Interesting sections in the full year accounts, that more than supports the potential of this company.
FINANCIAL POSITION The net assets of the Company as at 31 December 2007 are $4,853,519. The increment from the time of listing on the Australia Securities Exchange is mainly attributable to an additional capital raising to provide further funding to the company’s exploration efforts and to provide additional working capital. $2.79 Million in cash.
Market Cap @ 24.5c is approximately $8.5 Million.
FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES The company is proceeding with its exploration program under the Joint Venture with Cazaly Resources Limited. In addition to this, the Company is pursuing opportunities on current granted tenements which could see it moving into small scale production during the course of 2008. The Directors will continue to seek other projects of a larger scale in the interest of maximizing shareholder value. In the opinion of the Directors it may prejudice the interests of the Company to provide additional information in relation to likely developments in the operations of the Company and the expected results of those operations in subsequent financial periods.
This will be a low-cost small scale gold producer this year.
CRB Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
