From Oldsock:

"The 3 million financing will be used to pay their share of the ramp. The ramp is proceedeing ahead of schedule. This was an opportunity to raise this money and put it to use right away as it must be spent this year. There is also a rebate. Not the 40 % exploration but a much lessor, maybe 10 % rebate. Nevertheless 300,000 will pay for a months exploration.

They have approx 12 milliion CDN in the treasury at this moment in time. The Sandstorm US funds were converted to Cdn at $ 1.05 ish. Lets face facts the US has some serious problems and the Cdn buck will likely go higher. Along with the prices of commodities.

David has no idea who is selling and hopes that should the people involved are working out a sizeable position that they call the company and a bid will get put together. Institutions are not big on putting in bids and just getting smallish amounts on a dialy basis. Show them some size and it will be taken out.

I posted a diagram a few weeks ago on the areas between Radiore II and New Hosco, the entire length is about 20 KM and under the microscope. I will try to find the diagram and post it by itself. No promises of making it happen though. David tried to explain wht they think has happened there. I have posted those thoughts and think I have a better understanding. I'll try again.

If anyone takes the time to check out the website you will find a bunch of blue icons for old minesites. They are pretty much in a line. Most of these mines were smallish and had limited mine life over the past few decades. The theory is that the whole area went under an upheavel that fliped the top layers upside down. Dave mentioned he went into Robin Adiars office and attemped to ask a questiion that would not show his lack of understanding and said " where is the Key Tuffite ". As it turned out that was THE question. It is buried, the miners of the past did not fully understand the geography. They found small deposits close to surface and called it a day. Any deeper drilling came up with little or nothing. Thus the new look. Finding the deposits, is hard enough. Now with the new understanding and the proven stacking of mineralization they have very high hopes of success.

The Daniel Belt which Robin is very excited about is virtually virgin territory. When he told me about it at the Resource show here in Calgary, after I told him it didn't look very promising, his excitement about the property and what it has shown him so far was funny to watch, one could scrape the excitement off of him. I think they have just put down a few holes, one of which David thought was 4 metres of 2.2 Cu with Au. Robin said they did not go back there last winter for the sake of finances but is ready to try again as soon as possible, probvlem is it is a short drilling window. It is very marshy and they need freeze up.

DON will stillneed to raise about 8 million over the next 11 months. He will not go to the banks. He told me what they wanted to do a deal and my head was spinning. He figures they wanted around 22 - 24 % payback and they wanted it in 28 months. Did someone say " Crooks ", I must admit, that was my best case scenerio, debt financing at less than 10 %.
I'm very naive. David had given an interview, not sure who with, based on the Sandstorm deal. When it comes out it will put everthing in perspective and I might even understand it.

I may have missed a few things. I will post what might come to mind later."

http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30017162&l=0&r=0&s=DON&t=LIST