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Thursday, May 17, 2012 12:28:58 AM
As at March 31, 2012, we had cash of $893,983. For the next twelve months, management anticipates that we have sufficient funds to meet our minimum cash requirements to fund our proposed exploration program on the Moonlight Property and to complete Phase One of our exploration program on the New York Canyon Project. However, we will require additional financing in order to implement the proposed test drilling program on the New York Canyon Project and to meet our ongoing expenses due in the late 2012.
PLAN OF OPERATION
The following discussion and analysis summarizes our plan of operation for the next twelve months, our results of operations for the nine month period ended March 31, 2012 and changes in our financial condition from June 30, 2011. This discussion should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operation included in our Annual Report on Form 10-K for the year ended June 30, 2011 filed with the SEC on September 28, 2011.
Over the next twelve months, our plan of operation is to complete following exploration programs on our mineral properties:
New York Canyon Project
Phase One of our exploration program on the New York Canyon Project involves the re-analysis of the 2006 Longshot Ridge drill pulps and initiating environmental base line studies, which will permit us to conduct advanced exploration, if warranted. We commenced Phase One of our exploration program in July 2011 by delivering the drill pulps from the 2006 Longshot Ridge to Sparks Laboratory in Nevada. In December 2011, we received new assay results and these results were audited by an independent consultant for quality assurance (QA) and quality control (QC). In March 2012, we engaged an independent consultant to conduct a review of the results in order to provide us with a more robust estimate of the project and assist us in identifying key targets for a drilling program at the New York Canyon Project.
In late 2012, subject to obtaining financing, we plan to drill test the oxide mineralization found to the north and northeast of the Longshot Ridge deposit. This represents the initial stages of Phase Two of our exploration program on the New York Canyon Project.
Moonlight Property
In spring 2012, we conducted a preliminary assessment of the Moonlight Property, which involved a detailed review of all historical data on the Moonlight Property. Based on the results of this preliminary assessment, we have decided to commence a shallow reverse drill program at the Moonlight Property. The drill program is scheduled for early summer 2012 and will target the copper oxide deposit on the Moonlight Property.
Anticipated Expenses
We anticipate that we will require the following funds for exploration programs and our ongoing operations:
ITEM AND ACTIVITY 12 Month Total
Budget
LAND STATUS
New York Canyon Project
2011 - 2012 unpatented claim maintenance fees $184,000
Monthly Payments – Patented Claims 36,000
________________________________________
Moonlight Property
Assignment and Option Payments 50,000
2011-12 unpatented claim maintenance fees 48,000
EXPLORATION PROGRAM
New York Canyon Project
Metallurgical sampling and testing 75,000
Environmental base line study work 55,000
Geological mapping/geological survey 30,000
Field supplies and support 20,000
Contingency 25,000
Moonlight Property
Drilling 250,000
Metallurgical sampling and testing 50,000
Environmental base line study work 30,000
Geological mapping/geological survey 30,000
Field supplies and support 20,000
Contingency 25,000
GENERAL AND ADMINISTRATIVE EXPENSES
General and Administrative 297,000
TOTAL $1,225,000
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