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I'm fairly certain we lost rankings/traffic a little while after the unnatural link warning come through. The warning came through 7/April and I believe we lost rankings later on in the month when Penguin hit. It's hard to tell because the drop in traffic was only a small amount - since it was only one keyword we got hit for. Sounds like we'll need to try further cleaning up our back-link profile and see if there is anything else we can clean up and go for another reconsideration request?