Ann: Drilling to extend Cangallo Cu-Au discovery, page-100

1) Grades don't increase at depth;
2) it is priced with an element of perfection (i.e. supergene);
3) There is SBN case that could be a left field (the ministry of housing for some reason thinks the company owes them money), this isn't a deal breaker but may have to require some management. It is Peru after all.
4) Drilling gets delayed for whatever reason.
5) Management chewed off more than it can bite. Thats a lot of exploration in multiple jurisdictions for a small speccy.

Aside from the above, I actually can't think of much. I like the team and the projects they've been able to put together. They've been in the game long enough that their time might be now. In this game, its just about longevity, so long as your looking you'll find something eventually.