the sword of damocles, page-2

Apart from the remaining $1.4m set aside for Nabarlek, UXA have little left.

UXA are drawing down $1m over 3 months months to finance continued drilling at Dome 5 for zinc and lead. That leaves $1.5m to draw on -- they are taking a gamble on success and if they succeed MD Penney walks away with a wad of cash.

As to GAA Wireline, I understand they will be moving to drill in the Canning Basin, WA once drilling at Nabarlek NT and Dome 5, NSW is completed very shortly. They are now fully booked for 2012/2013. This also applies to the USA where the building of a new drilling truck was recently completed.

On sentiment of 'ST Buy', this is based on GAA Wireline that probably exceeds the present market cap of UXA in value.
GAA are average risk as an investment and badly held back by the very high risk drilling side.