RE: The proposed changes to the Bolivian Mining Code -
President and CEO J. Carlesso commented:
"The proposed changes to the Bolivian Mining Code are very positive as they bring a level of fiscal and tax stability to the country.
The new Mining Code has the potential to stimulate investment and should create an environment that improves financing options for companies of all sizes operating in Bolivia.
Additionally, we expect that changes to the tenure of mining concessions will spur exploration activity and benefit active companies.
We have addressed a letter to the Minister of Mines and Metallurgy indicating our support for the key initiatives contained in this proposal along with the comment that, in our view, policy of this nature is extremely helpful in clarifying the investment opportunity in Bolivia and in eliminating concerns over the security of investments made in the mining sector."
In our view, the key points of the Proposed Mining Code as they have been initially presented are as follows:
1) The scale of the Complementary Mining Tax (ICM) will not be changed.
2) The current Profit Tax is 25%. Companies have the option to elect to increase the Profit Tax rate they pay to 30%, in exchange for a 10 year guarantee of tax stability.
3) Companies with mining investment in excess of US$100,000,000 will have the ability to execute a 20 year "Stability Contract" with the Bolivian government.
4) ICM taxes can be credited against the Profits Tax according to a defined scale for metals prices.
5) A single mining concession shall be limited to 25,000 hectares.
6) There is a three-year time limit to commence exploration activities once a concession has been granted.
If exploration or mining activity has not begun within that three year timeframe then the concession will expire.
7) As a means of demonstrating compliance with minimum property expenditure commitments, quarterly progress and activity reports will be submitted to mining agencies.
8) The patent application process with respect to surrounding concessions will be simplified.
9) Annual concession fees will be doubled every five years.
10) Programs will be implemented to ensure ongoing worker training.
11) Measures will be implemented to discourage and penalize corruption.
The proposed review process is designed to create a mechanism for the government to receive comments and feedback. A target date of July 20, 2006 has been set to have the proposal become law.
Building A Premier Emerging Silver Producer
The company is focused on advanced Silver-Zinc projects in South America that demonstrate the potential to receive capital investment and be rapidly developed to production.
Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.
A chance to accumulate an asset at an 80% discount - the event of the century - for a children mission -
Do not let any volatility shake You out - the more volatility the higher it will go -
the new trend waves will often be - 162% of the previous correction -
when the weak hands exhaust themselves - we'll see the next waves up -
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt - as of Jun 2006:
Unless the United States gets all of its economic house in order ? -
Gold will become the basic real money again - (which Gold has been for 1000's of years) and national currencies will only be money - if backed by - Gold.
With the exception only of the periods of -
- The Great Gold Standard -
practically all governments of history -
have used their exclusive power to issue fiat money -
to defraud with totalitarian bureaucratic powers - rob, plunder and to make slaves - of most the people -
News 
Market Data 
Discover 
