why the sp slide? market cap vs cash is strong

Cash In bank above $6M
Market Cap $10M

QUARTERLY REPORT for the Quarter Ended 30 September 2009
HIGHLIGHTS
EMU LAKE
• A 10-Hole diamond drilling programme completed with
results of 7 holes received.
• Nickel sulphides intersected to the north, south and within
the Binti Gossan Zone.
• A potential new nickel sulphide position 300m south of the
Binti Gossan Zone (0.28m @ 5.35% Ni and 0.40% Cu from
292.79m) open at depth.
• A strong intersection (1.58m @ 3.70% Ni and 1.33% Cu from
320.56m) indicating continuity of mineralisation between
the upper and central Binti Gossan Zone sulphide lenses.
WINDY KNOB
• A 5,125m first pass aircore drilling programme completed
over several geochemical and geophysical targets near the
Austin VMS discovery.
• An 80m-wide anomalous Cu-Zn zone with silica-magnetite
alteration identified over a pronounced 1km-long magnetic
target at Defiance.
• Anomalous zinc values intersected west of Austin and
anomalous gold intersected north northeast of Austin.
KAMBALDA WEST
• Drill access to nine strong VTEM anomalies completed in
preparation for drilling these nickel sulphide targets in
November.