LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

RE: Turning Cash Into Shareholder Value

[Timminsgold]

My recollection of the 2005 cost of keeping 6 drills churning, was $4million. Also, they had enough money in the vault to continue their announced program, without further dilution at this time. I still believe that the whole backgroung of this equity financing has a strange smell. It will be very interesting to determine why $17million was raised, and why now? Two and two do not appear to equal four in this case.