Thanks tempo1 - mate of mine put me onto this recently, and sure...

Thanks tempo1 - mate of mine put me onto this recently, and sure looks appealing. Existing resource of 3.78M oz gold and potential is worth way more than current market capital of $24M. Their lack of funds will be addressed, expect as soon as they get the approvals recently submitted.

I copy from your post, comments from Alto Capital:

"We believe there are three potential scenarios for the group going forward; 1) outright sale of Lixian project or company to a third party, 2) third party takes an equity position in the Lixian project or company, and 3) initiate a substantial capital raising to enable the project to progress. Based on the valuation attributed to its peers on the ASX, ignoring capital structures and financial positions (which we acknowledge are very important), we believe that to the right party DMGs Lixian Gold Project to be worth at least A$150m at present, and potentially up to A$450m - A$650m once a sizable production facility has been constructed and commissioned to produce 150,000 - 200,000oz per annum."

One way or the other, DMG loks to have a very exciting future and likely see uplift once they get approvals, which seem fairly straight forward.

Does anyone know more about the approvals as my information is from their recent announcements and Oct 2009 Quarterly Report.