Clearly this is a very large, gold-enriched mineralization system that requires much more work and holds considerable exploration promise. One hole was also drilled to confirm an interpretation that the Moss Lake main zone remains open to the west. This hole identified typical mineralization grading 1.45 grams of gold per tonne over 11.45 metres and serves to demonstrate potential to increase resources through further drilling. Activity in the Shebandowan area is increasing and fieldwork is turning up new gold and base metal showings on neighbouring properties. Our properties host resources in excess of 2 million ounces and continue to demonstrate considerable exploration potential. This has led to increased interest in our properties by other mining companies and we are hopeful that this interest will manifest itself in an arrangement that could give our properties the exploration investment they merit in the best interest of shareholders. As always, we remain very bullish on the gold market and believe the value of our assets will grow with the gold price. On behalf of the Board of Directors, George N. Mannard President April 21, 2005