cr to be at 0.10 (?), page-52

Hi andrewk65,

So far the evidence put forward is MYG will be aiming for debt financing. There's been numerous places this has been suggested, for instance John Greeve stated at the ARCUSA Presentation video that a number of banks have already been communicated with and seem very positive. The video link is here:

http://live.arcusa-newyork.com/04-JohnGreeve.html

Additionally in the article the other day I posted said the following:

"Project Financing

- Is available
- Banks visiting site
- Numerous banks discussing debt finance
- Waiting on completion of equity raising and increase in reserves

An off take agreement is not an issue, as the project will produce gold concentrate and copper concentrate"

Link: http://www.proactiveinvestors.co.uk/companies/news/30511/mutiny-gold-way-undervalued-deflector-corridor-is-under-explored-and-under-rated-30511.html

I'd take note of the banks visiting the site and numerous ones. I'd say that means it's entirely possible a syndicate of banks could provide finance.

Another little bit of evidence that the company is quite aware of the dilution factor was from their announcement on the 28th of April titled:

"Mutiny to move to 100% ownership of Flagship Gullewa Gold
and Copper Project in Western Australia"

Inside it states:

"Following completion of tenement transfers to Mutiny, the company will then subsequently settle the $4M purchase of the outstanding interest in the tenements. The company is
currently reviewing plans to fund this stage by way of a loan from a Financial Institution as a means of reducing shareholder dilution."

While that's related to the remaining $4 million owed to move from 70% ownership of Gullewa to 100% it shows the company is quite aware it can't over dilute. I know this also from an email some time back with John Greeve that he's trying to find a good balance of liquidity without having too many shares.

I'll finish up by saying MYG is fortunate to have lower costs to start up than many due to so much existing infrastructure. Much of it will just need upgrades as oppose to starting from scratch. I'd imagine we'll get a much clearer view of all this when the DFS comes out later this year.

In the meantime they just need to get a bigger 'measured' resource I'd say to get the banks to sign off on financing this project.

Don't rule out additional dilution of course as it's still possible a debt/equity mix to fund the project but I think management is pretty switched on not to get too carried away with it.