Hi all,

I don't post very much, but I've been around on SH since 2010 (mostly reading) and since December I've moved over here.

I too was at today's presentation (DC14 I recall you sitting in the front row on the right?) and I felt Elmer executed a brief and to the point presentation. More or less- Elmers presentation was an elaborated version of the information booklet that was available at the booth. I was intriged by his opening, where he summerized the previous managements... ummm... misunderstanding or lack of knowledge of porphyry deposits. He said that the previous managment had really only drilled half of the paramount zone (at shallow depths) because they didn't understand porphyry systems or not as well as the current management does. This led into a briefing on how much work has been done since then and elmer saying ' for those who thought it was big then, it's about to get a whole lot bigger'. Elmer said that after he took over he couldn't get things to add up, so he decided to drill deep and found the minerals at depth (see hole 412 from Nov 2011). This was the reason why they delayed the feasibility, and had they not drilled deep they never would of made the discovery. Because of previous managements work and the new discoveries at depth, he openly stated that they DO NOT fully understand the shaft creek project and there is still a lot of work to do due to the shear size and how the trend extends beyond. I don't want to put words in his mouth (he spoke so quickly),but he finished his point by saying it would be up to whoever takes on shaft creek to complete this work. He actually said this more than once... he said it again when he started talking about Mike, ES and hole 422 and this requiring a lot of work, etc.. and it would be up to whoever takes it on the project.

Yes, he did mentioned on a couple of times through the presentation that feasibility was due by end of March 2012.

I was at the booth before and after the presentation

Before:

I spoke with Jason mainly about the show, traffic, etc... I asked about FS and was told the same old... Asked about CapEx, and was said that we're doing our best to hit the 08 numbers but be mindful that there are inflationary factors to consider since then. Nothing new or at least nothing that others here haven't already mentioned.

After:

I stopped in and spoke with Mike and had a chance to meet with Erick (a director). There was a lot I discussed with Mike, mainly about topics discussed on this board. I can't say there was anything new that he could tell me that already isn't discussed on this board. With that said- I did talk to him about PP or financing. This isn't the first time I have had this discussion with him. He did tell me too that a major finanacing would be required for a JV or if an aquisition were to happen. They are responsible for their own expenses and that everyone in the industry is telling them to prepare themselves as it can cost quite a bit of money in fees (legal, accounting, etc...). As for Ernesto... I was under the impression that he would continue to be a source of financing in the 1-2m pp range. For anything much larger say 25-30m, he did not say that Ernesto would or wouldn't be the source.

That's it for now. If I think of anything else I'll post it. All-in-all I was very impressed and sense that something is going to happen soon.

GLTA

Buckaroo35