Ann: Application for Permanent 200-Person Camp at HMW, page-19

This shows a misunderstanding about project finance. No project is going to originate debt funding in Pesos with Argentine banks! Argentina has been running on USD, with extremely high inflation in local currency for as long as I can remember.

When you say CAPEX will suprise to the downside, you mean upside... as in higher? That's across the board - CAPEX is up 25-30% on just about every mining project in the world in the last few years. If anything, cost of men and materials will be lower in Argentina and therefore any inflationary effects are off a lower base. Long lead time items are obviously subject to international pressures and will be higher with everyone else.