Have a look at the recent quarterly cash flow announcements and you get an idea. In the 2009 full year (Reported July 2009) there was $16.9M spent on exploration along with $7M for administrative expenses. In the 2010 year to date (April report) we see that $6.7M has been spent on exploration along with $3.85 on administrative expenses. From what I can see it takes $1 of adminstration to spend $2 on exploration. There seems to be a serious leakage problem.
The other issue I have is that GWR has lent FAS approximately $2M as reported in June 2009 Annual Report, which was supposed to be recouped in the following 12 months. The March quarter cash flow shows only repayments of$300K for the year to date. And now there is a share issue to raise funds for working capital? What am I missing here?
GWR Price at posting:
74.5¢ Sentiment: Hold Disclosure: Held
