Ann: Quarterly Activities and Cashflow Report-AQD.AX, page-2

Mmm not a lot here to get excited about unless I am missing something.

A quick skim and 30 second summary:

“In Peru, drilling at the Lana prospect failed to test the gravity target, as the cover sedimentary sequence was much thicker than expected.”

“As a consequence of the deep cover, Southern Copper Peru elected to withdraw from the joint venture.”

So this one is a dud

“Access and site preparation for diamond drilling commenced in the south of Peru under the Puite-Colorada and Cardonal Joint Ventures. Two drill rigs are expected on site in early May 2016. The total programme, comprising up to 37 drill-holes for 20,000m of drilling across four porphyry copper-gold prospects, is expected to take 4-5 months to complete.”

So 5 months to drill the holes … then assays?  As they go.. or another 5 months after … throw in Christmas .. a year away?  The JV partners only have to finish the drilling by the end of the year to retain their equity milestones.

“Joint Venture presentations were initiated for the Chololo and Cerro de Fierro prospects, both of which are at the drill-ready stage.” “Discussions also continued with third parties interested in possible joint ventures over two of the Company’s prospects (Chololo and Cerro de Fierro) which are at the drill-ready stage.”

Looks like they haven’t found anyone to drill it yet … could be many months before a result of any kind surfaces here.

“The Company’s cash position as at the end of March 2016 is approximately $1.025M.”

Not much cash left in the bank here ..will they need another raising to keep limping along?