Ann: Company Presentation , page-3

rocket,

I was at the same presentation and can re-iterate the above observations.

The further delays are far from welcome of course, but ENK has no control over the re-issuing of the forestry permit. So they have faced up to the likely reality of the Turkish situation and have brought events back under their control by focusing on the advancement of Acoje.

With process improvements arising from the lab work at Acoje both projects look to have more potential upside than was the case before the issues over the permitting at Caldag so I actually arrive at a better long-term investment case - although clearly their limited cash situation must be managed in the shorter term.

2011 news flow is likely to be focused on Acoje in-fill and Zambales resource establishment (as it was not included in the PFS); heap leach trial results; progress towards the DFS & eventual re-issuing of the Caldag forestry permit. So I would expect a much more favorable situation in 12 months time.
CPDLC