GREY:ADEXF - Post by User
Post by
Greenandgold.on Jan 17, 2012 11:36am
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Post# 19412178
Summary of 2011 drilling
Summary of 2011 drilling Roche Bay: ~1200 meters drilled in 2011 (27,000 meters total announced today minus 9300 meters of 2007 drilling and 16,500 meters drilled in 2008). Cost of 2011 exploration program: $4.5 million
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Tuktu: ~4200 meters drilled in 2011. Cost of 2011 exploration program: $5.3 million
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The $5 million debenture goes towards costs associated with the Roche Bay feasibility study. I think AXI is currently running a negative working capital balance. They will need to raise about $2 million to pay corporate costs and the rent for their nice offices in 2012.
A 2012 drilling program is out of the question, unless a significant new investment deal comes out of nowhere.