Bellhaven has a joint venture partner--Dominion-DMNM.PK.On March 14,2008 Dominion filed a Form 8-K disclosing that it had just borrowed $1,650,000 to pay for past drilling on Cerra Chorcha,the required March 6,2008 property payment to Bellhaven and the remainder for working Capital.
If you check the Dominion web site you will find that they hope to spend $9,000,000 on an exploration program in Panama and China.Under the terms of the Bellhaven joint venture in 2008 they are to spend $7,000,000 commencing March 6,2008.
Dominion just announced they had to borrow to pay for past drilling,the current year they are to spend $7,000,000 on Chorcha,the market conditions are less than favourable for raising funds,they are listed on the Pink sheets,It is my belief right now that they have no money and have no chance of being able to fund their commitments with Bellhaven.We will have to give them time which will mean that there will be no news flow from Chorcha.
In the end, if Dominion cannot raise the funds, Bellhaven will get the property back but that means a delay in any additional information on Chorcha which will mean less news flowing during 2008.With the lack of news the share price will trend downwards as the average investor gets tired and moves on.
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