First of all this is not in the pinks, go to sedar.com to read their financials, they do have overhead and they have been working on the Bayhorse Mine development for a while so I doubt the $800k is accurate. Better to have a loan and not need it then to run short of cash in this market. They should make $2 million (my guess) from the sale of silver this year and the loan can get paid back.
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