Ann: General Security Agreement, page-402

I'm just going to throw something in the mix here whether or not people think I have any kind of understanding about all this.

In chile, exploration/exploitation concessions need to be held in the hands of a registered mining company. Currently they are held under the company owned by Bahamondes our Tesoro Chile joint venture holder.

All the new exploration concessions recently pegged are listed under the earn in list.



The 'Project' and the Ternera Deposit are materially larger



The 'Project' is the whole 'district scale' area



Surely this is also a reason to change the terms of the JV from 'lets see what we have here' to 'we're all big boys now let's get down to business'.

It would also have to change the balance of the structure of the JV due to the 'new assets'.

Rather than a takeover of the company I would prefer to see TSO sell off the asset or go JV with a mining company and then move on to exploring and proving up further deposits (as per the soil sampling already going per todays ANN)