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Gold/Mining/Energy : Prosperity Goldfields Corp

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From: cole steel	10/25/2011 11:44:41 PM
	2 Recommendations Read Replies (1) of 906

Letter from the CEO... Dear Shareholders and Friends, Now that our summer 2011 field campaign is complete I wanted to provide an update on Smash Minerals from my perspective as CEO. The excellent team we had in the Yukon this year did a great job in completing a large, aggressive and very comprehensive gold exploration program on time and within budget. In fact we completed more work than we had originally planned. The work identified seven drill targets of which we drill tested four. The small core drill program, 8 holes for 1,665 meters, did not result in a new discovery. The drill results were disappointing but I am not discouraged. The reasons for my continued optimism about the large 850 sq km property we have are as follows: The drilling clearly identified the signature of a mineralizing system and the pathfinders that can be used to find other targets. This knowledge will help us to better assess exploration targets in the 2012 program. We pushed the grid soil-sampling program well into the fall and collected several thousand additional samples for a total of 19,500 samples collected. Around 4,000 assay results are still awaited from the laboratory. This additional sampling is over new targets like Stranahan where we have rock sample assays returning 6 g/t Au. The balance of assay results coming in will provide a jump-start to the 2012 field program. We also are waiting for assays from additional stream sediment sampling. The results already on hand have defined three drill targets that we plan to test in 2012. We may deploy a reverse circulation drill early next year for this work because it drills faster and cheaper. This equipment has been used successfully by Kaminak at its Coffee discovery. We will exit 2011 with over C$5 million in the bank. Being well capitalized we will not require financing to complete an aggressive 2012 exploration program and as such maintaining a tight share structure of 26.4 million shares outstanding on a fully diluted basis and a current market capitalization of $10.6 million. I have said from the get go that having one of the largest land packages in the White Gold district would require a minimum of two seasons of serious exploration to adequately assess its gold potential. We have just completed our first year of fieldwork. Regards, “Adrian W. Fleming” Chief Executive Officer & Director

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