Ann: Working Capital Increased as Plant Upgrade nears Completion, page-33

Billy
if you have not followed for a while their has been 2 changes from the original plan

1. They have revised recoveries target down from 70% to 60%. That's not a positive. But its achievement will mean a share price higher than the current price

2. They have announced they are going to extend mining life vie "Concentate". This will enable them to expand production to between 150,000 and 200,000 ounces if it succeeds. This is a game changer for the company if they can achieve it.

The purpose of the re-finance is to allow them to build up some cash reserves to fund new projects. If they stick with the status quo then most of the cash goes to Mac Bank for the next 2 years.

Management are putting in place the building blocks to grow the company.