Ann: Quarterly Activities and Cashflow Report , page-6

RM

I for one am very happy with this quarterly... although I continue to be a bit grumpy about the way management goes out of its way to under-sell what I believe will be a highly successful Co/Zn/Au/Ag mine.

I look forward to the results of the scoping study to be released during February:

"A conservative interpretation and estimation procedure at Sandiego has resulted in an increase in copper grades, lower overall tonnes and a greater proportion of the resource categorised as Inferred as compared to earlier estimates."

This is very encouraging as the 2007 PFS indicated that the project could generate a $100m operating profit: we now have more of everything at higher prices (Zn being the exception)... so the scoping study in my mind will be a critical milestone for us holders.

This is the part that I like most:

"The resource appears to be more robust than previous estimates with better grade continuity observed within resource blocks. The high grade supergene chalcocite dominant cap relatively near to surface has also provided encouragement to examine the potential development of the deposit via an open pit. All previous economic assessments of the Sandiego deposit involved only underground development. A Scoping Study as described in the Development Studies section below, has therefore commenced."

I agree with you Reichman that there has probably been a lot more going on behind the scenes... and hopefully hanging around a bit longer will make you and all LT holders a ReicherMann (or Frau) ... ;-))

EE.