Ann: Half Year Accounts , page-3

here we go:

"The Board??s internal cash flow projections indicate that the Company will continue to be a going concern, primarily as a
result of cash positive operations. Additionally the Board is in discussions with advisors with regards to:
?h an intention to raise further funds via placement or an equity transaction;
?h the company??s ability to dispose of non core exploration assets to generate cash.
The Board has the continuing support of its mining contractor and a new deed of charge is in the process of being
finalized."

So Watpac has a charge over the company. That is why they are happy to rack up the debts.

makes sense now

creditors - 1
S/H's - 0

play on