Ann: Shortfall Placement and Appendix 3b , page-9

Surge just has a stick up his ar**. I'm surprised you haven't yet learned that he is not to be taken too seriously.

A farm in deal will lead to "dilution", with respect to Touquoy cash flow anyway... Could be the best thing to happen in the long run.

ATV gets cash after selling first gold pour, probably only amount to less than 30% of proceeds (50% for operator, 20% to moose river, ATV gets the balance).

How much $$ should a farm in operator receive for a $140mill investment. The mine will only produce $580 million worth of gold.

$140+$160 for the operator, with only $280 to be split between atv and moose river. With $168mill net to atv. By my calcs that will get an NPV (from construction start) to ATV of $125mill with a discount rate of 8% and $84mill with a discount rate of 20% allowing for 2 years of construction.