This is one of those rare occasions where you celebrate a missed...

This is one of those rare occasions where you celebrate a missed drill hole. We still haven't seen processed data for the other targets.

Since June 2017, STM has gone from 1.5c - 3.4c, an approx extra $23m in capitalisation.

Copper price has gone from $2.5 to $3.1/lb (up to a high of $3.3/lb).

At $2.5/lb Viscaria’s 52mt at 1.2% Cu has an NPV marginally above $0.

At $3.10 its closer to US$160 - 180M / IRR 28-30% depending on throughput (2 vs 3 mtpa). Not bankable till $3.50 as redbeard pointed out but certainly you can start to speculate that given its jurisdiction and stage of development it is more than backing the growth in our MC over the last 8 months.

In the meantime we have outlined 10 porphyry and epithermal targets in Ecuador, quality targets with an exploration team that has executed two successful 1BT porphyry discoveries in the past (one in Ecuador).

While BHP, Rinehart group, FMG, Newcrest etc continue to throw tens of millions of exploration dollars at Ecuador. Certainly there will be willing major partners looking to take on a new discovery if we make one.

So even if someone at the Ecuadorean mines dept has fallen asleep at the wheel on the permits, everything else has gone our way so not much to complain about.

Given Ecuador has only recently decided to open its kimono to the mining industry there would be a significant backlog in granting / permitting applications in process.

I do think however if the company has given guidance it should update us as timelines slip so that those who are prone to slitting their wrists from delays can live to see another day.