I may be wrong, however isn't the KBLGA bond convertible; and...

I may be wrong, however isn't the KBLGA bond convertible; and doesn't KBL the option the push the repayment back essentially indefinitely and the bond holder has the option to covert at like 32c? If my understanding is correct it is hardly correct to say it is repayable in 02/17...an outstanding debt which should be added to the calculation of the EV though for sure.

The $6M debt to creditors is most definitely the major concern at the moment.

The 19,000 ounces within Pearce which conservatively should equate to $12M net should be enough to service atleast the $6M, working capital and a bit of drilling

Time will only tell what additional Au/Ag resources the drilling will uncover, however there is still plenty of polymetallic sulphides left to mine and base metals will shine brighter than precious in 2017.

It is definitely going to be a challenge, and No rose coloured glasses here, however for those after a recovery play which is where the market is IMO overpricing risk and severely under pricing this company, then their isn't a better play around.

It isn't for everyone though, so good luck in your other investments.