I am sorry to say this, but after listening to the AGM today I...

I am sorry to say this, but after listening to the AGM today I am a bit underwhelmed.

I now know how cash strapped they are, when they have to sell a $3.9m investment made in BSM earlier this year, for $1.8m.

"During 2007 and 2008, using cash revenues from the uptrending production of the Hellyer Zinc Concentrate Project, Intec Ltd (ASX Code: INL) made a series of capital investments in fixed and tangible assets to accelerate and secure Hellyer’s long term future. These investments have principally included:
• the Hellyer tailings dam dredge vessel and contract buyout ($2.8m, for the further tailings mine life of six years);
• the Que River electricity substation refurbishment ($2.0m, extending its effective life for 20 years at a significantly enhanced capacity to cater for the Intec Metals Recycling Project);
• strategic investments in Hellyer regional miner/explorer Bass Metals Ltd ($3.9m, the present market value of Intec’s interest in BSM being $6.3m);
• Victorian and Tasmanian EPA bonds ($5.0m, securing $35m contained metals value in EAF dust and refundable upon treatment).

As may be seen, this capital expenditure (totalling $13.6m) directly maximises the profitability and
longevity of the Hellyer Zinc Concentrate Project and the Intec Metals Recycling Project."

It was also interesting to note that PW said the INL cash burn is approximately $250K per month.

He also said that they expect the sale of Hellyer assets to cover the $5m Macquarie loan facility repayment and some. That means they have 6-8 months operating at current cash burn rates at best I guess. With the wisdom of hindsight, I am just about over it.

The impending announcement would have to be really special to restore my faith. I think my rose coloured glasses have turned to grey and been badly cracked.

Datrat