Ann: High Grades from Loreto Copper project , page-4

Difficult to understand the companies logic with the announcement this morning. Results from sampling are very good for an initial assessment. Had it been released before the capital raising there is no doubt the price would be significantly higher than what it is now. Also the JORC is eagerly awaited and could have a positive impact on the share price. Trying to rationalize why the company has done the deal in the manner which it has defies logic as they could issued less shares at a higher price to raise the same amount of capital. Also their drilling program is being free carried by their partner. So what difference would a couple of weeks make. One can only assume they have recieved an offer to good to refuse from a sophisticated investor or they are in dire straights financially and need the capital now. Will be interesting to see what sort of deal they have done. Will be very disappointed if the capital raising is not at the current price or higher given this mornings announcement.