success of options, page-3

Heavens above head2641 ! I am not the accountant.

However it seem logical to me that there have been a number of activities that have been going on.
However it is important to realise what is being said.

The first thing is that that those options were originly available fron mid 2007.
Now some Option holders started converting them into full shares as the months went by. So some of that $3.5 million came in during 2007 and then in the first half of 2008.

Just hazarding a guess here but I would suggest that of that $8 million you speak about as being there 6 months ago then about $2.5 million of that would be from Options converted through from mid 2007 to mid 2008.

We know that just over $600,000 came in during the last week of November just past so perhaps another $400,000 came in from mid 2008 to early November.

Anyway shall we say that there was $8 million about 6 months ago and there is now $4.3 million. So we might estimate that about $5 million has been spent during the last 6 months almost.
Just under $1 million per month when carrying out quite a busy testing and drilling campaign at Northcote, Tregoora, Whumbal West and also Burraga and the tin thing in Australia and then work, testing and training at Amayapampa. Chuck in purchase of a few leases and also a bit of travel.
Hmmm I'm no accountant but I think I can add the odd thing together.

Some of that could become evident with the Dec Quarterly Activities report in late January.

That's my thoughts or guesses for what they are worth.