Ann: New extension to closing date of Share Purchase Plan, page-7

56 companies currently on the ASX either suspended or in voluntary administration.

Could it be 57 by next week?

Last Quarter
$407,000 in Administration and Staff Costs
$212,000 in Exploration and Evaluation

This has to tell you something?

They are spending double the Exploration expenditure on what? - Admin and Staff Costs!

What are Admin and Staff Costs?

And now they want shareholders to hand out another million, knowing that only a small proportion of it will go to actually doing what a mining exploration company should do - explore!

What are they doing with all of the shareholders money?

What sort of lifestyle are they living on those Admin and Staff Costs?
Are they living the "life of Riley", buying phones and suits and meals and business class travel and 5 star hotels and fuel and laptops and other things for themselves with shareholder's money?

Can anyone get hold of the accounts and books and read what items the money was spent on?
It will be interesting to see if shareholders can get hold of those itemised expenditures once the company goes in administration, or whether the legal admins will lock it shut.

They had $234,000 at the end of last period, after drawing down over $2.5 million during the year from their funders. So where has the money gone?

Estimated cash outflows for this quarter is $780,000, with another $380,000 in admin and staff costs - so they are done and dusted, and can't survive the quarter, unless they can continue to draw down from Lind Partners, but I think Lind might be saying - no more.

The San Luis government is obviously not going to let them drill.
The San Luis government wants them to fold, so they can get the tenements back.
Lind probably want them to fold, in hope that they will get the San Luis tenements, but I think the San Luis government won't permit that. We are talking about Argentina here.

I sacked the broker who put me on to this long ago, and should have sold at the same time.
More management to go into my ASX blacklist, and to never invest with again.

Gw