?'s Asked John McConnel on VIT's web site under "Media/Ask Us?"
posted on
May 08, 2011 12:34PM
The Company's Eagle Gold Project in Yukon Canada hosts a National Instrument 43-101 compliant Reserve of 2.3 million ounces of gold.
In regards to Windy Point. Supposedly our firm started drilling at this property last year and the only updates we have received on drilling activity was a conference call you had when you updated the reserve estimates at our Eagle property. I initially had the understanding that one hole had been drilled sometime ago but the results had been embargoed pending the completion of drilling of other holes and assay results being received. I was also of the understanding that as of the conference call, 5 holes at Windy Point had been reverse drilled, and that core drilling would complete those holes. According to your IR representative, three holes have now been completed and you are still waiting on the assay results. In the conference call, you suggested that the results from Windy Point would be released by the end of April. Your IR representative also mentioned that you had no drills operating at Windy Point at the present time. So basically, investors are getting conflicting information and/or no information, and they are disappointed that our company is not doing a good job of keeping our investors informed as to what is going on at Windy Point and other Nevada properties. We at least need some guidelines as to your timeline for drilling activity so you can at least keep investors interested in our stock - and an update why it is taking so long to get the permits for building the adit at our Cove property. The lack of volume in our stock should give you a clue as to the fact that many investors are loosing interest in our stock - right in the face of a continued rise in gold prices.
What is happening with your re-calculation of resources at the Helen Zone? Again, investors had expected you would have already reported those new calculations. If we haven't done any additional drilling at the Helen Zone, what is the point of recalculating the resources - you already had determined that 300M ounces did not meet the criteria for resource calculation?