announcement out , page-76

Barnardp,

Thank you for your comments.

It seems like many don't understand how financing works and I'm getting sick and tired of feeling like I'm talking to a brick wall.

All this bull-dust talk of CR and dilution at this level.
What a load of crap!

The estimated capex for Mt Bevan to bring it to production is $1.3 billion.
LCY at this stage owns (it will in the next qtr) 60% not 100%.

Why the heck do some of you applying 30% of 1.3b ($400m) to LCY.
It's 60% of $400M and therefore $240m.

Why the heck some of you talk about raising all this money at once and at the current price?!!!

Ridiculous!!!

This project will take few years to complete and funds will be raised progressively, on an as needed basis.

I will put my kohunas on the line and say that we will not see any CR until we hit at least $0.80c and that we will be raising only a part of our share with the reminder coming from NMDC.

People! Wake up and smell the roses.

Look at the work that our management and especially Sharon has done.

Those of us who have been LCY shareholders for few years now will remember how much flak our management copped when they announced the 60/40 JV with HAW.

Most shareholders laid crap on them saying what a bad deal it was.

We had no money so we used borrowed money from Spring Tree to pay for the drilling.

Now Mt Bevan is worth $100M+ and this value will probably double by the time we earn our 60% of it.

Now tell me, how bloody good was this deal for us and how visionary it was for our management to negotiate it on such brilliant terms giving us a 60% majority!

Next, Sharon signed up NMDC in a historic deal.
Again, to start with most shareholders were furious that we only got $19M for giving up a 50% share.
Only now most are starting to see the light and appreciate what this deal really means to LCY.

Yes, it's taken ages to get to here and yes it's been painful to watch our SP at this level but things will change and very soon.

We will see a bit of dilution over the NEXT FEW YEARS, but that's nothing in comparison to what we will get back in return.

As Barnardp said in his post, "Sharon is asking for shareholders patience".
I agree as it would be a total stupidity to abandon the ship now after 95% of work had been done.