I must say I am a bit disapointed with the discount but can see...

I must say I am a bit disapointed with the discount but can see how this is necessary.

From Dec Qtrly - note approx. numbers only:

10m cash in bank

39m est outflows of which 17m+ is for development costs and say 3m for exploration (30,000m drill programe for march qtr)

Projected sales for say 9,000 oz pcm x 3 = 27,000oz @ 1,600 = 43m

Should have left them with 14m in the bank at the end of the March Qtr.

However - chances are that the 17m+ development costs are due before they get the sales receipts for Feb and March production which would leave them in a tight spot until around mid April.

This is guess work on my part but can see why necessary.

A good ann on January production is the only thing that will shore up the share price in the short term IMO.

Cheers,

Barry