I was told a few days ago that we have around $11 million in the treasury. Apparently non executive options and warrants are being exercise to account for this increase.

But, I agree, another PP may have to be done later in the year, should there be no property sale. But if the sp is around $5, they might only need to sell 1-2 million of shares to give us enough cash to continue on the Tesoro and do something to the Vilcoro.

I believe there is prepaid expenses for some of this now at a small percentage.

And then again, there is still around $8-10 million in options and warrants that would be greatly in the money at the $5 range. This may keep us from doing a PP this year if they are all exercised.