Excelsior Mining Corp (EXMGF)

[Photonics_Guy]

Welcome to the board! I appreciate your comments. Totally agree with you about the debt to equity ratio point you made for initial capex of USD$47M.

It's a non-issue. I ran a sensitivity analysis on the debt:equity ratios and came up with the following regarding the ratio's effect on PPS valuation at production (based on $3.11/lb cu):

debt/equity -----> PPS 
  0% / 100% -----> USD$4.18 
  30% / 70% -----> USD$4.38 
  50% / 50% -----> USD$4.53 
  70% / 30% -----> USD$4.69 
  100% / 0% -----> USD$4.96