LETTER FROM THE PRESIDENT
December 22, 2006
Dear Shareholders:
I was very pleased to meet so many of you at our AGM on
September 23 as well as have an opportunity to address your
concerns and set forth the goals of the company.
I discussed several prospective Joint Venture Agreements
and various prospects regarding the Alto de Lipangue property
Several factors prolonged the completion of the Joint Venture
Agreement, some of which are:
- Several legal questions arose that had to be resolved. Those
problems are now behind us and have been satisfactorily
concluded.
- Significant additional geological information regarding
the properties was requested by the interested parties
and has now been provided and assessed.
- The complications of working with several entities as
owners of the different properties had to be resolved and
keep the Joint Venture property as a single entity.
- The value of additional new properties adjacent to Lipangue
had to be assessed as to possible increase of acquisition
values. Detailed satellite imaging and mapping has
concluded.
- Coordinating scheduled meetings with Joint Venture executives
and their busy agendas led to time delays as we are involved
with various major companies, each of which have their
own geological staffs and Abogados.
Please allow me to assure you that we are all working to
the best of our abilities to conclude a meaningful Joint
Venture Agreement with a group of the major parties interested
in our properties. Each day the demands placed upon major
resource companies adds value and negotiating power to our
position. We will reach our goals.
Juan José Quijano Fernández
President
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