." RE-FINANCING: aru has $65 million and a burn rate of 2.5mil until next fall, financing is a late 08 or 09 story when the share price is much higher, unlikely fdn will be around."

I'm sure I read there burn rate is $40.mill per year. Closer to $3.5 than $2.5. & that's without developing a mine. They recently signed some contracts in this regard. Sometime after the last financing they must have had big cash!! There is nothing wrong with having extra cash on the books particularly when you wish to appear as a mine developer. Looking at it from your side they would not have done the previous financing.

Regards

Joltin