Ann: December 2011 Quarterly Cashflow Report , page-2

Not bankrupt when you have over $3m in cash.

Peru does look promising. They produced 2000 ounces during the quarter (8,000 ounces annual basis) with about a $800 margin. If MUN can do 16k ounces in 2012 it will stay alive.

Pretty good gold recovery of 89% via toll treatment.

My bet is that MUN survives but takes a long time to recover it share price to anything reasonable. And that the Brazilian operations are all sold, which is a pity considering they too have considerable potential.

loki