This from the latest filings.Does it sound like a company that does not value it's cash revenues from investing activities? So far the track record on such investment has been good ROI. IMHO
Capital Resources
As a junior mining company, no significant source of cash revenues will occur to the Company until either it sells one or more of its properties for cash or brings one into production. Although the Company does have one of its properties under a contract for sale, the consideration to be received by the Company under that contract is the securities of the buyer, and not can cash.
(See: “Contract to Sell Jasper Property”, above.)
Since none of the Company’s other properties have yet reached the point of sale or the mining development stage, the Company’s only income is realized from interest on its capital reserves deposited in financial institutions.
The remainder of those general and administrative expenses, as well as all cash requirements for acquisition and exploratory expenditures, must therefore come from cash generated from the exercise of its outstanding options and warrants, the use of existing cash reserves or new public or private placements of its securities. The Company’s outstanding warrants from previous private placements as well as unexercised incentive stock options are detailed in the Financial Statements as well as below in this Management’s Discussion and Analysis.
Liquidity & Working Capital
The financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As the Company has no revenues from operations (except for interest on deposits in financial institutions and certain investments in marketable securities), its continuing operations requiring cash payments are being funded by its cash reserves either carried over from previous fiscal years or generated, and being generated from its various financing activities. (See: “Overview of Current Operation – Financing Activities” above and “Stock Options” and “Warrants” below.) No cash was received from exercise of either stock options or warrants during the three and six month period ended June 30, 2009.
The uses of its cash occurs in two places, namely, funding of its general and administrative cash expenditures and cash expended in its investment activities in its mineral properties. Those investing activities include the cash expended in paying the cash portions of its acquisition and exploration of its mineral claims.
