Ann: Annual Report to shareholders , page-2

Interesting read...
- resource at Cameron last calculated in Feb 2010
- using conservative 1.5g/t cut off = 1.005m oz
- since then 44,000m of drilling
- results back for 35,000m
- recalculating JORC this quarter (any guesses??)

- pre-feasibility on Cameron open pit to be completed by Q2 2012

- New near Rainy River prospect (terms of acquisition not clear?)

- $8m cash in bank and low burn (<$2m pa)

All comes down to what can be mined at what cost. If their earlier "starter pit" costs of <$600/oz for 300k oz can be scaled with adequate reserves and justify a decent size plant.

Something has to give in sp - still being rated as a pure explorer rather than one with real production prospects.