During the meeting, while he was showing us the claims map "see below" Guy made a circle with his finger on the screen explaining where are the northern community and the southern one. The green circle represent the north community and blue is for the southern one. When I asked him if the coming meeting "vote" is for both communities, Guy said that it is only for the northern one. A separate meeting "vote" will have to be held with the southern community. This said, looking at the map, it is obvious that an accord with the northern community will be a very good start, and will allow to start working on these claims.

I will keep this post as free of my opinions as possible in order to try to keep it a relay of information that is the least confusing possible but remember that this is a resume in English, which is not my first language, of a meeting that lasted more than 2 hours and that was held in French so this is my translation and comprehension of what Guy explained to us...

Meeting with the community : There will be 2 different meetings, one for each community “North / South”. Guy seems to expect that they should be done by the end of the summer. No details about precise dates and/or about which community would be first, were given to us and anyway, the community meeting dates are set by the community leaders and since they can always postpone a meeting without much notice…

J&M versus Trece Barras : These two companies are separate entities and they have no ties to each other.

Recent Important Change Report filed on SEDAR : This report is not a change of the June third news release, it is simply a report that the company is legally bound to publish when important changes are made to the company’s business like the JV announced in the June third NR…

Malin Plant : The dry run went well and production will begin when the environmental impact study is submitted, which should be done in the next couple of weeks.They have already started to think about increasing the capacity of the plant to 200 t by the end of the year.

J&M is looking to add a second gold processing circuit to the Malin plant to process the high grades ores from BDD.

Guy showed us and explained on a map where the ores will come from.Mainly, miners have been digging for years on the batholiths of Pataz which is in the Andes, to the east of the plant.The ores are transported to processing plants located in the south of Peru via a road that is going trough the city of Trujillio and passing through the region where the Malin plant is located.The reduction in the distance the ores will be transported will allow Plexmar and J&M to give the miners a better price thus getting them to do business together.

There is a lot of potential with copper / gold ores since there is a lot of it in northern Peru and since the artisans are not successful in extracting the gold from the copper, they do not have the flotation technology to do it and the circuit at the Malin plant will make it possible.

Bolsa del Diablo : They plan to drill this project this year but in order to submit for the drill permit, they have to get the community’s accord.The initial drill phase will be of a minimum of 3000 meters.

The plan is to sign contracts with the miners in order to formalize them thus giving them a way toimprove their working methods and conditions, tax collection by the government and redistribution of the benefits to the local community.Also, Plexmar and it’s partner will help them to find new veins so they can keep their activities going.

Trece Barras will install a ore collecting center in Las Lomas with a small crusher and laboratory in order to evaluate the grades of the ores being offered by the sellers in order to set a buying price.It will also eliminate the need for the artisans to use cyanide and mercury.

Trece Barras is evaluating the possibility to build a processing plant of high capacity, in the region of BDD in 2011, to process lower grades ores.It will be located in a desert “no agriculture in the area”, with access to water and electric power.

Marillia : The exploration program is not yet started but they are planning to get it going and possibly do some drilling before the end of this year.

Molinetes : At the AGM, a few years back, I do not remember exactly which one it was, Guy told us that Plexmar was in arbitration against another company about the ownership of the Molinetes concessions.This concessions is adjacent to the Angolos concession and although the Angolos concession is the one that holds the appox 2km X 2km anomaly, the Molinetes could also have some potential so they are still working on getting the Molinetes back.

Web Site : The new website is almost ready but before launching it they have to have the new maps verified and approved by a NI43-101 qualified geologist to ensure that they are compliant.

Ecuador : Since the concessions in Ecuador were written off from Plexmar’s books, the project in ecuador was not included in the presentation but Guy said that a couple months ago, a new minister of mines, was named and he seems to want to get things going again.Plexmar is keeping an eye on the situation and will try to get the concessions titles back when the government starts the process of re-allocation of the concessions.Plexmar already made some representation to the government to show them that the company has already spent a lot of money on exploration of these concessions.Guy still believes in the mining potential of these concessions but there is uncertainty on the political stability aspect of the mining industry in this country.

