ANNUAL - 2007 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000                   Dear Shareholder: We are excited about progress in evaluating the Moss Lake gold deposit and the rising gold market. We are frustrated that the market does not currently recognize the underlying value of the Company’s assets. As work advances and details emerge as to the project’s potential, we are confident this will be reflected in an upward revaluation of our stock price. The fact remains that global gold production is declining as demand is growing. Large gold deposits in politically stable regions are scarce and will increase in value over time. We look forward to an active 2008, a year in which we believe clarity in the quality of the Moss Lake deposit will be established and recognition of this will be realized in the marketplace. We steadfastly believe the gold price is headed much higher and are executing the required work to leverage this momentum. On behalf of the Board of Directors, George N. Mannard President April 21, 2008