Ann: 2.2 Metre Mineralised Manto Near Rastrillo, page-17

Hi Guys and Girls .... this story continues to build, albeit slowly but steadily. Interesting that we have so many sellers at 0.6c when the future is looking a whole lot brighter with the potential of S32 exercising a JV (subject to positive aerial geophys which is being undertaken at the moment), but "it is what it is"!

The latest news indicates that there are many more mantos than first thought and it seems that the more that they actually walk the country and map, the more visible mineralisation -whether, mantos, veins or tensions gashes - they find. That is reassuring and a positive and the more I see the more I am convinced that my initial estimates of potential are on the money.

Another critical learning in the ASX release is that they now see a direct relationship between vein and manto mineralisation and that they believe that the manto mineralisation has been emplaced via the veins. In other words, the mineralising fluids that have created the veins have continued along (from the veins) planes of weakness in the limestone (sedimentary) strata. This has - potentially - huge implications given that we know that the veins extend to considerable depth. If this mineralising model holds true, then there is absolutely no reason why there should not also be many mantos developed at depth - off the veins and where ever there are suitable deposition sites or planes of weakness in the strata.

It is also VERY interesting that in the last couple of ASX releases the company is - for the first time - talking about bulk resource potential and the expectation of moving to identifying a resource number. It is frustrating that it is taking so long to get to the exciting part of this program, but as I keep saying exploration is a Loooooong game!! Still, I am both comforted and reassured by the fact that every exploration report has slowly and ever so slightly added to the overall picture and there has been nothing that has called into question the potential of the project.

I look forward to a successful geophys outcome and to S 32 signing the JV and to ICG being free carried for future exploration costs. It will be great to have a partner with deep pockets and also not to subject our loyal but weary and jaded shareholders to more CR's and further serious dilution. Maybe this is the year!!!