no progress in over two years, page-20

arsenic, thanks for the feedback from the AGM- good stuff. I am repeating this for my own notes, to look back on:

"So I asked Steve(?) Zaninovic whan is the BFS due,. He said they will get pre end of Dec2012. thye will then read it and no pint relasing it near X mas. So First realistic date to expect to see results is post 15th Jan.

They didn't have a presentation.

The other question is more vexing. Steve Parsons said they need to raise $100m an d borrow $100m for the smaller plant. OF the $100m equity say $30m has nee raised. The other 70m will need to be raise but could be the back half of next year. Plenty of time for the share price to come up.

The banks will lend him $100 or $200m at 60/40 debt to equity but if is's the latter he has to hedge 4 years production forward. the insto want leverage to the gold price.
_________________

So! They get the BFS/DFS at end of Dec, but the market gets it in late Jan, 2013.

AND! Capex for the smaller plant seems to be $200m with $100m debt and $100m equity.

I reckon they'll do another small raising- $30m, perhaps- in late H12013, and then go for the big'un in H22013. Actually, I reckon they might be gone by then- $200m capex is not that large. Regardless, GRY will have a bigger resource, and a bigger investment case by then.


Thanks again, arsenic. I'd read all the recent GRY ANN's, and started on the HC posts, and then BANG- your post just gave me what I needed. Cheers.