SmartCentres Real Estate Investment Trust T.SRU.UN

RE: Is this the starfield board.?

[JerryFrancis]

Ivan, My hopes for Starfield is that it gets bought out for a nice price. I can't guestimate at this time how much. I am confident that BHP is the number one or number two interested party. I think that one of the Starfield directors [Mr. Moran] was the CEO of Billiton Diamond Mines. BHP diamond property abuts ours and from what we hear, they have paid us a visit or two. I believe that that large Chinese nickel company [Jinchuan] will be either number one or two in the equasion. They have been up to the camp three times and one of those times was not to long ago. Bear in mind that from what we have heard, the Chinese have shown some interest in BHP and reportedly they [the Chinese] are sitting on a trillion plus in cash to be used in taking over other companies. If that is all solid info, then we are in excellent shape where we stand today. Most majors want the junior to do as much as possible in developing a mine before they step in. Unless a major does not want to pay a premium for Starfield later, perhaps someone will make a move sooner as opposed to later. That of course is just a possibility and our desire. Actually, I believe that it is going to take more cash and time before this play goes on the blocks for sale. That is why the emphasis on the PGE's. The pt/pd/rh certainly will help defer the mines costs for whoever takes over SRU. Best wishes, Jerry Francis