Elizabeth,
I am not sure where you came up with the burn rate or $630K per month. From what I am looking at the net loss for the nine months is $3,105,975 with $1,481,804 of that coming from the write down on the investment in Union Mining NL. That would leave $1,624,171 for the cash loss in the nine month period. Averaged out to a burn rate of $180,463 per month. At a rate of $200,000 for a simple number that would still leave them around 14 months cash. If nothing is found in that period of time then, sure they may not be able to raise any more cash but that is the rest of this drilling season and most of next year. It still boils down to whether there is silver or gold in them hills down there as the bottom line. I guess we will just have to agree to disagree at this point and over time one of us will be proven right. I have to go right now as my dog found a porkypine on our walk and it appears I missed a couple of quills.
Curtis
P.S. Check your math $2,330,000 over 9 months doesn't equal $780,000 per month. |
