Went back and had a hard look at last 2 years operating performance, and announcements. My take was that mgmt have probably burned another $2.5m of cash in Dec-2011 qtr, leaving $5m in the bank. At this rate sometime around Jun-2012 there will need to be a CR.
Not in its self a crime if you have a well defined and communicated drill strategy. Afterall you invest in exploreres to explore, yes!
But THX mgmt don't seem to have strategy. They appear to be flailing around, hoping a drill will hit a big interecept (VRX, HOR, etc).
I was hopeful they would mothball their uranium drilling (as we know it's there) and focus on geting value out of the copper tenements nearby to other companies that have had trcrnt "massive" drill results. Some short term value realisation could have been had either through a farm-in or outright sale.
Was just a thought.
THX Price at posting:
12.8¢ Sentiment: None Disclosure: Not Held
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