Based on the excellent drill Intercepts GME Might Be in Good Shape Coming Out of "Retirement".. as per May SEDAR
"Cash resources at March 31, 2003 were $759 compared to a cash deficiency of $1,766 at March 31, 2002. Marketable
securities have a cost base of $1,720,135 as at March 31, 2003 and a market value of $2,383,639. Accounts receivable were $228,176 at March 31, 2003 which represents outstanding settlements pertaining to the sale of marketable securities. The accounts receivable balance at March 31, 2002 was $50, 381. Accounts payable were $1,057,109 at March 31, 2003 compared to $774,052 at March 31, 2002. Debentures outstanding were reduced by $445,569 during the quarter ended March 31, 2003 to equal $1,554,431. The working capital deficiency at March 31, 2003 was $1,176,782 compared to a deficiency of $3,219,749 at March 31, 2002. It is anticipated that if Glimmer sells its marketable securities at the present value or higher, and receives the payment due on the former Glimmer Mine attaining commercial production, the Corporation would be in a position to pay all of its liabilities and be left with positive working capital.
RISKS AND UNCERTAINTIES
The risks and uncertainties pertaining to Glimmer are the value that it will receive on the sale of Apollo shares that it holds at March 31, 2003, together with whether it will receive the final payment of approximately $1,167,000 from Apollo which is due only upon the Glimmer Mine attaining commercial production.
OUTLOOK
The shares of the Corporation have been placed under an inactive status by the regulatory authorities. Glimmer is taking steps to allow for its shares to be activated for trading. The strategy of management is to operate with a small, well qualified, highly experienced staff of individuals and remain firmly planted in the natural resource industry. The Corporation is systematically looking to acquire natural resource projects that meet its tests of proven models and geological concepts. It
is the intention of Glimmer to participate in such projects as they present themselves and as cash reserves allow." |
