sick puppy

since feb last year and from fed to june the company raised $18.5M from punters at 6.5c/share. As at 30/12/07 the company has $1.5M cash in the bank. That is a hell of a lot of money to blow up in such a short time. Mining has finished, there is some residual gold to come out of the heaps over the next quarter but no guidance as to how much. have a guess and say 3000 ounces jan, feb, march.

looks like they will need more money again not far away. placement on the cards soon. Can't see any value creating events here. sure, they might go and find a low grade deposit somewhere else and try and use their heap leach skills to get some gold out after moving the plant to somewhere else, but at what cost? 600 M shares on issue now. Lets say any new project requires at least $15M capital to get up and running even on a smell of an oily rag, there is not much hope for this puppy.