- In Peru, a few things are currently happening :

o The ministry of mine opened an office in Suyo and is putting pressure on the artisans to formalize their activities. They are starting to see a positive impact from it.

o Ucucha seems to have no difficulties to build a rapport of trust with the locals.

o Recently the miners have grouped together in an association which has a leader speaking for the group. It is easier for Ucucha to advance the project, when speaking with a leader instead of speaking with the whole group.

o Before having a meeting with the community, they will get a signed document from the leaders stating that they agree with the project. At that point the geologists will start working again on the concessions. They are confident that once they have that agreement with these leaders, getting the rest of the community to approve the accord will not be too difficult.

o He did not venture to give us a deadline but said that he is confident that it will happen sooner than people think and that Ucucha will get the accord within the time frame stated in the contract.

- Ucucha has not yet started to pay any royalties. PLE would need someone on the ground to control what is going out of it's concessions and at the current rate of ore processing, the amount of money received from the royalties would not be sufficient to motivate PLE's decision to have someone there to do the controlling.

- The Malin plant has not yet been moved. Since the price of copper has dropped, this project has become less interesting and they might change the project.

- It is still in the plans to list PLE on the Lima stock exchange. Before listing it and starting to promote it in Peru, they needed something of substance to happen…

- A shareholders right plan is in the plans but Guy feels there is currently no need for it, he will get it done in due time.

- Once the geologists starts working back on the concessions, about 2 months will be needed to complete the surveys and to analyse them in order to set the drill targets. They currently have some targets but they are still missing information that the surveys will answer once completed…

- The supreme decree is still valid, there is no expiry date to it. Before applying for a decree for the remaining concessions, they have to be able to show that the situation has improved. He is not expecting it to cause any delay.

This is it for now, I will probably post some more tomorrow morning if something else comes to mind…

Hope this helps !

Like some other shareholders, I think that it is taking them way too long to fine tune the processing plant, it seems that there is always an excuse "Ball mill, power outages, rainy season, etc." This said, I understand it is not easy to accomplish something in this part of the world. and they have made lots of progress. I think that the fact that the price of gold and silver are being manipulated down is keeping UC from selling what it is producing at the right price, therefore keeping the company further from being able to declare commercial production. I know that Gary said that for as long as the price of silver stays above $18, the company is making money, but making $12,$22 or $32 of profit per ounce sold instead of less than $2 profit, would obviously make it easier to achieve commercial production a lot faster. Also, if the price of silver was where it should be if it was not manipulated down, the investment in the Sprott Silver Thrust would protect the company's purchasing power a lot more than keeping it in a saving account.

Personnaly, I do not criticize the company's managment for what is happening, I criticize those that are manipulating the precious metals prices for their own benifits, while slowly killing the precious metals mining industry.

brattymack,

Thanks for the links. I'm not a translator but my first language is French and since you are saying that you do not fully understand French I tought it would help... This is not verbatim but in essence what Mr Candido answered...

I hope this helps !

- Question about Geostat and Genivar.

-We’ve been working in the Bellechasse region for a long time, we are at a point where we want to have a gold resource and, in order to do this, within the rules in place, we need to have an independent team to work with us, to help write the resource report.We chose Geostat because they worked with big companies with large gold deposits around the world and they have an office here in Quebec, so it is easier for us and we think they are a good partner for us.In Genivar’s case it is a little different.You know we have to respect the environmental laws imposed by the government and we want to ensure that we do not wait to be at the point of production start up to start looking at these rules, we want to ensure that we are always within the frame of these laws.

-Question about being close to a mine exploitation.

-No, we are not close to a mine yet, we are still working on trying to determine what gold resource we have.We are being proactive about the environmental laws at a point when it is not yet necessary, we want to ensure that all the work we are doing, respects all the environmental laws, in order to not have any problems in 5 or 10 years.

-Question about sampling results.

-We are very optimistic.It is a question of convincing people, not only retail but also institutional investors in control of large sums of money, that our project will work and it can be economical.We are spending a lot of money in Bellechasse and we have to get to a point where we have enough information to convince the institutional investors that we have a gold deposit that is economical.We are getting close to this but we are not yet there.

-Question about what is coming this summer.

-Last year we did 18000 meters of drilling, which is more than was done during the previous 30 years.This year, we think we will do at least the same amount of drilling, maybe more.

Here are other pieces of info I got from the meeting that you could find interesting to know.