Thanks for the reply guys. Seems like no-one else is interested...

Thanks for the reply guys. Seems like no-one else is interested in the nitty-gritty. Everyone has stars in their eyes.

Just a recap:

Letter of Intent (“LOI”) signed with the Government of the Department of Santa Cruz in Bolivia to
progress approval to explore part or all of the remaining available area at the El Mutun Iron Ore
Project (the “Project”).
• Company in discussions with the national government of Bolivia about the Project.
• El Mutun is amongst the world’s largest under-developed iron ore projects - located in the east of the
Department of Santa Cruz bordering Brazil.
• Development of 50% of El Mutun is being undertaken by Jindal Steel and Power of India (“Jindal”)
with a financial commitment of more than US$2 billion – Jindal has commenced mining in recent
months.
• The remaining 50% of the Project is available for development.
• The Bolivian Government believes that El Mutun has the potential to host a target resource of 40
billion tons of iron ore grading 50% iron.
• The El Mutun Mountain has colluvial hematite on the surface and has a small number of drillholes
indicating iron ore to a depth of 330 metres downhole from drilling completed in the 1970s.
• This iron ore province includes the 2 Mtpa Corumba Iron Ore Mine formerly owned by Rio Tinto
(approximately 30 kilometres to the east of the Project inside Brazil at Moro de Urucum) which was
undertaking a feasibility study to increase production to 12Mtpa prior to the sale.
• The Company sees the cash generating potential of its Amayapampa Gold Project as the likely
source of funds for any early stage exploration.


Sounds good.

But most importantly it does state they are still in discussions with the Bolivian government. I don't think a 'letter of intent' holds much water. This was only signed with the government of Santa Cruz - just a provincial government. I think we need a more firm agreement and commitment from the Bolivian government. This should happen at some stage soon. I think that is what the market is waiting for before some serious accumulation begins to take place.