RE: RE: Cash burn rate? Thanks ProGeo.
If I remember correctly I calculated the drilling rate at about 38m/day/drill for the smaller drills. So let's round off and say they can do 100m/day total between the 3 drills. Sot hat would be about $30,000/day and if we consider that maybe they are drilling 25 days/month we are looking at $750,000/month. With other expenses rolled in that may give them a bit more than 6months of cash. In the money warrants if excersized would get another month of drilling.
So looks like we could be in for another financing early next year, let's hope the sp is close to the $2 mark by the time we need to finance again. Hopefuilly for somewhere in the $10,000,000 range which should provide cash to drill all of next year and only dilute by 5,000,000 shares which is only about 3.5% of fully dilluted.
GLTA
Schor