Just Spoke to Patrick Just had a good conversation with Patrick, he said that the Genevar report for the financiers was just received today, and will be distributed to potential financiers immediately. This report was requested by the financiers in order for them to complete their Due Diligence as a part of evaluating the property.
The report sounds to me very much like a Bankable Feasibility Study as it was described.
Patrick mentioned that they are looking for a total of $6 million, but will only need $3 million for the first phase of the project. It seems that as a part of the first stage of the project, among other things, the old tailings are to be re-examined, it was reported that a prospector pulled a 3 oz gold nugget from the old tailings so before the tailings get buried with new overburden from the phase 1 project, they want to take a close look both to grab any gold that may be there and to determine what the previous yield efficiency may have been. Patrick mentioned having been given numbers from 10% to 40% loss in the previous process, so there could be a bunch of gold still recoverable from the old tailings before they get buried.
The equipment for the first phase (Bulk sampling among other things) is all available locally and they will be able to make a start as soon as the financing is in place (very soon is all Patrick could say).
This is going to fly In my opinion, I just bought another 150,000 shares.
Good luck to all longs!
KD
Patrick mentioned too that because the property is known to be very nuggety, premium prices for the gold are assured (apparently gold nuggets are worth more than their weight in gold).
Apparently other work also needed including the removal of a beaver dam. Patrick seems to think (wants) that things will get started this summer for sure.
I asked about the tomographic survey that was completed on the property, he said that something very pleasing was discovered, and we will be getting news very very soon on this, it seems the survey was extended because of some findings which seem to be very exciting (my interpretation) the survey is now completed.