Jimsy:
Yamana has about US$7 million in the bank. We are in the process of dramatically cutting back across the board, with an eye on getting the burn rate to about $400,000 per month. If we have to, we can cut even more. With a small boost in our capital --either from the current financing, a partner or two and/or an investment from a current shareholder -- we should be good for at least another year.
We have laid off or are laying off a large group of people, EVERYONE has taken a salary cut and we are pulling most of our remaining people out of the field (and putting most of them on half-salary).
The key exceptions are the cases where we are working on the most promising JVs and in Santa Cruz Vanguardia, where we have a number of very good hits of gold and silver to deal with. We also have our own drill there to test these targets near the surface, quite cheaply.
This stand-down will continue until: a) we have new partners to pay the shot on particular projects; b)our funds are increased internally; or, c) the market turns around so that it begins to reflect good news.
Our key focus, for the time being, is on Santa Cruz where we have some good new gold and silver hits. I now believe that this may well turn out to be a district with better silver values than gold, although the gold is still significant.
Our most active JV discussions concern Santa Cruz, Paraguay, Tierra del Fuego, the Northern Porphyry Copper Belt and Palmer Mountain.
I hope to have new results on Santa Cruz, Paraguay and Papua New Guinea in January.
I hope this helps.
Greg |
