Ann: General Security Agreement, page-240

To be fair the PAC report was a conservative valuation based on what is current known and can reasonably be assumed. They do also qualify that it is ultimately subject to the actual size of the resource and they have not factored the Eastern Target. They provided a table with a range of target valuations based on various resource sizes. We're funded for a greater than 30,000m drilling campaign and i believe the final resource upgrade will include close to 50,000m worth of drilling in addition to what was drilled in phase 1 & 2. So that is basically 2x the amount of drills. Since we are stepping out towards the east, i believe the eastern target & toro gordo will be included in the MRE & Final resource.

Ofcourse, we are future pacing the scale of the unknown, so let's see what the drills tell us, you never know, could be even bigger than our already bullish target.

This will not be the last Analyst report by PAC. I'm sure they'll release another after the MRE. Fingers crossed for the Biggest MRE possible!!! & plenty of thick high grade intercepts