(b)(1) Minex has engaged generally in acquiring and exploring mineral and oil and gas properties and; where warranted, the development of such properties. Minex has not done sufficient exploration work on some of its remaining 155 claims to determine whether any of these prospects warrant development. Minex does not have sufficient funds to do any work beyond necessary assessment work or payment of annual fees to maintain the properties. To the extent that Minex determines to perform exploration work, or if any of the properties warrant development work, Minex must seek outside financing, or lease the properties to other companies.