potential value of the silica project to mhm, page-9

KAPO

If I understand your comment correctly you are saying:

1. MHM creates a new Silica Mining Company

2. A totally separate company, lets say Wacker Chemie AG as an example, then develops the Smelter by themselves.

3. The new MHM Silica Co does however get a free carried stake (say 5%) in the smelter. Atkin to receiving a 5% share of profits.

4. The Silica Mining Company obviously then has a guaranteed customer, the Smelter owned 95% by Wacker Chemie AG and 5% by themselves.

That certainly would be another way of doing things. It would be interesting to see what the financial implications of this would be as the Silica Mining Co would be taking on more risk in this instance.