OK my take out from the quarterly; - With Conventions in place,...

OK my take out from the quarterly;

- With Conventions in place, the company is now looking for strategic partner options for Mayoko. I think they will have a very tough time of securing any parties in the current environment.

- The company has reduced it's cost footprint re Mayoko, and secured 100% ownership of the assets. Management understands how tough conditions are at the moment, and are making sure the company is robust enough to survive extended periods of an IO downturn. Assets are locked in and there is cash in the bank, 2 positives.

- An options study re Badondo is taking place, looking at a low capital, high grade operation. Transportation options are based on new regional road infrastructure currently being constructed. IMO, they are taking about trying to co-operate with Core Mining here.

- Re Badondo, "the downturn in global iron ore prices has resulted in Equatorial delaying plans for a more extensive resource drilling campaign." As I had thought, management is more worried about conserving cash at this point, which IMO is the correct move. Cash is king for IO hopefuls at this point.

- Cash at bank of $38.7m and a burn of only say $600k this quarter means $38m in the bank as at the end of March. The company is going to be able to ride out this IO shake out pretty easily IMO.

Good luck!