This little gold miner has had a tough time lately and the last...

This little gold miner has had a tough time lately and the last capital raising failed because the underwriter had some financial issues. It wasn't AYC's fault. Patersons are underwriting $2.2m so that will get that at least and shareholders will take up some of the Entitlement Issue to hopefully get to the $4m mark. Then the company can start getting into production. I have spoken with the MD and he has a lot on the line - he needs to get into gold production profitably to get his own money back that he has invested. With production costs at $860 per ounce, 25,000oz per annum will throw off $12m at the current A$ exchange rate and gold at US$1200 per ounce.

If the Aussie continues to weaken and gold starts to push back to US$1300 then this will be a good little producer with further upside to come from the current mine and also from exploration on the Walhalla assets it has optioned from Orion Gold.
Stay tuned!
Rockford