This summary only includes a few items that were not covered in today's press release. I strongly urge you to listen to the conference call that covers much more detail than the actual press release regarding Victoria's acquisition announcement.
Replay:
416 640 1917 or toll free in Canada and the US 1 877 289 8525
Replay passcode:
21281079#Call toll free
- Cost of Drilling Has Decreased by Approximately 1/3rd Over the Past Few Months
Mainly do to a lack of funding availability. Many juniors simply are unable to raise sufficient cash to fund projects.
This results in an excess of drilling rigs and drilling crews. They are now willing to provide their services at much more attractive rates. Makes it easier to find experienced crews.
Since Victoria has over $8 million in cash, funding is not a problem at the present time. The last private placement for VIT was substantially over subscribed,
and I continue to expect that Victoria will not have any problems in raising additional cash as needed.
Because drilling costs are down, Victoria will be able to do more drilling at a cheaper cost - the end result is that additional drilling improves the probability of finding gold resources.
- Current Victoria Drilling Update
Hole #9 - drilling problems resolved - presently at 2,009 feet
Hole #11 - hole has been drilled and is awaiting assay reports
Hilltop - some cores have been sent in - awaiting assay reports
Hole #12 - currently being drilled
Over the next few weeks or sooner we should have some more press releases on the drilling results from both Cove McCoy as well as Hilltop.
- Assay reports from Gateway
Company has submitted core samples from several holes recently completed and the assay reports could be reported sometime within a month or less.
