The potential change in the Project’s access mode has also resulted in an improved relationship with the Taku River Tlingit First Nation (TRTFN) who, in February 2007, signed an initial letter agreement with us covering the barge amendment Environmental Assessment process. The agreement also contemplates entering into discussions for an Impact and Benefits Agreement defining the opportunities for TRTFN participation in project benefits and environmental mitigation. Our exploration activities in Portugal centre on the advanced Lagoa Salgada exploration project which hosts a copper-zinc-lead-silver-gold massive sulphide deposit, located in the highly productive Pyrite Belt in southern Portugal. We are also evaluating an earlier stage gold prospect at Vila de Rei in central Portugal where reconnaissance work has identified potential for intrusive-related gold mineralization on the concession. Further work will concentrate on follow-up of the identified targets and delineation of drill targets. A drilling program is scheduled to commence at Lagoa Salgada in February, continuing through the first quarter of 2007.We expect 2008 to be a pivotal year in our planned transition from an advanced exploration company to a mid-tier producer in 2009.

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