Ann: Quarterly Activities and Cashflow Report , page-2

Estimated cash outlay for exploration for next quarter is $850k
Administration expenses for the same period are expected to be $400k
This situation is pathetic and quite untenable for shareholders, especially with so few coins in the kitty and the company going nowhere.
It's time to make a huge placement to a proven outfit which specializes in getting projects into production.
I suggest a 100m share placement be made, ironically, to the very companies with which Havilah has just signed a minor joint venture agreement.
A placement with EXS/PLY would certainly see things go forward rapidly as the former has the cash and the latter has the technical expertise to deliver timely rewards to ailing shareholders.
An added bonus would be that such a placement would see-off from a position of influence our uninvited guest, Glencore.
We have seen so much dilution of our shareholdings recently due to mismanagement (Glencore) and hubris (Geothermal) I say why not be bold now, go for broke, and enter the realm of mid-tier miners.
The justification for Havilah to hide behind its minnow explorer mindset is tiresome and no longer acceptable to long-suffering shareholders.
Havilah desperately needs fresh management and a fresh approach to unlock its considerable inherent wealth.
Exco and Polymetals have both the cash and know-how to deliver us the goods in spades.