I have spent a few hours this afternoon researching about 10 "mining" companies, from junior explorers to small producers. They were selected on the basis of their market caps, some lower, some higher than NOt (approx $243M). Only the following two reported (on internet sources, incl SEDAR) cash based compensation for directors.

Avalon Rare Metals (Mkt Cap $285M) $16K per director with $6K more for the Chair; +$800 per meeting attended

Breakwater Resources (Mkt Cap $336M) $20K per director with $30K more for the Chair; +$1000 per meeting attended

I am also assuming that all expenses to attend the meetings were reimbursed.

The other 8 companies appeared to only provide stock and or stock option based compensation. The range of mkt caps was $201M to $369M.

My personal opinion is that if you are a junior exploration company, shareholder $$ would be better spent in the ground. Any prospective director should be prepared, if he or she, really believed in the potential of the company and its mining properties and was prepared to assist the company in realizing that potential, that common shares or options should be a suitable form of compensation. A caveat would be if that person provided actual bonafide consulting services to the company then they would be appropriately compensated in cash per a contract.

In addition, it seems ridiculous that a BOD should set their own level of compensation, regardless of the presence or absence of independent directors. I would challenge the current NOT BOD to provide more details on their deliberations in that regard and provide justifications for their decisions.

Respectfully submitted

geoprof