here we go, page-53

Vector,

I couldn't agree more, I actually used to work directly in the gold forwards market - all I was trying to say before was that at 1700 flat price just about anything will look positive, what needs to happen is some sensitivities run around that level to make sure the project can still stand up and imply that it will still generate good returns.

I am fairly sure that CS will step up and provide the financing that MYG needs to develop the project, they were happy to enter a forward contract with them and if you look at other company announcements (BND for example) they are one of the most active PF lenders in the Australian market currently.

I wouldn't be worried if I was an MYG stock owner about them being able to secure finance, I have seen much less robust projects access funds this way and MYG aren't in that position. They have what seems healthy margins, good grades and an exciting upside potential to increase their resources and mine life. The one thing that people need to consider is that banks only lend on Reserves and "justified" mine lives, not on how much resources you think you might have sitting in inferred categories.

Yes 8% is the common discount rate that most brokers are using when assessing gold projects, which I believe is a little low, in this case I think that you could potentially justify it BUT I wouldn't put that rate in front of a client if I was producing an M&A pitch to justify a takeover for example as I don't think its realistic and can potentially overstate the value of the project (My Opinion Only), Goldman Sachs tend to use significantly higher rates (up near 15%) as their benchmark but each to their own.

I wasn't trying to ruffle feathers but rather point out some things to me, working in this space, need further attention.

If people are interested I am happy to work up a valuation based upon all the information in the BFS and provide some scenarios and NPV calcs based on different gold prices & discount rates.