resolution 2 from generak meeting, page-96

I can just imagine the conversation for a loan.

We have Mn.
How much?
Err , a lot.
What evidence do you have of the resource?
Well we know there is Mn, it has been mined before.
Ok, did they leave any behind?
Yeh, there are some narrow veins, 1.5 to 5m wide.
So what drilling have you done Jason. I see in your October report that you were to do some drilling that quarter, and that you were going to use your own rig as well to expedite things.
Well, it didn't happen.
Well you said in the March quarter you would drill 38 holes, how did that go, and how is your drill rig you own.
Err, well we didnt know that our drill rig was no good, and there were reasons we could not do any drilling again.
Well Jason, how did the drilling of the 40 holes in June quarter go.
Err, we didnt have any money to drill with.
What happened to the other cap raisings that occurred, and exactly how many holes have you drilled Jason, since you have been in charge nearly one year.
Silence.
Lender: well we would like to lend to you on hope, but our lending practices advise us that we have to have some independant acknowledgement of what your assets are, and how much. Can you detail that please.
Well, thats why I need the money, so we can tell our investors that we will be drilling >40 holes next quarter.
Lender: will they buy that line again?

Yes, we all know how easy it is to borrow, and that proof of assets, and the details are needed. The borrowing is behind schedule as is the drilling for a third quarter, and no wonder. What exactly has Jason achieved in defining the resource and minerology in the 10.5 months at the helm in order to fascilitate not only progress, but also fascilitate borrowing.

So Peran, do you still feel they will be able to do debt funding?