Joe,

It may not be beneficial for the company to do a 43-101 on their Reed Lake property.

Ask yourself what is the objective to getting one done?

Do they want to list on the TSX big board, probably not.

Do they want to show investors what they have in the ground? Sounds good and would make us all feel good, but is that worth spending that kind of money when it should be used for drilling elsewhere?

Personally, I think doing a 43-101 now would not do the company justice. They may not be able to count some of the higher drill results as they would be cut off at a certain grade (unknown to me) and that again would not do the Reed lake deposit any justice. The only way to count higher results would be to do a bulk sample and that is not going to happen any time soon.

If a 43-101 is published and it really isn't what anyone thinks it should be, analysts would be all over that and there goes the ball game.

If you think that it would look better for enticing HBM into a JV, that won't happen, HBM can run the numbers into their modeling software and they all ready know what they have or a very good idea.

just my opinion on that one.

Andy