At the end of the quarter, after a couple of quarters of getting their act together, the bottom line says it all. Cash and cash equivalents in gold went up from US$13.6m to US$15.5m, up US$1.9m.
Expenditure on new service shaft to cost $10m. Resources at the mine 1.35mt, with reserves of only 450k tonnes.
At 2500t/d, = 900kt/yr, so the future is dependent on continually finding more veins deeper down. New Co-O underground exploration produced 8 of 19 substantial hits wider than 1.2metres, not many in the replacement department.
I just can't see this going anywhere. They are paddling harder to stand still.
MML Price at posting:
92.5¢ Sentiment: Sell Disclosure: Not Held