Their own financial statements show they had negative operating cash flow last quarter of some $40,000. Is it your opinion that gearing up to go into production in 6 1/2 months ,and having to meet conditions imposed by the permit, that they would need LESS
cash ? They must have utilities on or ready to go on at the mill, will utility company accept shares ? Can CPA sign off on quarterly review with too much of a past due balance ?
I agree they have shown they are able to be quite creative at paying expenses in various ways-but then again, that means more dilution too. I would expect more dilution so no surprise there.
The reason I ask the questions is to me most important is whether the company is on a path to production whether 2013 or 2014. Company doesnt release data any other company I have seen that is pre-production, in fact hard for an investor to gauge almost any key variable. As far as dilution I had been estimating 100 to 150 million shares but someone posted they are almost at 90 million already, so maybe closer to 200 million this year more likely.
In regards to a new convertible, I dont see what else choice they have at this point.Besides operatinge expenses, they have some big property payments,so it is worrisome if Company doesnt have some cash to negotiate with. It is even more worrisome if they are unable to bring in more convertibles.
I am mystified how meeting the conditions required for the permit would require no manpower ,equipment or construction of any sort either now or prior to production. You have indicated all just paperwork issues and you follow closer and longer than I- but if permit requires certain conditions to be met for tailings for example are you indicating they just have to present a different written plan or operating process with no modfications to actual infrastructure ?
You optimism that the permit wil be granted and then everything all of a sudden falls into place in time for September/October production is quite admirable. The idea that the copper mine will go into production in a year based on cash flow from custom milling from purchase orders for which it is not clear even the basic terms are, well sounds positive- if company would just provide us with some basic information we could all feel comfortable with !
