This was posted on CFE site but should be of interest to CVX...

This was posted on CFE site but should be of interest to CVX holders

Mosto

Good Evening Viewers.

CFE own 33% of Corvette Resources.
(Which is why my question is relevant).


My question IS NOT CFE related.
(Everything looks squeeky clean to me here).

But... having spent the time to look at the Corvette
Quarterly report, (as amended),
We note the following...

CASH ON HAND
As at 31 March 2010, the cash balance was:
Corvette Resources Limited
AU$28.3 million

INTEREST RECEIVED FOR THE QUARTER $51,000
(51K annualized = $204,000
THIS IS .72% , YEP, JUST 3/4 OF 1%.

CASH ON HAND
As at 30 June 2010, the cash balance was:
Corvette Resources Limited
AU $25.9 million

INTEREST RECEIVED FOR THE QUARTER $44,000
(44K TIMES 4 QUARTERS = $176,000
THIS IS LESS THAN 1% INTEREST! (.68%) !


So who has got the 26 Million? and why can't
the Directors of Corvette get, what, 5%, 6%, 7% ???

Per Quarter this would be $390,000 (at 6%)
or $1,560,000 over 12 months.


Interesting to note...(To keep things in perspective),
Payments for exploration / evaluation for the June
quarter were $857,000.
So nearly half of these costs could be paid for
just from the interest received alone.

I would be pleased if people could shed some light.

Oh, by the way, are Corvette allowed to spend
15 - 20 Million buying CFE shares?
I know I would - and I think we all feel the returns
are going to be more than ~ 1% !

GO CFE!


Thanks For Your Time.

PJN