PharmaCom BioVet Inc. (PHMB)

[MUSHROOMKING]

ABN#00363 and ABN#00362 exist. Valeriy Kyargin, chief of Khakassia Rosnedra, told Mineweb that licence 00362 is on issue for alluvial mining; the licensee is a Russian company, OOO Kamzas. The state record of its reserves shows category A plus B proven at 300 kilograms (9,645 oz). Kyargin said he had no indication of any production at the site. License 00363, he said, is not a gold producer. It has been licensed also to the Kamzas company, but it is classified as an exploration prospect, with state reserve category C2 of just 53 kilograms (1,704 oz). In all, the two Russian assets identified by Ryan have a total potential gold resource of just over 10,000 ozs. These are "tiny, tiny objects", Kyargin said, "but because they are they are alluvial deposits, there may be inaccuracies."

Russian state forestry administrators in Moscow told Mineweb that adoption of the new federal forestry code at the start of 2007 tightened up all concessions awarded under the old regulations. New-order agreements have been required since the start of last year, and this means, officials say, that the New Galaxy concession reported by Ryan -- dated October 17, 2006 -- is no longer valid. It must be reviewed by the regional authorities; new agreements must follow competitive auctions.

Zinoviy Yuskiv, deputy head of the State Forestry Committee in Khakassia, told Mineweb: "I have been working here for 25 years already, and we didn't issue a single forestry concession to date. I am sure we never issued any concessions to Narrow Galaxy company or its representative in Russia. More than that - I am sure the federal bodies didn't do that, because they would inform us in that case. We are the ones who control the forests, and we know if Moscow issues something - we have to supervise it."

As to the new legislation, there are no new concessions to be issued, only auctions."