Hondo, I don't think any gold sale law changes will be tied to our Chinese deal. VZ will want to look independant from any pressure being put on by the Chinese. I believe we already have assurances from Khan that the old law will be altered to better reflect spot prices.

As far as the July 31st deadline goes it isn't a drop dead date. The deal can be completed earlier or even later should the need arise. I believe the main points to be worked out have to do with the structure of the partnership. Will it be a new JV Subco or a partnership between CRRC/CREC and Kry. It all depends on what works best tax wise.

I believe that all parties would like to see a new JV that removes Kry name from the picture. This would be similar to RML being considered a Russian company even though Gold Fields has 140 million shares in RML. Peter Hambro Mining now known as Petropavlovsk PLC was behind the $80 million loan to RML as well as buying 6.16 million shares but is based in London.

I think we will see the A&F agreement completed before the end of July. This would allow the 30 days needed for information to be sent to Kry shareholders for a vote before the end of August. This could allow for an early September closing with the permit leading into the VZ elections on September 26th. If Hugo is going to allow this deal to be done he will want to use if for photo opps to buy votes.

My guess we have a done deal by September 19th that is announced on EL Presidente'.

JJ