Ann: Quarterly Activities Report December 2012 , page-4

re: Ann: Quarterly Activities Report December... "The Company’s cash reserves at the end of the quarter were $16.4 million, compared to $3.0 million at the
end of the previous quarter" pdeepak16


Hardly a creditable result after a $20 million cap raise!

Cash burn for the quarter was $4.1 million.

On the positive side, reported cash will have been boosted by actual receipt of $1.3 million on 2/1/2013 of a portion of the reported operating cashflow. Even more importantly they have guided expectations that cash will recover to $20 million by the end of the next quarter. If this result is achieved it will be a good boost although wont be of great quality if it merely reflects low exploration spend.

Needs a sustained period of sound operating performance and cashflow generation to restore credibility.