Ann: Becoming a substantial holder from CBA , page-15

Disco Stu

BFS means that this is what they show to the banks to get them to loan funds. Not sure about FS. I assumed it was the Canadian equivalent term for BFS, as PVM is using it to get funds for the project.

The Canadians also have a PEA, preliminary economic assessment which they undertake prior to doing a FS. EVR did one recently for their Burkina Faso project.

GRY has around $64m in cash at end March. They already have a 4.9m ounce resource and are likely to find a heap more ore within trucking distance of the proposed plant site. The one 1 million ounces you refer to is just the defined reserve, enough for 6 years of production at 150k ounces pa.

I think GRY's project is fine and would get funding if the POG was now around USD1600. Obviously there would be a need to have a hedge, just like most other borrowers for new projects. At a gold price of USD1300 I doubt they will get the funding on reasonable terms, although the project is still net positive.

loki