project financing activity

this is from the quarterly.

PROJECT FINANCING ACTIVITY
Aurox executive management has spent considerable time in Beijing presenting the Balla Balla Project to large Chinese steel makers and trading houses following Ministerial environmental sign-off (see announcement 28 April 2009).

To fund the projected capex of A$1 billion, Aurox has commenced discussions with groups and potential partners who would also have the capacity to arrange finance facilities appropriate for a project of the magnitude of the Balla Balla. The level of interest to date has
been very positive and discussions are ongoing.

i dont know why they bother with all the other stuff in the quarterly, why keep spending money on that other stuff when the only thing that really matters is the finance?

They still have $9.6m as at 30 June. If they keep spending $1.5m per quarter and they need around $8m to pay the interest on the remaning AXOG and payout the $0.95 per share then it will be tight.

I still think its worth a punt until the escrow period is about to end because as soon as it ends and there is no finance the fund managers are going to dump all their shares right into AGO's hands.