RE:Always long, it's not rocket science
braindeadoldguy wrote: The compony posts how much cash they have right on the font page of the webside. People keep an eye on it week to week, and that has been the approximate drop rate.
B-dog
Exactly. It isn't difficult to figure out and I have been told by several different sources (workers at the site) that New Found Gold has a burn rate of roughly one million dollars a week. So no it isn't 100% fact. I am sure this figure fluctuates depending on a number of factors (# of drills, # of employees, buying equipment, fuel costs etc) so this figure isn't written in stone. Just call the company and I'm sure they would give you a similar figure but one million a week is definitely in the ballpark.
And the company has stated right in the news release they have enough money to finish the current 400k meter drill program. So they don't have to raise money this fall as some here on the board claim. They can easily wait another year to raise more capital if they so desire. I'm sure they won't wait until the last dollar is gone before raising more money.