Ann: Financial Results from Penny's Find Open-Pit Operations, page-6

Wolca, you talk of the access to the underground being easy and free... you do realise that it will cost millions to start the underground (still not seen a feasibility study yet) and get it going until cashflow?! How will that be financed? The JV made $1.4m of profit on a $31m project, against a forecasted cashflow of $7.5m at a gold price of $1,500! So clearly the Open Pit was not a financial success, except to Blue Cap! AND, as Bushblock rightly said, most of that profit has to come from the Burbanks dispute. This is why the stock continues to languish at 1.5c as the market does not have confidence in the future (given the poor result of the past). What we need IMHO, is for the new Board to assess the current situation and work out a business plan for the future of the company. Maybe get 100% ownership of its assets (eg: Penny's Find), which should not be that difficult, given the issues with the debt and Brimstone and their 40% - surely there can be a deal done there!?. So before there is a new fund raising (to pay for the underground), lets see a real strategy, business plan, consolidation of assets etc... Lets hear from the New Board.... ! GLTAI, PDYOR