Ann: Chairmans Letter to Shareholders , page-9

I do not understand the intricacies of producing silver from leach pads, but what I can see is that once leach pad 4 is fully operational they will have nearly twice the area that they had when they produced approx 470k oz in 6 months.

Regarding the question of whether to invest in the rights issue, for me it come down to whether to invest approx 10% in $ terms and have a fighting chance of getting my money back or losing my original investment. It is almost a no brainer to take up my rights.

There is even a chance of making a handsome profit if silver goes ballistic. With all the conflicting views it is difficult to make a sound prediction. Sprott is talking about silver being the investment of the decade.

I get the sense that the previous management had their heads in the clouds. This new lot seem more realistic. As for the boardroom squabble- it just goes to show how regardless they were of the common shareholder.