re: Ann: Financing of Las Lagunas Gold Projec... Well the last...

re: Ann: Financing of Las Lagunas Gold Projec... Well the last announcement has been met with a great yawn of disinterest.

It was actually a relief to me --- I had started to have thoughts of doom and gloom --- "this write off will take some explaining" --- .

Agree with Loki --- somewhat surprised they started construction with so much unfinished business on hand ---- but maybe desperation and the need for some action ---- I hope the people on site at Las Lagunas have a little more attention to detail than maybe head office.

I do admire Brian's grit and tenacity --- and whatever his shortcomings may be --- he is determined to get this thing up and running.

As an aside in 2007 the plan was: ( my original purchase was here)
* To commence construction of the Las Lagunas project in October 2007 with commissioning before the end of 2008
To commission the Trujillo project in Peru before the end of 2009, and the Shandong project in China by mid 2010.

Well we are getting there ---- a little slower than we intended --- engineering and finance stuff ups and GFC in the interim wouldn't have helped much.

But construction is happening ---- maybe 2 months behind schedule --- but it is happening, which is more than can be said for some gold hopefuls out there.

Also we cant discount the willingness of investors to front up for more shares at 8 cents ---- maybe we don't like the dilution ---- but the interest is encouraging and survival and project completion is the issue

One positive out of this delay in Project finance is the delay in setting the forward sales ---- $2000 and $3000 per ounce are not ridiculous figures to throw around ---- and the longer we wait the greater the possibility of this happening ---- also the more equity finance we have maybe the less the requirement for forwards.

Hope the quarterly reads okay

Jim


PS:

http://www.kitco.com/ind/Aden/aden_mar272010.html

The Aden sisters are a long way from stupid.