press release by major shareholders of bmg, page-5

Hi,

Can any knowledgaable one explain this $20M paymemt for Bankable Feasibility Study (BFS). I assume that this is on top of $25M due on 15/5/2012. But if BMG or another "take-over" JV has another 2 years to pay the BFS, does it mean the BFS will not be started until then? Or CAP can use their own money to start BFS, then be reimbursed by 15/4/2014?

What happens with the BFS if CAP pays $13m to get back 100% of the project - with a capital raising of course. Where is the fund to start the BFS? If not, we still have to shop for another JV.