As of Jan. 1 2013, the company reported cash on hand at 3mln. A month and a bit have passed and at their burn rate of about 8.mln a year, the cash should now be in the order of 2.25 mln. to 2.5 mln. As there are 191 mln shares outstanding (248 mln. fully diluted), the enterprise value based on the cash alone should be about 10+ cents which is where the stock trades. This implies that no value is put on the exploratory activities to date! Not a heart warming sign given very recent drilling results.
The EW take is that we are on this ski slope that can stop anywhere. The gyrations over the past few months suggest some form of triangle forming This is very tentative given the proximity already to zero. Taking the smallest possible degree for this triangle a price of about 6 cents would be indicated.