now trading at cash backing, page-7

gttrain
I agree .Might have $10m in the bank but they blew $4M on two "nearly sure things" as spruiked to me on IPO.
I think the $10M is earmarked for pel570, and as far as i am concerned the money is not there as a reserve so it is not there at all.After this drilling record of 100% failure rate we can only assume there is nothing in Pel570 until they prove otherwise IMO.
Cash backing is nearly meaningless to me unless the company is liquidating and that is NOT happening.
Maybe they should sell pel570 while they think its still a sure thing and so do others.Hahaha.