From reading the accounts it is quite clear why the Gold prospect was sold..... cash on hand is down to $1.5M, which I think is about $3.7M down since the last statement. However all is not bad...at all... as an additional $3M was spent on exploration activities. They have the bit between the teeth and going hard for it..... I think that the 2 prospects noted in the Annual Report are showing good signs and will be the main focus over the next 6 months.
MEP are cashed up for about 18 months of exploration and with Mines and Money in 2 weeks time in Hong Kong I expect some deals to come to fruition soon.
Hopefully their investments that have been written down by $1.7M in MTH, TMZ and PTR start to turnaround soon.
In the near future (if not already) investors will be kicking themselves for not participating in the CR last year.
kippax
MEP Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
