SPThe one clear message one gets from the quarterly report is...

SP

The one clear message one gets from the quarterly report is that MUN's success or failure depends on getting Crista into production. They would then be able to build up a cash buffer from their operations, and be able to raise capital at a far better shareprice than now if they wanted to more rapidly develop the Peru project.

The Peru project looks increasingly exciting, but this company is too capital constrained to develop that at present. It is also positive that near to Crista they have other deposits that appear to have potential for a useful gold resource to back up production once Crista is mined out. That should mean a continued life for the existing Brazilian operations at a lower operating cost and further retained profits that could be directed to develop the Peru project.

The big disappointment for me was the 2 month delay in commencing to mine Crista due to the need to build an access road. They should have planned for that in advance so that mine production could have started in September.

loki