Ann: Quarterly Activities Report , page-13

kk Can't see that they 'have men and equipment on the ground'?

Nor can I see that EDC have made a commitment to drill targets. As things stand, EDC can walk away tomorrow and they'll get their $400k back (if HRL haven't spent it).

This is so risky. EDC can dump the project at any time, like they did with the other three they looked at (and HRL still promote).

That said - it is reassuring EDC are returning to Peru to complete the remaining 75% of the MT survey. They may go on and do some test wells. The project may or may not be feasible.

Point taken on the $400k and the quarterly. I expect they are using it now.