Ann: Strong Initial Results at CMGP and Project U, page-9

re: Ann: Strong Initial Results at CMGP and P... WGR maintain they have enough cash to see them through 2012

I disagree

Rover spending needs to be scaled back big time. Point in case Rover-7. Looks like a dud. How much did those two holes cost? $200k each? Probably at least a $500k exercise all up?

The cash balance needs to be managed in a miserly way

It appears they just expect MLX and anyone else just to pour more money in at the drop of a hat

We need a serious JV partner. Make it 50/50 and get them to tip in $50m for a slice of Rover or CMGP. I don't know, just do something. I can't see an ounce being poured without a bigger player on our side

I'd hate to see a raising around these levels. The dilutionary effects would be devastating. In terms of the share price, we'd become a FML instead of a SLR

Cheers