There is a hope...6 Aug 2014 09:45
After releasing two bad news, the bod is trying to lower ppl's expectations, hence I feel the next piece of news will be positive to halt the massive sp drop we have seen over the last few weeks, keep faith, gl all. In terms of cost overrun, we look to be covered looking at the mngmt's stmt:
"At the end of the quarter, the Company had net cash reserves of A$14.626
million which included the US$3 million currently in Morocco recognised as cash
in the quarter due to the release of the bank guarantee. The Company's cash
balance does not include the reimbursement of US$7.5 million in back costs
under the FOA as these remain as a current payable and are likely to be netted
off against Tangiers' share of the cost of drilling of the TAO-1 well.
New Ventures
The Company continues to review and evaluate selected new venture opportunities
predominantly focused in Africa.