Ann: Binding terms for crushing plant financing agreed, page-6

Goedy

The management team has been sticking to the timetable. So I think they might have some other funding coming. Apparently the Sandvik deal took many months and they have an extensive process before they will lend, especially when they aren't taking any other security.

In this environment, not many junior miners are getting deals at 5.75% FIXED for 4 years. Some resi-mortgages are at 4% fixed.

This loan gives them 50% of what they need for the initial phase. It looks like they have choices and don't have to be screwed by the financiers that want debt and equity positions that are generally the only options available to small companies.