RE: RE: Drill ResultsThere is only 2 holes left to report on.... the delay is the result of mistakes in the lab samples, which were picked up on by LME and they had to be resubmitted to get a better picture for better or worse... relax.... so far so good.
The samples reported on are decent enough for some speculation at these prices...
I also see some flack on the San gold sale... the 31% option in was arranged before the new management took over... they saw a problem with the deal as it stood and acted accordingly... It was a company changer... they got 1 million shares of which very little has been sold to date... (I think they should have sold them all at a higher price) but that's me... not doing so was an honest mistake... so along with + 300 grand in the bank as of today..... equals enough money to start new drill program by the end of March... early April... more than enough cash on hand if you count the San shares at today's prices... a little bit here and there sold when needed going forward ... which has been funding their exploration and wages to date.
The numbers would qualify for enough money to last until the third quarter before a financing would need to be undertaken...
Think about this... where has the money come from to date... do the math... High wages is a crock... I see no evidence of it so far.... seems pretty tight run ship... problem with the management is... they are too honest... JMOP
The 31 % position in San was sold to take a new direction and acquire 100 % owned projects at low cost while the getting was good... rather than commit to a situation where large joint venture partners would accelerate the project by asking LME to pony up for 31% which would have ended up in huge dilution to raise the money to stay in the game... I think it was a wise decision to take the money and run... Anybody not see the logic?
Most of the options owned of which a majority is by management... are at higher prices and equal in the area of about 6 million for a fully diluted float in the area of 78.4 million shares if the options ar exercised...
I shouldn't even be telling you this... do your own DD... but as my opinion is worthless.... keep on selling so I can load up LOL.
GLTA