Hi Boot

Based on conversations with Helio reps, I understand that the intention of the company's management is to go it alone in Tanzania on their SMP asset. This year's drilling should provide ample resources to justify a decision on whether or not to go ahead with development. I agree with you thoughts about a central mill. The total estimated resource of 940,000 ounces so far has come from only 2 of 30 known mineralized targets.

If they can justify a smaller start up production facility, which could bring positive cash flow, the company could pour that cash flow back into further exploration on many of those other known targets, which would reduce further dilution after a mill was financed and put in place. Keep in mind that share dilution is not the only option for financing a mill. The IFC is sitting behind the scenes as a long term investor in Helio. It could also prove quite beneficial if Helio came up with some decent drill results in Namibia this year, which could provide the company with something to offer a JV on or to eventually sell Damara outright. Of course everything is dependent on share price. If there is good market reaction to the current drill programmes and share price reaches in to the $1.00+ range, raising capital for a mill is not as dilutive.

We should keep in mind that there was some high grade mining done on their properties between 1939 -1956. A total of 270,000 ounces of gold was mined and the average grade was around 7.5 gpt. I'm betting that Helio can come up with more of that type of mineralization. What's that old saying ?? The best place to find gold is in an old gold mine. Newer and modern exploration techniques applied to an old gold bearing location should provide Helio a combination of open pit bulk mining combined with some underground high grade mining.

In a tweet you posted here about the company presenting in Switzerland a couple weeks ago, I noted someone using the house Pictet who picked up 200,000 shares on May 26. Pictet is based in Switzerland, so I'm assuming that someone was impressed enough with the company's presentation to buy a decent sized position.

http://www.pictet.com/en/home/about.html

We're quite overdue now on drill results. Apparently there was a couple weeks worth of delays due to some issues at the lab according to IR. Somewhat unfortunate in my view considering, this is a relatively new facility set up in Windhoek, Namibia and there should not have been much of a backlog of drill core, as is being experienced pretty much everywhere else.

We'll have to see how this year's drilling campaigns go, then we can speculate more on the possibilities. Drill results should start flowing out any day now.

Best of luck !