Re: Some words from Neil

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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phats

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Re: Some words from Neil

in response to

Some words from Neil

Sum4All

posted on Sep 10, 2008 09:33AM

2. Is there any concern over the burn rate and having to look to further financing?

We have $40 mil in the bank and burn rate is still around 2.5 mil per month. Windfall is expensive but at the end of Sept. it will cease to be an expense as we'll be at the bulk sampling stage and we are on target and on budget. The mill also has to be set up properly to do a gravity separation on the course visible gold as at F17 as this gold is lost on cyanide extraction. W.F. is expected to generate cash. (Neil seemed to be quite expressive about the amount and course nature of the visible gold)

We will be looking at finance planning in Nov./Dec. and hope we'll be at a respectable share price by that time.

Thanks for the update Sum4All ...

With $40 million in the bank and a burn rate of $2.5 million that would give us approx 16 months to work on the Ring. I may be reading too much into the answer to this question, but I think this could possiblity be giving us an idea of when NOT will try to split DE & WF. With WF work being completed and possible rev from this project this would be a great time to re-finance for future DE drilling before the split and TSX listing. Anyone else ponder this?