Ann: Presentation to Investors , page-6

If only we were in this same position 18 months ago...

There is no doubt they are struggling to get finance. Diggers and Dealers conference was stating that capital has practically dried up for small-medium producers wishing to expand/start-up.

Now in two minds...debt is too high (for cash flow and current mine life) and after cutting costs they still seem to be losing money. I thought they would have been cash-flow positive once they stopped exploration and cut costs.

Current Debt is around $115 million. Add that to the capex and its borderline even without contingency and I would say the SBFS numbers would be as streamlined as they could get on paper.

Hence, why I deal has not been done IMO and may not.

Time will tell. (6 weeks)