From 3rd Qtr. report - a bit more financing ..... and the company should be positioned well, glta
CAPITAL RESOURCES:
The Company had a $6.9 million cash balance as of September 30, 2012 and a negative working capital balance of $66.5 million. The Company had a $59.3 million cash balance in restricted cash as of September 30, 2012, primarily related to cash restricted for future reclamation at the Jerritt Canyon property. The cash on hand at September 30, 2012 will only be sufficient to maintain the ongoing operations if operations can continue to generate positive cash flows. The low cash balance stems from the heavy capital investment that was made in the first quarter and the follow on slower than expected ramp up that was experienced. Management believes that further financing can be obtained in order to ensure that full steady state mining operations are maintained which will ultimately provide ongoing positive cashflows. At period-end management was pursuing further financing to supplement cashflow from operations and meet its capital commitments.