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Initial positive metallurgical results yield high quality concentrate

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 ------------------------------------------------------------------------- Fe Ti TiO2 V V2O5 Cr Cr2O3 (%) (%) (%)* (%) (%)* (%) (%)* Lab ------------------------------------------------------------------------- 1 48.51 11.97 19.97 0.17 0.30 0.10 0.15 AGAT Laboratories ------------------------------------------------------------------------- 2 44.02 11.51 19.20 0.20 0.36 0.13 0.19 AGAT Laboratories ------------------------------------------------------------------------- *calculated 
 Forward-Looking Statements --------------------------