Advanced Explorations Inc. ADEXF

Annual Financial Statement

[hundredvanities1]

Up now on SEDAR. The highlights at Dec. 31, 2011:

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Cash position of $1.2 million. Working capital position of -119K. Compared to Q3 cash position of $3.3 million and working capital of $3.1 million. The burn rate for the quarter was $3.2 million.

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My Q1 estimates: with a cash injection of $5 million from the debenture, and a similar burn rate in Q1 of $3.2 million, AXI should have a working capital position of approximately $1.7 million at the end of Q1.

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$1.7 million is enough for AXI to pay its corporate expenses for the rest of the year if they go to austerity mode. There is no possibility of field programs without significant financings. The mobilization process alone (fuel, people, equipment, sealift, helicopters) to Roche Bay costs over $1 million. The same for Tuktu.

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They haven't officially announced summer 2012 field programs because they don't have the cash to pay for them.

[hundredvanities1]

More details from the Annual Financial Statement: * 1) Roche Bay "technical studies" exploration expense jumped from 831K at the end of Q3 to $2 million at the end of Q4. Tetra Tech got paid about $1.2 million for the quarter. * I think they will eventually pay Tetra Tech $3 million more for the feasibility study (estimate of $5 million total cost of feasibility study report). Another

[skinnywallet]

I was wondering if you could break down the administrative costs for us? We re not quite sure how much exactly when to the prices of offices.

[hundredvanities1]

The joke's on you. The office lease commitment for 2012 has risen, absurdly, to 440K, about a quarter of the $1.7 million in working capital  I estimate AXI has at the end of Q1 (the Q1 financials will be in by the end of this month). The salaries for the top 5 executives will eat up another 800K in 2012. Not much left after paying rent and salaries. * Drilling? Not a meter will be