That's the crux of the quandary with xcl - at what cost in dilution will they raise the 1.75mUS to pay out Kinross? ... i don't know the answer, so can't sell it to anybody -g- ... but they always got financing before, and never had to go to the west coast houses for it, they've got connections ... now whether those people are eager to step up again, that's another question.
In an 'investor presentation' they sent out last year there is this bit - 'There are presently 44 million shares of X-Cal Resources Ltd issued. I anticipate that there will be approximately 64 million issued at the time we record 100% title to Sleeper in Humboldt County and drilling begins' ... that's quite a few shares out - on the other hand it is quite a property - in the same presentation they have a map of the nearby Carlin trend with a plastic overlay showing how Sleeper is roughly the same size, it would span from south of the Carlin to north of Betze-Post ... they've got a preliminary feasibility in hand, they could fire up the mill and start mining now ... although SK feels, quite rightly imho, that to suss out an area and plan in a comprehensive fashion makes more sense ... that's one major way Amax went wrong with Sleeper, they had to curve the opencast workings around where they'd set the mill.
SK has drill holes all planned, several targets off the mine site to start, but then - 'The potential for satellite deposits immediately adjacent to the Sleeper is also very good and evident in the data.' ... just lacks at this point the ready to pay out Kinross and start drilling ... it was not a good sign that they had to extend the buyout deal to the end of June ... so i dunno ... i guess you pays your quarter and takes your chances, and that's what i've done, because i do think he'll round up the money ... possibly using more shares than that 20 millions of dilution, which would disappoint somewhat, but it's still attractive at this level because, at the end of the day, that's a fine prospective claim and management has a history of getting full mileage out of nickels provided.
Players other than Placer - all i know is this from the 11 Dec release - 'Data sets have been provided to Placer Dome. X-Cal is also providing complete data sets to other potential developers which have entered into area of interest agreements with X-Cal.'
Some links for xcl - #reply-15713712 ... Russ, i really enjoy your posts, you've invigorated this thread, drawn out other great posters, it's a good thing .... cheers |
