Post by
pick4ore on Dec 17, 2009 12:19pm
The facts...
The facts are that most drilling is done to a depth of about 1000 meters. According to your post, it is more than $17p/ft. This still leaves very few holes to be drillied before the small amount of $1.2 mil is spent. From what info is available, there are no signs of any pre drill work done (ie: soil samples being collected, satellite images taken to detail any geological mapping, ground geophysical surveys of ground magnetics, ground gravity, ground induced polarization, or anything else). There need to be drill targets. There is no info that such work has been done, or even planned. Clearly, this company hopes to ride the tail of any real/successful explorer that may be nearby.
Also, in the news release for the PP, some of the funds are used to pay their own employees. They are likely owed a fair sum of money. If the company had money (ie: $1.2 mil), they wouldn't need to raise money just so they could be able to pay their employees. Once again...do your DD!! Cheers!
Comment by
Godfather on Dec 17, 2009 12:41pm
The plan is to do another financing at much higher prices to continue drilling both the Red Chris and lithium properties, and focus only on the best potential targets. I would expect the next financing to be in the 20 to 40 cent area, depending how far this moves beforehand.Talk to management.
Comment by
Godfather on Dec 17, 2009 1:58pm
Are you done flipping burgers for the day, or did you just sneak onto the bosses computer to continue making a fool of yourself? 4.5 hours with no posts on stockhouse, for you must feel like an eternity.