GW - I called as suggested and spoke to Mike Higgins ... Max is...

GW - I called as suggested and spoke to Mike Higgins ... Max is in US and returning in just over a week. As you alluded to, Mike thinks everything is still looking OK with negotiations with various US banks and certain other groups re funding, and bubbling along nicely. Even Hebei are still showing great interest but move at a typical Chinese pace (dinosaurs')when it comes finalising funding committments, so they may not be part of the final funding arrangement if they dont hurry up.

Fact is the company is still 2-3 months out before funding is finalised one way or another .... maybe largely debt funded which means minimal dilution (say 80-150 million shares - maybe sell half the project off ?) or more equity based leading to higher dilution (say 300 million shares ), but one way or another Mike said, BV is going to be developed and on time. The only thing he could think of that could derail this path is if the Fe ore price fell out of bed.

The timing for production commencemnt is still on track he says because alot of the critical equipment is either already sourced or close to and quickly purchased once funding arrangemnts are completed, with so much critical infrastructure also already in place, and therefore, even if funding is only finalised as late as say March 2012, that still leaves enough to time get everything together to commence Q4 2012, believe it or not.

I have resolved to stay patient and look forward to an announcment re funding completion before Christmas.

Mike was just as dismayed as you and I at the SP today, but said there is probably no point really updating the market with funding progress, because there is nothing new to report just yet... coming out and saying discussions are ongoing and progressing well may or may not help the SP .... what do you guys think ?

My gut feeling is that funding will be achieved in one form or another before Christmas, and that mine construction will still occur on time for Q4 2012 production commencement, just so long as Fe ore prices hold. Managements ticking of so many boxes so far in such a relatively short period of time since identificaion of the BV project is probably what helps me take this position on how things will play out.

GLTA :-)