Tumi Resources

[huesos]

They have to spend to secure federali escort into the areas they need to spot grab samples and do preliminary geophysics. Once they plan to drill, it becomes more intensive. They probably need a private squad licesensed to carry in Mexico. Maybe give this one a pass for now.

[Ed Monton]

You could get old and grey waiting for SRY to acquire a new property. Elephant 8 remains too dangerous to work on from what I hear.

At least with them you know what you are going to get in the end but it takes a lot of patience.

[Ed Monton]

SRY

[huesos]

Those two charts are insrtuctive. Looking at SRY thru the same lense we probably get a similar picture.

[Ed Monton]

TM 3 year weekly

[Ed Monton]

TM

7 year monthly

[Ed Monton]

Tumi adds Oster Silvberg project to Swedish basket


2006-02-07 17:03 ET - News Release

Mr. David Henstridge reports

TUMI RESOURCES STAKES THE OSTER SILVBERG SILVER PROSPECT, BERGSLAGEN DISTRICT, SWEDEN

Tumi Resources Ltd. has acquired, through staking, the Oster Silvberg property (312 hectares) within the Bergslagen district of south-central Sweden.

The Bergslagen district lies immediately to the northwest of Stockholm and covers an area of approximately 200 kilometres (km) east-west by 150 km north-south. The district is underlain by volcanics and sediments which are more than two billion years old. The region has undergone several phases of folding and has been intruded by at least two generations of granitoids. Bergslagen is a highly mineralized district and one of the most important ore districts in Sweden, containing deposits of iron, manganese, base metal and silver.

The Oster Silvberg mine, located 27 km south of the city of Falun, was once the chief producer of silver in Sweden in the 14th and 15th centuries, but there has been no production since the mid-1920s. The host rock is generally a metamorphosed, fine-grained, bedded potassic rhyolite tuff. Near the ore contacts, the rock is often classified as an ore quartzite which is actually the tuff that has been altered to mostly quartz, garnet, mica, minor andalusite and other metamorphic minerals. The mineral bodies at Oster Silvberg are found in cross-fractures, spatially related to the metamorphosed tuff formations, which appear to have been formed by the regional folding that deformed the host rocks.

The principal ore was an argentiferous galena that formed a columnar body to the 220-metre level of the mine. Flanking the galena to the north and southeast occur some narrower pyrite-sphalerite orebodies containing very little galena and traces of chalcopyrite, quartz and fluorite. Complete mine production and grade records are not available. Early records indicate that silver production exceeded 32,000 ounces per year. One tabulation shows a total of only 2,900 ounces of silver mined in 13 different years between 1636 and 1920. The mine suffered several shutdowns in these centuries due to rock caves, owing in part to the reduced production during these times. Various assays from the 17th and 18th centuries show that the Oster Silvberg galena carried from 1,053 grams per tonne (g/t) to 4,335 g/t silver. In addition, the produced silver contained about 10 per cent gold (from 100 g/t to 430 g/t).

The company intends to obtain the historical records of this historic mine area for detailed study and believes the area has excellent potential for discovering new mineral occurrences either along strike or downdip from the known mineralization or new mineralized zones.

Says David Henstridge: "As a silver explorer, our focus has been on Mexico, one of the world's most important silver producers, where we are continuing advanced exploration at the La Trini project. Further research for new silver projects took us to the Bergslagen district in Sweden and specifically the historic Sala silver mine. Sala once produced some of the richest silver ores in the world with grades as high as 7,000 g/t. Our research indicated the ground was open at the old Sala mine, so the company has staked the mine and surrounding ground. We believe that modern exploration methods may help discover new silver occurrences in and around the old mines. Identifying Sala also led to the discovery of other silver prospects in the Bergslagen district and the company now has under lease the Sala, Svardsjo, Hallefors, Kalvbacken, Tomtebo, Lovasens and Skalbo silver exploration properties, and now the Oster Silvberg property as well. Most of these properties have had some historical silver production. Tumi has made a serious commitment to silver exploration in Sweden and the company has applied for further exploration licences in Sweden."

