Ann: Exploration UPdate, page-126

Incorrect. The situation is that the Ema prospect forestry reserve requirements have been met and Ema is where they have the trial mining licence. It's the Tres Estados tenement that has the issue.

The Ema prospect alone has enough potential for a multi-billion dollar mine. They don't have the resources to progress two projects just at the moment anyway, but they obviously want to hang on to their Tres Estados licence by continuing to explore there and spend money on the tenement (although I think Brazil might be different to other jurisdictions with regard to spending money on mining tenements in a 'use it or lose it' type scenario, like here in Australia).