So it looks like ORS was able to raise c. $1m largely thanks to...

So it looks like ORS was able to raise c. $1m largely thanks to the chairman taking up his full entitlement and then underwriting a futher $500k worth - if nothing else good on him for stumping up. The chairman bought 70m of the 78m shares issued - thus enthusiasm from other shareholders was pitiful (fair enough too). IF (and it's a massive if) ORS eventually turn things around it will largely be a result of him putting real cash on the line at ORS's darkest hour.

Based on the last Quarterly this provides ORS with c. $1.85m available cash (The $950k held as rehabilitation bonds are inaccessible).

That, at least, will keep the lights on for a while yet.

The key will be how they alter their operations. The last Quarterly Report indicates that ORS will burn $1.4m in this current Quarter alone - thus the cash on hand (including that just raised) will disappear very quickly unless they make some immediate changes (I guess there will be some offsetting gold revenue from production of the 1080 development ore).

I am think that all non-essential personnel will be cut loose and the entire operation will be slowed right down, possibly moving to C&M until the gold sector sentiment picks up (POG rises) and ORS once again have the ability to raise funds to develop the 1080 level, add a ventilation shaft and then stope between 1100 and 1080.

Just speculating. Could have been a lot worse without the Chairman's $914k contribution.

Cheers
John