Dear Shareholders:
We wanted to update you on the progress made thus far in the final phase of the recovery field.  The contractors have completed the earthwork for the expansion, we have already received the impermeable membrane at the mine site with all of the necessary piping, and we have commenced with laying and welding the membrane in place as seen in the first photo below.
The second picture below shows earth-moving equipment on the recovery field making some improvements to an under-the-pile culvert.  Our contractors feel that the new concrete culvert will be more secure and better serve us in moving water from springs in the mine through the recovery field to the river below.


At the present time management has made arrangements for a second crusher to crush the gravel for the base of the recovery field so we will not have to discontinue crushing ore for placement on the pile.  While we are working on the expansion we continue to load the pile on the other end to provide some continuity to the leaching process, which is illustrated in the third picture.
All of these activities have been time and resource-intensive, but we are gratified that progress has been made quicker than was originally scheduled and we look forward to getting back to full production.
In light of all the progress we continue to make, many shareholders have inquired as to our ultimate exit. We continue to meet with prospective joint venture partners, purchasers, and investment bankers as we examine all alternatives available designed to bring us closer to a liquidity event once our expansion plans reach completion.  When we have anything concrete regarding these other potentialities, we will inform all of our shareholders.