Is someone mopping up cheap shares?, page-13

Blackham and BD definitely have there work cut out for them.

On my numbers with 1.25 g/t they will be lucky to produce 75,000 oz per year.

In my view he needs to save money and stop doing expansion studies and focus on achieving 5000 - 10,000 oz per month.

If they continue at there current costs they will need more cash within 12 months.

Also with debt of $30m, I wonder if any covenants get breached if the market cap drops below 3x ev/debt.

My general view has been that gold only works if grade is above 2 g/t.

Let's hope grade can improve.

Appreciate if any one else has a view here.

Hope that my view is wrong.

DYOR