CMC Metals Ltd. (CMCXF)

[BMGS]

Bulk sample 2011 and financial situation
The following is written in the annual report 2012:
During the 2011 fiscal year, the Company extracted a logistical 130.8 dry tonne bulk sample from the Silver Hart property and received $445,000. During the 2012 fiscal year, the Company extracted a further 1570 tonnes, including 114.1 dry tonnes shipped to Prince Rupert for sale. During the year, the Company received $311,401 pursuant to a letter of credit with a purchaser of the second bulk sample extracted from the Silver Hart Property.

So there should be revenue coming in soon as they have sold 800 tonnes as of press release dated 5 Dec 2012 and the remaining 450 tonnes as of press release dated 28 Feb 2013. My estimation would be between 1.5 and 3 millions $. But I am not sure if there is any difference in the calculation between the mentioned "dry tonnes" and the rest of the bulk sample. Maybe there is an expert here on Ihub with knowledge on this.

The financial liabilities included in the statement of financial position are as follows: $ 1,999,177 (as of 31 Dec 2012)
This includes Promissory note of $ 681,845 regarding the Radcliff Property which is due on 31 Aug 2013.

If the estimation on the bulk sample is correct we should be in good shape to kick-off the activities at Bishop. The approval process might take additional time, but maybe we get a surprise sooner than later.

I have added more shares today...