Ann: Hera Drilling Update , page-6

Hi Yonny

Hope you had a good Xmas and NY.

I have to admit I am slightly perplexed with YTC. Everything looks to be in place to make this company a low cost, high grade producer in the near term, yet there appears to be little interest in it at present.

Even latest drill results while not spectacular, were still very solid with plenty of further potential upside - especially on the gold play.

I understand that the main concern with the Herra deposit was the minerology - that is, it may need signficant and complicated capital to properly treat and extract the ore.

But this does not seem to be a problem (based on the last announcement).

My feeling is that until the DFS is completed and released (sometime in the next few months) that the SP will wallow around these levels (that is of course unless the MACD turns positive.......!) which really does surprise me given the upside.