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Re: None

Wednesday, 12/13/2006 11:31:36 AM

Wednesday, December 13, 2006 11:31:36 AM

Post# of 1370
My Summary of the CC

Spoke about 5 points...

1. FSC Project South Africa - Will require $1.4M addiitonal funds to purchase the additional 15% to increase WITM position to 50%. They should know more by Christmas with a final decision made in January. They have drilled two holes already which did not hit the target. Next hole planned to be start no later then February. Bullish sentiment on next hole as they begin to narrow in on the ore body location. Will require two additional holes in order to fully understand the resources in the ore body.

2. Bates Hunter Colorado - Surface drilling underway. They completed the first hole down to 2025 feet with significant difficulties along the way. Due to these difficulties they missed their two targets. The second hole is started and is around the 300 foot level currently. Samples are on their way to the lab. Dewatering still in progress around the 305 foot level. The 330 foot level offers more potential for some underground drilling but this is not the most efficient means of determining the resources of the property.

3. Vianney Mine Mexico - During last visit they discovered newer reports dated in 2000 that showed more recent drill intersects and assay reports (described in detail in the Dec 4th PR). The deeper the samples the higher the grades. Potential at the 75 foot level is for $1200/ton revenue. Have sent some samples on their way to the lab. Clyde sees potential for gold below the Silver-Zinc-Lead mine which was not mentioned before. This may be why this property was selected as the new project. Should be a report out on the mill capabilities in that area within the next few days. Overall potential was quoted at $200 net per ton after expenses ($300 - $100 costs) with up to 90,000 tons per year comes to about $18M in revenues.

4. Capital Sources - $3M in warrants are in the money. $0.5M already executed. $2.4M in $0.25 warrants expires this month. That is likely to blame for the recent dip. Company has access to $4.5M in cash through warrants and open credit lines for 2007 with a requirement of about $3.5M in cash for the year. So we appear to be adequately funded for current projects.

5. Hong Kong Easy Knit Merger - Easy Knit has $20-25M in assets with $14M in cash/real estate. They are currently trying to dispose of their interests in the textile industry so I'd expect some write down of those assets as they liquidate. The provides WITM access to the Hong Kong exchange for additional liquity and capital. Not yet sure how the share structure will look post merger but that is not expected until this time next year. Potential for move to AMEX following this merger. Easy Knit market cap about $550M versus WITM $29.2M market cap. More then likely we merge into them and rename the company.

These are my words and not their so please listen to the conference call for exact quotes. This is just my opinion and impression of the conference call. All in all this is about what I expected to hear and think this is a great idea to have regular conference calls to keep their investors informed. Management appears to be focused on building shareholder value which is unique in stocks under $1. IMO we will see a momentary dip in the stock as some warrants are executed and then dumped. Typically I have seen this happen where the price never really goes down as far as the warrant price because not all investors sell. So a drop to about $0.30 would be reasonable. I'll probably pick up some more shares at anything below $0.30 though. I don't expect much news over the holidays, but in January and February I expect them to crank up the action and the stock price should move along with that. My price target for next year is definitely over $0.50 but closer to $0.75 with a potential for $1 if they are successful in any of these three main projects and/or if a China project comes into play. Again just my estimates please do your own DD and come up with your own. I welcome and feedback from my assessment. Good luck to all.

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