Sketch,

I do not know if this approach applies to the Terneras vein or not. I understand wanting to hold off on the Santa Juana because the rock adjacent to it has developed into the mineralized corredor. I do remember an ECU news release a couple of months ago saying that adjacent to the Terneras they intercepted some veinlets and thus this area could turn into a mineraized corredor. The latest Terneras news release did not say anything about mineralization adjacent to the vein.

The company did not say it, but it was my hypothesis that they also slowed the narrow vein mining because the current mill has not been efficient at producing gold. Last year Stephen Altmann told me that based on Dan Kappes metalalergical tests they were pretty much down to two choices for the new mill design type and that the new mill would be more efficient at processing the gold.

To me, buiding the 1500 tpd mill and mining the Terneras immediately is a no brainer. Then again, I am not a mining engineer and the company has more information to consider then I could ever know. Hopefully ECU will state their plans in the next few weeks or months. Regards.