Ann: December 2014 Quarterly Activity Report and Appendix 5B, page-3

Thankfully there is an understanding bank in Senegal to provide a $65,000 overdraft to pay the management team. Actually Admin expenses of $220,000K is less than I expected ..but then again any company that connives to lodge its quarterly on the last allowable day ( to be mixed in with all the other laggards) is capable of obfuscating the real cost of its administration expense. Thankfully BCM- the mining contractor designate- have renegotiated the loan to allow monthly drawdowns of $100,000 [ for 6 months ]. This is the only reason I will hang onto mine ..for the present.
The greatest risk is that directors make another placement at a discount to keep the management group of 11 happy...evidently their highest priority.