Ann: Financing Documentation Finalised for LLGP , page-18

re: Ann: Financing Documentation Finalised fo... Hi Guys,

sduncan - BJ is already looking to the future for the LL project once the initial 6.7 years of ore runs out. This can be seen from his plan to exit the JV partner, early on in the process.

Once the LL ore is processed he will have 100% ownership of a functioning gold plant with excellent technology.

He has announced that he is already looking at close proximity additional ore sources. There are many small mines close by and BJ has indicated keen JV interest and then, of course there is the outright purchase option - what do you think the Latin American money might be spent on if it comes through?

Loki - I agree, I would count my fingers after shaking hands with a Mac Bank executive and I am sure that they will cut a tough deal for EVG on LL.

I think it is safe to say that BJ will not deal with Mac Bank again.

In terms of the second (Ecuador) project I don't think any financing will be needed for this, because:

(1) LL will be generating significant cashflow from early 2011

(2) A series of options fall due up to Dec-11 that will (if in the money) partially fund the construction of the second project plant.

I don't think EVG will be forced into any future hedging contracts in order to satisfy greedy investment banks. This will be the only 'required' hedge to get this first project underway.

I also fully expect that four years out none of us will be holding EVG shares as I fully believe BJ's modus operandi is to start up - build up - sell up!!

Very good buying IMO

Cheers
John