Ann: Annual Report to shareholders, page-6

Mick, put your glasses on. The extract from the Chairman's letter below could explain why the CEOL application has been delayed. They are obviously looking at the best way to accommodate Codelco, but not at the expense of LPI/MSB. All parties are seeking a 'win-win' which I believe is achievable.

In addition, we continue to work closely with the Chilean government in order to define the best structure to exploit our new coded tenements, (CEOL, a Presidential decree, et al) as contemplated in the Chilean Constitution. Our common goal in these discussions is to generate the maximum value for the Company and its shareholders as well as the people of Chile. Various options are presently being explored and we remain confident that the ultimate contract will benefit all parties.


The sooner Codelco's future is decided on the Maricunga salar, the better it will be for all stakeholders.