Correction...
I've added the amount for HC back in and then converted...
Sunday, May 13, 2012
12,500,000 Ghanaian New Cedi = 6,635,665 US Dollar
Expenditures of approximately $4.5 million are anticipated to be required to complete Phase II and Phase III, where implementation of Phase III will be contingent on the success of Phase II. We believe that additional expenditures in the approximate aggregate amount of $6.5 million will be required in order to advance a mineral deposit or deposits on Handcamp, if any, to the stage of the completed pre-feasibility study referred to above. In addition, we will require additional funds to commence exploration activities with respect to our other properties. To date, we have no available sources of financing.
The $6.5 is an aggregated amount. However, their filings stipulate they need approximately $2Million to start.
Taking the middle road...
6,635,665. (estimated amount from Ghana)
4,500,000. - (Phase II HC)
--------------------------
2,135,665 =
This is only an estimate and barring any unforeseen delays due to weather conditions or other issues in Ghana or Canada...
The Company still needs to meet Corporate Salaries, payroll, and misc. expenses.
This doesn't mean they will meet those estimates.
Startups normally take a few years to become profitable.
The company has not done any work on their current properties in over a year and I would suspect any money coming in to be used developing properties.
DEBT and DILUTION problems still exist.
This company will not be profitable this year regardless.
The calculations were based upon estimates provided by the company.
The information was from their PR on Ghana and contains a Disclosure Statement...
The Company does not guaranteed the information as reliable or accurate.
Furthermore...
There's no geo signatures...
No Attestation Statement to verify the information is accurate.
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