It said unless a deal could be struck with secured noteholders, there is doubt as to whether the company can continue to meet its financial commitments in the normal course of business without the ongoing support of Tulla.
[the above was solved in the last announcement]
There have been no announcements to confirm that any mines are now on 'care and maintenance' as stated in the above link.
Tulla have a strong reputation in turning round distressed companies and I'd be surprised if they let this one go with so much tied up in secured loans; if they fail in continued support they lose everything.
Norsemen is not that far, if you walk very quickly, from the Fraser Range discoveries and it is worth carrying on to set up a new gold exploration company in the area. I expect Tulla are taking things slowly waiting for a recovery in the gold price helped by a, hoped for, collapse in the Aussie$, maybe 75c to A$1 and gold price nearer US$1,500 as the Euro Zone goes into depression and interest rates there hit close to zero.
NGX Price at posting:
4.1¢ Sentiment: None Disclosure: Held
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