hi marwoodeWhen i read the Dec Q back in January i'd roughly...

hi marwoode

When i read the Dec Q back in January i'd roughly calculated they'd be out of money by May or June.
I was always hoping "not another CR at 3c" and now these past weeks i reckon definately not thank goodness but the timeframe between " additional capital required" and "these licences will provide greater flexibility" is very tight , esp. since AVQ doesn't have these licences yet. The Vietnamese ones coming sooner than the Solomons ones , that's for sure.

This from 22/3/11 Chairman's Address
" As the Company has previously announced, there were several placements and a Shareholder Purchase Plan during the course of the financial year, primarily to fund the Mountain Maid drill program, but also to secure our other opportunities. The Company has therefore expended further funds in securing its interests in the Solomon Islands during the course of this financial year and as a result will now need to raise additional capital to advance that project and Vietnam which I will discuss shortly. The Board has deliberately structured its operations to reduce the ongoing operating cash requirements which are currently running at a rate of less than $175,000 per month. As at Thursday 17 March 2011, the Company had $646,384.00 cash available and therefore on current cash flows this will take the Company to late May or June before additional capital for funding its operations is required. Upon the grant of licences in Vietnam and Solomon Islands capital funding requirements will increase, however, these licences will provide greater flexibility in securing funding that may not be as dilutionary as it would otherwise be at this point in time."