Elgin Mining Inc ELGMF

RE: RE: Today's N/R

[the_ocotillo]

>>>> Don't see much happening for awhile.<<<<

I see too much happening. It doesn't seem prudent to spend $30m in CAPEX on both mines right now. I personally would prefer to see them concentrate on the Bjorkdal underground exploration and efficiency efforts and do as little as possible with the Bjorkdal open pit. (I know I'm really splitting hairs, but why do $0.5m exploratory drilling for the Bjorkdal open pit If the expansion plans will mainly be driven by the underground operations? Can't that drilling wait for now until we get a clearer picture of the underground expansion and efficiency potentials? I also don't understand signing a new 4 year contract for the open pit operation but don't know enough about the particulars to have any kind of knowledgeable opinion on how this effects cost).  And for me, at this point anything but maintanence CAPEX at Lupin is really, really stupid (and sort of reckless). The best chance for meaningful funding to get Lupin going is thru the exercising of the May 2014 warrants. If they can successfully show that they can double Bjorkdal production and expand the mill in 2014, the warrants might have a chance of exercising by May of 2014. Any thoughts of dilution at this point to perform anything but maintenance at Lupin are really reckless and irresponsible. But I guess that is the route they want to take. (If they were to be able to get some debt financing I might not object to the Lupin spending).  I won't even get into what happens if the gold price heads further south. Then all this spending seems even more stupid (and reckless).