We spoke yesterday and last week when he was in London. He was in England to secure a financing participant. He indicated that the private placement was about 80 percent filled. Since we are waiting for the results of the Musgrove assay results (he expects the results very soon). I thought I would ask him about Charay.

As we all know the pilot mining for the bulk sample was announced in June and I asked him how that was going. He said that he has a mill that processes ore one week a month lined up but had not signed any agreements as of yet, however the mill is very eager to receive the ore. He indicated that part of this private placement is to go to the program.

As review the site chosen for the bulk sample is a vein that runs to the surface and their intention is to mine 30,000 plus tons of ore and they believe can recover 20,000 plus ounces of gold

“Charay property is a high grade vein-hosted gold-silver project that posses a technical report that places the operation ready for immediate production. With blasting permits received, the company will be shifting key personal to the Charay property to take the first 35,000 tonnes of material that is essentially at surface. With an average grade of 18.75g/t. Mining MarketWatch believes an initial 24,000+ oz of gold will be mined at a cost of ~US$100/tonne. This scenario will cash flow the expansion of the property, which is open at strike and at depth; the deposit has only been drilled to 50m with every hole intersecting substantial mineralization and the highest grades being the deepest holes.”http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=7521069

rich47