Ann: Crusader and Stratex sign binding Scheme Implementation Deed, page-16

Just a little more information. When CAS did it's feasibility study for Borborema the exchange rate between the AUD and BRL was around 1.8. Currently it's 2.5. It was over 3 not that long ago but has slightly recovered and is sort of steady at 2.5 now. Consider also that the USD and AUD were almost at parity at the time of Borborema's feasibility study and the AUD has eroded a fair amount since then to the USD. Anyway, the production costs in Brazil have remained static even with the drop in the Real. My all in costs prediction for Borborema per ounce is very very roughly AUD$850 and Juruena's AUD$700 ( I still reckon that will be shown to be conservative but I don't like being the fool when predicting since the real costs will eventually come out). Even if I'm WAY off and let's say all in costs are AUD$900 an ounce evened out. Nice and simple, a nice round number. Incidentally, it would be that high but let's just say it is. The current Gold price is AUD$1650 an ounce. Take off $900 and you're left with AUD$750 an ounce profit pre tax. After tax the profits are surely still north of AUD$500 an ounce. IF they reach their 150K ounce per annum target, that's an annualized profit of AUD$75M.

My point is trying to show the potential here if they can pull this off. But we MUST have all the Capex, opex , tax costs etc. layed out before us to make an informed decision. They can't expect us to support this newly formed entity with anything less.

I also take it from what Marcus is saying that they can source some savvy London investors based on the numbers. What will be the dilution of the newly formed company then, post the new cornerstone investors come onboard? We could see a big re-rating with the market cap, but how much shares will be on issue then?

Please do your own research. Not mention as financial advice!