Re: Traps.....Whaler
in response to
by
Ni, Co, Cu, PGM, Au Properties in Ontario Canada
Producing Mines and "state-of-the-art" Mill
Message: Nickel
Hi traps....... and yes it's as confusing to me as well!!
I was wondering, if there is a strict stipulation that flow through funds be earmarked for drill/exploration, then is it possible he is simply trying to get money together in pieces/parcels?
IE: instead of looking for $25 million from a Salman type partner, they ask for 15 for immediate cash use and do 10 with flow through? But, that 10 had to go to the exploration side of life for LBE going forward if I am understanding flow through correctly.
Heck at this point of the game do they bother even thinking about exploration anyway? I would think exploration is a luxury activity for many right now. I believe that with the belt tightening and budget re-evaluation that must be upon the company, simply securing or getting money to carry on and pay existing obligations is the focus and very prudent
From the NR:
| October 27, 2008 - 9:40 AM EDT |
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EDMONTON, ALBERTA--(Marketwire - Oct. 27, 2008) - Liberty Mines Inc. (TSX:LBE) ("Liberty or the Corporation") announces that it is in discussions with various lenders for financing alternatives to the secured note financing announced September 29, 2008. A subsequent press release will be presented shortly with further details. To respond to the poor nickel market conditions, Liberty will focus in the short term on areas underground which can be mined quickly and processed at the Redstone mill. All development work has been curtailed underground. A number of employee's and contractors have been affected by this move which management views as necessary to maximize cash flow at this time. . The nickel market conditions will continue to be monitored and more operational changes may be necessary pending further changes in the market or the Corporations cash flow position. |
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