pog...poo, page-24

I might agree with $50m for the Phase II strategy, but only for significant additional benefit. I question whether even $30m is wise to spend on Mt Morgan as things stand now. Do you gamble the entire company on the gold price moving up?

If they need a big cash cushion to see them through tough times, they need to sit pat until the tough times turn around. A capital raising while things are as bad as they are is an impatient business decision. If the gold price is going to boom, it'll be easy to raise capital once it does.