2nd Quarter Financials Out!!!Lets see!!!!!!!
Loss of $4.3 million. Cash $12 million down from 19 Million at end of Q1 so they burned thru $7 million. Shareholder equity deficit -$259 million. Mill and mine care and maintenance $1.8 million, Outstanding shares up 6 million for the quarter to 126 million. Working capital of $5 million, down from 9 million at the end of Q1, so they went thru 4 million for the quarter that didn't include any drilling.
At the current burn rate. With 12 million in cash and 5 million working capital that means they have about 7 million left for exploration. So they will need a flow through financing for more exploration drilling and a financing for normal operatons which includes $25-50 million for getting the mill up and running, haul road repairs, etc.
If they do a flow through financing f(exploration drilling only) for say another $15-20 million. Then they will need an additional 25-50 million to get the mill up and running plus Barry open pit. That means anywhere from $40-65 million for everything. At todays share price that comes to somewhere between 65 and 106 million shares to be issued to get Barry open pit running at 30,000 ounces/year.