I don't think you can say that peterktp (sorry is that his name?) is ramping. He is looking at charts and drawing his conclusion from them. Take from a chart what you will at these levels, I personally think they aren't worth much at spec levels, but I am more than happy for people to interpret them how they see it.
Nobody has denied your comment regarding needing cash soon, thats the spec mining game, without cash we would all be kicking the soil in our backyards hoping to find something to mine. There is a question mark over this latest drilling program and payment, but in their Ann of 19/06 it states: The application to commence the drilling program has already been lodged with the regulator, while a contractor has been appointed to manage the campaign.
To me a drilling contractor has been engaged, which means contract terms and payment terms are resolved. I could be wrong, but to release a drilling plan, say a contractor is engaged, and then turn around and say 'oh wait hang on just kidding we need cash' or 'hang on we don't have the money for that drilling plan we just did so we are going to only do 10% of it' would be very very poor form. Let's just hope that's not what is going to happen. My background is Construction contract management, and if we entered a contract without agreeing some payment terms and visibility of cash position I would probably get an old fashioned 'don't come back Monday'!
I understand you reason for not buying in, there is a need for cash soon, and your reservation as to when exactly that cash is needed is warranted, I just think my bolding above indicates that it is a non issue currently.
VIC Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
