three months ended June 30 2009

1. management fees $90,000 - almost doubled in 2 years......hmmmm

2. office and misc. $9,643 - you would think spending this kind of dough that they could have bought a 39 cent pen to fill out the dewatering permit. I see now that dewatering and bulk sampling at L1 is a possibility and not a "for sure" thing. Imagine how long an Advanced Exploration Permit would take to fill out.

3. shareholders information - $230 - enough said on that one

4. travel and related - $44,342 - wow, nearly triple over the same period last year! I thought we were in bad economic times..... guess not

By the looks of things maybe someone here should have gone to the AGM.

v.