Hi Rich. Just packing up here at the PDAC and getting ready to fly home. Very good few days. 22,000 attendees and much optimism about the price of gold. I have also confirmed that Geologists are indeed the only alcohol based life form.
As to your query "why would SUGO go through the time and expense to conduct this report when it isn't required to, since it is now a US company with US claims?" You nailed the reason. Most mineral exploration companies are listed on the TSX and most financial houses and their investors look at the 43-101s. It gives confidence that an independent 3ed party has looked over the data, verified it, and collected samples to confirm the reported results. My guess is that they do not want to start the fund raising for the big bucks until they have the report to show their investors. Would anyone want to drop a few Mill on something that has not been verified. They may even have investment banks that are telling them that the money is there once the report is completed. I just closed on $2M and the markets are loosening up. Money was impossible to find 6 months ago but is starting to trickle in. I was talking to Nova Gold yesterday and they had $150M pledged in 48 hours. Good company with lots of ounces, and very good management. So my best guess is that you are correct in your thinking. They may be able to raise a few hundred thousand without the report but it will probably be the same amount of work as raising $5 million with the report. Heck I had a Swiss investor come by my company booth today and want $500,000 of my offering, buy my book was full. It is hard to turn away money, but I would rather sell at a higher price so sell a little now and a lot later at 5x the price.
