Hi ML,After reading the agreement I'd agree that a CR is on the...

Hi ML,

After reading the agreement I'd agree that a CR is on the cards. Great to see the details of the deal finally and excellent that construction will commence at the end of the month. Satisfied to with the 4.5% cost of funding. Disappointed by the cash share of the 30% balance that ORE is on the hook for - I had thought that TTC would pay a cash amount for their 25% stake that would more than cover OREs contribution. Also disappointed that JEMSE will be loaned their share by ORE and will only have to repay it out of 1/3 of future dividends. That all said it is good to have Jujuy interest aligned with SH.

That all said the project looks very, very robust. Excellent cost base and high RoE upside from CAPEX expansion to include potash. I'd expect that Oloroz could be generating 70m annual cash flow by FY2015-6 and a potential NPAT/dividend for ORE of >25m.

Now can OREs canadian brokers arrange a 8m raising @ $2.5 to cover the CR? If so then ORE will fly from here..