Ann: Quarterly Activities Report and Appendix 5B , page-2

re: Ann: Quarterly Activities Report and Appe... A really poor quarterly report. Much worse than what I had expected.

Only $1.1m cash left.

The company is bleeding money and making minimal progress (partly due to the effect of the damage from the storm in Peru). Admin costs are far too high for what it is delivering.

I can feel a capital raising coming on, or a takeover, or voluntary administration.

The gold is there, but this company will probably not be the one to mine it to its potential.

I wonder how they will handle the loan (excluding money owed in Brazil) they have.

We need to strike some really high grade ore that can lift the cashflow. This means MUN having some luck for once, which seems unlikely based on past history.

Ashley's departure to New York was a sign things are likely to become ugly.

loki