Ann: Iltani defines Orient West Exploration Target, page-28

The exploration target was released last Thurs when equity markets were taking a correction and the price of silver was -7% on the week. Investor's were keen to reduce risk in ********* rather than establish new positions. However, we are in a much stronger position to re-rate when volatility calms down and silver has another run up. Fundamentally, the picture has changed with the exploration target a sign post to a tangible and significant resource. However you want to look at it, $$ in ground or peer comparison, ILT cannot stay at current MC and the market eventually finds these out.