An image from the Ionic ANN. The pegs in the Oeste area could...

An image from the Ionic ANN. The pegs in the Oeste area could add a small amount to our JORC, but the real benefit in having access to that area is two-fold:

- The ability to gain access at depth to pegs which originate in our Colina tenement and dip to the east under the tenement boundary and into Ionic's area; and
- Efficiency with the design of the pit wall

Overall, I think Ionic is pushing poo up a hill because:

- How are they going to design a mine right along side ours
- How are they going to make 8MT @ 0.97% economic
- Underground + open pit?
- If the plant is going to be located 100km away down at their Bandeira property, what is the cost of trucking ore this far (on what is already an uneconomic deposit).

They paid ~$20m for this tenement so they're probably now having to press ahead to try and justify the initial acquisition of the land.

Best strategy will be to wait them out until they're ready to sell for a cheap number (but even if they don't - Colina looks great on it's own).