Ann: Updated Scoping Study Nearing Completion, page-107

If you want to see positive wording, take your mind back to the Newsletter that Brian sent to shareholders back when initial El Pilar results were announced:

Dear Shareholder

You will see from the attached ASX Announcement that we may have hit the jackpot with a copper porphyry deposit in Cuba, and though one drill hole obviously doesn’t mean a mine, copper results from the latest drill hole are most encouraging.

Our Exploration Director, Dr Chris Grainger, is absolutely confident he has identified a large copper-gold porphyry system, and results from the drilling program which will commence early next year, could mean a significant re-rating of the Company.

Kind Regards

Brian Johnson

Executive Chairman

And about a month later sent to investors who took part in the CR:

	Dear Shareholder
1	Thank you for your continuing support of the Company, and trusting we will see a serious re-rating by mid next year.
2	Merry Christmas and a Happy (and Prosperous) New Year.
3	Kind Regards Brian Johnson Executive Chairman