Well, in the FNN interview (see announcements) Swiriduk claimed they were approaching investors in PNG.
A friend of mine who is in mining said that you take money whenever you can get it, worry about the SP later. He said that when we were discussing a penny dreadful who would not dilute at that SP and eventually had to particupate in a reverse takeover to survive.
I think they will have some commitments and I will wait and see what their cash burn rate is but I would not mind guessing that they are well down on their last position of $2.3M and keep in mind that if they don't have enough cash to fund their next year's expenses, it is likely their accounts for year end 30 June 2010 will be qualified as to their going concern basis. This in turn will put them on the back foor even more with other investors.
With respect to PNG, I don't know what these guys would call a good result given what they claim are good intersections (and they do seem impressive) to date. Good intersections however do not make a viable mine, you need large quantities of ore.
COY Price at posting:
9.1¢ Sentiment: None Disclosure: Not Held
