CGX financials looking worse every day. Nothing about cash in the bank in the last MDA from Dec 2011 (at least not that I can find and that seems very strange). Someone wrote there was 86 million at year end. MDA states 57 mil used as of Apr 16. Considering drilling started Feb 13, that is on 64 days. 57/64 = 0.89 mil per day. Given that it took them some time to set up the rig, that might go down to $800,000 per day (if it took one week to set up the rig or $700,000 per day if it took 2 weeks) although I suspect the expenses increase once drilling starts due to salaries and so forth). In any event, this rig is costing a whole lot of cash that CGX does not have.

If they are spending $800,000 per day and it has now been 19 more days, that is another 15 million. That now totals $72million on Eagle alone. If they put down $40mil on Jaguar, they are well over the $90mil placement. Time is not in their favour.