Ann: Mirabaud Mining Research Note, page-2

anyone wanting to know all the details of the project, this research note is one of the best i have read for some time explains all facets and the arrangement of the recent deal with Tremont. Up there with the Syrah one done by Shaws some time back (one of my all time favs)

Although i realise they have to assume it at todays prices and all CAPEX at a equity raise, but in reality i believe the CAPEX can be done on at least a 50/50 debt to equity raise (cradle only needs $50M or $32M staged mine) for capex and by the time that is required minimum Q4 2015 , the SP wont be sitting at 20c (assumed in the report) but lets spitball 40c then only half the number of shares need issuing than at 20c or if done at 60c then only 33% issued shares relative to a 20c raise. etc etc. Why is this important well less shares issued means that share price valuation is a lot higher!!!!

time will tell....