The BMO Conference Webcast is available at...

The BMO Conference Webcast is available at

http://www.bmocm.com/conferences/2012archived/default.aspx

Click on the webcast icon to the right of the Global Metals and Mining link, register and scroll to 4.30pm Tuesday 28th Feb.

Interesting point on funding is that CPL is looking to sell 25% of Vista. By my calculations this should raise over $500 mil which would be about right as a % of BFS NPV. Capex savings of $250 - $350 mil with use of mining contractors leaves approx $400-$500 mil to fund from the 1.2 bill cost. Gene states “significantly sub $500 mil” as being CPL portion from the $1.2 bill build cost. Given $370 mil is to be funded by cash flow CPL should be able to debt fund the remaining balance of say around $100 mil give or take. In addition JV's would contribute capital on a pro-rata basis although they would also receive 25% of cash flow. Therefore, I would think a capital raising is not on the cards.

Extract a greater sale price for 25% and we may see Vista fully funded via off-take/JV, contract mining and phase 1 cash flow. 25% for $500 mil equates to approx $6.40 per reserve tonne or approx $1.90 per M&I resource tonne which is certainly within the industry averages. Interesting to see what eventual deals they strike and what value they can extract for 25% of Vista. We should know next quarter unless we are subject of a takeover in the interim which appears more and more less likely given recent share price performance.

All just my opinion and interpretation and would like to hear other's thoughts.

Regards
Danash