Sep07 Qtrly cash in bank $5M
31 Dec07 cash in bank $4M
Raised $10.6M in Nov 07
Total spend $11.6M for 1/4
Carnilya 30% contribution @ $500k per month, total $1.5M.
Corporate estimate $600k for 1/4
Therefore Bronzewing losses $9.5M for 1/4 or over $3M per month.
If they made the budget 30k oz they would have recieved an extra $4-5M in revenue which still does not cover the $9.5M loss.
They need major cost reductions, grade and tonnage increases.
