acquires mt padbury project, page-8

I don't see a capital raising for quite some time unless they make an expensive acquisition in the future.

Their cash burn rate has been very conservative since listing (~$300k per quarter) and they had $3.1 m in the bank on the 31st March 2007, refer to cashflow report.

The recent project acquisition will only cost them $210k over the next 2 years (and they will incorporate this expense into their Robinson Range drilling programme to get more bang for their buck).

Additionally, if you look at their prospectus they originally planned to spend $1.36 m over their first year ($1.38 m over the 2nd) on Talga Peak, Weebo, Callawa, Pilgangoora, Western Shaw, Copper Hills South and adminstration expenses.

Granted they have added to their portfolio and their priorities have changed, but they still have enough cash to fund the next 2 years of their initial planned expenditure.

They have more than enough cash on hand to do some preliminary drilling and keep them going.

Cheers
SBC