appointmen of director, page-14

I am still not overly worried but I do understand that we are approaching the last roll of the dice.

The timeline has been stated for some time now that the drills (at Apurimac) are not planned to be operating until mid year - so say August hopefully at the latest. So I had no expectations until then.

However in saying that we should know within the next 1-2 months if it will go ahead. We need the final community approval before lodgement to the relevant Peruvian department for the drilling permit. If we get the community approvals then we will get the stamp from the Gov't.

If we do not get the community approvals over the next 2 months then we're pretty much stuffed.

And Cuervo will not be sorted any time soon. Cuervo does not need to do anything so long as they can keep solvent enough to keep the doors open and prey for a miracle - even if they can't pay the electricity bill and sit in minus 20 degrees temperature.

Strike's actions late last year was a salvo accross their bows. And rightly so. It was Cuervo that started this by using non industry standards to obtain a resource estimate above the 500mt level. They want to play hard ball - then we can also. But make no mistake this is probably going to get very ugly. After all we are trying to take as much as possible and they are trying to retain as much as possible. And I don't see these two sides working it out in the near future. Unless Cuervo has absolutely no option remaining.

The share price is irrelevant (to me) at the moment. It will not stay where it is. Whether it goes up or down is dependant on whether we drill or not. If you feel that we can then stay in, if not then I would sell as the price will continue to decline.