Brett Gross has a couple of comments updating timetables from the last President' Update, Oct 29

• "This 3D integrated model will be available on the Company website when completed.  This is expected within the coming month." (Oct 29) Comments Brett, "We have been in continuous contact with our professional services providers.  The time estimates are what each consultant provided at the inception of services.  However, as is the case with such intellectual exercises, the actual effort requirement is dictated by the findings as one immerses into the detail.  As of last Wednesday we have received the preliminary biogeochemical analysis and an update from Geotech regarding the 3D inversions and accompanying interpretations.  The biogeochemical analysis has revealed approximately 5 errors in species identification, out of over 700 in the data set, which we are reconciling now.  Geotech confirms that they are in the final stages of their analysis.  I must include that this level of analysis has never been done on LBSR's data.  Geotech is analyzing the entire 132 square mile aerial survey in the Tombstone District, with 3D inversion.  The complexity of the data has led to extraordinary computing times to reduce the volume of raw data heretofore unanalyzed.  To rush this analysis only jeopardizes the quality of the outcome.  To put it in terms of the geophysicist, "convergence was very long in its achievement."  This is a function of the volume and complexity of data.  I emphasize, this is the first time this has been done on the total LBSR ZTEM data.  We are dramatically pushing the envelope of Geotech's, and the technological development's, capabilities.  Once we receive Geotech's analysis, it will be combined with the biogeochemical analysis to prepare an integrated 3D model, as promised."

Also from the Oct 29th President's Update.

• "Additionally, the Company is currently in negotiations with the former International Exploration Manager for one of the top ten copper producers in the world.  When consummated, which is expected within the next two weeks, . . . ".  Brett's answer: "We continue productive discussions with this contact.  We have finalized a preliminary term sheet and anticipate conclusion of an agreement shortly.  As is the case in all complex business dealings, both parties must evaluate the contours of the deal as it progresses.  If you must count days, it will only lead to frustration and disappointment.  The far more important goal is consummation of an appropriate and mutually beneficial deal.  I will be issuing a more robust update in the coming days.  This is entirely new territory for LBSR and has been long overdue.  We will do it right." 

Tracy Myers, IR Rep