Ann: Nickel Sulphide Drilling Update at Silver Swan North, page-9

While I have not sold a share at this stage, I would not call the sellers clowns. They have seen the announcement and do not like it and it is their perogative to sell. Taking a look at the last quarterly which had 3.6mil and probably assuming with grants and expenditure we will be down to 3mil by the end of this quarter, the EV of this would be about 2mil and I personally think that Empress Spring may be able to justify that EV on its own. The issue was it was not promoted as their primary play and Silver Swan was (and quite rightly).