Never mind the quality - feel the width, page-3

Hey Punter,
From what has been disclosed : they had a bal c/f of $135k; add $300k from Independence 5/7; add $709.5k from SPP less est exploration $250k for qtr less $70k for admin = $824.5k est at 30/9. If thats close to the outcome at end of qtr there is enough for a couple of rounds of drilling and admin.

Rather than draw down on that $5m I would rather they sell Forestania to Independence for $4550k less the $300k to date. Impossible to develop both F and KG. Hopefully Independence will get in there with the drilling rigs and hit more targets. At current POG they will be motivated. 1% royalty would be nice too. Yes I know we are a bit away from that!

Incidentally they cannot count! If you look at last qtrly they estimate $250k drilling etc, + staff $40 +admin $30k and come up with total $340K! They published that! What school did they go too! Very poor quality control. But Goodwin is a master at stretching the $ for max drilling meters. Diamond drilling going to more expensive though and rates have tightened.