Curtis, I know math, okay. Look at the statement that says Consolidated Changes in Financial Position, down a little further where it says exploration expenditures. You have to look at Q2 98 and Q3 98 and deduct. Specifically, you are correct the operating cash loss for the 9 months ending Nov 30 is $1,572,325 but you have to go to the capital portion of the statement of changes. When you get there you will find the exploration expense of $4,066,931 which they are capitalizing. Look at the balance sheet for the period and you will see that the amount for "Mineral Properties" goes up by about $4 million. If it were an expense the loss would be greater. So you have to add the operating loss of $1,572,325 to the capitalized exploration expense of $4,066,931 for a total of $5,639,256. That is the real cash burn rate. If you divide that by 9 you get $626,584 per month. It's actually a little higher as they are also capitalizing some tax credits which were losses and some deposits which they have included as capital assets and they probably aren't. So in my view they have less than five months cash left. Ultimately, the mineral properties, which are carried on the balance sheet at $30,619,630 will have to be reconciled to reality. If they have no value they have to be written down which transfers the value to deficit. If they expensed the expenditures, the current operating loss would be higher than reported. It's sort of a trick, but the market is telling you what's coming.
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