Like Sharpshooter- I have no position in MCO- I used to hold some and follow it with interest. I also owned CGT in the past and have come to the conclusion that Victorian Gold is just too hard.
MCO had $1.1 milion in cash at 31 March 12. It is spending about $1.0 million a month. It now has a further $10 million loan facility. At the current rate it run out of cash in about 9 months time. It has to start mining significant amounts of gold soon.
If it can significantly reduce the cash burn rate, by mining gold, that is fine. If not MCO will need more cash- perhaps the major shareholder will loan MCO more money- who knows!
Not for the feint hearted.
Like Sharpshooter- I have no position in MCO- I used to hold...
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