The NR on the problem clearly indicates (and I have to agree with you, Lehigh, you have been right all along) that mgmt must have been feeding us a load of bull in this build up to first shipments.
They don't tell us what the immediate cash needs are but speak of $212MM EACH of the next two years to fund the project out to full prodn in2014, yet their projected first year prodn GROSS yields only $165MM. That is GROSS and you have to deduct from that oper costs per tonne of $67!!! And then there are all those other ongoing costs. (The gross is based on price of $110 per metric tonne.).They must have known ages ago that the math did not work...unless, of course, their IMMEDIATE needs are just a VERY small part of the $212MM referred to above.
I have to believe that their earlier move to Luxembourg registration and the fact that all debt is held by non-north americans was done so that this could go into default for the sole benefit of those debt holders...since the ore they have ready to ship is worth $1MM to $2MM tops (and do I remember one of the mgmt saying 'this would help'...really!), they simply cannot survive without going into whatever Chapter 11 proceedings are applicable under Luxembourg corporate law. ONLY IN CANADA..PITY!!!