RE: RE: RE: RE: RE: RE: RE: bottom fishingThey have enough money to carry out the summer drill program (probably around 8,000 metres) and for the 43-101 resource calculation. They will need to raise more money and certainly the debate over flow thru vs. non flow thru is the subject of much debate. Done with the right group, flow thru can be advantageous, but more and more companies are behaving like Mineral Fields where the underlying story is very much secondary to the tax credit.
They will need to raise more money either later this summer or early fall. At that point, they would like to have a compliant resource number, blue sky potential on Iris lake and the (hopefully) newly discoverd zone to the south. At that point, they will probably want to raise a big number so that we can land in that 2-5mm ounce area.
Rain is a capable group with many contacts, but like any other jr. resource company, they have had to deal with the amount of FT shares on the table and have been cleaning things out (all be it slowly) while not giving these FT bananas more than they deserve.
With respect to news, there is still approximately 4,000 metres to report on from the winter drill program. Some of this is blue sky at Iris lake, some infill stuff in the main zone and some (if memory serves me right) from the southern zone (big IP anomaly with no previous drilling). Step outs have been taking place as you can see we have just expanded the existing main zone by 180 metres again with consistent grades.
With respect to missing something, it is that the resource is not compliant and you need further activity in the area to prove up the area play. Couple that with a bad jr. market at the moment and presto you have these situations such as this.