Ann: Becoming a substantial holder, page-11

It is always good to have larger player comes and takes substantial position the in the company. maybe some little bit disappointed, that it is not Barrick. The truth is CHZ is too early for them.

Silvercorp - It looks well managed company and interesting investments into precious metal space, especially it seems that is trying to get strong hold in the gold space. Investments are very specific mostly if not all in well developed/established gold mining and exploration areas with regional/global scale established geology. Projects are maybe not an elephant size but more of a good high margin type potentially.

I say it is very opportunistic for them to buy in prior to announcement of initial resource announcement. I am sure they have done their homework at professional level. It de-risks the project a lot for retail investors from technical perspective. Invitation to serious players. It is not a fund, rather miner means if it is fits all their criteria they want control of it down their road. Best scenario is two large players producing positive friction in the stock price. Well we already have one before maiden resource.

I would be very pleased with the result of buying, as this company most likely will participate in next funding round to increase their holding to 10% at least looking at their last positions. I know its speculation, but i like when the next round of funding is already underwritten. This is strong hand that would not get into market later. We will see a lot of tightening in coming months, they might push for little more on the market too, you never know. Lets see whether we can see them lodging another sub notice once make another 1 % increase.

Maiden Resource + Further Action by Silvercorp? + Start of Drill season + IP study + Gold Price. Definitely interesting 4 th quarter is expected. Based on the timing of last NRs, we are due for next week. Happy October Guys.