BER, updated info./figures:
Capital Resources:
As of May 13, 2011, we had cash: $1.26 million. We estimate, based on thecash on hand at that time, that we have sufficient funding to continueouroperations until December 2011, following which we expect tosolicitadditional financing. Our outstanding warrants andoutstandingexercisable stock options may provide some additionalcapital. If allthose warrants and stock options are exercised, of whichthere is noassurance, we would obtain additional proceeds of $1,900,245.
Plan of Operation:
We plan to continue drilling on the WarmSprings property. We also intend to provide the required financialassurance which we believe will result in issuance of the permitat ourIron Mountain property. We then intend to commence drilling onthatproperty. Assuming that this initial exploration confirms that asecondphase of follow-up diamond core drilling is warranted, our twoyearprogram contemplates the drilling of a total of 50 additional holesatWarm Springs and the outlying hydrothermal areas.
Stock options:
Balance, March 31, 2011: 5,950,000 at CDN$ 0.30
Warrants:
Expiration Date Number of Exercise warrants Price
October 26, 2011: 403,000 CDN
.30 (US
.31)
June 18, 2012: 37,499 CDN
.30 (US
.31)
As of May 2, 2011, there were a total of 50,045,750 shares of our common stock issued and outstanding.
The insiders holding:
David Q. Tognoni 15,344,595
Edward Godin 15,344,595
Robert Lufkin 15,344,595
Broker Non-Votes: 1,707,625
Total insiders' holdings: 48 million shares.
Options and warrants exercise at CDN
.30.
Now, Go Figure it out yourselves.