RODGER:   That's exactly right, yes.

RACZ:   Now, are there many deals like that in the business you are in? A company or an individual comes to you with a check, I give you the money, but I get half, or one third, or whatever in return. Do you hear about deals like that often?

RODGER:   Well you hear of deals. You hear of companies that are being acquired all the time because they are perceived to be bargains.

RACZ:   So, in other words we are in a level when companies like yours get take over offers, maybe not at $20 million, but say at $30 million you make some money, but the cash rich partners eventually make a lot more money.

RODGER:   That's exactly right.

RACZ:   And these kind of deals you have seen?

RODGER:   We've seen deals of companies taking over other companies, yes, at rather premium prices these days, frankly. For the most part that action has been among producers, but I think that sort of thing will filter down to

RACZ:   You have seen this kind of deals among producing companies?

RODGER:   That's right, yes.

RACZ:   But the real business of takeovers, partial, full acquisitions for the explorations has not as yet begun?

RACZ:   So, $5 million would accelerate working towards production and would give a higher value of your deposits.

RODGER:   Yes, exactly, because with that $5 million, we'll demonstrate that zones continue down into the mountain and also continue further into the mountain.

RACZ:   At the moment, the market values your deposits at a very, very low level. So, you have to create money and you have to create credibility that this is a company that's going to be a decent sized gold and silver producer.

RODGER:   I think that's right, yes.

RACZ:   So, if you get a few million dollars and you go along this line, the likelihood is that another company will come along and make a deal with you.

RODGER:   It certainly could happen, yes.

RACZ:   And that's where we are going now. That's where you want to go now?

RODGER:   Where we want to go is move to production. If somebody comes and makes us an offer for the company and the offer is attractive, we'll certainly take a look at it, but our focus is on moving to production. And with the kind of gold and silver market that we have, we shouldn't be going any other way.

RACZ:   So, basically, and I'll close with, you have every intention, but you haven't thought about it to read the books of William Zeckendorf and look it up, how did the master do it? Because William Zeckendorf had no more money than you have, and whatever way you look at it, he built the United Nations Plaza.

RODGER:   Yes, that's right.

RACZ:   Well, since we talked about him, he went bankrupt, in the middle of his projects. Marine Midland Bank put him into bankruptcy. He was a very colorful man, everybody knew him in New York. I don't know why I had a fascination with him when I came to America. He wrote a book that said at the beginning "Many people thought I would commit suicide." He said, "Nothing can be further from the truth. My sense of accomplishment is perfect." So, the difference between the two of you, you never talked to me about suicide, but you want to see your sense of accomplishment displayed on the broad tape, correct?

RODGER:   You're absolutely right. I certainly expect that moving Tagish to production will give me a sense of accomplishment.

RODGER:   Yes, I think so, I think the time is coming for people to look at companies such as Tagish Lake Gold, which has three deposits on this property and is moving to production. In other words, they'd be looking at advanced mineral exploration companies among the juniors.

RACZ:   Referring to the last 10-15 years, did the major companies neglect exploration?

RODGER:  I think as a general rule in the whole mineral industry, exploration was neglected, and we're paying for it today.

RACZ:   And this was simply an unnecessary neglect?

RODGER:   No, I think it was more related to commodity prices. Commodity prices were all very poor right across the board, including gold and silver. And, as a result there was little incentive to do any work in exploration.

RACZ:   Well, let me ask it this way—what's the difference for an exploration, whether the price is $650 or $850?