The qualified person for the Oster Silvberg project, Mr. Henstridge, a fellow of the Australian Institute of Mining and Metallurgy, and a member of the Australian Institute of Geoscientists, has verified the contents of this news release.

[Ed Monton]

Please turn out the lights when you leave. (g)

[longjonsilver]

anybody care other than me?
jon

[longjonsilver]

anyone still following this one? progress has been going nicely imho, and the share price has reacted accordingly. there are supposedly some drill results and feasibility studies coming out soon. stay tuned

hi ho hi ho
its off to work we go

jon

[Ed Monton]

Jon, I think those recoveries look good. The release says they can treat the ore with the processes currently used at most Mexican mines.

[longjonsilver]

does anybody have an opinion on the news by TM.v? only place i can find it is here:

http://www.kitco.com/

only available in PDF so i cant copy, but scoping study to be undertaken by bear dolbear, and "very positive metalurgical results" well over 90% silver and gold recoveries by leaching.

hi ho silver?

jon

[Ed Monton]

19Nov03 Market News Publishing Inc. 2003/11/19 No:0002

TUMI RESOURCES LIMITED ("TM-V;TUMIF-0")
- Bonanza Silver-Gold Grades Intersected in Drill Hole CMRC-30,
- At Open-pitable Cinco Minas Project, Mexico

20m averaging 3.2 g/t gold and 845 g/t silver,
including 6m averaging 9 g/t gold and 2,608 g/t silver

Tumi Resources Limited (the "Company"): Mr. David Henstridge,
President & CEO, is pleased to announce initial drill results from the
ongoing fall work program at the open-pitable Cinco Minas silver-gold
Project, located in Jalisco, Mexico.
The drill hole results for the first three holes of the current
program are as follows.

DRILL HOLE RESULTS FROM EL ABRA MINE

 
  
  
 HOLE NUMBER SECTION FROM TO METRES ESTIMATED GOLD SILVER 
 (m) (m) TRUE WIDTH (g/t) (g/t) 
 (m) 
  
 CMRC-30 310W 32 52 20 18.5 3.2 845 
 incl. 34 40 6 5.6 9.0 2,608 
 CMRC-31 *310W 58 60 2 1.9 0.38 48 
 CMRC-32 350W 82 94 12 6.9 0.18 61 
 98 104 6 3.4 0.19 62 
 * Hole undercuts southeast extent of the historic El Abra ore shoot. 
  
 

------------------------------------------------------------------------


Mr. Henstridge stated: "it is very exciting to intersect additional
bonanza mineralization within the historic El Abra Mine area at Cinco
Minas, particularly as this is the second time that drilling has
intersected a rich ore shoot at El Abra. In April 2003, the Company
announced that CMRC-20 averaged 4m at 7 g/t gold and 1,099 g/t silver.
These bonanza zones will greatly improve profitability in any future
open-pit mining operations."
On the basis of the drill results from the first phase of drilling at
Cinco Minas undertaken earlier this year, the Company's management believes
that the historic El Abra Mine area will once again be economically mined
but now as a low-cost open-pit operation.
The Company has completed a further three holes and results are
expected shortly. Drilling is continuing in the El Abra area to identify
sufficient resources to undertake an arms-length scoping study.
Road construction is underway to gain access to the top of the El Abra
vein which crops out to a height of about 50m above road level. Once
constructed, drilling will take place to sample this part of the vein as
well as extending the known mineralization at El Abra both below and along
strike to the north-west from the existing drill holes.
As well, the Company is expecting its first results of metallurgical
test work from two representative samples, each about 300 kilograms, taken
at El Abra. The initial test work on the samples includes both bottle roll
tests and column leach studies using an initial rock crush size of minus
1/2 inch.
Through an agreement with Minera San Jorge S.A. de C.V., the Company
is earning a 60% interest and has the right to purchase the remaining 40%
in the Cinco Minas Project. The Company's consulting geologist, Mr. John
Nebocat, is the Qualified Person for the Cinco Minas Project.
Drill samples were prepared by GM LACME Laboratory, Guadalajara,
Mexico and assayed at IPL Laboratory in Canada. Samples greater than 1 g/t
gold and high silver values were check assayed, and the Company submitted a
known standard (about one in every ten samples submitted) for check
analysis. All bulk samples of RC chips along with all sample rejects
prepared by the laboratory in Mexico are stored for verification purposes.
Tumi Resources Limited, incorporated in British Columbia, Canada,
trades on the TSX Venture Exchange under the symbol "TM.V", on the
Frankfurt Exchange under symbol "TUY" and on the Pinksheets under symbol
"TUMIF". To accommodate the European financial markets, its website
www.tumiresources.com has been translated into German. The Company's
directors are experienced in the resource sector and are focused on
enhancing shareholder value by expanding Tumi's assets in this sector.
Management aims to identify exploration projects, predominantly silver
projects of high merit, and quickly complete confirmation exploration. This
will enable the Company to confirm the potential of a project and reach
advanced project status by the most cost effective and shortest time
possible.

