JasonjayBRD announced on April 19 they had entered into a Heads...

Jasonjay

BRD announced on April 19 they had entered into a Heads of Agreement with the Durminskoe gold & silver project in Far East Russia (Not Siberia). The report does not clearly identify who the vendor is unless "Durminskoe" is. Quite an unambiguous way to report who they are dealing with and for what they hope is a major lift for the company. It additionally failed to identify how long the Heads of Agreement runs for and what they are paying for the privilege. The report also identified targets of 340,000 ozs of gold which had a major over-rider on it by the consultant from CSA that it was "conceptual in nature". My guess is that there will be a truck load of fees associated with the deal and will bring into question, where it will land.

It seems to me on reflection that this is a bit "pie in the sky" reporting which did give an excellent geography and history background of the district but little for the company to hang its hat on. I am certainly not sure how this is going to develop particularly as they are still without a replacement CEO to run it, which I believe is now around 6 months; strange.

As for cash, the last quarterly had them with a $713K on hand and with a burn rate of maybe another $150K for the June quarter, around $560-$580K without the recent Non Renounce-able Issue farce. At least with the underwriter there, that will top up another $1.5M (if it is in yet), so on the face of it, there will be around $2M for end of June; handy number which will allow some creative management fees to be accommodated. With only a 12% take up for the issue, it does not send a support signal to the current directors IMO.

We live in difficult times and it will be interesting to see how Unaly Hill, which has runs on the board, is developed further and, what comes out of this Russian folly.