Seeing that ALL of Carmax's pre-2011 drilling has to be thrown out and re-drilled, this project is going to take major funding. Its almost like starting from scratch... I'm not sure, but I think there are only 8 holes drilled that are keepers currently.

This is such an early stage play, and even RM said 99% of juniors shouldn't try and take on such a monster - 400 holes and such. This property is looking at many years of development ahead.

The funding required to bring this forward to a saleable property is going to be monsterous. Raising funds in this market is a minstake IMHO.

The market will turn, money will eventually want back into the venture - THATS when cash raising and development should take place.

I don't see a sound business case to justify why proceed with this now. Where is the urgency that would jsutify the added dilution of now vs. later? Please explain it if anyone can think of any...

I really hope that between EE and CF we already have majority control - and they choose to exercise some discression here and shelve it for later.

At least with VD we are not an unattainable distance away from making it saleable. I still personally think it can wait too, but at least there is a business case that could be brought up to a saleable state. The price it would fetch later vs. sooner makes sense to hold off to me, but at least I can see there is some reason to proceed now as it just needs a bit of polishing up. Any money at Carmax now would be nuts in my books.

Be patient, be smart with the limited cash we have.