Messi, Both the Silver Wheaton NI-43 101's make for interesting...

Messi,

Both the Silver Wheaton NI-43 101's make for interesting reading - avaliable at the sedar dot com website (the canadian version of the asx announcements page database) - imo, primarily for the lithological info re Salobo.

However as the issue surrounding the 'recent change in interpretation of environmental regulations' is indeed that - ie recent - 2012 and 2015 tech reports are useful from an historical perspective only, imo.

CTM have to deal with the new now.

The 'recent change' specifically relates to the clearing of trees. In order to clear access tracks and prepare drill pads at Salobo West you need to clear tress. The local IcmBio, Chicos et al are a quasi-govt body. The ANM cannot overturn this decision. That is why CTM are currently appealing up the IcmBio chain of command and then if need be the Ministry of Mines on the, imo, sound basis that if a govt dept can issue exploration licenses why can a quasi-govt organisation deny exploration in areas subject to the issuance of those very same licenses.

CTM are confident that logic and reason will return, the unknown is the timeframe.

Immediately north of Salobo West are protected forested regions that the ANM (ex-DNPM) can't issue exploration licenses in and don't. They issued EL's for both Salobo West licenses, obviously.

Vale are unhappy with this recent change also. One upside is that until this environmental impediment is resolved the clock is not ticking on the 3-year timeframe for the EL.

In the immediate near-term, I think the strikes in Brazil are of more interest to CTM - re fuel for the rig (which they have been stockpiling) and fuel access in Parauapebas for staff.

One thing I liked about the Ni-43 101s was the recommendation that Vale drill several holes below Salobo pit, to 2.5kms, to look for a feeder system.

All the above is just imo (except for the bits which aren't).