Binder, during a finance, there are usually two parties. If they are equal, they both benefit. In our case we are wounded by a low SP, the permitting process and the required infrastructure. Of course we believe that the above is a cakewalk. The financier is not offering capital out of the goodness of his/her heart. Risk and return are foremost. They usually need to answer to shareholders/stakeholders. You and I would say, "Hey what about the ounces in the ground!". They would discount the POG, grams per ton and the number of reserves to protect themselves or they would not be doing their DD. Put yourself in their shoes for a moment. The only colateral is in the ground which takes additional capital if things go seriously wrong in the first year to extract repayment. They look at this from a different set of eyes............Woody