Graphite Articles of Interest, page-54

That is true Goodoil, and the bond issue is VRC's preferred option. But what are plans B and C? In my limited knowledge, I don't think that $40m is a lot of money to find, to start phase 1 of mining, if it is in fact a good mining plan? Some mining companies seek funding of hundreds of millions of dollars, even billions of dollars, to fund their mining programs.

It appears to me, that even with the promotion by Exotix and Mr Sugars, there are no financial institutions worldwide willing to fund phase 1. So does that mean that people more learned than me, people who have profound knowledge about mining, don't like VRC's phase 1 plan and its earnings, profits and balance sheet? VRC has had over 16 months to source some funding. In the meantime their cash position dwindles daily, as their board members do get paid high salaries, for a not a lot of apparent progress being made!