annual report

a lot of reading in the report. so what does it all mean - well, shareholders simply need to have a lot of hope

the company is still using a 2004 pit design for some prospect - well, the gold price is at multiples of what it was then , and the company is still holding out the hope that this might be developed to provide some cash flow - but realistically, a couple of hundered thousand tons at 2 gm is nothing to get excited by. the company will probably drag this prospect out for the next 5 years, and always offer some hope

ok - on the financial side, more detail is given, which allows one to get a better idea of the real position

net current assets dec 31 = negative $166,000

add issues $700,000

less estimated costs in quarter $400,000


present postion = about $150,000 to $200,000 - or maybe as high as $250,000.



at best the present position will only allow for continued admin expenses, for the coming quarter, so do not expect to see much activity

if the company can issue the remaining 40m shares, then that might raise another $300,000 - but once again, simply not enough.

to out things in perspective, the company spent more than $3m last year, and at the end of the day, every time that there is an issue, it does nothing more than to pay some admin costs


page 30 of the report gives the value of director remuneration - which totals about $500,000 for the year . note, this includes the value of shares and options that they receive, and over time, these could be worthless, or worth a motza. for this they attend a meeting about once a fortnight (excluding holidays).. a fully serviced company car is also provided to mr beckwith

for those who were singing the praises of david burton last year, as being part of the management (and watso pointed out that he was no more than a consultant )- well, his name is not mentioned in the report