Ann: Hawsons joint venture update , page-11

Think about it like this, imagine that CAP is buying an additional 60% share in Hawsons for 13 million in cash... Hawsons having a NPV of 3+ billion with their very conservative iron ore price. Even if it was all raised at 30 cents, after CAP has 100% holding of the project again, we can go looking for new partners. Given that the project is much more advanced today than when the original deal was inked, I'd expect at least a similar agreement if not superior. If CAP has to rebuy the BMG agreement this is a GOOD development. Even better if they can get a new partner on board to pick up the 13 million and even just continue the current contract they have.

JM.