Ann: Operations Update - Mali and Liberia, page-6

Quarterly expenditure to mid year shouldn't be more than 500-600k given the respectable 5000m targeted program, which should commence within a month. From my calculations we'd have around 200-300k left over by July. The need for funds could still well be pushed out till mid year as many have stated.

My suspicion is that this is the last drilling campaign before a cash deal/JV with Randgold to develop Ntiola/Viper/Koting at Massigui. One more campaign would allow us to prove up Viper to more certainty and find out how far Koting stretches to the north/south. There's no reason to prematurely accept a deal at this stage on less attractive terms if we can squeeze out a better deal all together with the coming program.

A good update IMO