here we go, page-52

SS without this getting into a long and protracted discussion on this issue I too have considerable industry experience and have also been involved in project financing.

a) Gold forward prices are commonly used for valuation purposes as are analyst averages. Both have advantages/disadvantages. However I pose this question to you - if there is such a big disconnect between bank analyst expectations for longer term prices of gold and the forward curve, why do they not trade the forward curve accordingly? You cannot place too much weight only on analyst price estimates as they tend to be quite subjective and change a great deal.

In the case of Mutiny, from their announcements CS have reviewed the data to date and have not raised major concerns. Regarding the prices they use, they would probably use a range of price scenarios to assess the project's ability to pay back debt. The price assumptions they would use would be conservative to ensure that their debt is repaid.

b) The discount rate for a company owning an asset is different from the discount rate of the the asset itself. Again this rate can be subjective and the 8% rate is used widely in evaluating gold projects (as per my earlier post).

Since you are also familiar with project financing, in case CS is not willing to fund the entire amount, subordinate debt financing could also be an option for the company (as John alluded to in the interview earlier today). Either via unsecured debt with a higher interest rate or a convertible facility which reduces the upfront equity dilution for the company.

It will be interesting to see how the financing piece of the puzzle falls into place. In any case wish you the best of luck with your investments.

Also regarding the timeframe - believe he is talking about starting mine development in October of this year as there would be a lead time between when the ore stockpile is mined and the plant is built/ore is processed (1Q'13).