conditions precedent, page-27

SimpleSimon, as one who is totally unfamiliar with the process, please excuse my lack of knowledge, but ;

You would no doubt have a concept of what % of the process is complete. Seeing the various stages left, and always assuming a favourable outcome here, could you project a time whereby it might be expected to be all complete and funds available to draw on. This seems the critical question at present.

Also the Bank puts up $58m and Avanco $12m, and some of this is listed as working capital. Do lenders/banks under their normal terms insist that ALL funds be directed to the facility that generates the modelled cash flow, through full reporting of expenditure .... or could some of the $70m be allocated to an expanded exploration program. Their current program is curtailed due to lack of money left.

The comment "hedging is not required". Could you explain this, and does it represent a cost saving to AVB?

Many thanks PP