Monday, September 15, 2008 6:41:17 PM
1. Per the board conversation over the weekend regarding six inch drills, I asked if that was still the plan. Amazingly, he refused to confirm this, and I got the impression that they may have a slight change in their plan; also see item 3 below.
2. I asked if the drilling contract was signed, he would not say, suggested it could be within the next week or two. When I questioned him further, stating that if they met last week and a contract would not be signed for another week or two, that suggested some sort of additional delay, he then seemed to backpedal and say that everything was in order, they had to prepare and go over a few more numbers, and it could be as soon as tomorrow. He meant that as an example only, neither he nor I am suggesting there will be a PR tomorrow. But he did say they would PR the event.
3. I asked if there was only one drilling rig and crew, or more than one. Again he did not give a clear answer, but he gave the definite impression that there would be more than one. In thinking later, is it possible that if the six-inch drill is still in play, maybe one drill is six-inch and any other drills are smaller?
4. The immediate plan is to drill 8-10 holes on one portion of zone D and get compliant reserves on that portion based solely on those 8-10 holes.
5. There will be additional drilling of zone D to expand the compliant reserves after this phase. The first drilling of the East zone is likely to be in 2009. They still anticipate drilling under the lake this winter.
6. Audited financials/uplisting - again he was vague, but implied that they might still be working on them, that these things take time, but that everything was in order and no cause for alarm.
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