The past year has been a year of rebuilding for MacMillan Minerals Inc. We wish to thank all of the

shareholders for the great deal of patience that has been required of them.

The Company has received a Property of Merit report on the Las Cucharas Gold & Silver Project from an

independent third party written in accordance with National Instrument Policy 43-101. This technical

report will be submitted along with the enclosed audited financial statements for the years ended

September 30, 2008 and 2009 as key elements of the non-offering prospectus required to be filed by

MacMillan Minerals Inc. to become a reporting issuer and obtain a listing on the TSX Venture Exchange.

We expect to have this filing process completed before the March 5, 2010 meeting of shareholders and

to be able to report on the progress of our listing at the meeting.

There have been numerous delays and set backs in completing the prospectus requirements. Several

delays were a result of months of work being lost when sets of auditor verified quarterly statements

became stale dated for prospectus purposes. Many additional months were lost due to the market

meltdown of 2009. This resulted in our largest working capital asset, our shares of Duran Ventures Inc.,

falling to as low as $0.05 per share. The Company therefore could not meet the minimum required

working capital for listing until we received 100,000 shares of West Timmins Mining Inc. in September

2009. With the receipt of the shares of West Timmins and the recovery of the Duran Ventures’ share

price to three times its summer low, the Company is now able to meet the required minimum working

capital requirements for a listing.

We look forward to being listed and trading as soon as possible in 2010 and expect to complete a

financing immediately thereafter to expand our exploration programs in Mexico.

George A. Brown

President & CEO