CJR

This saga is playing out in a strange but understandable manner. RML needs GRZ's cash to sustain itself and bring on current production. GRZ doesn't need RML. GRZ Directors didn't want RML's offer the first time and don't want it on the second attempt. Their poison pill is designed for such circumstances. GRZ's cash is set aside for GRZ's future, a future outside Venezuela while it goes through ICSID arbitration and an investment in another Junior with good prospects. I believe this plays out as follows:

(1) RML fails to get the 66 2/3 % by Jan.21. A time extension may be needed by RML but that will only happen if they obtain 20 - 30 % prior Jan.21. At that stage GRZ can kill the attempt by adopting the poison pill. Either way RML fails.

(2) Once (1) comes to a logical conclusion (early/mid Feb) then GRZ goes the legal route with Venezuela and walks away.

(3) Venezuela is now faced with RML in a cash strapped position unable to live up to all their lofty promises, and unable to develop Las Brisas if asked, GRZ commencing legal action and KRY working its' way through the Treaty process.

(4) the question becomes does Venezuela give the permit to KRY under such circumstances to keep their options open or does KRY go bankrupt? This part I'm unable to answer.

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