FROM AGORACOM
Dear shareholder,
The following responses have been provided by management.
1. Is there an update of the SRK 43-101 format report pending?
Yes and no. Right now there is really no need for the SRK report to be updated from the 2011 report. The potential investors we are working with do not require it, especially since we have extensive ZTEM data and phase 1 drilling plans and budget projection. Also, since the Hay Mountain terrain is largely skarn (altered limestone), we will need geologic analysis performed by additional experts.
2. If so, how long has the co. been advised that it would take to prepare it?
Because of #1., we are not in a position to offer a timeline, as technical work pertaining to drill permitting is still ongoing. As far as the technical report from 2011 is concerned, we have acted upon the recommendations in that report for Hay Mountain. A multitude of reports will follow as required by regulation and requests of our interested parties in the Middle East and elsewhere and the specific needs of the project, but we can proceed with what we have now in terms of seeking phase 1 drilling financing while other professional reports are in process. “How long” becomes an inaccurate way to see the report making process since, for now, it is ongoing and continuous per the requirements of the entire exploration project.
3. Does the co. think that updates/revisions to SRK's prior report(s) are critical to obtaining funds to execute first year drill plan?
No. Naru Capital/naseba advisors have advised us that the 2011 technical report in conjunction with the ZTEM data and the phase 1 drilling plans we have is sufficient for money raising in the Middle East. Updated technical reports will ensue as needed. Keep in mind the phase 1 drilling plan is the sum of many hours of work by Briscoe (who is qualified to write 43-101 reports and Engineering Reports, but hasn’t as he is not at arm’s length) and his team in collaboration with our drilling contractor and other experts. It includes not only the drilling process plan but extensive budgeting details too.
Regards,
AGORACOM
