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Gold/Mining/Energy : Darnley Bay Resources - DBL. VSE
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To: FotoGuy who wrote (176)9/10/1999 7:28:00 PM
From: Willithit  Read Replies (1) of 221
 
How's it going Fotoguy? Long time no hear.
Quick update from Leon today....I questioned him on why they're spending so much time and money on geophysics instead of getting a drill up there and punch some holes.

And his answer was....He will not accept a halfass drilling project and his plan is as follows:
Next week there is another crew going up there to do more geophysics and collect more samples ( these people are more interested in areas that may have diamonds ) he mentioned the name of this firm but I didn't write it down.
He also stated that by mid November they would be doing more EM,s closer apart this time. (last ones were every 500ft, these will be every 250).
Because of the cost involved in drilling he wants to make sure that they have very definite targets
The plan is to have a minimum of two drills (one big and one
small)and enough money to keep the drilling project going for two to three years..If need be.

What kind of money is he gonna need for this? He sez a minimum of $10 million.

Where's he gonna get the cash?
He's hoping that Canacord can raise $2.4 million on this rights offering and then do a $5 million private placement.
Add to that the $4.5 million Falconbridge are still committed to and that would do it!

All I can say is that he sure is very determined on seeing this happen and hope he can pull it off.

Time will tell!!(I'm betting he will!!)

Take Care

Will
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