Xray, I have been through the half year accounts and comment as...

Xray, I have been through the half year accounts and comment as follows:

- The wording in the preamble (pages 1 to 6) are standard and are very similar to last years wording and the year prior to that. I would not read anything into the statement that they will need to raise funds in the future (this has been said for at least the past 3 years and is a statement of the obvious);
- I think the time of submission of the report is an indication of the hours these guys work, nothing more. I have heard that they really put in long hours!;
- Admin costs are down on last year and if you look at the MD's salary package (which I have not done for some time) when I looked last he had not taken an increse for the past 10 years! He works, I am told huge hours and has just about everything he has invested in the company;
- current liabilities are up quite a bit (reflecting tight liquidity) which adds to your theory that the drilling results will only be released (or even testing will only start on the samples) once payment for the test work is done (i.e once the February fund raising took place)??;
- there was a clear audit report (well as clear as a half year report can be!)

Xray dont stress, there is nothing new in this report, nothing that we did not know about before. The wording appears to be highly statutory and consistent with earlier years.