Not much happening so far....If you read the news release carefully there's very little in there that we didn't already know. A lot of qualified statements - but very little that they know "for sure". I don't expect to see much movement in share price until they sink a drill....and I'm concerned about their financial ability to do that. If you look at the financial statements just released, you will note the following operating results as at January 31, 2011:
Cash on hand $615,051
Current Accounts Payable $(623,383)
Cash requirements for the last 3 months - $381,740
First, the cash on hand barely covers the amount of current liabilities they have to deal with...it appears to me that they will have to keep dragging their payables in order to preserve operating cash.
Add to that the fact that they will probably require another $380,000 to cover expenses to the end of April, 2011 - well, need I say any more....looks like its time for a few more private placements. Their Cash on hand must be pretty low right now.
Their news release today indicates that they would like to start drilling "as soon as possible". How do you do that when you're out of cash???
Maybe someone out there can provide further insights...