Great announcement, accumulated losses of $200M and counting....

Great announcement, accumulated losses of $200M and counting.
$3.1 M in the bank and without going through the every line $1.6M spent in half a year on directors fees, rent and consulting and professional expenses ? that leaves $1.5M by July at the best if they keep spending as they have. A JV with WHO ??? a successful African miner in a country renown for the way its conducts business. A plant that hasnt been commissioned and tested and this failed iron ore producer just happens to pick this little gem up for $1M and its going into production in how long ?
Theres one born every minute, definately a X 10000 bagger beano.