FR, I'm interested to understand why you believe an existing...

FR,
I'm interested to understand why you believe an existing producer in "god's country for gold" with a new ball mill and new flotation is a high risk gold play?

A comparison to just one gold play and I will single out Millenium Minerals (MOY) just as an example, a WA based gold miner.

MOY
Funds contributed by shareholders to date is approximately $163 million
Produce circa 80,000 oz a year at a AISC of approximately $AUD$1200.
Free cashflow of approx $28 million.
They raised $21 million late last year to pay down their approx $20 million debt.
Market cap = $82 million
Cash on hand today is approx $10m

Cleveland on the other hand disappointed last year and previous years due to a number of factors which most on here are aware of.

CDG
Funds contributed by shareholders to date is approximately $46 million
Forecast to produce circa 40,000 oz a year at a AISC of approximately $AUD$500.
Free cashflow of approx $40 million.
They raised $2 million late last year to finalise payments for ball mill and other CAPEX requirements. Current debt stands at $AUD22 million and is due to be repaid in September.
Likely to be re-financed with additional debt to longer term debt but cashflow modelling indicates the debt will be repaid by September anyway.
Market cap = $13.5 million
Cash on hand today is unknown.

I certainly hope you are wrong in your analysis and thoughts!