new 52 week low of 16 cents

Another problem for these guy's is the impending March 2013 Quarterly Report!

As stated in the December 2012 Quarterly Report - the company's cash was $1,738,000.

If we assume that the same amounts were spent this quarter for Exploration $763,000 and Administration $341,000 - then the company will only be left with approx $634,000 at the end of March 2013.

The guy's will probably defer/accrue as many costs as they can into the next quarter to temper this - so they don't scare all the potential SPP investors (who are being asked to invest in the company at levels well above the current market price)!

So technically this company could well head into the next quarter not having enough cash to fund it through to 30 June 2013 (should they continue to spend in the fashion that they have become acustomed too - and the SPP fails).

Shows just how important this SPP is! The problem they have now created via the SPP is a future over hang of shares at 19 cents (should any shareholders support this desperate and illconceived SPP)!