Taboud, I agree, I think Martin is doing the right thing at the moment, why push to go into production now and create a less than ideal debt/equity deal due to poor market conditions especially in the gold sector.
Its obvious the strategy is to keep enough capital coming in to do some more resource definition drilling, convert some of those to reserves and build the Oz's to when the market improves then he's be able to swing a better financing deal to go into production. The mill is not going anywhere neither is the gold.
they need around $20-30mill to go into production, better to finance that in a rising and positive gold market and have everything ready to press the button at that stage.
I like the fact they have done small targeted cap raisings which shows some credibility toward keeping the share cap low.
BNR Price at posting:
3.9¢ Sentiment: Buy Disclosure: Held
