In the past we've often looked for complicated reasons why KRY missed a "promised" deadline. I wrote "promised" in quotes because KRY seldom, if ever, promises anything, but still leads investors to believe such and such a deadline will be met.

When deadlines have been missed in the past we've speculated it was because of illegal miners, or the National Assembly, or upcoming elections, or note holder actions, or Vanessa arbitration progess, or secret talks with Gold Reserves, or Easter vacation, or complicated paperwork, or change of mining ministers, etc, etc, etc.

While I have no doubt this JV deal is extremely complicated, the simple answer for all our delays in the past has always been the same....... Chavez.

Now, there are those on this board who complain whenever I write about the past by saying: "The past is the past and things have changed now". I can't tell you how many times I've heard: things have changed now.

"The POG is much higher now". "Chavez's popularity is down. He needs to produce jobs". "The Chinese are now in the fight with us". "We've got new deep pocket investors who know more than we do." Etc. Etc Etc.

While all that may be true, Chavez is still there and he ain't going away so we better get used to missed deadlines. From Placer Dome till now Chavez has been the roadblock.

And, since we're really not informed of any other reason for the delays I have to believe Chavez is still the reason for this, most recent deadline. Either he still doesn't care about gold and Bolivar or he does care and wants more out of the deal.

Sorry. But I'm still bothered by the fact that even after Chavez supposedly gave his approval to the Chinese to enter into this JV with KRY, Chavez was still publicly pronouncing that the Russians would mine Las Cristinas. (And please don't tell me Chavez would never screw over the Chinese. Chavez is an idiot and he can't be trusted.)

Maybe I'll all wrong about this and it's just a matter of paperwork details. But, I for one, would not buy KRY at this time.

Nor would I sell my shares at this price. Like KRY, I'm still "cautiously optimistic" that a deal will be made....just not on the timetable we expect or hope for.

I hope EZ is correct that an announcement will be made this week proclaiming some huge steps forward for this ill-fated little company.

But don't hold your breath.

Cividale