Ann: Quarterly Activities Report , page-8

Drilling slowly to conserve cash and give time for Bolivia's Government to agree all the hurdles to be jumped.

Market cap is only a tad over A$10 million and RAU are POSSIBLY negotiating behind the scenes for a bigger player to come in or even offering themselves as a cheap way into a good gold project.

Bolivia really need a company producing profits and a market cap over $1 billion. That company would need Republic Gold as they've built up a relationship in Bolivia.

Stalling, perhaps, but basically setting out their stall are REPUBLIC.