funding announcement timing, page-5

Deltafive,

I think it is fair to say the money is running low as you have pointed to and as they seem to be pushing ahead with an aggressive drilling campaign surely they will be close to running out of funds.

Gee you would have to wonder how the JV would view a request for a hand out to continue the current program ? show weakness on managements behalf imo and starts to erode the negotiation position one would think. Even if a JV is agreed the funds wont be issued for some time! Therefore a special one of payment will be needed - is this what management call HURT money??

I am thinking any Cap raising would be to instos as the mums and dads got there fingers burnt badly on the last one and in the current trading environment i think people would be hesitant and it would be nothing short of a disaster if a cap raising failed.

Is it also fair to say the current position might indicate management was a bit too cocky about this project. The reason i say this is they went for a small Cap raise last time round and this may be an indication they expected to have a JV locked down by now?? Surely if they Cap raise again it wasnt planned?? Therefore management were caught off guard by the PFS too and the expectation a JV might be willing to enter into an agreement with a heap of assumptions around the resource sitting there??

The above may be irrelevant depending on what has gone on behind closed doors but just trying to unravel the PLV puzzle that we are currently presented with.