Wild, I reviewed the financials last night and I can see where you are getting the $1M per month figure. It looks like about $8M was spent on the properties and a further $4M spent on general admin expenses. However as the reports spell out about $2M of the G&A were non-cash items through option grants, and another $5M was spent to acquire the Desrosiers Property. Those are very rough numbers but if you take those out you are probably looking at $500,000 per month in a burn rate. Could be even less. It really depends on how much drilling etc they plan on doing. And since this company never discloses any plans we can never truely estimate the burn rate to be expected.

So lots of the non-cash items are option grants and the issue of shares. If this "mystery" loan of $6,000,000 gets converted into even more properties, I imagine that it will be a cash item and the burn rate would indeed rise substantially.

If there is any good news (besides the progression of work on Langmuir) its that the bulk of the options granted to management are way out of the money. Our stock would have to compound by many times before they see some coin. However they did reprice a few options that are near break even right now.

The bad news is that the management fees are climbing through the roof. Looks like last years fee was $345,000 vs the previous years $280,000. Talk about inflation! Its too bad that fee was not tied to the stock price and share in the pain of the shareholders. But I don't write the cheques.

Hope this helps somewhat.