Ann: Announcement on Scoping Study, page-5

NF I think they might struggle if its only $60m - with these sort of projects for someone to lend you $45m - $60m, don't forget they will need working capital the financiers would want to see 3-4x that in return to make it absolutely sure. I am assuming their NPV is before capital costs and loans are deducted. Even if they are not I doubt anyone would fund $60m to make $60m after finance in this sort of industry and more so with the current management and board in place. Their track record with money is terrible and that is a fact. I don't hold much hope unless gold goes to $2700 an ounce and maybe then it might happen. We all know expenses always blow out and revenues always fall short in most projects where there are too many variables.