Forward Looking Statements
This Company Press Release contains certain "forward-looking"
statements and information relating to the Company that are based on the
beliefs of the Company's management as well as assumptions made by and
information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions related
to certain factors including, without limitations, competitive factors,
general economic conditions, customer relations, relationships with vendors
and strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change, changes in
industry practices, and one-time events. Should any one or more of these
risks or uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results may vary materially from those described
herein.

TEL: [phone] David Henstridge, President & CEO
Investor information contact:
Nick L. Nicolaas
E-mail: [e-mail]
Internet: www.tumiresources.com

[Ed Monton]

Tumi commences Cinco Minas phase II drilling

2003-10-28 18:53 ET - News Release

Mr. David Henstridge reports

DRILLING UNDERWAY AT THE OPEN-PITABLE CINCO MINAS SILVER-GOLD PROJECT, MEXICO

Tumi Resources has commenced drilling at the Cinco Minas silver-gold project located in Jalisco state, Mexico. The company had completed the phase I drill program at Cinco Minas in March and April, 2003. The drill results, reported in Stockwatch news on May 13, 2003, were extremely encouraging and confirmed the open pit potential of the area around the historic El Abra mine, where 10 of 11 holes intersected significant silver-gold mineralization. The most significant intersections drilled included 18 metres grading 2.03 grams per tonne gold and 316 g/t silver in CMRC20, including four metres grading 7.01 g/t gold and 1,099 g/t silver, 12 metres grading 2.83 g/t gold and 143 g/t silver in CMRC18, and 14 metres grading 1.44 g/t gold and 221 g/t silver in CMRC23.

To date, the drilling around El Abra has outlined about one million tonnes of silver-gold mineralization to a depth of 100 metres below surface. In order to commence a scoping study for a project with a mining rate of 1,000 tonnes per day, the resource size needs to be increased. Therefore, as part of the phase II work program, Tumi is undertaking a drill sampling program of the vein above surface road level at El Abra, estimated to contain about 250,000 to 300,000 tonnes of rock with no strip ratio. This will require construction of a road or ramp access, which is under way, above and behind the vein and holes will be drilled from the footwall toward the hangingwall of the vein. As old workings extend up into this mass of rock, it must be sampled by drill holes. Channel sampling at the top of the vein outcrop is included as part of the program. The drilling under way will initially focus on extending or closing the mineralization both along strike to the northwest and southeast of the drill holes completed in phase I and several other holes will be drilled downdip from these holes.

[echarters]

You can expect about 65% recovery of the assayed RC drilling. Some people claim 75% in certain areas. It depends on metallurgy -- oxidization, sulphides, etc..

So far they have not got the required 3.5 grams to make a 100,000 ouncer. If they had 3.5 grams gold and 3 ounce silver, it would be .13 gold equivalent, which is .09 recovered for 90,000 ounces. Is this a mine? At 5 million CDN in and low strip and 7 dollars a ton cost, yes surprisingly it is. It could bear 15 dollars a ton cost. At .03 ounces per ton, it bears some number crunching.. dicey..

