• American Copper & Nickel Company (ACNC, the US subsidiary of INCO) drilled 34 surface and 14 subsurface holes in the Sylvia Vein from 1981 to 1983.
• The Sylvia Vein is structurally related to the Ashdown Gold Vein to the north and is exposed in Vicksburg Canyon, where additional drilling by ACNC indicates additional molybdenum mineralization.
• Total strike length of moly mineralization in the vein system is over one mile.
• The vein has an average width of about 8 feet, dips 45-90 degrees and is mineralized over a down dip distance of at least several hundred feet.
• Grades as high as 15% Mo were encountered in drilling and underground sampling, among the highest moly grades ever reported.
• In 1982-83, ACNC drove a 1000 foot decline into the Sylvia Vein and took 32 multi-ton bulk samples.
• Moly prices collapsed in 1983 due to Chinese dumping, and ACNC left a 1400 ton bulk sample with an average grade of nearly 2% Mo stockpiled near the mine mouth.
• The property was acquired by Win-Eldrich in 1987, which has maintained it in good standing in hope of a sustained increase in prices.
• In 2004, Win-Eldrich entered into a letter of intent to form a joint venture with Golden Phoenix Minerals.
• Due to high moly prices, fears of another price collapse and delays in mine development, in 2005 Win-Eldrich shipped the 1400 ton bulk sample to a contract mill and produced and sold about 37,000 pounds of Mo.
• Fortunately, moly prices have stayed high and are now expected to stay high for a few years.
• In 2006, Golden Phoenix earned a 60% interest in the property by spending five million dollars on mine development.
• Also in 2006, Win-Eldrich and Golden Phoenix formed the Ashdown Project LLC, which sold its first moly concentrates in December and is expected to reach its production capacity of 100 tons per day in 4th quarter 2007.

For details on world wide molybdenum production and forecasts, see About Molybdenum, publicly available from the International Molybdenum Association (this is a large pdf file - 775 kb - it will take a while to download if you are on dialup).

1 Win-Eldrich believes that the historical results described above provide an indication of the potential of the Ashdown property. However, Win-Eldrich has not completed the work necessary to verify the classification of these estimates and is not treating the estimates as a National Instrument 43-101 defined reserves or resources verified by a "qualified person" and as such, these estimates should not be relied upon.