Ann: First Quarter Activity & Cashflow Report , page-2

Anyone else agree those admin costs are still way too high for a company of this size....?? market cap of$13M and nearly $2.5m pa in admin expenses. Similar sized companies are down around the $200k mark albeit not such a large portfolio of tenements - hence the need to rationalise the portfolio.

With the promise of some of the tenements in this portfolio I can't see why they can't get a JV partner interested in underwriting some of the ongoing expenditure on at least one of the projects. Better to have half of something...

Based on current spending rate = 6 months of operating cash-flow in the bank. That's not pretty.

Might have missed it but didn't see a word about any planned cost reductions under "Corporate" and only a hint that they might sell off something to raise some cash. On that front - not good enough as far as I'm concerned and I'll be sending a note to the company saying the same.

This could well be the make or break quarter. Fingers crossed for Red Bore!