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Hi xray,

I see where you are coming from but it was news that wasn't unexpected. Take comfort that management continues to deliver (ahead of time) what they have been promising. Spot price of gold has softened and the market in general and these two factors are the key reasons for the "lull" in SP. Research on MUN continues to be extremely favourable.

I am fully a believer in the stock and it has huge upside in the next 12-24 mths.

What l am waiting to hear the announcements on are :

1. Further testing on the Mazoca anomaly which is only 750 metres from Engenho. If there is a parallel ore source, then this will significantly upgrade the exploration potential of this area.

2. Torrecillas project in Peru - in late May management sent a 400kg ore sample to Germany for detailed testing. If the results of the mechnical ore sorting are favourable they may be able to look at bulk mining processes as opposed to the labour intensive process of drilling narrow veins. This could bring forward potential contribution of this project to the company.

On top of these two - there are 2 other key projects on the go. Management have been very clear this all requires a systematic approach and not to rush in and make poor decisions.

Stick with them guys and be patient - l certainly will be.

Cheers,

Mitch