$569,000 is not a bad effort considering current market...

$569,000 is not a bad effort considering current market conditions & percieved market aversion to Victorian gold!

$71,000 from directors - only right and proper considering they pull approx $850k pa collectively as well as being well incentivised via options and annual cash bonus's.

Cash @ 30/09/12 = $1,132,000
less: est cash outflows for Dec quarter ($755,000)
add: SPP proceeds $569,000
Cash @ 31/12/12 of approx $946,000

I agree with oldcodger - they are definitely punting on the "drill bit" going forward in the short term!

Not a problem if they hit the "mother load"! If this were to occur it would immediately negate any market aversion to Victorian gold (Stoeger)as well as catapulting NML and the entire North Bendigo Goldfield into the stratosphere!

However this current "drill bit" strategy is putting a lot of pressure on the project to perform now - probably a lot earlier than it should under normal circumstances.

Maybe the current situation is more a function of too many highly paid executives to carry!?!