To All,
I spoke with IR at TNX today. David is no longer the IR contact, John Toporowski is now looking after these affairs. At the present time, severe rains have shut down drilling on Itetemia. When the rains do subside, sounds like it will be about 10 days before operations resume.
In answer to Ron's question, I was told that TNX now has $2MM in the till, and they will be doing a placement very soon, to add approximately an additional $2MM.
John indicated to me that JCI has appointed an agent, to sell their
5MM TNX shares. Most of you are probably aware that TNX management owns ( I was told a few million shares ). TNX's fully diluted share count, dropped as well, to approximately 40.5MM from 44MM shares as a result of JCI not exercising warrants they held.
John also mentioned to me that he thinks Sutton's reserves ( now 6.5MM oz. ) can be produced at a cost of $150.00 per ounce.
Perhaps, if they are able to prove up economical reserves, TNX will experience production costs comparable to Sutton's $150.00.
Regards,
Steve |
