GREY:CLGRF - Post by User
Comment by
oddykogon Aug 08, 2013 4:39pm
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Post# 21657675
RE:Progress
RE:Progress
Yes, there was progress. However the really critical sentence was buried deep in the full report. They acknowledge that the cash flow from now to January 2014 will NOT be enough to generate the cash required for resupply of the mine when the ice road is open. They say that they will need to make a move to provide the cash. Whether that is a royalty agreement, a sale of a property, more borrowing or a secondary offering is left open. At 23 cents a secondary looks highly unlikely. The bank has just increased their line of credit and may hesitate to do more. Stay tuned!!
With gold at around $1300/ounce Claude will need to increase the percentage of high quality ore from L62 and next year from Santoy Gap to survive.