Ann: Scoping Study Confirms Potential of Nyanzaga & MRE Upgrade-ORR.AX, page-94

I think the assumption was 60% debt / 40% equity funding of ORR's share of capex in the 51% ownership case.

One other thing that ties in with your analysis chuk was that in a 100% ownership case the broker suggested the stock could trade at a 20% premium to NPV given the quality of the project and the management team. Current price target was 90 cents.

The compression of the timeline is certainly going well. The way I see it the more quickly ORR can force Acacia to make a decision (ie within 60 days (?) end of DFS) then the more likely Acacia are still in a state of flux about the assets in their portfolio and probably won't want to take on Nyanzaga.

The Denver Gold Forum is coming up next week and Orecorp is presenting on Tuesday morning Denver time. Could be the first time that many North American investors have come across the company.

http://www.denvergoldforum.org/dgf16/participating-companies/