RE: Lupaka Gold and Andean American Announce Busin Andean ended the (Q1 2012) quarter with a cash position of US$15,527,132 and a working capital surplus of US$12,826,925. That's half their market cap.
AAG Owns 16.9% of Southern Legacy Minerals Inc. Which supposedly has 6 billion pounds of copper (inferred) at AntaKori project in Cajamarca. Wonder if it'll ever be mined, it's Cajamarca. Also, apparently Sinchao and AAG lost title to 40% of the land cos they're utter morons.
According to AAG's website, which hasn't been updated in 2 years, once upon a time Invicta was expected to start production in H2 2012. Then project cost estimates blew up: over $150M for capex, $40/tonne. They've given up and now want to explore to try to find new ore to extend the mine life to something that can justify the capex cost. They don't have their land use agreements anyway.
AAG's burn rate for compensation alone was $2M last year.