jorc upgaded by 60%, page-17

With only $5mill in the bank they will eventually have to look at now how to get to production, or as you say ok, bought out. Some remarks from analysis.

Financial Parameters
�� Project financing of approximately A$150m will be raised on a mixture of debt and equity with the ratio being 66% debt and 33% equity. Our estimate of capital required is based on cost estimates for similar projects in Australia and in South America. Given the early stage of project development we have been conservative with our estimate, such that a reduction in capital costs will be beneficial to our valuation.End.

And this:

�� Enter into an agreement with a neighbouring company to jointly develop the deposit. Kinross would be an obvious partner as they have water rights and infrastructure in very close proximity to the deposit.


Lot of work ahead still but they have the jorc to work with now.