Re: Does anyone know if any other properties are "weather friendly"?
posted on
Mar 30, 2008 04:52PM
The Company's Eagle Gold Project in Yukon Canada hosts a National Instrument 43-101 compliant Reserve of 2.3 million ounces of gold.
Victoria has limited resources and they have to be conservative in allocating those resources to the various properties that they have contractual financial commitments with. If they don't complete a minimum dollar amount of drilling on their various properties, they will lose their right to drill on those properties. The end result is that management has to have a balance between (1) spending the money drilling properties that they currently have the best prospects of being successful in developing resources, and (2) spending resources on other properties that they are required to in oder to maintain their drilling rights on those properties. It is obvious that VIT is presently allocating a disproportionate amount of capital and rigs to Cove Mc Coy, and I for one, feel that this is a smart decision on the part of management. If VIT adds to their recent success in producing stellar drilling results at Cove McCoy, IMO, VIT's stock will be considerably higher, options will be exercised, and the company will have a lot more money to complete drilling on other leased properties. I would also expect that other larger companies would be willing to provide drilling capital for a piece of the action - thus reducing the need for additional private placements that would dilute stock holder's equity. What we should all be concerned about are the upcoming drilling results at Cove McCoy - in particular the result of hole #8 where drilling direction has been modified to reflect the 9 degree drift from their target zone. Success comparable to reports in December 2007 and February 2007 would lead to a tremendous amount of credibility of their past success on this property - resulting in an accelerated marketing effort to expose the investment community of the potential for this company, a higher stock price, etc. Hey, we are not going to have to wait too long - perhaps another 30 days or so and we should have a much clearer view of where this company's stock is headed. The price of gold bullion during this interlude will have little bearing on price of this stock between now and the actual reported drilling resluts from Cove McCoy. Stock is now price at a level that is .10 cents higer than it was before the stellar results reported in December 2007. What a bargin! I put my own money where my mouth is, and I have continued to add into this great investment opportunity. My holdings are now north of 600,000 shares.