RE:RE:If Phase I happens...??That's not entirely true Edmed. Based on the corporate presentation on the SGC website, Enamco buy in was $18.33MM + $6MM in retroactive back pay for expenses incurred since Enamco officially declared their intent to buy in. How much of that cash went to payables upon receipt? How much is left today?
The Corp presentation indicates initial capital cost of Phase 1A - DSO at $30MM. Its doesnt say whether that's SGC's 66% share or the entire thing. Assuming it is the entire thing, SGC share is $19.8MM. Considering the G&A drain here and factoring in those expenditures are close to 1 year into the future, my guess would be is there is VERY LITTLE wiggle room to do even phase 1 without some sort of bank assistance.
Like M&A talk though, not much is being said anymore about financing. Regardless, all of this is contingent upon Enamco agreeing to the staged start up which we hear from other "credible" sources (I do consider Tony credible) is unlikely.
I know some had predicted the mining licence before year end, did anyone notice tucked in the middle of today's press release, confirmation that it wont come until early 2015? Too bad.
Zad