Short Form Prospectus filed on SEDAR.90 cents still stands.
from page 5.
The Company intends to use the gross proceeds of the Offering on the Company’s Valentine Lake Gold Property as
follows:
Activity Objective Drilling
Amount
(‘000)
Infill Drilling 1,250 metres of strike length with widely spaced drill holes
outside the resource as well as parallel zones in the resource
area require closer drilling to define the mineralization
where the spacing of previous drill holes did not permit
resource estimation in the Marathon deposit south-west
extension.
6,500 metres $1,500
Extension Drilling
(Marathon)
Deeper drilling is required to evaluate whether the Marathon
deposit resource extends down dip and along strike to the
south-west.
8,700 metres $2,000
Extension Drilling
(Leprechaun)
The Leprechaun deposit has high-grade inferred resources
below 270 metres that require additional drilling to evaluate
whether this resource may be upgraded to indicated
resources and whether the resource can be expanded deeper.
6,500 metres $1,500
Exploration Drilling Numerous showings between the Victory deposit North East
and the Leprechaun deposit (about 12 km of strike) have
never been drilled or have had very preliminary drilling near
them. Additional drilling is required to evaluate whether
these showings have the potential to host near-surface
resources.
10,000 metres $2,320
Other Work Other exploration activities such as geological mapping,
prospecting, trenching, assaying, soil sampling and ground
geophysics are part of the program.
N/A $672
Notes $7,992(1)
(1) In the event the Over-Allotment Option is exercised in full, the drilling budget will increase by $1,198,000 (approximately
5,200 metres). The extra drilling will be apportioned to the resource development of the Marathon and Leprechaun deposits,
as well as exploration drilling. Such additional drilling may result in the program taking approximately one month longer to
complete.
(2) Drilling costs are all inclusive costs which include administration, salaries, contractors and consulting fees, quality assurance
and control, assaying, supplies and logistics. For budget purposes the historic average cost of $230 per metres on the property