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Gold/Mining/Energy : Canadian Microcaps

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To: Ciao who wrote (601)	6/11/2006 7:43:35 PM
From: Flipper12	of 817

Actually the debt is under control. I'm not at all worried about the debt. From Q1 financials current assets are 17M and current liabilities are 9.8 M for positive working capital of 7.2 Million. Long term debt is 7.8 million and due to related parties is 5.3M. Net debt is 5.9 Million. Once those receivables are collected in the next quarter or 2, debt will come down significantly.Future profits will impact debt repayment as well. A year ago net debt was 13.7M so significant progress has been made. Current net debt of 5.9 compares favoribly to shareholders equity of 11.8 Million. Liquidity is a problem however volumes are up significantly from a year ago and the stock has a low float of 20M of which 30% are owned by insiders. Given is p/e ratio of 2.6 based on the close its hard to call this undervalued. In fact its a table thumping buy.

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