CAI Valuation - comparison to peers, page-5

I didnt go into, or expect a ful blown analysis, just back of envelope stuff.

100M isnt a small debt, then again, its not as huge as a lot of others Ive seen. I beleive the debt is repayable, you yourself said you expect it would be gone in a couple of years.

I tend to be forward looking, so Im more focussed on where the company willbe at in 2-3 years down the track when it should be relatively debt free and hit its stride in producing gold. For this reason, I usually discount debt unless it is really huge, or it looks like it cant be repaid.. (CRs, dodgy finance like convertible notes, etc)