approval and producing at $400 an ounce, page-40

Usually I would agree with you 22, but.. I just honestly believe that because MSR have PRU assisting them where needed-

"Major shareholder and West African gold developer Perseus
Mining Limited (ASX-PRU) has also expressed its support for the operation and will be providing technical assistance to Manas."

http://hotcopper.com.au/announcements.asp?id=237074

I see no reason why this would have changed (which is a huge advantage compared to many small caps). I think that after looking at past drilling results and comments spread throughout the announcements of the past 2 years, management think that their tenements are very prospective. I do agree with you regarding the cash issue, when they do get funding, they should raise/get much more than %10 contingency, perhaps %25. Some may balk at that number, but I think the market has seen many many many cost overruns, even from experience companies (although PRU has indeed shown that there are some companies that can come in on budget and on time). Also, because we have good management, I know they would use any extra cash very productively.

As a more general comment, it is amazing how much the cost of developing a gold mine, or any mine for that matter, has gone up. The initial envelopment cost back in 2011 was $22 million. Without doubt mining is an expensive business, but wow, have cost pressures gone up to. The gold price is not just moving up because of money printing and other macro-economic issues, its the base cost of getting the gold out of the ground! I believe the average cost per ounce is now hovering around the $800 mark, going by what I see in all the gold stocks I watch, research, I think that is probably moving higher as we speak. Energy prices alone are continually moving higher.

Just makes me all the more positive on MSR which if successful, will be in the lowest cost bracket.

Lastly, I have no issue with capital raisings, in fact, this would be one of the small caps in my portfolio I would be happy to tip into. I assume they will do a small raising when they get the funding up (just to keep the lenders happy). Perhaps $3-4 million.? I really do prefer pro-rata capital raisings. Very fair to everyone, and does not require me to try and stump $15k!

Happy to be proven wrong anyway.