Advanced Explorations Inc. ADEXF

The 2011 Drilling Program

[greenandgold]

On January 17, 2011 AXI issued a press release promising 15,000 meters of drilling at Roche Bay and 6,000 meters of drilling at Tuktu this summer. Did management deliver on their promise?
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At Tuktu they drilled from mid-April until July and totaled 3000 meters. Half of what they promised.
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At Roche Bay they started drilling in August, and presumably will drill until early October. Even with very good luck the most they could possibly drill is 3000 meters. That is 20% of what they promised, at most.
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And it does matter for the Roche Bay feasibility study. Final feasability studies can only consider indicated resources, not inferred. Roche Bay currently has 323 million tonnes indicated. AXI's stated target, also in the January 17 press release, is to prove up 750 million tonnes for the feasability study. That's a lot to prove up, that's why they needed to drilled 15,000 meters.