"Cash costs won't cover all costs, so this is unlikely to...

"Cash costs won't cover all costs, so this is unlikely to generate any cash for at least 12 months."

It will generate cash, I assume you mean surplus cash?
Even then, it will provide surplus cash but probably not enough to cover all cash needs till Andash is finished.
This should cover all costs including $5mill I allowed for corporate admin (2011 was $3 mill) and leave $8mill spare (at 1800 gold).
Most of that will likely go to exploration and FS costs.
Heap leach doesn't kick in till 2013 to boost cash flow so yes we still look like we will fall short on cash, but this will keep any raising much smaller than would otherwise have been needed and allow us to postone until Andash is advanced and the sp is higher.
Timing on heap leach will have a big impact on cash flow as will POG considering the leverage.
It is also guess work because they may get further bank funding for Andash once approved and fully permitted considering the extremely strong fundamentals.