Getting back to Lindsay’s comment about a stressed shareholder...

Getting back to Lindsay’s comment about a stressed shareholder having to sell and his implication that is why the SP is where it is. There was one top 20 holder who dropped out of the top 20 after the Placement, however we’re only talking about 5-6m shares held (if he sold to zero). Certainly in the last 2 weeks there has been very little change to the Top 20, and if the said holder is not in the Top 20 you’re only talking about < 5m shares anyway. By comparison the issue of 73.8m shares to sophisticated investors in the Placement where the vast majority will sell for a short term profit, is going to have a much more profound affect.

By the same token I don’t think Lindsay does himself any favours blaming the change of contractor for the delay in starting construction. Blind freddie knows it’s the finance holding things up, IMO this spin doesn’t work, it just causes people to lose confidence.

As chuk points out, we have a great project, after the placement we only have around US$7m to finance which is chicken feed on a $40m project given the importance the project has to the Country. The working capital loan should be fairly easy to secure. It basically pays for the mining & processing costs given sales - hence revenue tends to be seasonal. Such a loan is really secured by > $300/t product (BPR) sitting in the warehouse that only needed a $117/t loan to produce.

I don’t expect any problems getting the loans from local Banks given the extensive DD carried out by IDC, or meeting the IDC’s CPs. I just hope it happens within our required timeframe, but as chuk suggested, the banks are aware of this and assuming they have a few applications in with the various banks, a bit of competition may spur them on.