Ann: Secured Notes Provide $1.32m Cash to Fund Operations, page-30

There are two projects north of these projects. One has rail estimates. Between them one can work up a capex. Cyclone has said that the OPEX is <$50 FOB. When the various PEAs where done the rail component was based on 8 months cartage at 12 months rail charges. This was because the ore froze in the cars. Now there is a solution where they dry the product for winter cartage. Rail was a problem that they thought they could solve using slurry pipeline. Someone said they could prevent freezing. They were cousins of the the transmission line engineers that just blew down.