@Byron layoff the shareholders, below summarises the situation perfectly
and given the majority of the equity is capitalised exploration costs (about $9.5m) i would be very surprised if that wasn't impaired as well eg who would pay inca $9.5m for those tenements.
So it easy to see a couple of things
a) management over the years have diddled away circa $60m on nothing
b) that would create a lot of ticked off share holders
c) there is no news because new management have to reinvent the company again and are charging a premium to do it
(20min delay)