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Gold/Mining/Energy : Zenda Capital Corp.

TRR 17.55

0.0%

Jul 5 5:00 PM EST

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To: peter snowdon who wrote (4)	11/12/2003 4:16:54 PM
From: E. Charters	of 217

Yes. Recent drilling on Jaimie was inconclusive on demonstrating continuity of markedly increased tonnage, but to do that they would have needed about 50 holes. Gold drilling needs lots of pops. one hole every 10,000 square 3D foot. They did succeed in establishing high grade vein characteristics over historic widths. Jaimie has a tenor of .40 on mined material. What has to be done is to establish some vein extents. To do this they have to develop a program that expends a fair bit of money at delineating to be developed targets. A .40 ounce narrow vein mine needs about 1 to 1.5 million tons to be realstic. This is about 300 total holes to 1500 feet delineate. This is a 5 million dollar program. This could not be done all at once of course. They could develop more targets next summer, and do a phase II drilling on it realistically. Lots of people have tried with Jaimie, but all that says is that it has a chance in the eyes of that number of people. It is too early to compare its chances to say a thing like Sabina that a major is very involved with. A company like Claude might at a further stage, look at something like the Red Lake asset. EC<:-}

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