Paliman

I was mixing annual dollars and share intest payments in my head, , but included quarterly compounding. sorry, you were correct.

also:

-djje/ anl: the 20% share limit agreement will be exceeded as pointed out in the NOT/RCF loan NR. (to apprx 21.5-22.0% % , i think)

-The money is enough to fund all activities (consultants; IR; legal;permiting; etc) as well as leasing/transport of heavy equipment/fuel in winter 2013/14. (MICON $18M published etimate). This enables the RAMP/portal startup and keeps the FS timeline intact. {i'm a dog with a bone :)}

-all this (above) in anticpation of Fed actions on FN-C45 act vote; BAO exercising warrants; spring ON election; Permits: EA in aug/spt and temporary winter road permit in sept 2013.

This fits with Semple/Olya comment to me that there would be a number of actions which would be targeted at communications/political action announcements and might provide the impetus for some sp improvement. {the RCF loan was the first, i believe).

PS

-on RAMP drilling: Semple (and Niemi previously relative to that time) said there would be drilling from the ramp to horizontal targets after 2 years of ramp construction, but only to prove up known targets from previosly completed geopysical work. "Any meaningful hits would be a surprise bonus". No deep drilling; no drilling to increase resource was necessary during ramp/ stope construction.

Peter