Ann: Canary Events Roadshow Presentation October , page-6

re: Ann: Canary Events Roadshow Presentation ... kungpowbef,

the current cash position is around 5-6 M$ at the end of september, so enough cash for another drilling campaign and for the Definitive Feasibility Study.

They raised around 12 M$, while 6 M$ were spent on the Deflector acquisition to get to 70% ownership.

That leaves 6 M$ left from the raising + cash reserves from june 2011 of around 2 M$ = 8 M$

8 M$ - this quarter's expenditure of 1.5 - 2 M$ working capital ( drilling, etc. ) = around 6 M$ at the end of september.


6 M$ will last for quite a while as MYG's management is very deliberate with the expenditure.