Anglo-Bomarc Mines Ltd. (N.P.L.) V.ANB.H

There is a pulse - Patience Please

[perky38]

8/29/03 MANAGEMENT DISCUSSION Description of Business The Company was incorporated in 1967 and has been involved in mining ever since. The Company has since last 25 years spend $ 1,853,559 on exploration on its silver property in Idaho. There has been renewed interest on part of the investors since the debacle of high-tech industry. Discussion of Operations and Financial Conditions The Company is close to making a deal on a promising gold property located at Clear Creek, Yukon Territory, Canada. Gold is on the rise and experts are claiming that we are in a gold bull market which could be sustained for years. An article in the Financial Post Earlier this year quoted Mr. Rod McEwen, CEO of Goldcorp Inc., as predicting that the gold is on its way to US $800 per ounce within the next decade. Gold reached a high of US $850 in 1980 and some specialists believe that this historic high will be tested again and may even exceed it in foreseeable future. Anglo-Bomarc management also believe the preceding outlook is not unreasonable and the Company should definitely seek out gold projects The Company has always been financially stable for 35 years and trading into the Vancouver market, now TSX Venture exchange. As mentioned earlier the Company is aggressively pursuing the acquisition of gold property. Hercules Silver Mine property located in Washington County, Idaho remains in good standing. The Company is further looking into amending its option agreement to make it attractive for optioner to do more work on the property. Presently the Board is discussing with the consultants of the optioner to put up the work program for its property in Idaho. Management continued to seek out projects outside of mining as well as examined the feasibility of exploring its Hercules mining property in Idaho. Liquidity and Solvency Currently the Company has working capital of $ 27,356. With the present working capital position the Company