Within 30 days prior to randomization subjects will sign the study consent form, and have a history and physical exam, including all concurrent medications. Blood will be drawn for CBC, platelets, serum chemistries, BUN, creatinine, and liver function tests. If necessary to determine menopausal status FSH, LH and serum estradiol will be obtained. An EKG, CXR PA and lateral will be performed and a bilateral mammogram and US of primary breast cancer will be done within 90 days of randomization. Subjects will then be randomized to receive either ARIMIDEX 1 mg po q day (Group A), or ARIMIDEX 1 mg po q day and FASLODEX 500 mg IM, day 1, day 14, day 28 and thereafter once every 28 days (Group B). Study medications will be dispensed within 60 days of randomization. On day 28, subjects will be evaluated for side effects and a second breast core biopsy will be obtained. Evaluation for tumor response and tolerability of the regimen will be evaluated every 28 days in outpatient clinic visits. ALL treatment will continue until day 112 when patients with a clinical response or stable disease will receive appropriate surgical resection. If the tumor is unresectable on day 112, a core needle biopsy will be done. The surgical specimen will be obtained for further molecular analysis. After surgery, patients will be off study and will receive additional breast cancer therapy at the discretion of their treating physician. Patients who develop progressive disease on protocol will be taken off study and offered alternative treatment. All patients will have a safety follow-up 1 month after the surgery (or the alternative core biopsy).