mun record low .... below 2008 gfc panic lows, page-4

In case folks have forgotten, the March quarterly in which MUN told us that "All quarterly gold production and development targets achieved" showed MUN was cash flow negative $2.182 million.

To me that means all is fine but we're still losing heaps of money with gold well over US$1000.

Mind you MUN's accounting showed that there was an "EBITDA of A$1.3M for the Quarter from Engenho operations" and "EBITDA of A$1.2M for the Quarter from Peru trial mining operations."

That's also why, when I look at how a junior miner is operating in the REAL world, I look at cash flow and not the accounting paper world EBITDA "profit."

I shudder to think how cash flow negative MUN would be if quarterly gold production and development targets were not achieved.

By the way, MUN raised $8.152 million by "Proceeds from issues of shares, options, etc." That necessary share issue also tells us how MUN fared in the REAL world, and not the accounting paper world.

However, I must admit that at US$2,500 gold MUN would be looking very interesting.

If the gold price can move big time, and move quickly, that's when some of the worst performing gold miners, assuming they are unhedged and able to survive in the meantime, will offer great leverage to the higher gold price as they suddenly become very profitable.