One of the redeeming features of the management at LAF is their willingness to clarify issues.
My only real concern in the quarterly was the cash position going forward. After a very helpful chat with the powers that be, the nature of how reporting is required in the quarterly cashflow statement is somewhat inaccurate (the sins of ommission?), and that when you allow for current gold production receipts/transfer to metals concentrate payments with the first due late December(effectively payment at gate), cost of remnant gold production for the next few weeks, outstanding development costs, metals production costs-ie everything!-the balance of the CN issue (A$4m becomes) their buffer.
You would therefore expect to see them with somewhere near this amount in the bank at Christmas with positive net cashflows of around A$2.5m to $3m per month thereafter.
Feel a lot better after the chat!LOL
Cheers,TAS
LAF
lafayette mining limited
