RE: Drilling to be delayed ?Hi gertie;
Glad to see that you rechecked and readjusted you burn rate figures, however, it is more like an average quarterly burn rate of $35,000 to $40,000 per quarter for each of the past three years.Those of us on the local scene have always recognized and appreciated Vulcan's lean financial management . This style has also been reflected in the company's track record of equity financings, and their unwillingness to raise funds when the resource market went sour during the past three years.Additionally, Vulcan, unlike many junior resource companies, held steadfast to their business model, and resisted the pressure to acquire a technology deal to boost the company's profile at that time......a tremendous vote of confidence in the potential of their resource properties.
Now our day has arrived...Vulcan is in a much better financial position; has attracted a much broader and stronger shareholder and institutional base;is preparing to advance exploration for hydrocarbons in a high profile part of the country(see recent Maclean's article on hydrocarbon exploration on Canada's East Coast);
has garnered the serious attention of potential JV partners for their West Coast holdings,etc.etc..
To the best of my knowledge, Vulcan is moving forward in its plans to drill their Flat Bay permit this spring. One thing I am sure of though is this:Vulcan will be drilling its Flat Bay permit with or without the success of AMR's drill program. I have no idea if the company has yet selected a drilling firm for this work.
Keep the faith!
Len