Ann: Extension to Inca Rights Issue Offer Period, page-8

It's impossible to say - we don't know whether the visuals are in fact giving grade indications, and it’s very hard to check earlier trading for news leakage given that visuals are available well before assay results (6 weeks in the case of the early Uchpanga and Humaspunco drilling) and there’s always something else going on – right now it’s the 0.6c offer.

We do know that there has been a strong market reaction to important results, irrespective of leakage (e.g. Negative: 16 Jun - no vein intersection at Uchpanga, 30 Jun - lower than expected grades in Humaspunco veins; Positive: 6 Oct – bonanza Zn assays at Cerro Rayas).

Because #19 is in the middle of Humaspunco East, I think it is a significant hole in the sense that it's the first hole to test the presence of the shallow manto away from the Callancocha structure and the northern margin. A good result would be finding say all 3 layers of the Upper manto with average grade no lower than the average found in #4, 13 & 14. I wouldn't expect such a result to necessarily have much of a positive impact on the price though. I'd say it would be more maintaining confidence, whereas if no manto is found, then I would expect more of a price reaction.

To me, the key hole is #23 - if they did in fact intersect the Uchpanga vein and they get reasonable grades, then that is something important and new and I'd expect a positive reaction.