$EXS...MAJOR FINANCING UNDERWAY...Starting in May of this year, a highly detailed Business Plan for the extraction of 250,000 ounces of GOLD from the Company’s Timmins Porcupine West GOLD Deposit was developed. A number of potential financiers signed Confidentiality Agreements, and discussions commenced. Apparently, over the summer, a number of proposals were received & reviewed by the Company. After lengthy negotiations, most were discarded as unreasonable, or unworkable, but one proposal had some merit. With one billion of funds under management, Dupont has been working closely with this group towards a workable financing for the TPW Extraction Project. The last I heard, we are very, very close to a formidable, and reasonable loan agreement. Further, (music to my ears), there is NO equity component to this agreement…no stock; no options; and no warrants. Obviously, the signing of an agreement, and release of funds in the mid eight-figure neighbourhood to Explor’s treasury would constitute a major material change in the Company’s status, so I think it would be reasonable to assume a halt in trading would take place, pending a News Release.
So, with the funding in place, some 20,000 meters of additional Definition Drilling would commence at the TPW, leading to an updated, independent NI 43-101 Resource Report. A proper independent Preliminary Economic Assessment (PEA) would also be undertaken, leading, in turn, to the Permitting Process with Government Agencies, and Aboriginal Authorities. Various equipment needs require lengthy lead times, so those would need to be ordered as quickly as possible, once clear parameters are established. Further site & operational details seem moot at this time, as they are well down the road.
A very credible buyer/Joint Venture partner spent a few days reviewing the plethora of core samples extracted from the Chester Copper Resource. This was followed by a careful examination of the existing portal, and drill locations on the site. Apparently, all went very well, and the gentleman left duly impressed with his findings.