$17-20 million revenue estimate??

Per year??

Based on 75,000 tons of ore??

At what possible MO grade did you calculate this estimate??  

You're a little over the top......are you not??

Adanac [AUA]  just released news of their mine construction approval, which will have an initial throughput of 20,000 tons/day. That's per day!! Which should net them 12-14 million lbs of moly per year. This is of course in their 'high grade' zone.

20,000 tons of ore/day will give them 36,000 lbs of moly per day.

Torch is only proposing 75,000 tons per year. That's per year! And that's if and only when they can prove up a high grade surface zone in the next year or two. But 75,000 tons of ore per year, will only net them maybe 135,000 lbs of moly per year!

How do you arrive at a gross revenue estimate of $20 million??

By my calculations, it is more like $4.5 million [gross].

Soil samples are good, but only the bit proves economic reserves. I understand these 'soil samples' were only 8" or 10" deep??

There are rumors flying around that Torch could be.....or will be.....in production by 2009. Could you do these fine shareholders a favor and ask Bill if he honestly believes he could put, even a small mine into production before 2010??

Thank you,

 Murray