Management is now clearly exposed as inadequate andgreedy. The...

Management is now clearly exposed as inadequate andgreedy. The annual financial statements show that they have failed abysmally toensure their company is financed sufficiently well to restore timely the mineto its former glory. Meanwhile, unbelievably, they have awarded themselves ahefty bonus.

Whatever happens next, their incompetence on thefinancing front is evident, and their reputation tarnished. Even if they raisethe necessary funds soon.

Not even the funds raised from an opportunistic CR sixmonths ago have proven sufficient for the company’s needs. That is apart from havingsufficient funds to undertake an extensive drilling program in promising newmining leases. Indeed, imagine how much more serious the financing problem wouldbe if a plant processing hitch arose unexpectedly, leading to a significant productiondelay.

In the meantime, management has tried, once again, toflog NE to fund the company. Given the fact that they have been unable to conclude a sale of NE for some years now, NE could hardly have been viewed as a reliable future funding source.

Anyway, any prospective buyer knows full well that thecompany is short of funds. In the meantime, providing them with plenty of pricenegotiating leverage.