Thanks Inhindsight that was a brilliant summary. I am a long...

Thanks Inhindsight that was a brilliant summary. I am a long term holder since the SMO days and was quite shocked to realize how ramshackle the plant was before the current modernisation. I reached a bit late for the AGM and had to leave before the informal Q&A session. There are a few points that I would like to add.

Project 4000 – A feasibility study will be completed by December and if all goes well the project will be completed by Sep’09

Rough estimates of where the money raised will go:
Cinabrio underground mining -$10m,
Cinabrio open cut - $5m
Project 4000 feasibility - $1m
Drilling Cinabrio/Dalmacia/Arco Iris - $4m and
Filipina Grande/ Santa Dominiga – $10m

Placement with Instos – My understanding was that the shares will be listed but the options will not be. May be I am wrong. Need to check on that.

IBR – Hugh kept praising the quality of Armenian assets but I got the impression that they might be very interested in finding a possible suitor. It is going to a very capital intensive project and raising over $100m dollars is not going to be easy.

Overall I left with a positive frame of mind about the company’s future. Hugh did acknowledge the failures of the past 6 months and sounded sincere about growing shareholder value in future. I know the market has not taken the recent announcements too well but at the moment I am happy to hold and wait. Its going to be a long and patient wait!