quite favorably for us. Lamaque already has 10+ years of resources and that can most definitely be expanded with more exploration. I would not be surprised if our actual mine life exceeds 20-30 years. Keep in mind, at 100k yr production at Lamaque, we are taking out LESS than 10% of our proven resources a year and 2% of our total resources. So at that pace, exploration can make up for resources mined out of Lamaque for decades.

As another example as to how the revaluation occurs AFTER commercial production is achieved, check out Gold Resources Corp (GORO). They achieved commercial production in mid 2010 and have been on a revaluation tear after that. It would have been a major mistake to sell once they achieved commercial production in mid 2010 at 12 since they are now at 29 and IMO may reach 40.

RE