We are clearly at a one hole per month pace, and at this point, until I see a press release with more than one hole's results, I do not see how the second rig has made the timelines that much better. This is bordering on the edge of pathetic - since the first drill was mobilized last JULY, there have been results for THREE holes. They are planning to do 10-15 holes, meaning that only 20-30% of the holes are released, and yet they plan on having a 43-101 done before the end of this year. Realistically, I don't see all the results released before the end of the year, and I figure we will see a 43-101 sometime mid-2009. This is unacceptable in my mind - I realize that there are delays at the labs, but I am assuming that there are still more issues at the drill sites and that work is not progressing all that well. Hole 4 was completed BEFORE Christmas, and hole 5 sometime in January.......very sad. This is the true definition of dead money - is it worth if the deposit grows substantially? Hard to say, considering that there are many junior explorers, notably those in gold, that are more primed for a shorter term run on their undervalued assets. How can Lithic maintain any price strength when everyone knows the pattern - sell off on news, and if you still want to own shares, buy it after it trends back down in to the high 30s.
Did anyone talk to this group of losers at PDAC. I am assuming that their display was in the bathroom or out in far corner of the parking lot. |
