Dear shareholders,

The following response was provided by Gary Monaghan:

Yes we do have flow through commitments for 2011 - which we will fulfill, but the relevance of the decision to divest of the ROF properties is several fold and includes:

1) Market Conditions - the ability to continue to raise sufficient amounts of capital and continuous dilution of shareholders at record low prices.

2) Focus - We have 73% of our assets in Mexico - many of which have not been realized to full potential because of the diversion of capital and management attention to the very cash intensive 27% asset - at McFaulds Lake.

3) Realization of Resource - The ability to exploit the resource at McFaulds Lake is going to require a major company to be in control. A company such as Cliffs Natural Resources - certainly has the ability and expertise to best realize the potential at McFaulds Lake.

4) Shareholders - We believe the decision is in the best interest of our shareholders.

5) Financially Responsible- We believe this decision to be in the best interest of the company to be financially stable going forward with ability to maximize our majority assets in Mexico.

Regards,

AGORACOM