It depends on costs. That is a teeny teeny mine. Even Wildcat has better than that and we aren't 8000 miles away in a hostile country, fighting off savages.. (Well, it's Canada ;)

Wildcat's tailings while not metallurgically figured out yet, have got 78% recovery in one test and we have 4 million tons of 1.37 grams gold. That is 80 percent larger than Tumi's potential on this one -- it is proven and it's costs would be perhaps 25 to 40% of the lowest cost heap leach start up.

Trouble with Wildcat is everyone figures we can't lick the metallurgy problems of tailings, yet they figure you always have an easy go with heap leach. The latter is not true at all as many heap leach operations are stopped by adverse rock and metal conditions. (I believe firmly too that with what we have seen in metallurgy tests so far, that there is a solution that is palatable. Heap leach and float after combined has been suggested but not yet tried. Right now we don't know where our losses are. If we knew we could be confident of suggesting solutions. It requires more work.)

One thing I will say is that heap leach mines can be tiny and still work. They are low cost to get into. When they work they print money quite nicely with low tons and ounces. Nobody compares them to placer and tailings ops but there are many cost and grade comparisons.

EC<:-}

[echarters]

You surround any table with these containers, maintaining the
spacing as it would have in notepad:
leftanglebracketprerightanglebracket
Table here
leftanglebracket/prerightanglebracket

<pre>Table</pre>

 
 DRILL HOLE RESULTS FROM SAN PEDRO 
  
 Drill Hole Section From To Metres Gold Silver 
  
 Number             (m) (m)        (g/t) (g/t) 
 CMRC13     850W      16 18    2   0.22   32.5 
 CMRC29     850W      77 98   21   0.50   50 
 CMRC12(1)  950W      16 34   18   0.67   35 
 CMRC22(1)  950W       6 10    4   0.55   
             87       70 76    6   0.67   92 
  
 (1) Previously reported.  
  
 DRILL HOLE RESULTS FROM CERRO COLORADO 
  
 CMDD6               16  22    6   0.91   80  
                 24.93 25.25 0.32  0.69  138 
 CMRC8               16  20    4   3.42  224 
  
 

Except for CMRC8 the assays look hungry and narrow.

.67 grams gold is .019 Oz's/ short T

34 grams silver would add .0129 gold equivalent but you would have to reduce that by multiplying by a factor of .80 for silver's lower recovery. So, in fact you get perhaps only .01 ounces gold equivalent for every ounce of silver per short ton (34.28 grams/metric Tonne) in the deposit.

The 21 metres of .50 grams gold and 50 grams silver then equates to .0146 gold oz's/short T plus .0152 (gold equivalent of the silver) or a total of .0297 Oz's per-short-ton total gold equivalent.

21 metres, or 68 feet of .0297 is OK, but not spectacular. They need consistent results over 1000's of feet of this to be noticed.

EC<:-}

[Ed Monton]

From the webcast with David Henstridge it sounds like they are going to need more money to continue drilling at Cinco Minas. He is quite upbeat on results to date but says they need at least another 1000m of drilling to identify another million tons of mineable material. Looks like the mineralization is 2/3 silver and 1/3 gold. They want to open pit heap leach it. I wonder what sort of recoveries they can expect?

[Ed Monton]

Here are the last drill results announced by the company:



Drill Results from San Pedro, Cerro Colorado and El Abrita
5/26/03

Cinco Minas, Mexico

Mr. David Henstridge, President, Tumi Resources Limited is pleased to provide additional drill hole results from San Pedro, Cerro Colorado and El Abrita, at the Cinco Minas project near Guadalajara, Mexico. San Pedro lies about 500m to the NW of the historic El Abra Mine whereas Abrita and Cerro Colorado are previously untested prospects lying about 800m and 1,200m, respectively, to the SE from the El Abra area.


