liquidity From SEDAR:
While the discussions are still progressing with CIF, the Company has received on April 26th, 2013 a loan
of $500,000 to fund the immediate cash requirements of the Company. The advance is bearing interest at
8% per annum, is not convertible and is not part of the $30,000,000 loan facility mentioned above.
Management anticipates that the minimum cash requirements to fund additional exploration and
development of its properties and continue its operations will exceed the amount of cash on hand at
December 31, 2012. Accordingly, the Company does not have sufficient funds to meet planned
expenditures over the next twelve months and additional sources of financing will be required. In
addition, the Company’s ability to raise additional financing and ultimately continue as a going concern, is
dependent on completion of an updated resource evaluation which demonstrates additional potentially
viable measured and indicated resources in its Guinea mineral properties. This updated resource
evaluation is expected to be complete prior to June 30, 2013. These factors raise significant doubt
regarding the Company’s ability to continue as a going concern.
This report better be good!