af shootout, page-14

I am just too lazy to go back and give a brief as to what they have spend their money on - my apologies. However, I remember noting that on a quarterly basis as the years went by that I have never thought 'wow - that was way out of kilter for what 'fairly normal' costs should be' - considering normal fixed costs and variable costs based on what they were reported doing any particular quarter. I personally am happy on that front but we all have to make our own judgements.

I agree with the director related loans and any other issues that arose when the company was very poorly run a number of years ago. It is important (I feel) to remeber that much of the mess (and delays) that we have experienced is because of the stupidity of previous management. This has substantially been unwound and the shootout is a major part of this.

I agree that raising the cash for the shootout makes me a little apprehensive. I have my fingers crossed on that one that there is something happenning behind the scenes.

They could end up with 100% of a non-economical project and again that's what we all have to judge as individual investors. The 'stuff' is there. Hopefully they can expand onto copper and gold for diversity in resources and the drilling results for iron ore increases its base considerably. If it does and Peru holds stable then just maybe in two years they will be a nice takeover target which is my uneducated guess.

But hey all these companies are punts in the end and luck has to play a part of any success. My view is so long as you have good management (which they do now - not then) then you don't need as much luck - but you always need some.

Good news re. Bob 1 commencing.