Ann: Update on Peru's New Exploration Permit Regulations, page-6

G'day MM.

I doubt that more than 5% of holders actually read the announcements properly before jumping to incorrect conclusions.

MM. I don't know if you were a holder during the Chanape drilling permit marathon but in my book today's update is bad news and not good news.

“Although the ToR and FTEF are in draft form only, and still subject to public opinion and finalisation, the latest publication is a significant step forward” says Inca’s Managing Director, Mr Ross Brown. “For companies wanting to drill, the new permits described in the NER could provide extra capacity with shorter lead times to granting.”

Firstly, it is all in "DRAFT FORM ONLY".

That means the legislation wording is still being worked out and if anyone comes up with changes it will basically need to go through the process again.

“ the latest publication is a significant step forward” says Inca’s Managing Director, Mr Ross Brown. "

"A SIGNIFICANT STEP FORWARD"

Yes! But only a step.

Once all this drafting and legislation is in place then , and only then, will ICG be able to apply for the permit.

To me, from vast previous experience, that will take months.

Any holder who thinks this is not going to drag out for many months yet is kidding themselves.

It looks, to me, like we are not even to the stage of applying for a permit for a permit.

Lockitt