Even though the major portion of the total capital for the project (90%) has been located, the preliminary expenses are needed upfront for a number of reasons. Until these preliminary items are completed, capital draw downs for construction are unlikely or slow at best.

Our immediate capital need of $5M includes $1.6M that is necessary to keep studies, reports and engineering ongoing (refer to preliminary costs page) and are crucial in order to stay on schedule, allow transition in phase one and avoid the expense of restarting. All or part of this capital may or may not be spent or needed.