another big underlying loss expected in 08/09

In the six months to 31 December 2008 Perseus Mining spent $16.4 million on exploration and if you assume that they will spend a further $9 million on exploration by 30 June 2009 (for the feasibility study) you get an underlying loss of $25.4 million for the whole financial year to 30 June 2009.

I have updated my assumptions from my last posting to reduce exploration spending to a portion being 75 percent of the current cash on hand to F/Y 08/09 allocated for the feasibility study.

However Perseus Mining capitalises most of the exploration expenses on the balance sheet only a small amount is actually written off. So the actual reported loss will be far less than the underlying loss above.

In the F/Y 07/08 Perseus Mining lost $4.8 million
and Capitalised exploration spending $28.2 million
So the underlying loss was $33.0 million

Are the above calculations more in line with the consensus here on Hot Copper ?

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