committed fundsIn response to all the wild speculation regarding the use of the $5.25mil from the sale of Eastmain shares, here are some numbers to consider.
ICG has around $40mil in the bank as we speak.
ICG has committments/plans/budgeted spend/earmarked cash as follows:
1) Underground ramp around $22mil left to go
2) Lamaque deep drilling $10mil still to do
3) Triangle drilling to end of Dec say $2.5mil
4) sals and overheads at $0.5mil per month = $1mil to end of year
5) GRC target 1 say $1mil left to go
That means that before the Eastmain shares were sold, they only had $5mil of cash that has not been set aside for any specified project. We need cash for the winter drill program and to cover monthly salaries and overheads. So now with another $5mil in the bank ICG has got around $5mil for a drill program, cash for 6 months salaries and $2mil spare.
De Jong won't be happy with that, so expect some sort of financing in a few months time and maybe selling of remainder of Eastmain shares too.