"Despite continued efforts to secure the Permit and pursue accretive
transactions in respect of the Las Cristinas Project, the Company
recorded a non-cash write down to the carrying value of the Company's
interest in Las Cristinas of $297,069 as required under Canadian GAAP
based on certain potential impairment tests including, but not limited
to, the permitting delays. Such non-cash impairment charge has been
taken to comply with accounting requirements and does not reflect the
Company's continuing strong belief in the project, its commercial
prospects and the likelihood of the receipt of the Permit."

297 Mil. paper write down asset value of las cristinas