it reads to me that we have only accessed development ore for...

it reads to me that we have only accessed development ore for the victory north stope. The stope hasn’t been brought online yet.

Management would be made to raise 10mil and issue 2.5 billion shares.

I would prefer the raising to be at 2 cents and raise 5 million to save the mass dilution.








7714"]If this is true it's mind boggling - or by design.....they have had plenty of tim e to do this....

The proposed level of dilution is disastrous. Diabolical.

None of this makes much senses unless one accepts the 'other agenda' line....

We were told:

1. There was $520k in the kitty at the end of the June qtr (plus another $550k gold at mint)
2. They were milling record tonnages
3. They had (finally) accessed Victory North and were achieving above expected grades (> 5 g/t)
4. they completed the enlarged tailings dam project
5. they spent $300k (it appears) on a shotcreting machine

Now, out of the blue, we are told:



The Company is mining and processing ore from the Victory North area of the A1 Gold Mine, where it is developing its next long hole stope with production to date indicating a positive reconciliation to the modelled grade and scale. An update on these mining activities will be announced in the next week.

Why are operations now on a "reduced basis"?



Of this, providers of approximately $3.5m of funding are prepared to have this formalised into new loan agreements.

One presumes that the Gandel loan to cover the con notes is included here. Who are the other creditors?

This suggests the company has been operating in a cash negative position but that is not what is implied by the recent Quarterly?

There was (allegedly) $1m in liquids at 30/6 - where has that gone?

It's all just smoke and mirrors...ZERO CLARITY.

But if a 5 for 2 rights issues goes ahead, it's not hard to guess who will emerge as the major shareholders?

And as others have said - why such a large raising?

Who is advising Rogers - why can't they secure a regulation bank loan or a streaming loan or a hedging facility?

Have these options even been pursued?

Why is a rights issue needed - or indeed, the best option for ALL SHAREHOLDERS?

And why does Twiggy want out so badly - $2.5m is peanuts for him. What does he know that we (clearly) don't....?[/QUOTE]