I cannot get these to print out in a readable format but I'll stick em in here anyway


DRILL HOLE RESULTS FROM SAN PEDRODrill Hole Section From To Metres Gold SilverNumber (m) (m) (g/t) (g/t)CMRC13 850W 16 18 2 0.22 32.5CMRC29 850W 77 98 21 0.50 50CMRC12(1) 950W 16 34 18 0.67 35CMRC22(1) 950W 6 10 4 0.55 87 70 76 6 0.67 92(1) Previously reported. DRILL HOLE RESULTS FROM CERRO COLORADOCMDD6 16 22 6 0.91 80 24.93 25.25 0.32 0.69 138CMRC8 16 20 4 3.42 224


At San Pedro (500m NW of El Abra), the vein system (18m thick in both shallow holes, CMRC12 and CMRC13) appears leached but the results, although lower than those at El Abra, continue to prove the open pit potential of the Cinco Minas vein system. As underground workings are known to exist between the above two drill section lines, further drilling will be undertaken in this area at a later date.

Geology and Economic Potential of Vein System In order to get a better understanding on the geology and economic potential of the five kilometer long Cinco Minas vein system under the Company's control, reconnaissance drilling was undertaken at El Abrita and at Cerro Colorado.

At Cerro Colorado (1,200 m SE of El Abra) there is a well-defined quartz vein about 6m in width that has been extensively disrupted by faulting. Five holes were drilled over a strike length of 350m. Although the central holes did not intersect significant mineralization, drill hole

CMRC8 located near the SE end of the drill holes intersected 4m grading 3.42 g/t gold and 224 g/t silver that indicates significant potential for finding more resources along strike to the SE of the drill area. Similarly, CMDD6 located at the NW end of the holes intersected 6m of 0.91 g/t gold and 80 g/t silver that also indicates the potential for finding further resources to the NW of this drill hole.

At El Abrita (800m SE of El Abra) poor recovery in several holes, extensively leached rocks at shallow levels and complicated fault structures offsetting the vein system make interpretation of the geology of the area very difficult. Although results up to 2.72 g/t gold and 62 g/t silver were intersected in the drilling, results were sporadic and it is difficult to make any conclusions without further detailed geological interpretation.

Through an agreement with Minera San Jorge S.A. de C.V., the Company is earning a 60% interest and has the right to purchase the remaining 40% in the Cinco Minas Project. The Company's consulting geologist, Mr. John Nebocat, is the Qualified Person for the Cinco Minas Project.

Drill samples were prepared by GM LACME Laboratory, Guadalajara, Mexico and assayed at IPL Laboratory in Canada. Samples greater than 1 g/t gold were check assayed for gold and the Company submitted a known standard (about one in every ten samples submitted) for check analysis. All bulk samples of RC chips and one half of drill cores along with all sample rejects prepared by the laboratory in Mexico are stored for verification purposes.

Tumi Resources Limited, incorporated in British Columbia, Canada, trades on the TSX Venture Exchange under the symbol: 'TM'. The Company's directors are experienced in the resource sector and are focused on enhancing shareholder value by expanding Tumi's assets in this sector. Management aims to identify exploration projects of high merit and quickly complete confirmation exploration. This will enable the Company to confirm the potential of a project and reach advanced project status by the most cost effective and shortest time possible.



ON BEHALF OF THE BOARD

'David Henstridge'

David Henstridge, President & CEO

Investor Information contact: Nick L. Nicolaas, [phone], [e-mail]

CONTACT: TEL: [phone] Tumi Resources Limited

FAX: [phone]

Website: www.tumiresources.com

[Ed Monton]

Have you listened to the webcast by the CEO ?

http://www.ceocast.com




President & CEO Interviewed By CeoCast
6/27/03

Dear Friends:

David Henstridge, President and CEO of Tumi Resources Limited was interviewed by CeoCast in New York to-day.
You can listen to the inteview at www.ceocast.com

Regards,

Nick Nicolaas

CONTACT: TEL: [phone] Nick Nicolaas

FAX: [phone]

EMAIL: [e-mail]

[Ed Monton]

Its interesting that you say it looks like Peru since Mexico and Peru also have an abundance of silver in common.

