man the life boats

The latest announcement today that no Directors were appointment will no doubt give shareholders some concern.

Without knowing the full story, it would appear there is some devision in the camp.

Liquidation is one path no one would like to venture down.

My interest has always been the overall plan to explore Paynes Find Gold area, my money would have been in already except for my concern of previous management, the ball is now firmly in the shareholders court to appoint a new board that give punters some clarification that their money will be spent on exploration.

Figures bandied around would suggest an injection of $5 million would be needed to prove up this area. The current world instability plus previous problems will be a big hurdle for the new Directors to raise the necessary funds.

It would appear the first $1 million will be needed to pay back the note holders.