Update on FCO FinancingSince I travel around and talk with a lot of people, I am providing this information to supplement what is stated in the recent Peter Grandich write-up and the October 2009 FCO presentation now posted on the Idaho Cobalt website:
? FCO has received many financing proposals of all different types. FCO is evaluating the options to determine which financing arrangements would best serve the future of FCO including the interests of its shareholders. FCO is using a third-party to assist it in evaluating the alternative financing arrangements. FCO hopes that there will be news on this issue within the next 2 week to 2 months – however, this is not a promise that the financing issue will be resolved within that time frame. FCO management is working weekends to bring the financing issue to a conclusion.
? Many newletters and publications are contacting FCO for information on the planned cobalt operation, and this interest in FCO is increasing.
? Because the mine is at a 7000 foot elevation, the ground will freeze during the winter. Even though some work can proceed during the winter, assuming financing arrangements are completed, FCO does not want to commence construction during the winter because labor efficiency will be half of what could be achieved during the fall or spring. Once construction begins, the first construction work will include improvements to the road, constructing the mine portal, etc. It is still the objective of FCO to commence construction work this year prior to the freeze. The worst case alternative is that construction would commence next spring.
? They are also working on the environmental bond issue.
just one person's view of the situation - do your own due dilligence by examing the information posted at the FCO website, and other appropriate research.