Post by
Psalm9012 on Jan 28, 2010 1:28pm
Apology Warranted - The Facts
I stand corrected and apologize to the board for the misleading suspicions of a cheap financing coming.
I wrote the company and received the following response, on January 26, from Paul Woods, VP Corporate Affairs:
"There were share options coming due March 10th, 2010 so a buyer was found for a block of shares. This block was basically used to cover the cost of the options. There has been no trading of the balance as I write this. Queenston's fundamentals are strong. We have approx. $40 million in the treasury with no debt. We have a $15 million exploration budget for 2010 with no need for any financing/dilution this year. Our projected budget for 2011 will probably be similar to this years. At present there are 12 drill rigs operating, on both our 100% owned properties and the joint ventures that we have with Kirkland Lake Gold and Newstrike Resources Ltd. There is 2.6 million ounces on our properties. We did do a financing in two tranches last year (September 23rd & September 30th). These shares had four month holds on them, so at this moment they are able to be traded. This is probably the cause. Our aim is to continue doing what achieved excellent results in the last year...drill, drill and drill."
Hope this clears things up.
Greg
Comment by
rcoon on Jan 28, 2010 8:47pm
you are a gentleman. thank you for your clarifications and initial 'heads up'.