After reading the annual report, I think it's safe to say CHN is in uncharted territories !!!
There's so much exploration work needed to be done and Eritrea looks much like becoming a distant memory with low grades killing any hopes of a potential gold mine !
While $55 million in the bank sounds good, a lot of shareholders will be diluted once the Coventry merger goes through, and you will need a gold price of well over $1440 for those mines to be economically viable in any case!
Management are taking such a big risk hoping the gold price will stay higher for longer.
Ann: 2013 Annual Report , page-2
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