hzmn91 and M, both of you did a good job here.

The only thing I would add is the share float used. Our fully diluted share structure is around 130M and it will probably get to this level seeing as we have many warrants in the money. Sasha did say that many of the warrants have not been exercised yet. I take this as a vote of confidence by the major shareholders. I have not exercised my warrants, either the 15 or 25 cents ones as I believe our share price will be multiples of where we are now before these warrants expire.

We will also have to raise more money to prove this 100m tons so this will add to the sharefloat. If you want to put a realistic number of shares going forward, I use 150M shares as I believe we will be close to that number when we are in a position to prove out the 100m tons.

Glorieux