Having performed a thorough search of the June update of the Bundtzen report, I am not able to locate the text (in the 2009 report) that was posted stating that Mr. Bundtzen wrote “what it takes” for resources to be upgraded “to Proven”. Perhaps someone knows where this was written by Mr. Bundtzen? TIA, I cannot find it.

The fact is, Mr. Buntdzen’s 43-101 report recommendations are not even for upgrades from Indicated to Probable.

Mr. Bundtzen in the 43-101 report recommends in Table 18.12, Project Implementation Schedule, for additional drilling to upgrade resources from Inferred to Indicated (in Year 1 and in Year 2 of the five year recommended plan). It appears that the key is to improve resources from Inferred to Indicated, and Proven is not an important step to this QP.

Thus, the Board would appreciate greatly anyone sharing why they so fervently believe that financing is dependent on Proven Reserves, and that Silverado in their opinion will not receive financing with only Probable, Indicated and Inferred resources. This is a huge question. The difference between the two scenarios (financing obtainable with Indicated/Probable vs. financing only obtainable with proven) would have a huge impact on the company’s ability to succeed now.

It’s a deal breaker or deal maker for the short term.