Bill Ferreira, SGR's Exploration Manager, gave a presentation at a Jory Capital sponsored seminar last Tuesday.

The presentation was very well done. He went quite deeply into the geology of the region. San should put him on the program at the annual meetings.

The presentation was followed by a Q&A session. One of the questions was "When are you going to start making money?" After pointing out that his (Bill's) job is to FIND the gold, rather than MINE it, he indicated that one of the positives going forward, is the power upgrade. (I remember that Dale or Hugh mentioned at the last annual meeting that they had to divy up the available power between drilling and mining.)

Another question was about the recently released lower 43-101 resource estimate. Bill explained that it was due to changes in some parameters in the model. He said that estimates can go up or down as a result. He gave "minimum mine-able width" as just one example of a parameter that would affect 43-101 numbers.

Somebody asked whether the same person did the most rectent 43-101 and also the prior 43-101. The answer was yes.