Ann: GLM acquires highly prospective Braemore Gol, page-7

re: Ann: GLM acquires highly prospective Brae... Peter Remtas new appointment to Gulf is a positive step in the right direction but in all honesty the damage has already been inflicted upon this company through the actions and floundering of past management , as you have correctly pointed out the cash reserves have been allowed to dwindle down to approx 200K which may serve the company out until the first quarter of next year and if no additional cash becomes available then Gulf may go into recievership which was almost the case a few months ago under Grahams control . Hopefully Peter Remta will not allow this to happen and has taken the appropriate steps towards reducing operational expenses and overheads but still Gulf hasnt got much cash and at least if they get written off in the first quarter of 2010 we can use this investment as a tax loss albeit an expensive one and shake this weight from around our neck .
The Braemore gold project does look highly prospective but so did Nowa with 50M tonnes of iron ore which effectively turned out to be a very costly white elephant so with the proposed 200K to be utilised for drilling around Braemore shareholders hope that the company can snag some reasonable grades but after thats used up its back to the market for another capital raising . Perhaps the best idea is to bottom draw Gulf and use it as a tax loss come June ?