Nuvo Pharmaceuticals Inc NRIFF

RE: Barruch, please enlighten Us on Nri

[Barruch]

I have always been of the opinion that Placer would opt for the 70% even when gold was at $280- 290. The press release of november 14 gave me more confidence in my opinion. They stated Placer would contribute to US$2.9 million upgrade drilling for the next three months "Additional follow-up drilling at the new Aurora discovery has continued to intersect promising high-grade gold mineralization as well. Follow-up drilling with the 4 core drills on site will continue into December. The joint-venture plans to spend US$2.9 million during the next 3 months to upgrade the new high-grade, shallow gold mineralization at the Akivik, Aurora, 400, and South Acma zones to a 50 meter by 50 meter spaced infill drill density. Following the conclusion of drilling and the receipt of the final assay results a comprehensive resource estimate will be completed jointly with Placer Dome in February or March of 2003." Larix, why would PDG contribute to this drilling only to opt out? Furthermore PDG has already spent over $30 million when they knew less about the property. Now the information that has been accumulated over the past two years makes the property that much easier to drill and explore. Barruch