No, but my understanding is that they felt that they had done so much sampling over the years that it was not necessary to do at that point (late fall 2015). They feel unequivocally that there is sufficient gold in the ground and are simply not concerned about that aspect (which is obviously very important). By the way there is a Murphy Analytics report you can read from a while back.
My concern has been the extended time it has taken to get to this point in the process and I know they are very close to permitting. I know they are having regular meetings with the BLM and that the reclamation bond is about to be negotiated, which is a good sign - they wouldnt talk about reclamation if a permit was not in the works - its not an "if" but a "when" at this point. They have met with congresspeople/local representatives to help push the process along on the government side. While the type of open pit mine operation using NO chemicals but water gravity process is fairly straightforward in some ways, working with the BLM to get approval is extremely challenging where the BLM makes demands that sometimes change, and there is nothing you can do about it when some things are out of their control.
Nonetheless I do hold them accountable for a poor job in predicting milestones, especially when some of the milestones at the time of their notifications were in the near future which has long since passed. Certainly some valuable lessons were learned.
So this extension has resulted in repeated dilution in order to handle the permitting and other costs, as their goal is to be relatively debt-free, and that should subside the next couple months.
So in summary, I am convinced there is ample gold to be mined for decades into the future, and they they have the right team in place to make it happen. The dilution bothers me but nothing is perfect and it can be overcome when they start mining. Keep in mind they will be using the best equipment in order to mine at a very high clip (tons/hour) and efficiently to leave minimal gold behind, and so when things to do get going, it will get going very fast (after working through the kinks of course). For those that are in the private placement, there is the option to get gold instead of exercising shares, and at $1200/oz that is approximately 4x your investment, and at higher prices it is a higher multiplier of course. While that may not offer the same returns on a stock, it is great for people who got in earlier at higher prices, since the return on investment is solely based on your investment regardless of when you made it, and not on your share price. Depending on when you got it, you could be looking at 2 - 3 years for a 4x profit taking the gold approach, which is still pretty decent.
