ANW Valuation, page-6

Yes you are pretty much aligned with my assumptions. If approval is made this month then I am sure they will draw down and immediately start phase 1 ( they have had to wait long enough). If they decide to wait 6 months then maybe it can be done with some cash from Granville and a friendly CR. Regardless its chicken feed for the big picture. We really need this approval so that we can test the recoveries and improve life of mine and % recoveries. Without them is still OK, but with them it just makes the whole picture very green. I agree Lind seem to be very nice wolves.