We now have funding in place for the next round of drilling that will hopefully verify that the mine is viable, and all recent drilling results point to that being the case.
Once complete the value of the project should really jump up and we can start to look at what bringing it to production really looks like. Still holding 50% is great news because after this drilling that 50% value will have increased enough imo to easily cover this drilling cost (if successful of course) and will hopefully open up lines of communication with Wolf next door and maybe even spark a little interest from the outside.
I guess we will see.
A raise here is of course not ideal, yet we all had a chance to back the company in the last raise and choose not too participate. Thus the position we are in now... one we all knew was a likely scenario.
In the end though any way we can hold onto as much of the Redmoor project through too production gets a thumbs up from me.
Hopefully Gary can also move forward and get the next cash injection from Lochinvar.
NAE Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
