Its fine, though.. it just gapped. If they were to call in the...

Its fine, though.. it just gapped.

If they were to call in the loan we have 7c backing per share..

In essence we are pretty well protected at these prices in the event of a default.

I also re-ran my spreadsheet last night. I was accounting for 6mil in admin expenses as per last years annual report. They are doing 3.2mil p.a. (with staff redunandcies and new office not taking full effect). So i expect this to drop a bit more.

Also i accounted for exploration of 3mil.. it was $0..

There is a saving of 6mil p.a. (thats why i topped up, not too worried about the loan default, they wont call it in, they just gave it out)