Ann: SPP Terms and Letter to Shareholders, page-26

For those still questioning the drilling in Uruguay, one of the recent announcements spelt out that whatever happens in Uruguay is now out of our control.

The way I see it’s the same company that couldn’t come up with their funds when needed and so DC spent our drilling money and increased our %.

We run out of cash (because of them) and they get the percentage back with interest for ~$500,000 and Spain.

Hard to negotiate better terms when you have no partner and no cash to back you in.

Spain will be a success and won’t cost us too much, so perhaps we focus on how well Spain can be managed and we cross our fingers that the new operator will get the drill turning in Uruguay ASAP!

0.0021c - worth $2000 for a million shares if we can get back to 1-2c with Spain.