Prospects GrimThe February 2002 interim statements were issued and things look grim.
Cash - $23,051
Working capital deficiency - $(63,272)
excluding prepaids - $(96,148)
Average burn rate for last nine months - $47,000/month
Average payments to President - $6,800/month (management & rent)
The recent private placement of $150,000 would barely clean up the payables of $148,000.
Insider trading March 1, 2002 to date:
Lori - 214,000 disposed
Lloyd - 78,000 disposed
Others - 33,000 disposed, - 40,000 acquired
I don't see how the company can currently promote its property without any resources. I thought the bulk sampling looked promising but not being an expert I can't say for sure. I believe the company is really missing an opportunity on the Peru property with the current gold prices. Management should recognize that they need assistance developing the Peru property and option it off to one of the majors who have the resources to complete the exploration.