While we wait for end of Feb

A major side benefit of the Lamaque financing:

There are some working capital dollars built into the financing total. Hopefully part of that working capital amount will go towards quarterly General and Corporate costs, at least until Lamaque becomes cash flow positive later in year 1.

Currently, San Juan is carrying the entire company, and doing so with only a run rate production of around 16,000 ounces (annualized). With the closing of the Lamaque financing, 100% of San Juan's profits will be freed up to be invested right back into San Juan on a daily basis. Injection of capital not only means a more stable San Juan operation (lower cash cost per oz, etc.), but it also means a substantial increase in San Juan's total production ounces.

With the gold prices at the levels they are right now (and expected to go higher), (and the type of cash I can see being self funded by SJ's operation) I can see San Juan's production ounces moving from 16,000 now to 35,000 within a year or two.

As such, by the time Lamaque ramps up to its targeted production level of around 110,000 ounces, I can see our company wide production ounces being eventually around 145,000 (110K Lamaque + 35K San Juan).

If everything comes together as expected we could see ourselves with 145,000 ounces annually, a gold price of $1,100 US, a cash cost per oz of $380 - 420 US (blended nationally - Lamaque and SJ) and virtually no traditional debt (or very little).

Closing off this gold-based financing is naturally the key to accomplishing all this. If the financing gets closed off, everyone will eventually make a lot of money on this investment, especially the institutional investors that decided to subscribe to this gold-based financing offer.

Gorman's independent technical DD report is available for any institutional investor (or anyone else for that matter) to review (either the summary report or the detailed comprehensive report). Gorman has been doing this for over 30 years (I think) and he is highly respected by the financing / banking community. I have done some research on him to better understand which companies and which deposits he has worked with over the years. It appears to be a very impressive list.

My understanding is that Fortis did not want to work with just any technical DD guy (they wanted someone reputable and someone they considered one of the best in the business). Century had to wait around until this guy became available (back when they started this initiative).