Proactive Investor Report - Sydney

Hi All

I attended todays presentation in Sydney. I type my notes below for your interest. I left at 2 sharp so please feel free to add if anything notable was discussed after the session.

General

- In last year they have gone from 2 Geologists on the ground to 8
- Actively encouraging North American investment, especially Canada. They "get" silver whereas AU markey doesnt.
- A share consolidation is under consideration but as it often has a detrimental effect on a share price it would be backed up with a major positive development. Possibly later in the year.
- A north American listing is possible down the track but not a priority as it comes with a time and cost (you need to have permanent representation in the Country)
- New Patersons note in due in next week or 2.
- Lots of Corporate activity in Mexico esp with Canadians

Promotorio
- Rio calling all the shots. AZS do what told.
- The Mgt fee paid by Rio covers all costs.
- Rio looking for resource that would have 50-100 yr mine life
- 6th hole completed yesterday - 1500m deep.
- All results confidential until 10000m of drilling program completed.

Alacran

- dont want Teck to buy back in
- Teck not into silver so hopefully they wont!
- Development studies underway
- Mesa de Plata advanced metallurgy studies due in 2 -4 months
- Lomo Bonita results due next 2 weeks
- 3 rigs on site
- Lots of news flow next 2 months.

Presentation was released this am if you havent seen it. Obviously nothing major or new that would need to be released to market but looks like an exciting year ahead.

Cheers

tartan_penguin