The Chinese are a major reason why we have not drilled yet. When they did default the Hunt drill rig was in place and about to start to drill. The remaining $1,100,000 was to pay for the first hole at belv at that time. They defaulted and now we could not pay for the $10,000 operation of the rig. As time went by the fee of $10,000 kept adding up and soon it ate up the balance + salaries. Time kept moving on and the weather changed and they had to make other arrangements. Hunt wanted to be paid and we were out of money. So Malcolm had to scurry for operating capital to pay employees and the $10,000 per day Hunt fee. Agreement was made and stock was given to Hunt as collateral and Malcolm continued to seek additional funding. That's when he went a Letter of Credit and planned to use it to support the drilling. That presents a reporting problem so instead since the L/C is personal he would use the money to buy rights.In that way the money becomes income to the company and its clean. He continues to seek investments to expand. There are at least 15 domes to explore and drill.
Soon we should see a PR explaining a lot.
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