Looking at GDW's MD&A for the quarter ending Sept 2012 the picture emerging is that GDW has a working capital deficit of $529,000. So they are starting the new year under water. They have cash commitments of $112,000 for 2013 office rental, $300,000 in cash property payments plus $458,000 in required exploration to keep the Mt Anderson Option commitments.. Wages for CEO and CFO alone for the year will be $130,000. They also have office wages of 120,000/ year.

The September MD&A states "The Company requires $325,000 for immediate working capital purposes, and is expected to be completed by the end of fiscal 2012. Thereafter, additional funding is required in late 2012 or early 2013 to undertake the field work ..."    Good Luck!

Never mind the field work which needs to be the heart of the story, just the debt repayment, executive and head office wages plus rent for 2013 totals over $791,000.With another $748,000 in short term property commitments this is looking like a steep climb for a company that doesn't have a CEO at the helm.

How did we ever end up in this situation?  Since the start of fiscal 2011, the Company has received gross proceeds of $1,785,000 by diluting shareholder equity. Almost no exploration in 2012. It should be obvious where the bulk of these proceeds are spent.

IMO GDW is going to need a family sized tube of lipstick to sell their next spin in this market.