JNR Resources Inc JNRRF

RE: The 1st of August

[megphi]

At the AGM, Ron Hochstein of IUC mentioned that they had spent approximately $1 million to date for 25 holes and furthermore, he indicated that IUC planned on spending the required $4 million in order to earn their 75% interest. If JNR does any other work on its other properties outside of its strategic alliance with IUC, it will be joint ventured off where the other company would have to pay the costs of drilling in order to earn in. And on top of that, JNR has $4 million of cash on hand without any of its warrants being exercised. That's about $0.08 per share. There is no need to raise anymore money unless the Moore Lake project becomes a mine and JNR has to cover its production costs, etc.