CAI Valuation - comparison to peers, page-84

Thanks... means your numbers are more accurate than mine regards the debt repayments.

The numbers I get for production this 1/4 are a bit higher... the last announcement shows they ran the mill @ 347t/hr in Feb which brought the average for Jan/Feb closer to the 330t/hr rate they plan for March which adds 750 ozs to production (on head grade of .88g/t). That adds $1.8M to revenue.

My estimate for production (monthly average) is 6250 ozs on .88g/t. I think the g/t number will be better than that ... so not quite as pessimistic about the cash flow.