Just a quick summary. These appear to be the major items, but please DYOR.
05/05/2011: Proforma Balance Sheet states cash as: $4,496,383
27/05/2011: Option fee for Copper Project: Paid US$250,000
14/06/2011: Akijila Silver Project: Paid Deposit of US$2,000,000
17/06/2011: Wardel Armstong Consultants Appointed (costs unknown?)
23/6/2011: Copper Project Drilling to Commence (Costs unknown?)
29/07/2011: Company releases Quarterly Cash Flow Statement. Major items include:
- Exploration costs of $610,000 (Copper project related?) - Admin costs of $575,000 (included Wardel Armstrong?) - Cash at end of Quarter was $1,386,000
18/10/2011: Company Update: Refund of US$350,000 payable once Tesiktas Deposit (Copper Project) is sold to another party.
So since the last Quarterly Update where cash was $1,386,000 we have had:
1. Ongoing admin costs, although they are prob not as high as last quarter as there would have been admin costs associated with listing.
2. Travel to the silver project as announced on 05/08/2011. Cost unknown?
3. Any exploration costs?
4. Legal fees associated with breach of contract?
but we should be the US$350,000 from the Copper project back at some stage.
It doesnt leave much to work on, even if the company just progresses with the Aust assets. But I think its best to wait for a further update before speculating further.
ROS Price at posting:
35.0¢ Sentiment: Sell Disclosure: Not Held
