Media, general and silver & gold prices, page-1271

The ASL CEO pointed out this chart to me from Cerrito minerals - it shows the progression of mineral resources from the Cerro Negro (owned by Andean Resources and taken over in early 2011 for C$3.6b - I did very well from owning these shares) and Cerro Vanguardia. Both are in the same area as USL and ASL.

These projects continued to grow resources over a long period. I am familiar with the Cerro Negro project which grew very quickly over a few years after they understood where the main areas of high grade resource were.

I think: USL is at the same stage of resource development as Cerro Negro was in around 2008/09 where it started to see very strong growth in resources. ISL is the first owner that has undertaken serious drilling at their Joaquin and Cerro Leon for maybe over 10 years nd the scale of the drilling is large and is showing big increases in resources. Based on my discussion with Todd last year we are likely to see further strong growth in resources as they are going to start more greenfield drilling very soon.