Estimated cash outflows for the current quarter: Admin $250k,...

Estimated cash outflows for the current quarter: Admin $250k, Exploration and Evaluation $200k. That says it all.

They've been drilling for months and burning our money for years but we have to wait on their discretion to receive an evaluation of the results of drilling even of the target programmes completed. Instead, they say that they will commence drilling another 50 x 100m holes in Guchab South and Toggenburg (split between the 2 targets??) commencing some time in March or in April.

The annual excuse based on the wet season does not explain why they have been unable to evaluate the results.

The signals are that we will not receive a real report until the Q2 report to be filed after trading hours on Friday 31 July. By then cash reserves will have fallen to about $0.9m on the basis of the current rate of burning.

There are 3.75m options granted at an exercise price of 20c due to expire in 5 weeks' time - will these be replaced with options exercisable at 1/10th the price?