Ann: Crawford Gold Project - Raptor Funding Update, page-9

the second assumption.. They get 11,000 oz over the project, at a rate of 1 to 3.25, which may take them into stage 2 depending on production.
Good business ?????

Stage one on paper is 29,000 oz with an anticipated recovery of 23,000....So at 1 to 3.25 at the low end, they will get 7000 oz , we get 17,000,,

That makes $85 M with NO DEBT.. $17 m of the funded money plus whatever the balance of the costs are.. Costs should come in at around $1600 per oz plus mine construction costs ... still on my clacs around $45M before taxes etc... Just stage 1 on this funding arrangement is 3 times the current market cap in net value ( roughly speaking )
Then stage 2 they will get 4000 oz, lets say everything the same, only this time, we would be stumping up additional production costs as the funding is exhausted , which are about $1600 per oz

If CVR can have 3 times the current market cap in cash at the end of stage 1 , plus the further stages , plus growth from further drilling, on an ongoing basis , there is PLENTY to look forward to IMO.