Ann: Quarterly Activities Report , page-2

Their mc is backed entirely by cash, mgmt have a proven record. And yet i think the best indication of how difficult the current project sourcing environment is, comes from Aviva's (AVA) recent change in business direction into I.T. If Ian Middlemas, with his extensive network, can't find a decent mining project with $23M in the bank, you have to wonder exactly what is available atm.

I also notice mgmt clearly stated it was only mining projects they were reviewing, which makes sense, based on their expertise; but again, it will be a massive achievement to find something worthy in the current climate.