Yes/no vote., page-5

Cait,

Your statement that too much money was wasted on ablation is accurate, IMO. Looking at BLR's cash flow statements since the ablation joint venture was announced in July 2012, BLR loaned $6.5 million to the JV. What did BLR get for this $6.5M? A pilot unit and a 5-tph unit worth little more than scrap value, as you and Mudguts correctly noted. A 25-year non-exclusive license of uncertain value due to the murky U.S. permitting status of ablation, the apparent inability to resolve the accelerated wear issue, and the lack of commercial scale operating data.

As far as permitting delays for Hansen/TR, isn't much of this attributable to technical and permitting uncertainties surrounding UBHM and ablation, as well as the millions allocated to the JV? Do you think Glasier and WUC might propose a more conventional mining method for Hansen/TR in order to speed up permitting?