Ann: Half Year Accounts , page-2

PRW burnt nearly $1,500,000 last year on director and employee benefits, broker fees, administration expenses and travel and accommodation costs. Even with cash on hand and money raised from options, there will be less than $1,000,000 available to continue operating. I cannot see how PRW will continue to operate once this cash is gone. Barnes Hill construction finance from MFC is looking doubtful considering their cash position and exploration has uncovered very little. This is a quote from the "half yearly account" page 22,
In considering whether the going concern basis is appropriate for preparing this financial report, the
directors recognize that current levels of working capital may be insufficient to meet the required level of funding in relation to the potential expenditure commitments required to maintain title to the
exploration tenements. However, in the informed opinion of the directors, it has been concluded that the going concern basis is the appropriate basis for preparing the financial statements based on the following key considerations:
The Company has raised $873,345 through private placements and conversion of options subsequent to reporting date, as disclosed in note 6; and
• Included in the Statement of financial position at 31 December 2011 were financial assets of
$1,482,030 being the fair value of shares and options held in ASX listed entities. The directors are of the opinion that these investments can be liquidated as required to fund ongoing operations.
Although the Directors believe that they will be successful in these measures, if they are not, the Company may be unable to continue as a going concern and therefore may be unable to realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

That's enough for me, I'm out!