Ann: ATC Ferrotungsten Project Presentation , page-3

relaxed, I see you agree with me on financing the next campaign and having to wait 2-3 months before the next batch of concentrate arrives at the plant. I think we can safely assume that the loan to a third party was to the 40% owner of ATC. It appears Mr. Guanyu didn't have the funds to finance his share of feedstock so HAZ had to lend it to him (terms unknown?). In any event HAZ won't have enough cash to finance the 2nd batch before cash is being received for the 1st batch. So your assumption of 4 campaigns a year make perfect sense to me. It is pretty obvious that even after the cash raising at 2c just recently the company is under capitalized. Even more so when considering the huge capital requirements associated with Big Hill once it gets the go-ahead. Clearly we are going to see more cash raisings before the first batch from Big Hill can be shipped to Haiphong.