Cash end of quarter = 68 million Expenses reduced from 12.9 to 8.6 million (not including are losses of 3.9 million.) All of the major expenses from arbitration reports are done. Arbitration details are confidential. GRZ attended meeting with Venezuela on Oct.15 for preliminary talk about constructive sollution to dispute. Venezuela wants copper at Km88 developed, it being worth over 15 billion $. SNC Lavelin alone spent over 400,000 man hours. Payment for large mills still to come so cash for next two quarters to not change much. Endeavour/Rusoro case still pending. From questions: 1st re Venezuela. How long for them to develop project. GRZ info is needed by them for fast start. 2nd also re Venezuela - What if they offer 500-600 million $s? Compare this larger deposit to say Osisko's and it's value. Venezuela has until Mar.7 to respond. Could be delayed because not cast in stone. 3rd Who requested the Oct.15 meeting? They did. It appears that they are genuine at seeking a solution. 4th There were 5 settlements with Venezuela in about 6 months. 5th Their emphasis on Km88? They own it all, we have no say. 6th Bonds issued in 2007 for 103 million $, payable in June 15,2012. Payable in stocks (at GRZ option) at prevailing market value at time.