Ann: Expansion Study Confirms Mine Life Extension Strategy, page-15

Hi Proxylady, I will try and answer some of your points. We are talking the future here so we do not know for sure what will happen. I am only suggesting some possibilities. The board and management make these decisions based on a more complete knowledge than I have.
- Funding from cashflow. 80,000 ozs. a year for every $100 the gold price goes up is $8 million more in profit. They are currently paying for 4 drill rigs which cost millions every quarter. They could cut this back for a period and release more money into the plant upgrade.
- Agree with you on debt but they can forward sell gold to raise money.
- Given the holding that IMC have they would have to be onside for any potential CR. There is always the possibility that IMC may be interested in financing the plant.
-I agree with your last statement. The market does not like uncertainty. The one thing that would make all these arguments meaningless is if we move into a gold bull market. At that point there will be plenty of money to do everything and we will be looking at 100k very profitable ozs each year. Interesting times ahead. DYOR GLTAH