Patagonia Gold (formerly HPD Exploration)

Wendy.
I am still bugged by the capital figure in the books for Esquel,which you advised as $550m as against $350m quoted by Meridian at the third quarter results presentation.To double check I have just re-run the presentation webcast, and in answer to an analyst's question they confirmed the figure of $350m, made up of $310m purchase price and $40m development and other costs. In front of an audience of analysts etc who go into great detail with some of their questions, I find it hard to accept that they would get away with such a howler of a couple of hundred million.
Kennedy mentioned that the 3 year deadline for impairment is up in March 06 but added as they close the 05 books end of Feb 06, they could bring it forward.However he said that it would be up to the independant auditors{KPMG }to advise.
He was subsequently asked that as they had now prepared radical new proposals for the mine, was it possible to restart the 3 year clock. He said no, the new proposal was a project matter ,the impairment an accounting factor and up to the auditors.