I wanted to put some thoughts down regarding when they'll need...

I wanted to put some thoughts down regarding when they'll need more money (whether by a capital raising, offtake, debt, forward sales or combination of these).

Looking at the latest timeline from the quarterly you can see the following will all be complete by the end of August:
- Drilling
- Resource Modelling
- Mining Studies
- Metallurgical Testwork
- Engineering
- Feasibility Study

Using the capital cost breakdown in the recent feasibility update these items total $9.4 million. They had $13.4 million at the start of year, so I think at absolute best they'd have $3 million left by the end of August (eg admin was $400k last quarter).

The unknown is when the $50.2 million for "Tender, award, mobilise contracts" * is needed. I think as soon as >$5 million of this is required they'll have to raise more funds (in the project timeline this starts Feb 2009 and ends April 2010).

To stick my neck out I'd say April at worst to September at best.

Comments/corrections appreciated.




* Includes access and haul roads, offices, communications, aerodrome, borefield, construction supervision, catering, air charter, infrastructure for mining and crushing contractors, and prestripping.