Ann: Capital Initiatives , page-13

Hi all,

Well I'm not very impressed with the company on all counts.

Very disappointed. I doubt very much that I'll be getting back into this any time soon.

Total cash costs for the qtr add up to $12,740,000 (I've included admin of 800,000 in that as well).

Ounces produced were 231,253

Therefore costs per ounce are far higher than I ever anticipated at $55.09 per ounce.

Not good at all but there's more!

Total shares listed after completion of funding is now 329,322,798 which is far more than the small amount of shares that it currently has.

I feel for the current shareholders.