Ann: Contingent Resources Increased by 328%, page-40

Yeah it is interesting, my understanding is as of the 31st of March we had the equivalent of $11.9mil in cash.

$5mil was liquid cash and the other $6mil is the R&D receivable due to be paid to the company from the 30th of June of which is the date the claim can be lodged so perhaps payment is a week after this date say about the 5th of July.

There is a loan facility secured by this receivable alone and it was stated in the quarterly this will be drawn upon during the current quarter through to the end of June.

It will be interesting to see in the next quarterly what the expenses are during this quarter with the reorganization of contractors and delay and amount of draw down required.

The quarterly states we spent $5mil during the last quarter mostly on day dream so if we take 80% percent of that it was roughly $1.33mil per month.

Looking forward from the 1st of April and into July assuming as stated in the quarterly from here on in the future exploration expenses will be lower than we could say a significant portion of the expense has already been spent. We could estimate to spend a further $3.5mil in exploration expenses to finish the appraisal by the end of July which is 875k per month

The delay is not ideal however it does lower ongoing expenses as we move into the payment of the $6mil R&D receivable.

Based on these assumptions we could have roughly $7.9mil in cash following the completion of the appraisal assuming it's done in July.

Anyone have anything to add?