Ann: More High Grade Copper Assays at Cangai Copper Mine, page-16

Drilling commenced on July 13th. They have completed 14 drill holes, diamond drilling, a bit of DHEM and some assays off the stockpiles and the drill holes. 

There are 39 planned holes which at this rate will be completed around August/October next year.

In the September Q they spent $891k with a projected spend of $562 this Q. Presuming they don't go 30% over their projections again that's $1.45m. $1.45m for 14 drill holes, assays and DHEM. 

The placed $1.25m won't see out Phase II. At roughly $100000 per drill hole it will fund another 12 to get us to 26/39 holes. With the SP at 1.7c it's uncertain retailers will shell out $1.5m which potentially would see Phase II complete.

There may be rich copper under there, but I can't see how this management team has the skills to find it. As for cobalt and Broken Hill - forget it. 

The only way this company has any chance of funding a proper exploration is with finance from offtake of legacy stockpiles, finding a suitable management team and time.