re: Ann: RDG: Pacer and Silver Lake Resources... Quarterly...

re: Ann: RDG: Pacer and Silver Lake Resources... Quarterly Report ending 31 December 2011
30T oz produced from Mt Monger.
70 million raised via Cap Raising
Cash and bullion on hand $97.7 million
Commitment to build Murchison at $65 Million
MANAGEMENT Touted as best in the business!!

Today
Overpaid for IGR
Cost blowout
Murchison $91 Million
Reduced production
$55 million in debt (or thereabouts)

Their last quarterly statement said they had used 25 million of their credit facility plus 7.5 million of an environmental component of that credit facility

They also said they have 11 million in cash but 13.8 million in debt = minus 3 million

Plus about 21 million owing to Placer

THEY had 97.7 million not so long ago Plus a year and a quarter of profits - guess at $30 million

My calculations show they have spent since Dec 31 2011 $183 million
Deduct 91 million for Murchison leaves 92 million spent on who knows what
THIS does not even include the cash they got from IGR

SLR IS BLEEDING cash and urgent reforms are required.

This is why the share price has dropped more other goldies.