Ann: Quarterly Activities and Cashflow Report, page-6

Hi Varuka

On the back of your comments I have looked at that last quarterly and get the impression you probably have not read it.

On my reading, they look to have sacked 100% of their staff and these directors aren't taking fees.

When you sack people there are redundancy payments of holidays, long service etc.
The office lease is closed (maybe with penalty) as well.

Forget any Christmas party, there was no nobody employed at that time to even have a sausage sizzle.

Exploration on the ground for that qtr was also zero, so majority of other real money presumably spent on metallurgy and their scoping studies etc.

Any mineral exploration cash payments made in that qtr must relate to any work of the previous quarter of deeper drilling.

The next quarterly cash report will probably give us a much better indication of how lean this group may now be being managed.