November 9, 2010

 

Dear Friend,

 

We were very impressed with the presentations of Stonegate Agricom, Ltd., Texas Rare Earth Resources Corp., Rainy River Resources, SilverBirch Energy, and Osisko among our November 9^th speakers.

 

Imperial Metals, where our expectations were high based on earlier deep intercepts over 1% copper, believes its diluted total resource is nearer to 0.35% copper and 0.01 oz per ton at Red Chris that disappointed our over-enthusiasm.  NovaGold has large capital costs ahead to develop output in 2017 or 2018 at the earlier hopes.

 

Faithfully

 

 

John C. Tumazos, CFA