Ann: Drawdown of IMC Debt Facility and ASX Waiver Granted, page-61

Bob Moriarity of 321gold says that MOY's metallurgy was not done properly so the type of processing equipment being installed will not work with the type of ore to be processed. He claims that the delays and failure to meet production forecasts were caused by the poor metallurgy and drove the need for debt financing. Without a fix to fit the processing machinery to the type of gold in the ore, Moriarity claims that economical production will never be achieved no matter how much money MOY borrows. Don't know if its true but MOY's forecasts have been garbage.