Here is the management discussion from late May:

--------------------------------------------------------------------------------------------------
Management Discussion
5/23/03

MANAGEMENT DISCUSSION AND ANALYSIS

Tumi Resources Limited (the 'Company') is a junior mineral exploration company engaged in the acquisition and exploration of precious metals on mineral properties located in Mexico and Peru. The Company is a reporting issuer in British Columbia and Alberta and trades on the TSX Venture Exchange under the symbol TM.

Property Updates

a) Mexico Properties

i) Cinco Minas The Phase 1 drilling program commenced in early March 2003 to test a number of prospects along the 5 kilometre long Cinco Minas epithermal vein with the focus on the open pit potential at the historic El Abra mine area that was mined in the 1920's (1.08 million tonnes at 3.2 g/t gold and 476 g/t silver). The drill program is budgeted to consist of twenty holes totaling 1,500 metres of drilling on the El Abra, El Abrita and Cerro Colorado zones. The Company initially encountered some technical difficulties with the drill rigs supplied. This has now been rectified. First drill results have been received from five holes completed at El Abra and three from Famosa and San Pedro. A number of very significant intersections have been drilled at El Abra. Due to the very slow progress of the diamond drill rig previously used on site, the Company is now using the reverse circulation rig to drill through the zone of interest in a number of areas rather than pre-collaring for the diamond drill. Drilling will continue at El Abra, El Abrita and Cerro Colorado.


the drill results table won't post properly so I have removed it

The initial drill hole results are extremely encouraging and confirm the open pit potential of the area around the historic El Abra mine. Further drilling to expand the known area of mineralization will be undertaken. The drill program has confirmed the Company's underground channel sampling program undertaken late last year. Drill samples for assay are being prepared in Mexico and assayed at IPL Laboratory in Canada. Samples greater than 1 g/t gold are being check assayed and the Company is submitting a known standard (about one in every ten samples submitted) for check analysis. All bulk samples of RC chips and one half of drill cores along with all sample rejects prepared by GM Lacme sample preparation laboratory in Mexico are stored for verification purposes. The Company's consulting geologist, Mr. John Nebocat, is the Qualified Person for the Cinco Minas Project.

Through an agreement with Minera San Jorge S.A. de C.V., the Company is earning a 60% interest and will have the right to purchase the remaining 40% in the Cinco Minas Project.

ii) Gran Cabrera In October 2002, the Company was granted an option to earn a 60% interest in mineral claims covering 3,950 hectares ('Gran Cabrera'), located in Jalisco, Mexico, in consideration of making a US$45,500 payment for past property taxes (paid), conducting exploration expenditures totaling US$2.5 million and issuing 750,000 common shares (250,000 shares issued) over a three year period. In March 2003, the Company was granted an option to earn a 60% interest on three additional mineral claims (the 'Cabrera Group'), totaling 392 hectares . The Company has agreed to issue 270,000 fully- paid common shares over a period of three years to complete the transaction. There are 90,000 shares to be issued in the first year. The Cabrera Group claims are located within the Gran Cabrera claims, bringing the total area under control by the Company to 4,342 hectares. The number of rich historic silver-gold mines within the Gran Cabrera-Cabrera Group claims now totals twenty. The acquisition of the Cabrera Group is subject to acceptance of filings with the TSX Venture Exchange.

(b) Peruvian Properties

i) Los Lomas Property During fiscal 2002, the Company attempted to complete a drill program to meet its work commitment. The Company was unable to gain access to implement the program and declared force majeure, as allowed under the option agreement. In February 2003, the Company notified the optionor that it had terminated the Los Lomas heads of agreement. Accordingly, the Company wrote off $15,000 acquisition costs and $82,720 exploration expenditures in fiscal 2002.

ii) Tinka Property On February 19, 2003, the Company entered into a heads of agreement (the 'Tinka HOA') with Tinka Resources Ltd. ('Tinka Resources'), a publicly-traded company, of which certain of its directors and officers are also directors of the Company, whereby the Company, upon receipt of approval from the TSX Venture Exchange, has agreed to grant a 70% interest in the option on the Tinka property. Under the option, Tinka Resources has agreed to assume the Company's share issuance obligations through the issuances of a total of 500,000 common shares of Tinka Resources'share capital over three years. Tinka Resources must also fund a total of US$2.5 million in exploration expenditures, including underlying option payments and government taxes, over a three year period.

