So there is a 2.5 million descrepency between November's disclosure and February's disclosure including 1.5 million in cash. Expenditures in Arizona? An incorrect assumption of the tax credit?

The financial statements for the year ending Oct 31, 2013 showed $8,800 K cash and $4,473 K in receivables and $262 K in Prepaids for a total of $13,535 K in current assets. The latest presentation stated cuu has $7 M in cash and outstanding cash tax refund to be determined.

The cash is down by about $1.8 M and the difference in receivables (assuming that where the refund is included in Oct) is to be determined. The tax refund most likely changed due to Teck's $20+ M payment to cuu as a result of the 75% back in and the JV agreement.

Since Oct 31, 2013, there has been work at Van Dyke to review historical records and environmental work etc; and cuu has to incur expenses in its two offices. Taking all that into considerations, I do not see a huge draw down in cash. The $7 M in cash balance seemed reasonable. (Not saying if all the expenses are the best for shareholders right now; just saying the cash balance seemed reasonable.) JMO