hard to see it ever recover, page-37

I agree, the two things holding this company back are

1) the risk factors in Africa. Being so close to the Mali border at the moment would not be all that comforting.

2) Also, the market is waiting for the next capital raising. They haven't got any where near enough cash to build what they are proposing, even though it looks good on paper.

Any bank or lender will require more in terms of capital into the plant and equipment, even though the main asset is in the ground. Problem is you need to get it out and process it for the lender to get the return of funds.

I don't know of too many companies who can borrow the lot for the infrastructure and P&E, based on whats in the ground.

Then there will be the put options on the oz's mined at $xx price.

Still a way to go and the global outlook very uncertain.

Chart looks ok though, at the moment.