Bavaria said mining projects of small- to medium-sized companies that were nearing the

pre-feasibility or feasibility stage could obtain capital for the complete needs of the project from European institutional investors.

A capital requirement from $US8-25 million was optimal, together with a contract period of at least 10 years.

The contract, financed in euros, features financing of the total capital requirement in one contract, a no-charge period until the mine provides operational revenue, and a yearly repayment schedule including interest thereafter linked to revenues from the mine.

Bavaria Capital & Trade is an independent and privately held asset management company serving institutional investors.