Ann: Drilling Commenced at Copper Ridge Prospect Linderos Project, page-21

I don't think TTM share price performance should be looked at in isolation. Really need to compare it with other exploration companies. I see a similar performance with many companies in my portfolio with my coal stocks being the exception.

Clearly with the personnel changes and possibly market conditions, the strategy to realise the full potential of the assets has changed. Not having the JORC completed at Dynasty has impacted the price but with the market conditions it still would have been languishing a little.

I don't think there will be any cap raises any time soon. We have cash from the Zaruma sale. More likely Jerusalen would be let go of the price is right. As mentioned earlier there is a lot of activity from the majors interested in juniors in the region. Newcrest already has a presence with Solgold and has been looking at other juniors with copper-gold prospects in Ecuador.

Hopefully we see some positive news in the coming period as it has been a difficult hold. Despite a change in strategy with the personnel changes, market conditions and a lower market cap, I believe we are in a stronger position moving forward but the proof will be in the pudding in the next 18 months.

My fellow sufferers and I can only hope.