maquarie finance, page-5

Hi sduncan,

I haven't heard anything new. I know that BJ is offshore (may have just got back, I'm not sure) visiting a couple of large offshore investors and then to the Dom Republic to oversee progress on the LL project.

I know that Mac Bank now know the correct legal path to secure the loan to EVG in the Dom Republic and there is no more indecisive head scratching on how to do it. I am just not sure how long the decided process to make it happen will take.

Either way, we've got enough cash flow to keep the project operating till at least mid August, thus giving Mac Bank some time to get themselves sorted out in terms of securing the loan in a legally effective way.

Either way the price discount to the Las Lagunas project NPV (currently AUD $117m) is attractive for the remaining risk, not to mention the Ecuadorian prospect.

IMO, at 5-6c even if everything folded and the half finished project had to be sold to a third party EVG investors would not lose a single cent (on current SP). This is because a cashed up buyer would well pay 21c in the NPV $1 for the project (ie MC $25m/$117m NPV).

Waiting is tough, however.

Cheers
John