deal pending with poseidon nickel, page-4

Going from the latest quarterly:

- they did (most of) 18,000m drilling for a cost of around $6m.
- 12,000m of resource drilling to go and $7.3m in the bank.

From that I would say that they have enough cash to prove up a resource (if costs are similar then it should leave about $2.7m in the bank).

Of course the only valuation that really matters is the one the market gives it so lets hope they hit the hustings soon to sell the story.

Having someone else spend their cash to drill a secondary project is probably an advantage in this market, but I've had my doubts about POS management in the past (haven't looked at it for a while so things may have changed).

Are you a POS holder?