There are a lot of exploration companies that are not producing any gold unlike the Newmont Mining`s of the world and Freeport McMoran. The exploration companies have no cash flow.
So what you need to look for is companies with strong backers that have money to essentially develop the exploration result that they may or may not achieve. The one`s that are partially owned by the majors like Novagold, Ivanhoe Mining and Gabriel Resources.
