I think the company is waiting for completion of a dragged out due diligence on thier main project (for a JV). In the meantime they are watching their bottom line but it looks like there wont be any drilling this season...... I think the projects become inaccessible in winter (June-August). Maybe they will sneak in a quick RC program before, but with limited cash it is unlikely.
The last drilling announcement was back in November 2011. Since then it has been regurgitation of the same information and a couple of reconnaisance surveys.
Another point is that if you look at the 4 quarterly cashflow reports in 2012 and add up the exploration costs, admin costs and the diector fees you get the following:
