Providence Gold Mines DRILLING Right now, PHD currently has issued outstanding 57 million shares, approximately. The Company itself, about a third of it, is controlled by Coombes and three or four others. A couple of the insiders, Coombes and Rodger Young and Scott Davis, who's the CFO, PHD control about 8 million shares in total among. Coombes has three or four other colleagues that boost that number up to about 25%. The structure of the Company is solid. Providence is grossly undervalued currently, I believe. I think the stock really has no business trading at where it is. I believe it's definitely a golden opportunity, at the current trading price that it's trading at right now.
Currently, PHD is just finishing off a financing. PHD need about $1.3 million to do this 4,000-meter drill program and ensure its success. There's no point in trying to do a small drill program. The targets themselves are 2 to 4 meters thick and actually can appreciate three-dimensional space. Providence Gold Mines to do the drilling and PHD need to do enough drilling to verify and substantiate. Then after that, PHD will go to a Phase 2 drilling program, to move the numbers up where they believe they should be. PHD believe that it has a very good chance of a million ounces plus.