I asked Jim for an explanation about the recent news. Here is his reply and he is okay with me posting all of it in it's entirety.

strato

We do try to explain the deal as clearly as possible in the press releases that we issue, but I have received a number of questions which I will attempt to clarify.

BVN is listed on the New York and Lima Stock Exchange and is been around for 60 years , has 11 mines. It is a multi BILLION DOLLAR Company that has ~ 1300 employees.

BVN is the operator and will use their team of geologists and experts to access the property prior to drilling.

Once drilling starts they do not have to follow the minimum per year drilled. They could drill all 11,000 meters in 18 months and pay the $5 million and fulfill the contract to complete the earn in.

This deal started in October and I had more than one offer to deal with.

I think they have a great geological team and defiantly have the knowledge and experience to find what I believe is a minable resource on the property.

I kept the Panda because I like the area and there are a few old workings in that area. Stay Tuned. We are not dead and certainly not done exploring.

Money is very tight even for good projects. I truly believe that 2013 will show us that only the real deals will survive. I think that by the end of 2013 we could see 20% of all TSX listed companies go bankrupt. I expect even some real ones will not make it. Watch and see, but I think it’s coming. Keep in mind that it costs in excess of $100,000.00 per year in legal’s , audit and TSX fees.

After the 60 day DD I expect BVN to hit this hard with a team of people that are good at what they do. It will be interesting to watch and I will receive quarterly updates on activities, and can visit at any time.

There is no doubt in my mind that this move was in the best interest of our Shareholders.

Best

Jim