Great news will come in a few hours about Canarc and Canford.
It breaks down like this: During the meet last week Canford came to the table with the desire and agreement to proceed on the NP deal for $30 Million.
A brief history: remember that mine in eastern B.C. In December that was lost during the bid process?
Well, it's now back in play because the winning bidder backed out after they lost their financing.
On Wednesday, during canarc and Canfords discussions on NP, the bank called Canarc and informed them that if they were interested - they were the winners subject to having the financing.
The meeting then turned to acquiring this mine. Being a brilliant person, BC said to table the talks of NP and use the $30 Million on this new mine. (Which is currently producing and will bring in revs now)
Canford agreed and is heading back to Hong Kong to secure an additional $30 Million to still finance development on NP. they will be back within 60 days and the 51% interest will remain intact.
This is truly great news. It's a bit different than what we have all anticipated, but actually better both in the near short and long term.
By doing so, Canarc will now have a current producing mine which will bring in revs this year, and scale up to full production by end if year.
New Polaris will begin development in May or June and begin production hopefully sooner than 2-3 years.
Bottom line, we will still get NP, but most important for a stock is revs.
Now we will have both.
Look for language which models EXK.
Don't sell. Buy
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