Ann: $35 Million Share Placement Completed Oversubscribed, page-14

1. Military rule/ country risk. It's Burma
2. Bouganville. The Shan fought a 30 year civil war. Christians in the mountains aren't going to accept being shafted like Muslims on the coast by Buddist Burmese
3. Terrain issues. Getting stuff in, getting stuff out
4. Commissioning risks

12 cents is possible over the next 6 months. To get to 25~30 cents might take 2~3 years. To get to 50~100 cents??

But the Shan signed a ceasefire, they never lost, so the threat of political instability is always real