MF had a rush of blood to the head and when writing the initial mine financing announcement on 18/10/06. Back then $145M was needed. He even claimed they would make gross production receipts of $200M in 2008.
12 months later we have raised or planned $163M.
No details in any recent reports as to what the latest mine development cost estimate is or proper detail of the expenditure expected on exploration activities. No proper idea of when production will start.
Frankly he got it all the money and a lot more, quite a bit at the expense of existing holders. It would be good to know how it is going to be spent, besides the current $1.3M per quarter Admin burn.
Money in the bank means this mine will happen. Exploration program is very strong too, I think, but it is hard to know at present.
AIM Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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