Hi Falcon At 53.5% full dilution on the broker's numbers we...

Hi Falcon

At 53.5% full dilution on the broker's numbers we could roughly say 7.5cents after this dilution. However that's based on a 14cents per share valuation for Mt Gunson from back in March 2014 that assumed the project was ready to go. We've had a capital raising since then so that 14 cents has already been diluted.

Mt Gunson copper will not go ahead for a minimum of 12-18 months which is the projected time frame of the Feasibility study. We had $500k in the bank at the end of July. In other words it was impossible to get to the end of the Mt Gunson feasibility study without further dilution.

What is happening here is that we are raising the capital now that we would have to raise in 6, 12 and 18 months time but we're gaining a significant new exploration asset with it that we would not have had in the process.

What's the value of having security for then next 18 months PLUS gaining more blue sky potential? For me this definitely balances out the risks of the path we have been on.