ANNUAL - 2005 2006   2005   2004   2003   2002   2001   2000                 Dear Shareholder: In 2005, the Company actively pursued avenues to increase shareholders value without issuing new equity at low prices. Several parties examined our assets and concurred that our projects demonstrate considerable exploration potential. Although, we have yet to agree to terms that could give our properties the exploration investment they merit in the best interest of shareholders, the late year rally in the gold price has raised the stakes and piqued the interest of potential suitors. We feel more confident than ever that the rising gold price will manifest itself in greater valuation of our assets in the marketplace and return greater value to all shareholders. The Board is working hard to find a deal acceptable to the majority shareholder and all minority shareholders that could move the Company forward, stimulate more exploration and development activity and unlock value for all shareholders. On behalf of the Board of Directors, George N. Mannard President March 3, 2006