It's hard to say why anyone would sell at these levels when we have recent positive developments in Serbia.

 

Maybe the market does not like that Erin Opted out of Serbian Boron Joint Venture Agreement in Favor of Retaining 100% Interest in Project or the market does not understand the significance. IMO this is an excellent move on Erin’s part that we now have 100% interest in Piskanja. This move not only increases the present value of Erin, but also gives Erin more leverage in negotiating with their strategic partners. This also makes "option B" (as previously discussed) more expensive to put an acceptable offer on the table to take out Erin and gives "option A" more leverage for Erin to negotiate with partners with deeper pockets than JPPEU.

 

Erin has determined that it is in its best interest, given the potential value of Piskanja, to opt out of this agreement with JPPEU in favor of pursuing strategic alliances with other potential partners who meet Erin's criteria of being well established international leaders in various facets of the tightly controlled boron industry. To date, Erin has entered into Letters of Intent with three such potential partners.

 

We are just waiting for holes No. 133 , followed by Holes Nos. 127A, 134, 135 and 136. I expect results will continue to meet expectations.

 

Drilling completed on Piskanja.

Access to entire Jarandol Basin with potential 20+ million tonnes of Boron.

Confirm +6,500,000 tons of Boron on Piskanja.

Mining licence application.

Completion of binding agreement with potential partners.