no progress in over two years, page-17

So I asked Steve(?) Zaninovic whan is the BFS due,. He said they will get pre end of Dec2012. thye will then read it and no pint relasing it near X mas. So First realistic date to expect to see results is post 15th Jan.

They didn't have a presentation.

The other question is more vexing. Steve Parsons said they need to raise $100m an d borrow $100m for the smaller plant. OF the $100m equity say $30m has nee raised. The other 70m will need to be raise but could be the back half of next year. Plenty of time for the share price to come up.

The banks will lend him $100 or $200m at 60/40 debt to equity but if is's the latter he has to hedge 4 years production forward. the insto want leverage to the gold price.

I was surprised at how big an Influnece the insto's have basically total. Steve P said if the funds were to be raised from S'holders it'd be $100,000 apiece. He was dragged away to a board meeting that started early.

I guess he may find out the meaning of the saying "live by the insto die by the insto" at some point.


I was happy that he knows Mark Calderwood from Perseus well and his mode of cap raising bears a similar profile.