Just a little fluff to pass time until the AGM travelers safely return home and report further.

'It always takes longer and costs more than expected.' It's an old cliché but very true and applies here.

I have no doubt that the highly anticipated permits are on their way. There is no possible reason they should be denied. If the reports of Lori saying she knows when the permits are coming but can't say more are correct than it is so. She may have been given a verbal assurance that the application was acceptable and is now in the queue for Ministerial Approval. She can't make a NR on hear say. She has to wait until it is official before she can announce. That's the way it is. No conspiracy or bovine excrement as suggested by some. In dealings with governments, process cannot be rushed.

Once the permits are in hand, patience will still be required. To think that if permits arrive on Monday, drills will be turning on Tuesday is extreme naivety. The Technical Report suggested much work needs doing prior to drilling. And that's just on the initial 5000 acres. Even once the drills are finally turning it will again take time for assays to be returned. And again no doubt not fast enough for some here. We are all looking for Freedom by Christmas, but is that realistic?

I can sympathize with those that bought in at prices above current having been there before. That said their buy in occurred during a run-up and the pendulum always swings too far. It takes time to correct. I truly believe that the issuance of the permits and the announcement of the commencement of drilling and any other NRs within that time frame will drive the SP to a new 52 week high. That being so, those that are currently having cold feet or concerns about the management of this company will be able to get out without taking a haircut. On the other hand, if one believes in the company and the property patience will also have its rewards.

From personal experience I can tell you about my last junior Corriente Resources, CTQ (now delisted). A very large copper deposit was in the final stages of being proved up in Ecuador in late 2007 - 2008. In that time the new President Correa, kind of a leftist like Chavez stirred the pot calling the national debt illegitimate. He also introduced a new mining law. This put the brakes on getting the property sold and the big western companies like Freeport McMoRan were spooked by the political risk. Then came the economic turmoil of later 2008. In spring 2009 a NR was released saying the Company was in exclusive negotiations with another Co for sale for a period of 30 days. Then it got very quiet for what seemed like for ever, still in negotiations but no details. ( This is also the time I learned about SLI and was hoping to get in soon) Well negotiations dragged on, and on...... It took until the end of the year to get it done with a big Chinese conglomerate. We shareholders were thinking $10 / share and got $8.60. It took longer than I wanted and I made less but looking back, in a time when many got fleeced, I made 5+ fold during bad financial times.

I share this because the road ahead for SLI will not be flawless pavement. Rest assured there will be potholes and stretches of gravel. That said, I believe Tesoro has great potential. I believe Management is competent. I believe the other properties are well cared for and some may prove to be winners that will bring a revenue stream.

Investing in speculative stock should be done with money you can afford to leave in place for a period of time. If you have done your DD and are comfortable, sit back relax and let it ride. If you no longer have the warm fuzzy I believe you will have a good opportunity to get out still slightly ahead in a couple of months.

Patience and good luck to all,

Cheers