Operations and Liquidity

During the year ended December 31, 2002, the Company completed its qualifying transaction and commenced activities in the exploration of mineral properties. Accordingly the Company experienced a significant increase in activities and, in 2002, reported a loss of $253,757 ($0.09 per share) compared to a loss of $10,199 ($0.01 per share) in 2001.

At this stage of its development, the Company has no source of operating revenues. Interest income is derived solely from cash and cash equivalents held by the Company. During 2002, the Company reported interest income of $5,459 compared to $12,676 in 2001, due to lower levels of each held throughout 2002 compared to 2001.

General and administrative expenses of $161,496 was reported in 2002, an increase of $138,621 from $22,875 in 2001. Many of the Company's costs increased due to increased accounting, consulting, legal, regulatory and other costs associated with the Company's transition from that of a capital pool company to a junior mineral exploration company. During 2002, the Company also commenced the monthly payment of $2,000 to the President of the Company. During 2002, $16,000 was paid, of which $10,500 was expensed and $5,500 was capitalized to mineral property costs. Ongoing review of prospective property acquisitions also attributed to increased costs in 2002. In addition, during 2002, the Company adopted, on a prospective basis, the new CICA recommendations on accounting for stock options. The Company recorded a non-cash charge of $20,212 relating to options granted to consultants. In addition, as allowed by the CICA recommendations, the Company has disclosed, on a pro-forma basis, a further amount of $38,942 relating to the fair value of stock options granted to its employees and directors.

Since its reorganization in May 2002, the Company has negotiated a number of option agreements to earn various interests in mineral properties in Mexico and Peru. During 2002, the Company incurred $528,203 on mineral property payments and exploration expenditures. In addition, the Company issued 675,000 common shares, with a value of $202,500, pursuant to mineral property option agreements. During 2002, the Company wrote-off $97,720 in mineral property costs relating to its abandonment of the Los Lomas option agreement.

During the year ended December 31, 2002, the Company raised $697,800 cash from the issuance of common shares from private placements conducted and options and warrants exercised. These proceeds were utilized to conduct mineral property acquisitions and exploration expenditures and to pay ongoing corporate costs. As at December 31, 2002, the Company had a working capital of $338,569. Subsequent to December 31, 2002, the Company completed an initial private placement financing on 528,000 units at a price of $0.90 per unit, for proceeds of $528,000.

Investor Relations

The Company provides information packages to investors; the package consists of materials filed with regulatory authorities. The Company updates its web site (www.tumiresources.com) on a continuous basis.



CONTACT: TEL: [phone] Tumi Resources Limited

FAX: [phone]

-------------------------------------------------------------------------------------

[echarters]

What drill results?

I thot these people were drilling BC or something. That looks like Peru in the photo.

EC<:-}*

[longjonsilver]

just had to post to show my interest in my tumi - used to be one of my bigger positions - just rode it all the way down. always said i wouldnt do it again - couldnt believe it would keep going lower. should be a good bottom fishing candidate by now from these levels. whats your take on their drill results? they seemed good to me but the market is always right in the short run at least - and according to the market they stink. claude seems to think they are pretty good whats the straight poop?

on the weekly it looks like the RSI is about to turn up, and the macd could follow quickly.



on the daily notice that the chk is beginning to go green but the stochastics are fair to middling - not real hopeful for a turnaround - although things could turn on a dime with higher silver - how high? who knows? when? who can say?

jon

[Ed Monton]

The big question in my mind is, does the December gap get filled?
If it does the stock should find support around .30 and I will buy at that level.