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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: Julian Augustus who wrote (9084)	4/13/2006 10:42:56 AM
From: Anchan	Read Replies (1) of 78426

Re: EPM -- julianaugustus wrote "...puzzling.[...] The bank is going to lend you $75m, but meanwhile they are holding $20m of your money until they give you the $75m? Is the management just completely incompetent or am I missing something?" IF European Minerals fail to sign a proper contract with their contractor SENET by May 1, the bankers may withdraw the Debt Facility. Since that would entail EPM having to cough up more than $20 million into the bankers' coffers, which they would do their damndest to avoid, the bankers cleverly keep those $20 million in a "secure account" in the first place -- is my impression. Am I wrong? And no, no additional $70 million would be necessary to complete building the mine (unless EPM lose the debt facility, of course). It's just that the Q4 report says they have $56 million in working capital. Adding to this the debt facility of $75m, EPM would still need some $20m more to open the door to Aladdin's cave. (But, boy, what a cave -- if they just find the right word.) Disclaimer 1: I no nuttin. Disclaimer 2: Long EPM.

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