The Northern News article includes the following passage. "They [meaning Williams Creek] do have the time, they do have the people, and ($100,000 per year on exploration) is probably a fraction of what they're really going to spend," [interim CEO Brian Briggs] said."

It's not clear to me why Williams Creek would have any incentive under the current agreement to spend any more than $100,000/year, unless there were some nudge-nudge-wink-wink agreement to larger percentage ownership in any subsequent joint venture for the further development of the property. (I am not saying there is any such nudge-nudge-wink-wink agreement). If Williams Creek wants to spend more, it will enter into an additional agreement for a greater share in the current joint venture.

The article also includes a line that the "company expects to have the key bankable feasibility study complete by the end this summer." That sounds like the end of August to me, not sometime in July as I would have guessed from the March 2012 Investor Presentation. Of course, having waited this long, what's another month or so?

Old School