GWR may know this...

1. Has management thought about issuing some kind of CONVERTABLE DEBENTURE in future financing. It is certainly distasteful to think about share dillution at current prices, but what about a 10% Debenture at $1 each, that carries an option to convert to one share of ECU at say $5 until 2015. So...ECU issues 20 million CD's to raise $20 million. At some time in the future, before 2016, when ECU is trading above $5, Deb holders can realize a profit by exercising or trading the CD...ECU realizes another $100 million dollars income when the CDs are exercised...at the expense of the dilution of course.

That way there is no dilution until the share price is nicely recognizing the new ECU economy, and the prospective dilution is known well in advance.

2. A second suggestion is a Debenture which pays 5% until the mill is operational, and then a (quite high) Net Smelter Royalty for some fixed period (3 or 4 years) thereafter.

The Net Smelter Royalty is really "in vogue" now with the success of Silver Wheaton and especially Franco Nevada. They seem to work very well and are a Win-Win solution to financing in my humble opinion.

lotus petals,

gildage