have we done our money, page-15

Correct me if i'm wrong, but my basic understanding of this is that the $40 mill loan will be converted to shares in 18 months time at the average weighted share price from 28/2 to 27/4. if the loan is re-payed early then warrants will be issued with a minimum exercise price of $0.45.

Very roughly the average price from 28/2 until today was about $0.42, so the average price from today until the 27/4 would have to be under about $0.24 in order for the shares to be issued below the current market price of $0.33. I would bloody well hope that the average price over the next month is not less than $0.24!

I see this financing deal as a real positive. Provides a lot more security in getting us to production in Mongolia. If Mongolia gets going soon there will be a real chance that at least a portion of this loan can be re-payed within the 18 months and we will all be laughing at the thought this this once dipped below $0.30

If only for some clarity from management around the delays!!