Ann: Debt Facility Executed for the Dalgaranga Gold Project, page-2

Well I am glad this is now signed off. Perhaps the share price will do a bit more than it has.

But I note:

1. the announcement did not mention the interest rate and repayment schedule - I wonder why? They will have to tell us eventually so why not now unless the interest rate is high.

2. Hedging is too high at around 36.5% of production in the first 4.5 years of production (at present the project only has a mine life of around 6.5 years, I think) so upside is limited and may constrain the share price unless they find a heap more ore near the plant to extend the mine life to at least 10 years.

I think GCY could have got a better funding deal from a foreign bank. Of course if they had taken a loan with Macquarie Bank the deal would have been on worse terms.

Life goes on.

Good luck all and prepare for a lower gold price in the near term.

loki