$167k at the end of the quarter !! Appears the ELM white knight may be a black knight IMHO. They managed to scratch $1mill worth of gold out of the ball mill and a few more dollars from flogging off "Surplus Assets" I guess this is equipment they no longer use as they have no employees to operate it!!. They are excited about Mr Towsey becoming and executive director with no mention that he was a previous employee, everything old becomes new again.
Payments from ELM have now gone from early 2014 to first half 2014,the goal posts are on wheels.
The company is back in discussions with other interested parties which does not seem to be in line with the announcement of 12 months ago when it was trumpeted Citigold Successfully Raises $100million!
There does not appear to be any indication in the financials of the monthly pocket money that was being provided by ELM. Please correct me if I am wrong.
DYOR My thoughts and ramblings only
Ann: Quarterly Activities and Cashflow Report , page-2
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