RE: Facts are Facts 1) How many producing mines are there in Nunavut after decades of exploration and hundreds of millions in investment? One. How much oil and gas production is there in Nunavut, after decades of exploration and hundreds of millions of dollars invested? None, not one hydrocarbon of oil or gas has been produced in Nunavut.
Those are all facts. The conclusion I draw from all those facts is that Nunavut is an extremely difficult place for energy or mineral exploration. You can draw different conclusions.
2) AXI's office lease for 2012 is going to cost $420K. AXI is currently running out of cash.
Those are both facts. The conclusion I draw from those 2 facts is that AXI is probably spending too much on their office space. If your annual rent is more than the cash you have in the bank, then I believe you've got serious problems. You investors wearing rose-tinged shades may draw different conclusions from the facts.
3) Gingerich has testified in Parliament that operational costs in Nunavut are 4X to 10X the costs in lower Canada. AXI spends much more money per meter drilled than every iron ore company operating in the Labrador Trough.
Those are both facts. I make an inference from those facts: if exploration is extremely expensive, then building and running a mine will also be extremely expensive. It's okay if you don't want to make that logical leap. Wait for the feasibility study and believe those lies. But the generations of failed mining and energy projects in Nunavut tell me all I need to know.