Hi benobass, UXA are committed to expenditure of $1.2m at Mundi...

Hi benobass, UXA are committed to expenditure of $1.2m at Mundi Plains (inc Dome 5) for Zn-Pb-Ag and Cu-Au under an agreement with Teck Resources in Sept 2010. They will need to raise about $700,000 to continue exploration or hope, we hope, Geoscience Wireline can contribute any profits made.

The problem that no doubt you can see as well, is that further fund raising is going to be very difficult. The time may come, soon, to sell Geoscience Wireline in the USA and at least UXA should make a dime or two on that sale.[probably worth US$3+ million]

Geoscience Wireline is a difficult asset now after QLD pushed it into losses in the first half year of A$1.2m. Said by MD Penney to be in profit in the second half year.

UXA have about $3m in debts as at Dec 2010 though A$3.53m cash was in the bank a few months ago ($1.6m ring fenced for Naborlek JV and Pandamus West and A$1.2m for Mundi Plains).