They can not currently use the money to drill in Equador as the...

They can not currently use the money to drill in Equador as the govt wont allow drilling untill the new mining laws are finalised.
SHould be getting some intel from Equador any time now though, as jim tyers is finishing a series of meetings there.
Whats happening here reminds me of what happened with MGX in the early days, I had a post on it on hotcopper post # 338665
Dont know why BJ did not put the loan out to tender with several companies, now he has let him and the company be at the mercy of one bankster personally I feel it smacks of incompetance on BJs part.
As for depth not sure how low it will go depends how others evaluate the companies chances of success and the viability and quantified payback (NPV).