icn about to break out on open, page-130

G'day Acorn. I'm waiting for the March QR for the most up to date details, but, as at 31 December 2011 we had around $14mil in cash and our burn for the period 1 July to 31 Dec was $2.5 mil.

We must consider that our expenditure for the foreseeable future would be, maybe, for share of the seismics on 855, but, will cost us nothing for a while for 855 or 626. Of course, that notorious admin cost will continue, although we have lost a Production Manager and others seem to be doubling up on jobs. When will they start any spending in Victoria?

So, based on that, one would think that the need for a CR in the foreseeable future is not imminent, as RJ is also VERY protective of his IC and hates dilution.

But, wouldn't a private "placement" fit more with RJ's latest "form"? And, what would happen if RJ could stitch up an equity/cash deal re 855.

The market in general is experiencing a bit of a sell off to crystalize some very nice profits in recent weeks, especially ICN that has risen 60%, so, we MUST expect such selling activity.