This little project has turned pear shaped. There's problems...

This little project has turned pear shaped. There's problems with grade, there's problems with plant, there's cash burn and there's funding problems. MCO have very little cash and they need to find some soon before they have to hit the stop Button. I can't see any major investor jumping on board (or adding to their position) unless it is at a price well below the current level. And even then the operational and grade problems still exist. The cash burn will continue. I think it is becoming more apparent as time goes by that Nick was kidding himself and many others (including me a couple of years back) that this was going to be easy.
Why would the Chilleans (or whoever they are) have gone cold on the loan facility? Maybe it's because they think they will not get their money back and they don't want to end up with somebody elses failed dream. It's similar to Bendigo Mining giving BCD a lifeline by offering a takeover bid for their Tasmanian mine at 14 cents, then later pulling out. BDG had a closer look and changed their mind. BCD is now closing their Tasmanian mine (because what they thought was there is not) and are trading below 1 cent. On a similar note Bendigo closed their Victorian mine because what they thought was there, was not.
Victorian gold is for the old timers with a pick and shovel.
This is my opinion only of course. Like HC said I am not a licenced advisor, so do your own research.
Busting