To give BD and his team credit they have raised between $80M -...

To give BD and his team credit they have raised between $80M - $100M equity and $35M in debt.

They got a JORC resource and feasability study.

However I think where he went wrong was spending too much on 200,000 oz /year studies when they are struggling to do 50,000 oz per year.

His biggest problem is can he get gold out of the ground below $1265/oz.

They also have to pay back $17M by December 2017. They may be able to roll the debt over.

Regardless they will have to raise $10M - $20M, one would think.

However if they can get grade up, sufficient cashflow can be generated.

But if they can not raise anymore funds and the grade stays the same, then there are challenges that lie ahead.

The devil will be in the detail of the Qtrly.



Good luck shareholders.

DYOR