New funding is not required urgently: don't expect any news for several months. IMO there is no way an equity placing will go ahead at these prices: it would imply enormous dilution for Meridian. TMG aim to be profitable from 2005 Q4, see the presentation on their website which is very good. 2006 Q1 may be more realistic, but the company is making solid progress (esp in reducing costs per oz), helped by rising gold prices. I think your assessment is way off. Incidentally, TMG have taken out a put option, which has cost about $1.5 mn but means they are not obliged to sell gold at $490. So they have no hedge in place as far as we know.
