Ann: El Roble mining update, page-70

July and September Quarters had expenditure setting up sites on our concessions; exploration of sites to find veins; exploration and evaluation of stoping areas at Panga and San Sebastián. In addition to exploration in Western Australia and payments to the subsidiary in accordance with our contract. This Quarter we have very limited exploration, no site development and no contracted payments.

We know the company had $550,000 at the end of last Quarter. We know we received a $250,000 loan. We know we received the initial payment from our equity funding which was $250,000 We know we received at least $100,000 from production. Thus we know the company this quarter definitely had $1,150,000 in the bank approximately. If we have spent $1,500,000 without significant production rates increasing we will be in trouble considering everything has already been completed.