how to value a junior gold, page-177

Excellent work KH thanks for you efforts.
Too true about keeping it in the black which is where management plays a huge role in determining a company's viability. I remember coy's like DRA and PNA which seemed to have the goods but just couldn't get that pig to market. In saying that though many of the coy's listed here are still not producing so as you have stated would expect negative cash flow until they start to produce. But then that's the trick isn't it when choosing an explorer soon to be a producer. Are they going to deliver the goods or not?
T