Ann: Sara Alicia returns more Gold and Cobalt, page-35

Have to agree to disagree ... the way I read the Qtly is cash at end of Sept $5.975M....outflow $1.8M for this qtr [eom Dec]...your assumption of the same outflow up to March doesn't sit well with me, Oposura is where the drilling is intensive ...started mid Oct and they were 40% completed by the end of Nov [ann 'Oposura drilling update' 30 Nov]... the opex after Jan 1 will not be the same rate you are assuming. AZS has consistently kept the purse strings under tight control all of the last 12 months... when they did spend the money it was to buy Oposura 100% and Sara Alicia 100% and paid for the drilling of both. Started with $8.5M and will have something closer to ~$4M eom March than the ~$1M you are estimating..imo.