Thanks Superchicken, I was pretty sure that would be the case...

Thanks Superchicken, I was pretty sure that would be the case but couldn't be bothered to check it out.

Although it doesn't make sense, AYN management have given reasons for getting Red Arrow (world class portfolio; giggle, snort) and it was probably part of the deal to be able to get the $25m which will be used to consolidate existing debt arrangements. (We'll lend you $25m; if you'll borrow another $4m and give us some shares in exchange for this embarrassment in Colorado).

More puzzling is what Platinum expect to get out of this. A year ago they owned one loss making mine - now they have two! One open pit silver mine, and one underground, narrow vein gold mine (not producing).

In 2011 the owners identified the need to spend $25m on three mills - I wonder how many of these were installed, or whether AYN will need to buy them?

http://www.businesswire.com/news/home/20111215005426/en

As for drill results, they did some drilling in June 2012, but I can't see the assays anywhere.

http://www.businesswire.com/news/home/20120619005887/en/Rock-Energy-Resources-Updates-Coring-Activities-Red

Looking back at the history of Red Arrow, you can draw a lot of similarities with CTO, IMO.