Ann: Agreement Executed With Kempfield Neighbours, page-12

Agree @LibertyS
Problems are:
1) Depressed Silver and Gold prices
2) Zinc price looks to have toped for now
3) Sentiment in PM's is at or near all time lows

Would be hard to raise money at any level in currant market.
Unfortunately ARD will have to raise money, at some stage. I believe this year?
We will have a better idea, once we have seen full year accounts and have some news regarding the proposed drilling program to be undertaken.
As I mentioned in my email, it's not just the price, but how much we raise, the timing of the raise, our willingness to participate, and I guess how over subscribed the raise is, and if we get allocated 100% or not.

What ARD and almost all junior explorers need is a sustained rally in Silver, Gold and in our case Zinc, lead and Tin, only then will ARD go higher and stay higher.
I have felt this is long overdue for some time.
As you know I own quite a few ARD as well as ARDO
ARDO have about 12 months before they expire, I am still comfortable that we will see that rally particularly in Silver during this time period.

I think the equity market's around the world sill start to correct to the down side in the 4Q this year
Which will be the next leg up for PM's and Miners alike.

Good Luck to All.