browns update out, page-14

The parameters for all 3 JVs with HNC ...... oxides, sulphides, Browns exploration / resource expansion are clearly defined from way back. That inflexibility worked against us in bearing the Oxides costs over-runs solo. HNC are up for 100% of the sulphides fesasibility study to move into full swing thru 2008 and with a decision target to "go" 2009. Prob cost them around 15 million bucks. No unknowns in these agreements. So far as HNC are concerned, looks like they think its all on scheduel according to "their" timing. Personally with LEAD at 165 now, Im praying they walk away ...... or can be pushed away ..... but they aint stoopid. Praise Zeus we kept the U solo.
IMBOOC