Ann: Share Purchase Plan Shortfall Placement Agreement, page-25

Hey there Jim, funny post, but I think DowJones30 may have explained why the extension (continuous disclosure). That's not to excuse the messy handling of the original SPP, but it may shed light on the recent activity.

I like the position AEV would be in if the EU regs changed to reduce the acceptable cadmium levels, may be very favourable for us longer term.

On a more near term observation I was looking back at the quarterly cash flow report. At the end of the quarter there was $3.671m cash in the bank. I guess we add to this the $2.5m SPP now underwritten and they have cash of the order of $6.1m? There are also 2 lines of credit available each for $4.452m, one of which has been fully drawn down but the other is still yet to be drawn on. That would give AEV around $10.5m to fund ongoing operations.

The costs for the coming quarter were forecast to be $4.125m. I was wondering if any of the experienced miners can shed light on whether these cost levels are usual at this stage of start up and what the level of burn indicates? Will they need to go back to the market for further financing before the end of the calendar year - or will spend start to slow down as production comes on-line?