The Spain concession is opportunistic at best, like Ellendale. I...

The Spain concession is opportunistic at best, like Ellendale. I fully realise they are trying to add value in a difficult market but IMO this project looks like a distraction for KDL over the next 12 months prior to being spun off. Particularly at a time when KDL is trying to restart Lerala ($14M? project funding) and deal with upcoming closure / care / maintenance at Ellendale ($7M C&M plus any environmental liabilities in 2015). The KDL NSW gold assets have never had the funding due for proper assessment since the Goodrich IPO in 2012 (only $3.5M raised). For Spain, KDL or the newco will need to stump up $8M over 3 years on a concession which has proved very difficult for several players. Since 2000, the concession at Lomero Poyatos was held by Cambridge Minerals UK, then transferred to Iberian Gold and subsequently revoked by La Junta (Andelusian Govt), re-licensed to Petaquilla then revoked and handed to KDL. Sovereign risk is sounding high here. Progress on the resource and development of the UG mine has been negligible over this period. Valuation for a junior gold co. I used to work on $20 / oz inground for refactory type ore but looking at companies like BLK EV at < $4 / oz inground. This is probably reflected in the recent sp bounce. But with a potentially failed rights issue (19c !), market headwinds, Board shake-up and high risk assets and new projects I just get the feeling KDL's luck is running out. Hasta la vista but Good luck to those still on board.