Brian,
Thank you for the additional analysis.
However, I note the continued use of the verb "can", instead of the verb "are". I also note that you have neglected any long-term debt that the company may have.
From the SEC form 10QSB, dated 11/19/97, the company stated :
"At September 30, 1997, the Company had working capital deficit of $2,468,321".
Later, in the same document, they state that :
"The Company estimates its mining development and operating costs
to be approximately $4 million for the fiscal year ending June 30, 1998." This figure is for the Lower Brush Creek mine only.
If we assume that, on September 30,1997, the capital deficit includes $1,000,000 of the mining and development costs ( 1 quarter of the fiscal years budget ), then we would have, by June, 1998, a total debt of $5,468,421. If I have missed an update on these numbers in some press release or SEC form, please let me know. Also, this ignores any debt incurred since September, 1997, and thus not included in the above figures.
Income from the JV is spelled out in the SEC documents.
Perhaps you would like to re-visit your calculations, based on the above debt figures, or, if you like, using a set of your own figures that you can substantiate via SEC documents or press releases or other official company documents.
Note that the figures in this response do not include any exploration or development costs for any of the other properties. I would hope that the company "master plan" would also include these additional properties and associated costs. These additional costs will only add to the above debt figures.
Thanks again for taking the time to respond.
Regards,
Dr. Bob |
