As at December 31, 2008, the Company had cash of $ 77,185 (2007 - $1,933,138) and working
deficiency of $426,564 (2007 – working capital of $1,674,811). The Company's ability to continue
operations and fund its exploration property expenditures is dependent on management's ability to
additional financing. Management is actively pursuing such additional sources of financing, and while
been successful in doing so in the past, there can be no assurance it will be able to do so in the
Because of this uncertainty there is some doubt about the ability of the Company to continue as a
concern. The consolidated financial statements do not include the adjustments that would be necessary
should the Company be unable to continue as a going concern. Such adjustments could be material.
But ...
The Tyrrell project hosts the Hydro Creek and Big Dome mineralized zones. A 2007 report prepared by
Strathcona Mineral Services describes the property as follows: “The rocks on the Tyrrell claims share the
characteristics of greenstone-hosted quartz-carbonate vein gold deposits with other camps in the Abitibi
Subprovince, including proximity to a regional-scale fault with extensive carbonate alteration, ultramafic
volcanic and Temiskaming-type sedimentary rocks, and most importantly an abundance of gold
occurrences. Although none are currently economic, more work is justified to define the existing zones, and
the potential of the large property for gold and base metal mineralization in general.”
Based on the Strathcona recommendation, a drill program was initiated in the last quarter of 2008.
Significant results from the Big Dome included an assay of 44 g/t gold over 1.5 m at a depth of 375 m,
occurring approximately 180 m below a 2005 result of 149 g/t gold over 1.4 m. In relation to these, another
2005 high grade intersection 50 m to the east at a vertical depth of 556 m, yielded 35 g/t gold over 1 metre.
One and one half kilometres to the northwest, the recent drilling on Hydro Creek yielded the best results of
4 g/t over 17.5 m and 2.6 g/t over 29.4 m. The program demonstrated Lacarte north mineralization to be
shallow and open to the west, making the zone amenable to open pit mining.
Disclosure of Outstanding Share DataThe Corporation is authorized to issue an unlimited number of common shares, and on April 24, 2009 there
were 85,656,228 common shares issued. As at April 24, 2009, there were 2,175,000 options outstanding
with a weighted average exercise price of $0.13 expiring between May 22, 2012 and September 8, 2013. As
at the same date, there were 14,800,583 warrants outstanding with a weighted average exercise price of
$0.16 expiring between May 9, 2009 and December 28, 2009.
Someboby can explain to me about what impact we could see on commun shares
if holder sell or hold their warrants next week?
Thank's
Theres