Skinny123 states “Money issues, they were only able to raise $2.3 million,--“
posted on
Apr 05, 2009 06:32PM
Ontex has over $ 4 million in the bank, of which $2.3 mm is budgeted for the 2009 drill program.
I understand drill costs are 30% less than last year.
Scott Wilson RPA has recommended 43 strategically designed holes be drilled on the Brookbank Property, to add gold resources to inventory, and to upgrade Inferred resources to the Indicated category.
Therefore if the average hole drilled was 425 meters (m), then 43 holes x 425m = 18,275m.
Proposed drill budget of $ 2.3 million divided by 18,275m = $125.85 per meter, including soft costs.
These projections are subject to comments, which are invited.
