running again - up 16.67%, page-9

mmmm - and why are watso's figures incorrect????

1. the available funds of about $600,000, was in the quarterly, so that figure is correct

2. the loan funds of $500,000, needs a bit of reading, and watso has previously posted on that. the starting point is in the annual report, and from the balance sheet, where interest bearing liabilities are $396,000 (ie about $400,000), and note 15 to the accounts, gives the details. the loans are both "third party" loans and "related party loans". the interest rates on the loans are between 10% and 12.5%, and during the year, the directors (related parties) received $40,000 in interest (see note 20 to the accounts). the amount of outstanding loans to the directors, at balance date was $155,000 (but had been higher during the year. note 15 mentions that an "arrangement fee" of 10% is paid (which probably explains the $40,000 interest). this $40,000 is in addition to director fees etc. - that is a nice little earner!!!!!!

in the latest quarterly, the "proceeds from borrowings" was $148,000, but the repayment of borrowings was $52,000 - so there was a net increase of about $100,000, so total borrowings are now about $500,000




as far as estimated exploration expenditure is concerned, these figures are extremely rubbery, and indeed, unreliable. take the estimated exploration figure given in the previous quarter, which also was given as $200,000 - but it turns out that it was $456,000. the moral of the story, is to ignore the "estimated"

could somebody please tell watso, how his numbers are incorrect?????????????