FinancingFrom FCO's "Third Quarter Report to Shareholders" under Mgmt Discussion & Analysis
Morning Glory Idahoe, USA
"The Company gas a 100% interest in certain mineral claims located in Lemhi County, Idaho. The Company also has a 100% lease option on certain additional mineral claims located in the same area. A total of US$33,900 (2003-US$32,400) has been paid to date to the optioner. To exercise the option, the Company must pay a total purvhase price of $US$1,000,000 including the advance annual minimum royalty payments.
Wallace Creek, Idaho, USA
"....ditto....to exercise the option , the Company must pay a total purchase price of US$1,000,000 of which US$25,600 has been paid"
Queen of the Hills, Idaho, USA
"The Company holds a lease option to purchase 100% of certain mineral claims located in Lemhi County, Idaho. A total of US$19,600 (2003 US$19,600) has been paid to date. Total purchase price of US$1,000,000 including advance payments must be made to exercise the option."
The above follow and are additional to other described properties including : Idaho Cobalt Project 2,362 acres.
Under the Financial section of the report, specifically "Outlook" is this straightforward statement:
"......In Management's view, the Company's cash position is more than sufficient to fund planned exploration and development expenditures, meet ongoing obligations as they become due, as well as to be able to take advantage of new opportunities that become available with the goal of improving shareholder return"
I too, while long on FCO, am concerned that today's NR re additional financing is not in line (in my mind anyway ) with the "Outlook" staement recently issued . Could it be that the lease options have been exercised ????? I will definately be contacting IR for clarification.
Naibob