Message to Shareholders

Nov 11 2008 | Aug 7 2008 | May 12 2008

We are happy to present our third quarter results, which continue to improve. This is the third successive quarter of increasing production, profits, cash flow and revenue.

It is encouraging to see the combined effects of cost control and higher gold prices follow through in the financial performance.

We are fortunate to have an improving balance sheet and no need to tap capital markets during these volatile and uncertain times.

We are discouraged, in light of these improvements, with our recent share price performance. We feel the markets will recognize our achievements as confidence returns. We also feel that over the longer term conditions are more supportive than ever for higher future gold prices.

Thanks go out to the operating team for their diligence and to you, the shareholder, for your continued support.

On behalf of the Board,

Rowland Uloth
President

November 11, 2008