While I don't think VZ has all the data needed to just start up mining it probably doesn't matter. The thought has always been that without the data it would take a couple years to get their own.

LC has sat ideal for years and I don't think VZ has any problems waiting for CITIC do do their own work. There is also the issue of combining LC and Brisas. This would need a new plan anyway.

The signing doesn't hurt our case at all and if anything it will help us get by any opposition based on environmental concerns and foreign mining. It is going to be tough for VZ to argue that we never went ahead with LC when all we needed was the EV permit based on our approved plan by VZ.

Even without this latest development our case was rock solid. What I do see happening is VZ making a deal with CITIC to pay off GRZ and KRY and getting paid back in gold once mining starts. It won't happen right away but don't be surprised if it happens around this time next year.

JJ