I began my discussion with KW by pointing out the following:

"There is no room for error--you must deliver or exceed these projections!"....to which she indicated that management was very aware of that status.

Details

--A 30% increase in Ag-Eq ounces in 2013 vs 2012 (1MM vs 782M) is certainly respectable and is unjustly represented by this sharp decline in the stock price to the $3+ level. However, they MUST deliver to bring large investors back to the stock.

--This increase is primarily Ag production improvement and thus, additional improvement in the gold recovery from the two processes they are examining (Albion oxidation/ Knelson gravity), would likely be in 2H '13, and could add incrementally to the overall Ag-eq production number in 2013.

--San Mateo Ramp--This is ahead of schedule and expected to be completed in Q3 (vs earlier est of Q4).

--El Quevar-- My guess is that they are consulting with several parties at present about a JV, but no details were released. Since the company is receiving zero credit for this asset, any progress the company makes toward a JV with a major operator in Argentina would be a large boost to the company and stock.

--Cash burn rate for Q4 '12 (and est. for 2013) won't be released until the upcoming financials are reported. It appears as though financials will be released prior to the 3/17/13 deadline. They project a cash level of $24MM at end of 2013--sufficient and won't require "rumor-prone" additional financing for the forseeable future.

Lastly, I made the comment that I thought $7-8 MM for annual administrative expenses was far too high. I was told that this area is being reviewed but no details were provided.

Silverbull50