Ann: Change in substantial holding, page-19

If Hanrine chooses to complete 25km in a short time period, that is completely their prerogative.

I just stated the terms in the JV agreement.

In order to achieve the 80% ownership interest, they need to complete US$120 million expenditure or come to a decision to mine.

There is generally a long lag between proving the copper and building the mine.

You may be correct that they may try to accelerate the drilling and leave us holding the 2.7% NSR.

I tend to think we will be taken over before this happens but time will tell.

I am very hopeful we will see multiples of our current price either way. I'm hopeful we start seeing Dynasty results this week also.