long term debt, page-3

hi deconvic and segura,

I think you'll find that the company will pay out the project debt linked to Phu Kham this debt is held by Phu Bia Mining the Laos subsidiary, and be replaced will a smaller facility at a Pan Australia level. Such a facility would be less restrictive to the Phu Bia Mining subsidiary's activities.

It would be secured against all PNA assets (Puthep included) therefore potentially better terms could be achieved.

These funds would then be used to fund Ban Houayxai, Puthep and exploration.

Remember PNA have been speaking to multiple potential lenders regarding re-financing the Goldman Sachs debt. So potentially PNA have received a nice offer from one or a group of banks for a facility larger than the 80mil.