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

RE: LAKE SHORE GOLD - EMERGING MID CAP

[Timminsgold]

I certainly do not want to rain on anyone's parade. However, some of the assumptions you are making I believe can only be considered "most imaginative", and must be put into the real world. I suggested before that some of your statements border on what can only be described as market hype. It took many years to build the 750,000 ounce base orebody,(that meets the new regulatory 43-101 criteria). You just do not jump from a base of 750,000 ounces and start talking 5 million plus ounces, regardless of the potential of Desantis, Schumacher and other properties. Consider that some of the deep holes take up to a month to drill. Some holes over/undershoot the zone and no new ounces are produced until the hole is re-drilled and the zone is encountered. Much of the drilling that is underway on the Dr. Raman deposit, is only moving ounces from the probable to the proven category, so no new ounces appear in the resource summary. There has been little drilling during the last year,that has extended the lenght of the orebody. The process to build up the resource is going to be long and tedious, but most rewarding in the end. There is no question now that LSG will become a producer in the not to distant future. It now is only a matter of the number of tons per day the plant will be scaled for, and who the actual producer will be. LSG or the takeover candidate. The Timmins project is becoming a very desirable asset that is being coveted by many. However, if we are to retain credibility on this site, we must keep market hype to a minimum and market reality to a maximum.