Corazon Mining Ltd T.CZN

News release

[Lazer65]

Looks like most of us got what we were looking for in some respects. It's obvious that they've heard the voices of concerned share holders, as this news release had the most 'information' in it with regards to how they plan to proceed. I think the key word in the following sentence is 'substantial', "However it is not in the best interests of the Company or its shareholders to try to raise substantial financing at an inopportune time in the market and we do not intend to try to do so." They're going to need money to tide them over, around 5-10 Million would be my guess. In September a $1.5M payment has to be paid and cash on hand is around $5M. They can't let the coffers get any lower than this. Heading into next year with probably 300M shares out and hoping for much higher zinc prices to bring interest back to the company. I like the fact they're conscious of dilution and looking at bank debt to finance the build. Support for the men at the top wasn't as high as usual, so they're aware their necks are on the line. Nice to see the cutbacks on staff, directors fees etc. Overall I feel the news was as good as could be hoped for. For those on the side lines there will be chances to get in cheap and for those holding, perhaps good opportunities to average down at some point down the road. The trick is knowing when.