Ann: Dec 2008 Quarterly Activities Report , page-26

Pattyp/ZZZ,

Perhaps it would be useful to take a couple of steps back, and look further out. Current cash etc is only a snapshot.

Can we see where PAN and MCR go in the next 5 years? Have they/will they aquire the management talent to seriously grow? Will they aquire more (profitable) mines?

I know MCR better than PAN, but neither look to me to actually have a lot of truly surplus cash for aquisitions, and MCR looks like with the number of mines it might be fully stretched?

EL