RE:Tier 1 Initial Listing Requirement MiningThe biggest issue is the 18 months
stated work program
Phase 1 - 1,150,000
Phase 2 - 13,900,000
Assuming both phases are financed we are looking at 15,050.000 are requiired to be available to be Tier 1
adequate Working Capital and Financial Resources to carry out stated work program or execute business plan for 18 months following listing and (ii) $200,000 in unallocated funds.
15,250,000 Funds without anything else added in for MIll, mining salary.
The following phased programme is recommended. Drilling related costs are based upon actual costs of the 2010 drill programme (Yin, 2010) escalated by 10%. The all-inclusive drilling costs include, footage costs, wages and benefits, road and pad construction, driller bonus, mob-demob, and miscellaneous. Assay costs have been increased to reflect the higher cost of screened
metallic assaying. Other costs are order of magnitude estimates.
Phase 1 (for completion during 2013)
Infill sampling of approximately 100,000 ft of un-sampled core from the period 2007 to
2011
Assume average 5 ft length 20,000 samples at $41/sample
……………………………………………………$820,000
Cow Mountain PEA
……………………….……………………..…….$80,000
Bonanza Ledge Pre-Feasibility Study
……………………….……………………..…….$250,000
Phase 2 (for completion by the end of 2014)
Complete 50,000 ft of drilling in the Barkerville Mountain area
50,000 ft of drilling, $85 per ft (all-inclusive)
……………………………………………………$4,250,000
Sampling and assays (assume average 5 ft length 10,000 samples) at $41/sample
……………………………………………………$410,000
Complete 100,000 ft of infill drilling in Island Mountain study area
100,000 ft of drilling, $85 per ft (all-inclusive)
……………………………………………………$8,500,000
Sampling and assays (assume average 5 ft length 20,000 samples) at $41/sample
……………………….……………………..…….$820,000