Ann: Funding Agreement with Timis Mining Completes, page-2

Oh man... there is no hope of getting the bridging loan back anytime soon.

This extension clause is looking likely to be the get out of jail pass for the TS and FT relationship. On a positive note, the IO price is creeping up and some of the big mining players are starting to buckle under the weight of their operations i.e. BHP down $10 to $24.70 from 6 months ago.

"Bridging Finance The US$8 million Bridging Finance is repayable in 12 months and incurs interest of 3 month US LIBOR (London interbank offered rate) + 6%. The principal and interest will be repaid to Cape Lambert in one payment at the expiry of the 12 month loan period and can be extended by the parties on mutually agreed terms."