re: volume. Not much in the way of sell depth in the Aimo's Wilf...

re: volume. Not much in the way of sell depth in the Aimo's Wilf and they could move back to 9.5/10 very quickly without much volume.There you go hows that for positive.BUT, someone still seems to rate them only mid 8s after the annmnt.

Like we've been saying give us the offtake and we might start believing Aim will get the US$135M to get Perkoa going otherwise all we will see is another small spike and a drop back to the 12.5/13 support of the broker reccommendation.I'm hoping this positive SPIN annmnt convinces some that Perkoa WILL happen,as we all hope.

But without an offtake they have no revenue which means they have no finance,unless the mezzanine mob are total wallies and stump up the 20M without seeing an offtake.Trouble is this is partially the idea of mezzanine finance in that the loaner will generally take on more risk(possibly without knowing what the offtake comes up with)in return for possible equity if the project goes pear shaped.Thats if its typical mezzanine stuff.This mezzanine debt will be to just get things going at Perkoa one would think.Basic site stuff,contractor bonds and the box cut/decline started.

The rest of the debt would have to have offtake assurance.I do think that for these financiers to be mandated they would have sighted the LOI which sets out the structure and commercial terms of the offtake.Lets hope this is the case and they are happy with these aspects of the potential offtake.It appears the sticking point with the offtake,according to the annmnt,may well be the overrun facility,but thats just a guess on my part from whats mentioned in the annmnt.

Something to perhaps file away for future reference was Aim's mention of selling their zinc into a relatively strong price period for zinc in 2008.So maybe there will be a set base price and then anything over and above that base price will be split in some way by Aim and the offtaker.Once again just guesses between those ill determined lines of the annmnts.

d.