qarterly

This statement is a little pearl:

"The Company expects that in the future it will have positive and negative operating cash flows and will continue to monitor the cash flow until the large capital raising is completed."

What the hell does this mean, it is the same statement made in the response to the ASX query by the company secretary on 28th May.

So what is the contingency for when the large capital raising falls over?

They have got $2.5 mill including the $2mill they recently solicited from Zhaojin enough to keep the salaries going to Xmas.

The more one reads this report the more iffy it becomes, there is little positive, they use of words like " should, expected and may" do nothing to instill confidence in the way this operation is being " professionally managed."

And this little pearl:
"This quarter has seen the advancement of funding negotiations for the development capital required to commence serious expansion of gold production"

So we have been digging this hole now for over 10 years and we come with " hey guys we have finally decided that our prudent and conservative spending of shareholders funds has now worn thin and the last cap raising offer to retail holders fell on its butt so lets go all out and see if we can rope in the Chinese to keep our salaries flowing."

And this great little idea:
"At Charters Towers, unlike some deposits, it is possible to operationally isolate specific parts of the goldfield for separate joint ventures."

Got to love this,if we cannot raise enough cash lets carve the whole place up and franchise it and show potential franchisees some nice shiny gold coloured core samples to get them excited and we could call it " Citi of Golden Dreams"

ML, may you live in interesting times.

DYOR not investment advice.